ODDO BHF SECURITIES LARGE CAPS MORNING NEWS 11/04/2025

ODDO BHF SECURITIES LARGE CAPS MORNING NEWS 04/11/2025

Deutsche Telekom : Downward revisions (dollar and German competition)

Deutsche Telekom : Révisions en baisse (dollar et concurrence allemand...

Credit Morning 04/10/2025

Eutelsat: the French State is weighing a capital increase (la Tribune)|Aema/Macif 's 2024 results show that the trajectory is well under way|

Morning Crédit 10/04/2025

Eutelsat : Etat français réfléchirait à une augmentation de capital (la Tribune)|Aema /Macif a publié hier des résultats 2024 rassurants sur la trajectoire de la rentabilité|

Coffee, Croissants & Credit/Orsted, Telefonica, Virgin Media O2

European utilities: Although paused, US tariffs could put pressure on project returns

EU TELCOS: What a recessionary scenario might look like

When the news of the Trump tariffs first hit the tapes, we didn’t write anything initially as a) we didn’t think we had much of value to add to the thousands of column inches already written on the topic, and b) the direct impact from the tariffs to the EU telecoms sector is minimal – resulting in relative outperformance for the group over the past few days.

TMT hybrids offer good value/Look for quality in the belly of the curv...

In this report we evaluate spreads in the TMT hybrids space. As the credit space still looks relatively well bid, TMT hybrid yields offer an attractive opportunity with yields above 3.5%. Higher quality TMT hybrids or lower duration TMT hybrids look most attractive from a relative value standpoint, such as the Telia, Orange and KPN hybrids. The risk/return perspective of the Infineon hybrid note looks unattractive.

M&A policy update – thoughts from Brussels and London with Pablo Asbo

It’s pretty clear that in-market M&A is a hot topic which we addressed in more detail in our recent sector M&A note. One of the reasons why speculation is rising about further deals is twofold we think: 1. Recent remedies in UK and Spain were non-intrusive in a historical context, making the deals attractive on a net basis; and 2. Politicians seem to be becoming more amenable to M&A, most notably Mario Draghi, and some are hoping that regulatory/legislative support will follow.

Deutsche Telekom (Buy, €42, +25%) Two doses of mobile rationality

As has been well documented, the German mobile market has been through a period of disruption in recent months. Therefore, we are encouraged by two steps forward – what seems to be a rational outcome on the spectrum extension, and a new tariff plan from DT that also appears to re-inject some much needed rationality into the market.

Deutsche Telekom AG: 1 director

A director at Deutsche Telekom AG sold 20,000 shares at 34.402EUR and the significance rating of the trade was 100/100. 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 cl...

Credit Morning 03/13/2025

Branicks FY 24 call notes: Apparently VIB bought some of the Branicks’ bond worth EUR 9m|

Morning Crédit 13/03/2025

Branicks FY 24 call notes: Apparently VIB bought some of the Branicks’ bond worth EUR 9m|

Coffee, Croissants & Credit/CEZ, Telefonica

Utilities - CEZ: 2024 EBITDA beats estimates but 2025 guidance lower

IBERIAN DAILY 13 MARCH (ANÁLISIS BANCO SABADELL)

NEWS SUMMARY: ELECTRICITY SECTOR, OHLA, TELEFÓNICA. Stock markets take a break European stock markets ended with gains, spurred by the solid US inflation data and the renewed possibility of a peace agreement in Ukraine. The IBEX, the only European index in the red, stayed above 12,800 points. In the STOXX 600, the best-performing sectors were financials (Banks and Insurance), along with Industrials, whereas Retail and Basic Materials posted the biggest losses. On the macro side, in Spain, Janu...

INFORME DIARIO 13 MARZO + RDOS. EUROPA 4T’24. PREVIEWS (ANÁLISIS BANCO...

COMPAÑÍAS QUE APARECEN EN EL INFORME: ESPAÑA: OHLA, SECTOR ELÉCTRICO, TELEFÓNICA. Incluido en el informe diario de hoy, y durante toda la campaña de resultados, incorporamos al final una presentación con los resultados destacados en positivo y negativo y previews de Rdos. 4T’24 que se publicarán en España y Europa en los próximos días. Tregua en las bolsas Jornada de más a menos en Europa, que terminó con ganancias ayudado por el buen dato de inflación en EE.UU. y la posibilidad renovada de un...

Morning Crédit 11/03/2025

Viridien launches its bond refinancing; positive rating actions taken by all agencies|

ODDO : Feedback from 9th ODDO BHF TMT Forum

Our two-day 9th virtual TMT Forum was attended by 32 listed companies and 292 investors. The trends in media seem to point to a correct start to the year. Telecom players are optimistic on the regulatory front (intra-market consolidation). Software & IT services and semis continue to see mixed trends, apart from in AI and some hopes that a few companies will benefit from the rise of defence spending. In terms of companies, the main positive messages came from Auto1, CMCOM, Indra, Infineon, Telec...

ODDO BHF SECURITIES LARGE CAPS MORNING NEWS 03/10/2025