Tele Columbus - ESG Report - Lucror Analytics

Vodafone (Buy, 120p, +26%) Safaricom buyout: More FCF accretive than ...

Vodafone and Vodacom have announced today that they will be taking control of Safaricom. Given the structure of the deal with Kenyan Government involving pre-paying dividends, we think the deal could offer better than expected accretion to Vodafone’s reported FCF for limited capital outflow.

Lucror Analytics - Morning Views Europe

In today's Morning Views publication we comment on developments of the following high yield issuers: Applus, Verisure, CeramTec, Kiloutou, Odido, Eolo, Flora Food Group, Altice France (SFR), evoke, FiberCop, Tele Columbus, Engineering Group, Altice International, Intralot, Mehilainen, Itelyum Group, Voyage Care, Grupo Antolin, Benteler International, Neopharmed, Cheplapharm, Industria Macchine Automatiche, Allwyn (formerly Sazka), Victoria, Best Secret, Softbank Group, Profine, Bombardier, Grune...

Lucror Analytics - Morning Views Europe

In today's Morning Views publication we comment on developments of the following high yield issuers: Atalian, Loxam, Progroup, PureGym, CBR Fashion, United Group, TeamSystem, CABB, Travelodge, Zegona, Tele Columbus, Ardagh, Guala Closures, Cirsa, Bertrand Franchise, Canpack, Odigeo, Vallourec, La Doria, Centrient, Paprec Group, Flos B&B Italia, Boparan, Itelyum Group

TeleColumbus (Overweight) Q3 2025: MSIP implicitly showing their suppo...

TeleColumbus Q3 results show better than expected cash generation with strong underlying EBITDA growth as we lap the MDU migration.

Lucror Analytics - Morning Views Europe

In today's Morning Views publication we comment on developments of the following high yield issuers: Verisure, European Entertainment Group, Tele Columbus, Eolo, Nimlas, Engineering Group, Modulaire, Allwyn (formerly Sazka), Grupo Antolin, Omnia Technologies, Bertrand Franchise, Neopharmed, Nexans

Lucror Analytics - Morning Views Europe

In today's Morning Views publication we comment on developments of the following high yield issuers: Guala Closures, CeramTec, Arrow Global, Tele Columbus, Salt, Altice France (SFR), Infopro Digital, Nimlas, Almaviva, Cirsa, CABB, Ardagh, Canpack, Paprec Group, IRCA Group, Tullow Oil, Tereos, Oriflame

Vodafone (Buy, 120p, +30%) H1 26 - Multiple re-rating in play

Vodafone has reported a decent set of H1 results and guidance has been moved to the upper-end of the guidance range (albeit us and consensus were already there). We think there is still a story for the multiple to be re-rated further – and even though there is new dividend guidance today, we also think there is potential for incremental cash return to come at the FY results.

Europe HY Trade Book - Media & Communications - Lucror Analytics

The Europe HY Trade Book - Media & Communications includes current trade recommendations drawn from our European HY media & communications coverage universe, along with relative-value scatter plots and a peer table. 

German FTTH Deep-Dive: It should be worth the wait Rational structure...

We hope that all of our readers have enjoyed a good summer break and welcome back! A couple of weeks ago in the dog days of August, we published a deep-dive note looking at the German FTTH market. However, we realise that a lot of our readers might well have been on the beach then with far better things to do.

Lucror Analytics - Morning Views Europe

In today's Morning Views publication we comment on developments of the following high yield issuers: Loxam, Atalian, Progroup, Techem, Fedrigoni, Tele Columbus, Odido, EVOCA, Pfleiderer, Victoria, Mehilainen, Biofarma, Cerba, Picard, Scan Global Logistics, Odigeo, Lecta, Stena AB

Tele Columbus (Overweight) Q2 2025: Reiteration of guidance a positiv...

Tele Columbus has reported a reassuring set of Q2 results, with broadband subscriber trends recovering and the full-year guidance largely re-confirmed – after the “temporary” withdrawal after the Q1 results caused unneeded stress.

Lucror Analytics - Morning Views Europe

In today's Morning Views publication we comment on developments of the following high yield issuers: Boels, Progroup, Rekeep, Stada, Salt, Iliad, PureGym, Lowell, TDC NET, Eolo, Allwyn (formerly Sazka), Altice International, CBR Fashion, Profine, United Group, Versuni, Canpack, Intrum, Industria Macchine Automatiche, Altice France (SFR), Tele Columbus, Loewen Play, Techem, Best Secret, Neopharmed, Polynt, TAP, Air France-KLM, Kem One, Advanz Pharma, Eircom, Nissan Motor, Samvardhana Motherson, S...

Lucror Analytics - Morning Views Europe

In today's Morning Views publication we comment on developments of the following high yield issuers: Tele Columbus, Victoria, International Personal Finance, Odido, Intrum, Atalian, CeramTec, Advanz Pharma, Cheplapharm, Borr Drilling, Lecta, Grunenthal, Mehilainen, Polynt, Kem One, Voyage Care, Mooney (formerly SisalPay)

German FTTH Deep-Dive: It should be worth the wait Rational structure...

Growth in German broadband market volumes is slowing, but that isn’t the end of the world as we see ever-increasing evidence of a rational market structure evolving with fibre overbuild likely to be far lower than in most other markets. This should support a rational pricing outlook and de-risk the payback on high levels of FTTH capex per premise.

Vodafone (Buy, £1.20, +40%) Q1 26: Clearer evidence of value over volu...

Vodafone’s Q1 results do show some signs of improving revenue growth in Germany with a more disciplined approach to pricing. We think Vodafone still looks very attractively priced at the moment, but we believe a longer-term outlook from management would help to underpin more confidence in the investment case.

Vodafone (Buy, £1.20, +50%) Tele Columbus (Overweight) German TV refr...

Over the past year, Vodafone and TeleColumbus have been hugely affected by the MDU bulk migration. However, going into the second half of 2025, we will start to lap this impact so trends will revert to something more “normal”.

Tele Columbus - ESG Report - Lucror Analytics

Lucror Analytics - Morning Views Europe

In today's Morning Views publication we comment on developments of the following high yield issuers: PeopleCert, Stada, Kiloutou, Loxam, CeramTec, Progroup, Playtech, Tele Columbus, CBR Fashion, Best Secret (Schustermann & Borenstein), Grunenthal, Novafives, Intrum, Profine, Flos B&B Italia (formerly International Design Group), Odido, Multiversity, Paprec Group, Cheplapharm, Engineering Group, Itelyum Group, Motel One, Tereos, Iberconsa, Stena AB, Mooney (formerly SisalPay)

TeleColumbus (Overweight) Updated model and outlook post Q1 results

TeleColumbus reported Q1 results last night – and for our detailed review of the quarter, please see our note HERE.Now, following the management call, we publish an updated model to reflect the comments around the more competitive environment in the market. In this note, we run through our changes to estimates, liquidity and valuation.