reports
- Chris Hoare
- Chris Hoare
GEM Telcos: Consolidation – THE theme driving improved trends for EM T...
Earlier this month we published on how Global EM Telco Capex is falling rapidly, in large part driven by consolidation. On average EM Telco markets have fallen from a peak of 7 players to under 3. We expect many to end up with 2, or even a single network. How much further far might this cut capex?
- Felix Fischer
Europe HY Trade Book - May 2025 - Lucror Analytics
The Europe HY Trade Book for May 2025 includes current trade recommendations drawn from our European HY coverage universe, along with relative-value scatter plots and tables by industry. We also discuss the US tariff situation and key related impacts.
SCHP SECHE ENVIRONNEMENT
PFD PREMIER FOODS PLC
AMS AMS AG
CO CASINO GUICHARD-PERRACHON SA
VK VALLOUREC SA
TLW TULLOW OIL PLC
EO FAURECIA SA
105I SAPPI LIMITED
TEVA.N TEVA PHARMACEUTICAL INDUSTRIES LIMITED SPONSORED ADR
LBTYA LIBERTY GLOBAL PLC CLASS A
CSTM CONSTELLIUM SE CLASS A
CCK CROWN HOLDINGS INC.
RXL REXEL SA
DBG DERICHEBOURG SA
725180 STADA ARZNEIMITTEL AG
NOKIA NOKIA OYJ
TNET TELENET GROUP HOLDING NV
TUI1 TUI AG
NEX NEXANS SA
VED VEDANTA RESOURCES PLC
VCP VICTORIA PLC
AF AIR FRANCE-KLM SA
BBD.B BOMBARDIER INC. CLASS B
SYNT SYNTHOMER PLC
INTRUM INTRUM AB
888 888 HOLDINGS PLC
IPF INTERNATIONAL PERSONAL FINANCE PLC
ENQ ENQUEST PLC
EDR EDREAMS ODIGEO SA
TC1 TELE COLUMBUS AG
9984 SOFTBANK GROUP CORP.
103M SASOL LIMITED
TIT TELECOM ITALIA S.P.A.
REC RECORDATI INDUSTRIA CHIMICA E FARMACEUTICA S.P.A.
TGS TGS-NOPEC GEOPHYSICAL COMPANY ASA
TALK TALKTALK TELECOM GROUP PLC
TATAMOTORS TATA MOTORS LIMITED
PL8 PLAYTECH PLC
ARW ARROW GLOBAL GROUP PLC
NEMAKA NEMAK S.A.B. DE C.V.
SPIE SPIE SA
CEXA CEMEX SAB DE CV (ADR)
ARD ARDAGH GROUP S.A. CLASS A
PFL PFLEIDERER GROUP SA
DIGI DIGI COMMUNICATIONS NV
CDR CODERE S.A.
GAME GAMENET GROUP SPA
AML ASTON MARTIN LAGONDA GLOBAL HOLDINGS PLC
AXA AXACTOR SE
BORR SECURITAS DIRECT AB CL B
BORR DRILLING LTD
- Felix Fischer
- Haidje Rustau
- Jayanth Kandalam
- Peter Low
- Si Yong Ng
- Tanvi Arora
Lucror Analytics - Morning Views Europe
In today's Morning Views publication we comment on developments of the following high yield issuers: Vallourec, Aggreko, TK Elevator, Aston Martin, Techem, Bite, Virgin Media O2, NewDay, Sunrise, Digi Communications, Telecom Italia, Banijay, Liberty Global, Solenis, Air France-KLM, Flos B&B Italia (formerly International Design Group), Forvia (formerly Faurecia), Flora Food Group (formerly Upfield), Premier Foods, The Very Group, Lecta, Air Baltic, Teva, Standard Profil
- James Ratzer
- Chris Hoare
Liberty Latin America (Buy, TP: $14.5, +164%) Q1 25: Mixed; weak PR (...
Group headline trends improved materially, although the recovery in Puerto Rico is slower than we expected. Subscriber losses in PR were also higher than expected. However, capex in PR fell 30%, and as a result, PR net debt also fell by $15m. Headlines are disappointing but the cash flow picture in PR seems to be improving.
- Haidje Rustau
Liberty Global - Earnings Flash - Q1 FY 2025 Results - Lucror Analytic...
Liberty Global (LG) has released disappointing Q1/25 numbers, owing to weak subscriber dynamics. Revenues and adjusted EBITDA grew y-o-y. Cash-flow performance was mixed, with OCF rising while taxes paid and capex increased. Total debt was up, while the cash balance improved slightly. Management aims to reduce leverage, with asset sales ongoing at VodafoneZiggo. However, LG still plans to pay material dividends. Market conditions are set to remain very difficult, and the near-term outlook is...
- Haidje Rustau
- Jayanth Kandalam
- Peter Low
- Si Yong Ng
- Tanvi Arora
- Trung Nguyen
Lucror Analytics - Morning Views Europe
In today's Morning Views publication we comment on developments of the following high yield issuers: Playtech, Scan Global Logistics, Liberty Global, Clarios, TalkTalk, Modulaire, Klockner Pentaplast, EnQuest Plc, Tata Motors, Cirsa, Ineos, Motel One, Ineos Quattro
- James Ratzer
Liberty Global (Neutral) VMO2, VodafoneZiggo, Telenet (Underweight) Q...
The weaker broadband adds at VMO2 reported this morning were only half the story. With the full Liberty Global results, there has also been a material guidance reduction for VodafoneZiggo. We addressed the VMO2 numbers in more detailed in our earlier note here – and now in this note we do a more detailed dive into VodafoneZiggo and how leverage trends could develop over the next few years based on the new guidance and the potential tower sale.
- Chris Hoare
Global EM Telcos & Towers Still rising – NSR GEM Top-10 May ‘25 Updat...
Despite global volatility our EM Top Picks posted positive returns again in April and now up 34% YTD on average. As we have been arguing for some time EM Telco is a much better space than it used to be and this is now being reflected by the market it seems.
- Felix Fischer
- Haidje Rustau
- Jayanth Kandalam
- Peter Low
- Si Yong Ng
- Tanvi Arora
Lucror Analytics - Morning Views Europe
In today's Morning Views publication we comment on developments of the following high yield issuers: Neopharmed, PureGym, Rexel, Flos B&B Italia (formerly International Design Group), David Lloyd Leisure, Odido, Liberty Global, Infopro Digital, Eircom, Tele Columbus, McLaren, Nexans, Fedrigoni, Stada, Grupo Antolin, Cerba, Klockner Pentaplast, Cheplapharm, Crown Holdings, Motel One, Stena AB, Casino Guichard-Perrachon
- Chris Hoare
- James Ratzer
- Felix Fischer
- Haidje Rustau
- Jayanth Kandalam
- Si Yong Ng
- Tanvi Arora
- James Ratzer
- Chris Hoare
Global EM Telcos & Towers NSR GEM Top-10 March ‘25 Update: February a...
February was another good month for our top EM Telcos, now up 15% YTD on average. This note also includes key news & other thoughts in order to help investors generate alpha within the EM Telco space. With performance strong so far, we make no changes to our picks.
- Chris Hoare
- Chris Hoare
Liberty Latin America (Buy, TP: $14.8, +105%) Q4 24: Mixed, PR still ...
Group headline trends improved, although Puerto Rico remains weak at revenue/EBITDA. However, subscriber losses in PR also eased and Group capex guidance was cut as a result of which the company is maintaining guidance of $1bn of cumulative FCF between 2024 & 2026 (albeit while acknowledging they are behind after the first year). Results look better for the equity than debt holders in PR we think
- Haidje Rustau
- Haidje Rustau
- Ian Wong
- Jayanth Kandalam
- Peter Low
- Si Yong Ng
- Tanvi Arora
Lucror Analytics - Morning Views Europe
In today's Morning Views publication we comment on developments of the following high yield issuers: Nexans, TK Elevator, The Very Group, Liberty Global, Tereos, Ontex, Recordati, TI Fluid Systems, THOM Europe, Borr Drilling, Klockner Pentaplast, Casino Guichard-Perrachon
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