>Clients: Freenet inTV, Deutsche Telekom in broadband and 1&1 in mobile - In broadband, Deutsche Telekom added 66,000 clients in Q4 2023 vs Vodafone -94,000, O2D +23,000 and 1&1e -10,000 by our estimates. Deutsche Telekom continues its fibre roll-out (2-3 million new lines per year). Telefonica and 1&1 hope for better trends in the future but we see no visible signs. Freenet, which launched its offering in 2023, underlines the difficulty of building a brand on this ma...
>Clients : Freenet #1 (TV), Telekom #2 (internet) et 1&1 #3 (mobile) - Sur l’internet fixe, Deutsche Telekom a ajouté 66 000 clients au T4 2023 vs Vodafone -94 000, O2D +23 000, et 1&1e -10 000 selon nous. Telekom poursuit le déploiement de la fibre (2-3 M de lignes nouvelles par an). Telefonica et 1&1 espèrent de meilleures tendances à venir mais nous ne voyons pas de signe visible. Freenet, qui a lancé son offre en 2023, souligne la difficulté de construire une mar...
The 4Q23 earnings reports of the four high yield telecom companies that are (partially) owned by Liberty Global were mixed. 4Q23 adj. EBITDA performance was strong at Virgin Media O2 and UPC, while it was soft at Telenet and VodafoneZiggo. Nevertheless, we are surprised by the relatively low broadband customer losses at VodafoneZiggo, given the strong competition from FTTH. Another notable development is the weak guidance for FY24 from Telenet. Parent Liberty Global has also announced strategic ...
After the initial results out from Liberty Global last night, we get more detailed results this morning from VMO2, so we are able to further analyse the disappointing guidance given for VMO2 which implies a higher cost base than previously expected to support the current revenue trajectory. In this note, we dive deeper into the implications of this and what it means for Liberty Global and Telefonica.
Atenor: Permits granted for Realex project in Brussels. Belgian telcos: Telenet ‘investment year' and commitment to regain ‘commercial agility'. DEME Group: Preview - packed offshore wind backlog. Euronext: Strong finish. Heijmans: Preview - M&A related one-offs in 2H23. KPN: VodafoneZiggo 4Q23 weak fixed, solid mobile, single digit EBITDA growth guided. Recticel: Kingspan profitability in line with expectations. Umicore: 2H23 EBITDA miss, soft 2024F outlook. Coverage change
>On the commercial front: a volume effect of +4% at Iliad and Bouygues Telecom - From the commercial standpoint, Iliad and Bouygues Telecom continue to gain market share. In fixed-line internet, Bouygues Telecom has added 81,000 clients vs 50,000 for Iliad, whilst Orange lost -31,000 (impact of price hikes) and SFR was down -44 000 (continued commercial decline). In the mobile segment, Iliad gained 274,000 contracts vs Bouygues Telecom at 108,000, Orange was up 83,000...
>Commercialement : effet volume de +4% chez Iliad et Bouygues Telecom - Commercialement, Iliad et Bouygues Telecom continuent de gagner des parts de marché. Sur l’internet fixe, Bouygues Telecom a ajouté 81 000 clients vs Iliad 50 000, Orange -31 000 (impact des hausses de prix) et SFR -44 000 (poursuite du recul commercial). Sur le mobile, Iliad gagne 274 000 contrats vs Bouygues Telecom 108 000, Orange 83 000 et SFR -118 000 (ajustement ODDO BHF). En résumé, nous ca...
A director at Liberty Global Plc sold 31,200 shares at 16.196USD and the significance rating of the trade was 65/100. 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 clea...
La saison des résultats du T3, qui a vu se succéder de vives sanctions pour les titres qui décevaient les attentes, n’a pourtant jusqu’à présent occasionné qu’une modeste révision baissière du consensus. Les BPA 2023 sont désormais attendus en baisse de 1,1% vs 2022, avec bien entendu des divergences sectorielles importantes. C’est toutefois la baisse des taux, intervenue depuis fin septembre, qui a davantage drivé les performances boursières, à l’instar de la Technology et des Consum...
The Q3 earnings season, which has seen stocks that have disappointed expectations take a severe pounding, has thus far resulted in only a modest downward revision to the consensus. EPS for 2023 are now expected to be down -1.1% vs 2022, with of course significant divergences between sectors. However, it is the fall in interest rates since the end of September that has driven stock market performances the most, with technology and consumer products & services (including luxury goods) r...
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