Orange Belgium completes its capital increase by contribution in kind – Nethys exchanges its stake in VOO Holding for newly issued shares of Orange Belgium Press releaseBrussels, 2 May 2024Regulated information – Inside information Orange Belgium completes its capital increase by contribution in kind – Nethys exchanges its stake in VOO Holding for newly issued shares of Orange Belgium On 2 May 2024, the shareholders’ meeting of Orange Belgium SA (the “Company”) approved the contribution in kind by Nethys SA (“Nethys”) of its 25% (+ 1 share) stake in VOO Holding SA (“VOO Holding”) to the cap...
Orange Belgium finalise son augmentation de capital par apport en nature - Nethys échange sa participation dans VOO Holding contre des actions nouvellement émises d'Orange Belgium Communiqué de presseBruxelles, le 2 mai 2024Information réglementée – informations confidentielles Orange Belgium finalise son augmentation de capital par apport en nature - Nethys échange sa participation dans VOO Holding contre des actions nouvellement émises d'Orange Belgium Le 2 mai 2024, l'assemblée générale des actionnaires d'Orange Belgium SA (la "Société") a approuvé l'apport en nature par Nethys SA ("...
Aedifica: First sign of portfolio valuation stabilization. ArcelorMittal: Solid 1Q24 EBITDA beat, softer FCF reflects WC and CAPEX phasing. Belgian telcos: Peer Telenet 1Q24 results, still weak commercial performance. dsm-firmenich AG: Vita-still not-min. IBA: Contract to install a P1 system in Connecticut. KPN: VodafoneZiggo 1Q24 results confirm fixed losses, mobile weaker QoQ. Shell plc: Good start to the year
We apologise for sending this out over the weekend, but following yesterday's results and call, we wanted to fully update our model before publishing. In this note, we run through why TeleColumbus’s strong Q4 Internet net adds figures could be doubly good news for creditors, and we publish our updated forecasts, with an updated valuation showing different scenarios for creditors. Their comments on TV and Internet adds are also highly relevant for Vodafone investors.
The Q1 results showed improved mobile service revenue (MSR) growth and a return to growth in International Digital Services (IDS), and group EBITDA beat consensus on cost control. However, due to Elisa’s premium valuation to Nordic peers, we reiterate our HOLD and EUR45 target price.
Elisa reported good results, with stable service revenue growth (+3% YoY) but importantly an acceleration in clean EBITDA (to +6% y/y from +4% y/y in Q4). EBITDA growth was better than SR growth for the first time since Q3 2021. This is what the market wanted to see, as concerns have been around operational leverage;
BAM: Preview - stable performance in difficult markets. Belgian telecoms: Telenet 3.5% price increase. Econocom: 1Q24 modest growth in line, sales guidance maintained. Philips: Preview 1Q24. Proximus: Acquires additional 5G spectrum from NRB. Signify: Preview 1Q24 - Slow start to the year. Staffing: Manpower - 1Q24 beats, 2Q24 outlook a touch above and trends stabilizing. WDP: No surprise
Tele2 has reported a good set of Q1 numbers with EBITDAal +1.2% ahead of consensus expectations and at EFCF +24% ahead. Total end-user SR accelerated to +4.3% YoY (+3.4% in Q4), supported by the earlier phasing of price rises in Sweden this year. EBITDAaL growth (ex energy) slowed to +2.5% y/y (+4.0% in Q4), although this was better than had been messaged by the company in the pre results call, which probably explains the strong share price move today.
Q2–Q4 2023 revenues were below consensus, due to weakness in International Digital Services (IDS). Ahead of the Q1 results (due at 07:30 CET on 19 April), we are in line with consensus on sales and EBITDA. We reiterate our HOLD and EUR45 target price.
Nous réitérons notre recommandation Surperformance (conviction Midcap Europe) avec un objectif de cours et des prévisions de résultats relevés. L’optimisme est de rigueur sur les perspectives d’activité, les marges offrent encore un potentiel d’amélioration, le bilan est sous-leveragé, les multiples de valorisation restent attractifs et le fondateur achète des actions. - ...
We reiterate our Outperform recommendation on the stock (European midcap top pick). We have revised up our target price and earnings forecasts. Bright prospects ahead for revenues, still room for margin improvement, the balance sheet is underleveraged, valuation multiples remain attractive and the founder is buying shares. - ...
>Our scenario for the restructuring of Altice France - Faced with a debt wall in 2027-2029 (€ 22bn) and already negative FCF, Altice France has opted to force the hand of its creditors by attempting to impose the restructuring of its debt. We see three scenarios: 1/ A general agreement: assuming the reinitialisation of leverage in 2024 at 3.7x and the use of the ~€ 5.4bn proceeds from divestments (Altice Media, La Poste Mobile, XP Fibre, data centres), we calcul...
>Notre scenario de restructuration d’Altice France - Face à son mur de dette sur 2027-2029 (22 Md€) et ses FCF déjà négatifs, Altice France a choisi de forcer la main de ses créanciers en tentant d’imposer une restructuration de sa dette. Notre équipe crédit, dans une note publiée ce matin, perçoit trois scenarios : 1/ Un accord général : en supposant une réinitialisation du levier 2024 à 3,7x et l’utilisation de ~5,4 Md€ de produits de cession (Altice Medi...
Public announcement in accordance with article 7:97, §4/1 of the Belgian Companies and Associations Code (“BCAC”) concerning a capital increase by contribution in kind Press releaseBrussels, 29 March 2024Regulated information – Inside information Public announcement in accordance with article 7:97, §4/1 of the Belgian Companies and Associations Code (“BCAC”) concerning a capital increase by contribution in kind On 20 November 2023, Orange Belgium SA (the “Company”) received notification from Nethys SA (“Nethys”) of its wish to contribute its 25% + 1 shareholding in VOO Holding SA (“VOO”...
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