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Tele2 AB: 1 director

A director at Tele2 AB bought 4,500 shares at 101.150SEK and the significance rating of the trade was 69/100. Is that information sufficient for you to make an investment decision? This report gives details of those trades and adds context and analysis to them such that you can judge whether these trading decisions are ones worth following. Included in the report is a detailed share price chart which plots discretionary trades by all the company's directors over the last two years clearly show...

ING Helpdesk
  • ING Helpdesk

Benelux Morning Notes

Ahold Delhaize: Walmart 1Q24/25 results. Azelis: Share placement by EQT and PSP. Belgian telcos: Digi mobile prices to be well below competition, targets 10% mkt share. EVS: Slow start, sales guidance held on strong pipeline, EBIT guidance below consensus. Exmar: Stable start to the year. Prosus: Fabricio Bloisi (CEO iFood) appointed as group CEO. Sif Group: 1Q24 pretty much in line, timing shifts a bit

ING Helpdesk
  • ING Helpdesk

Benelux Morning Notes

AEGON: 1Q24, new unexpected SBB, underlying OCG better, strong ratios across. Belgian telecoms: Digi to start with mobile. CFE: Preview - forecasting revenue numbers… D'Ieteren: Belron US peer Boyd 1Q24 below consensus, warns on 2Q24 growth. Econocom: Joins consortium formed by Onepoint and Butler Industries to acquire Atos. KBC: 1Q24 better across, special dividend, capital distribution pushed back to 1H25. Syensqo: 1Q24 a touch better, positive earnings momentum confirmed. Umicore:...

ING Helpdesk
  • ING Helpdesk

Benelux Morning Notes

Aalberts: Preview - steady in difficult markets. ABN AMRO: 1Q24 overshadowed by weaker capital, even if a strong set. AEGON: 1Q24 Preview (trading update). Alfen: Preview - clarity on one-off Pacto costs crucial. B&S Group: Bolt-on acquisition in Personal Care. Belgian telcos: BIPT notes that fibre cooperation negotiations not ready by 15 May. EVS: 1Q24 preview. Euronext: Another record, with Beats by Boujnah. Montea: €12m acquisition in the Port of Ghent. Staffing: Dutch Perio...

 PRESS RELEASE

KPN reports on progress of € 200m share buyback

KPN reports on progress of € 200m share buyback KPN has rKPN reports on progress of € 200m share buybackepurchased 1,995,227 KPN ordinary shares in the period from 6 May to 10 May 2024. The shares were repurchased at an average price of € 3.39 per share for a total consideration of € 6.8m. These repurchases were made as part of the € 200m share buyback started on 1 February 2024, and are part of KPN's commitment to structurally return additional capital to its shareholders. The total number of ordinary shares repurchased to date is 54,001,838 for a total consideration of € 179.4m. Transac...

ING Helpdesk
  • ING Helpdesk

Benelux Morning Notes

Eurocommercial Properties: Westland acquisition stopped. Euronext: 1Q24 Preview. Proximus: Press reports possible interest for Syniverse, a carrier/CPaaS peer. Staffing: French staffing - further improvement in March, April outlook also better

Kris Kippers
  • Kris Kippers

Proximus - Rumours interest in Syniverse seems overdone

US telco services provider Syniverse is put up for sale and Proximus is rumoured to be looking at the file carrying a price tag of EUR 1.4-1.9bnAlthough we do see the potential synergies given Proximus' presence in such services with Telesign, BICS and Route Mobile, it seems too far fetchedIn the coming weeks, we expect positive newsflow from collaboration on fiber in Belgium and a mini-CMD on Route MobileAll in all, we stick to our BUY rating and DCF-derived TP of EUR 11.0 per share. Proxi...

Kris Kippers
  • Kris Kippers

Proximus - Fiber talks ongoing with both Telenet & OBEL

• Local press article stating that Proximus aims for a fiber deal with Wyre• With the May 15 deadline approaching, more should come in due course• Any reduction in fiber capex is positive for the investment case - BUY

ING Helpdesk
  • ING Helpdesk

Benelux Morning Notes

CTP: An excellent start to the year. Proximus: Completes acquisition of 83% stake in Route Mobile

Hilde Van Boxstael ... (+5)
  • Hilde Van Boxstael
  • Lynn Hautekeete
  • Michiel Declercq
  • Thomas Vranken
  • Wim Lewi
Kris Kippers
  • Kris Kippers

Proximus - Completion of the Route Mobile transaction

• Following regulatory clearing, Proximus announced the closing of the Route Mobile transaction• Post-reinvestment of Route Mobile shareholders, the net cash out for Proximus would be EUR 634m. A webcast will be organized on June 3• We stick to our BUY rating and EUR 11.0 TP, DCF-based

 PRESS RELEASE

KPN reports on progress of € 200m share buyback

KPN reports on progress of € 200m share buyback KPN has repurchased 2,000,000 KPN ordinary shares in the period from 29 April to 3 May 2024. The shares were repurchased at an average price of € 3.40 per share for a total consideration of € 6.8m. These repurchases were made as part of the € 200m share buyback started on 1 February 2024, and are part of KPN's commitment to structurally return additional capital to its shareholders. The total number of ordinary shares repurchased to date is 52,006,611 for a total consideration of € 172.6m. Transaction details of the share buyback are availab...

Russell Waller
  • Russell Waller

Swisscom (Neutral, TP: CHF610, +22%) Q1 24:Mixed numbers, weaker SR ...

Swisscom has reported a slightly mixed set of numbers. Swiss SR trends have deteriorated faster than expected; EBITDA is more in-line, but OpFCF and FCF are both light. We worry that Swiss SR trends will come under further pressure in the run-up to the Sunrise IPO, and as Salt starts to offer a fixed product to more of the country.

ING Helpdesk
  • ING Helpdesk

Benelux Morning Notes

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

David Vagman ... (+2)
  • David Vagman
  • CFA

Proximus/1Q24 postview, model update/HOLD

We fine tune our estimates post 1Q24, raising our EPS forecasts by 4.9% in 2024F, 1.2% in 2025F and 1.6% in 2026F. We maintain our HOLD rating and keep our target price at €7.5. We are 1% above the FY24 EBITDAal guidance.

 PRESS RELEASE

KPN reports on progress of € 200m share buyback

KPN reports on progress of € 200m share buyback KPN has repurchased 2,000,000 KPN ordinary shares in the period from 22 April to 26 April 2024. The shares were repurchased at an average price of € 3.39 per share for a total consideration of € 6.8m. These repurchases were made as part of the € 200m share buyback started on 1 February 2024, and are part of KPN's commitment to structurally return additional capital to its shareholders. The total number of ordinary shares repurchased to date is 50,006,611 for a total consideration of € 165.8m. Transaction details of the share buyback are avai...

Russell Waller
  • Russell Waller

Proximus (Neutral, TP: €10.0, +30%) Q1 24: Good domestic revenue and ...

Proximus has reported a good set of numbers, with domestic EBITDA +2.7% ahead of consensus, with domestic EBITDA growth of +4.7% y/y from +0.8% y/y in Q4 23. Guidance has not been lifted, which is unusual given the pace of growth and the scale of the growth, but the Digi launch later in the year provides uncertainty.

Konrad Zomer
  • Konrad Zomer

Proximus : Q1 results a 3% beat with FY guidance now conservative

>A clear consensus beat which makes the FY guidance look conservative - In Q1, Proximus reported domestic underlying revenue growth of 4.5% at €1,201m, some 2.4% higher than consensus. This includes 5.9% growth in Residential (customer service revenues +6.5% and convergent revenues +10.9%, both strong) and 3.1% growth in Business (IT services +7.8% and fixed voice -5.6%). Wholesale revenue growth was -4.9% in Q1, with the loss of low margin interconnect revenues (like...

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