reports
- 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
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...
- Jan Frederik Slijkerman
- Jeroen van den Broek
- Jesse Norcross
- Nadège Tillier
- Timothy Rahill
- ING Helpdesk
Benelux Morning Notes
Basic-Fit: 1Q24 update in line, FY24 outlook in line with consensus at mid-point. bpost: Agreement on Flemish newspaper delivery; risk of provisions largely removed. Cofinimmo: Q1 results in line. Corbion: Tail wags the dog. IMCD: The last hurdle was a harsh clip. Proximus: Strong start to the year, guidance unchanged ahead of Digi arrival. Recticel: Kingspan 1Q24 trading update. Signify: 1Q24 results; revenue decline accelerates. Umicore: Confirms FY 2024 EBITDA guidance range. ...
- Guy Sips
- Hilde Van Boxstael
- Lynn Hautekeete
- Michiel Declercq
- Thibault Leneeuw
- Thomas Couvreur
- Wim Hoste
- Wim Lewi
- Kris Kippers
Proximus - Commercial momentum continues, EBITDA +5% - guidance reiter...
• In Q1, Proximus' commercial momentum continued driven by its Domestic business where both sales & EBITDA growth exceeded expectations. International was again weak on sales but strong on margins• Costs are more under control and capex is gradually coming down as guided, altering its FCF profile• We stick to our BUY rating and EUR 11.0 TP, DCF-based
- Pierre François Merveille
Iliad : Ambitious growth story
>€ 500m of new 2031 unsecured notes to fund a tender on 2024/2025 notes - On Monday, opco Iliad SA issued € 500m of new 2031 unsecured notes at a yield of 5.375% (expected ratings: Ba2/BB, in line with existing unsecured notes issued by Iliad SA). Proceeds from the new issue will be used for general corporate purposes and, in whole and in part, to finance a tender on the 2024 notes at a price of 99% and 2025 notes at a price of 98.25% for a maximum total amount of €...
- Pierre François Merveille
Iliad : Ambitious growth story
>€ 500m of new 2031 unsecured notes to fund a tender on 2024/2025 notes - On Monday, opco Iliad SA issued € 500m of new 2031 unsecured notes at a yield of 5.375% (expected ratings: Ba2/BB, in line with existing unsecured notes issued by Iliad SA). Proceeds from the new issue will be used for general corporate purposes and, in whole and in part, to finance a tender on the 2024 notes at a price of 99% and 2025 notes at a price of 98.25% for a maximum total amount of €...
- Chaima Ferrandon
- Sven Edelfelt
HEIA HEINEKEN NV
AI AIR LIQUIDE SA
IPN IPSEN SA
DB1 DEUTSCHE BOERSE AG
KNEBV KONE OYJ CLASS B
RNO RENAULT SA
KPN ROYAL KPN NV
COV COVIVIO SA
ROG ROCHE HOLDING LTD
ORA ORANGE SA
SSAB A SSAB AB CLASS A
FGR EIFFAGE SA
KER KERING SA
RAND RANDSTAD NV
ENI ENI S.P.A.
ASM ASM INTERNATIONAL N.V.
ASSA B ASSA ABLOY AB CLASS B
INGA ING GROEP NV
AD KONINKLIJKE AHOLD DELHAIZE N.V.
ERF EUROFINS SCIENTIFIC SOCIETE EUROPEENNE
EPI A EPIROC AB
- Chaima Ferrandon
- Sven Edelfelt
AI AIR LIQUIDE SA
IPN IPSEN SA
DB1 DEUTSCHE BOERSE AG
KNEBV KONE OYJ CLASS B
RNO RENAULT SA
KPN ROYAL KPN NV
COV COVIVIO SA
ROG ROCHE HOLDING LTD
ORA ORANGE SA
SSAB A SSAB AB CLASS A
FGR EIFFAGE SA
KER KERING SA
RAND RANDSTAD NV
ENI ENI S.P.A.
ASM ASM INTERNATIONAL N.V.
ASSA B ASSA ABLOY AB CLASS B
INGA ING GROEP NV
AD KONINKLIJKE AHOLD DELHAIZE N.V.
ERF EUROFINS SCIENTIFIC SOCIETE EUROPEENNE
EPI A EPIROC AB
- Jan Frederik Slijkerman
- Jeroen van den Broek
- Jesse Norcross
- Nadège Tillier
- Timothy Rahill
- ING Helpdesk
Benelux Morning Notes
ASM International: 1Q24 results - better on all fronts. Heineken: Uphill from here. KPN: 1Q24 in line, guidance slightly increased on Youfone acquisition. Melexis: 1Q24 results in line a relief. Universal Music Group: Spotify 1Q24 Results and guidance beat on margins. Vopak: Good progress to start the year. Wereldhave: 1Q24 LFL slows sharply
- Konrad Zomer
KPN : Q1 results marginally ahead of consensus and FY guidance raised
>Q1 results show positive momentum – FY guidance raised - In its Q1 earnings release, KPN reported group revenues and adjusted EBITDAaL of €1,377m (+3.3%) and €605m (+3.6%) respectively. This compares with consensus estimates of €1,376m (we at €1,377m) and € 602m (we at €599m) respectively. So results are marginally ahead of consensus. Group capex came in at €302m (css: € 301m) and FCF at €154m (-5.8% yoy with consensus at €173m and we at € 185m, the difference is ex...
Q1 2024 results: KPN delivers solid start to the year
Q1 2024 results: KPN delivers solid start to the year Continued Group service revenue growth (+3.6% y-on-y), mainly driven by Consumer (+4.5%) and Business (+3.2%)Ongoing positive net adds in Consumer postpaid +30k and broadband +13k, of which 8k related to Kabeltex acquisitionExpanded fiber footprint with +130k HP in Q1 2024 (+159k HP including Glaspoort)Adj. EBITDA AL of € 605m (+3.6% y-on-y), quarterly FCF generation impacted by intra-year phasingACM unconditionally approved Youfone acquisition, transaction closed on 4 AprilFull year 2024 outlook raised to ~€ 2,500m adjusted EBITDA AL an...
- Kris Kippers
KPN - Solid Q1 and guidance includes Youfone M&A
KPN's Q1 was rock solid and did not contain surprises nor on top line, nor on cash generationThe recently approved transaction of Youfone results in a tweaking of its 2024 guidance and once more it slightly raised its FCF guidance by EUR 10mSolid numbers for the Dutch market leader, Hold maintained
- Carole Braudeau
- Carole Braudeau
[Press Release] iliad SA successfully completes a €500 million bond is...
[Press Release] iliad SA successfully completes a €500 million bond issue PRESS RELEASE Paris, April 22, 2024 iliad SA successfully completes a €500 million bond issuefinancial release Today, iliad SA successfully placed a €500 million bond issue. The bonds will mature in 7 years and pay interest at 5.375% per year. This transaction was announced for a maximum amount of €500 million and generated strong demand from investors (with close to €1.6 billion in demand), which allows the Group to benefit from attractive financial conditions in a context of volatile markets. S...
[Communiqué de presse] iliad SA émet avec succès un emprunt obligatair...
[Communiqué de presse] iliad SA émet avec succès un emprunt obligataire de 500 millions d’euros COMMUNIQUE DE PRESSE Paris, le 22 avril 2024 iliad SA émet avec succès un emprunt obligataire de 500 millions d’euros communication financière iliad SA a placé ce jour avec succès une émission obligataire de 500 millions d'euros. Cet emprunt présente une maturité à 7 ans et un coupon annuel de 5,375%. Cette transaction annoncée pour un montant maximum de 500 millions d’euros a rencontré une très forte demande des investisseurs (avec près de 1,6 milliard d’euro...
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