Nokia 1Q24: Sharp slowdown in mobile. Full year guide implies strong s...

Netflix (NFLX, Neutral, $600 target) NFLX First Take: Disclosure Chang...

What’s New: In this first take following tonight’s results, we touch on: 1. No quarterly subscriber/ARM figures starting 1Q25; new annual revenue guidance instead 2. Revenue growth shifting from subscribers to ARM through 2024 3. Little new advertising color, we expect updated metrics at Upfront, and 4. New capital structure targets driving more flexibility.

Tele2 (Neutral, TP: SEK 110, +13%) Q1 24: A good start to the Europea...

Tele2 has reported a good set of Q1 numbers with EBITDAal +1.2% ahead of consensus expectations and at EFCF +24% ahead. Total end-user SR accelerated to +4.3% YoY (+3.4% in Q4), supported by the earlier phasing of price rises in Sweden this year. EBITDAaL growth (ex energy) slowed to +2.5% y/y (+4.0% in Q4), although this was better than had been messaged by the company in the pre results call, which probably explains the strong share price move today.

TSMC 1Q24: Auto cycle hits; leading-edge demand remains strong

TSMC reported 1Q24 results this morning.

WISE (Neutral, TP: £8.30, +0%) WISE FY 24 update: Where did the Cross...

Following this week’s FY 24 trading statement we have updated estimates. We see ongoing weaker than expected core cross-borer transfer volumes, driven by dilutive volume/new add, offset by debit card use (interchange) and stronger NII (higher for longer rates). In addition lower FX volatility is also supporting gross margins for the time being. It’s an interesting time to review historic cross-border volume expectations, relative to TAM, with downward revisions for consensus volumes expectations...

ADYEN (Buy, TP: EUR1,800, +26%) Adyen - Winning in Unified Commerce: ...

We held a panel discussion last week focused on omnichannel commerce (what Adyen refers to as “Unified Commerce”) both from a merchant (former Nordstrom) and payments service provider perspective (Braintree PayPal). The dialogue explored the competitive landscape for payments solution providers targeting retailers like Nordstrom, considering metrics tracking and emerging trends such as loyalty programs and embedded finance offerings. Innovation was emphasized, with companies like Adyen leading i...

ASML 1Q24: Pullback in orders; China revenues normalizing; limited nea...

AMX (Buy, TP: $24, +40%) AMX - Q1 24: Accelerating revenue and EBITDA...

AMX reported strong Q1 numbers after close, coming in ~2% ahead of consensus revenue and EBITDA. Growth accelerated (to 5% y/y from 3.7% in Q4) coming from Mexico and Brazil, and both fixed and wireless. Brazil EBITDA also saw strong support on the cost side. Capex was down y/y in Q1, in keeping with the FY 24 guide (~$7 billion, down from $8.8 billion in 2023); we expect mid-term capex to be provided at the upcoming May 7th Investor Day, and see potential for consensus estimates to come down he...

Tesla ahead of the print – Updated thoughts on all topics, but the qua...

There has been a lot of news flow on Tesla recently on FSD, Robotaxi, Model 2, and underlying demand. Ahead of the print next week, we provide our updated perspective on all topics in today’s note.

IHS Towers (Buy, TP: $8, +153%) What can the company do to crystallis...

Given the exceptionally weak share price performance since IPO IHS has initiated a value crystallization programme. In this note we look at what the company can do.

AZN - Upgrade to BUY (TP £125 [£115], 16 pgs)

Having been neutral on AZN since Feb ‘23 based on what we believed to be a lack of catalysts & over optimistic consensus forecasts, we show that most of the EPS downgrades are in no’s & the catalyst outlook is transformed. Our deep dive on the pipeline leads us to upgrade our 2029 sales by $8bn, giving us 5% CAGR sales growth 2024-29 and 9% EPS CAGR. We conducted deep research into 6 key drugs which drive the bulk of our 7% above consensus 2029 sales forecasts. The biggest impediments to AZN sha...

ASML 1Q24 QT: Pullback in orders; China revenues normalizing; limited ...

ASML reported 1Q24 this morning.

Ericsson 1Q24: Revenues stabilizing, margins improving: are we approac...

Netflix (NFLX, Neutral, raising target to $600 from $520) Quick Thoug...

Ahead of Thursday PM’s earnings report, we review what to look and listen for in the shareholder letter and earnings broadcast, our top questions for management, and potential positive and negative catalysts for NFLX. We also update our thoughts on key controversies and investment drivers,

WISE (Neutral, TP: £9.00, +6%) WISE - Q4 24: Volumes and revenue miss...

WISE reported its FY 24 trading statement this morning (to Mar-24). The core business missed Q4 revenue and volumes by 3%, coming from a combination of Business (lower onboarding in part) as well as Personal (macro perhaps). Sequential volumes are flat in Q4, y/y growth is only 15% which benchmarks against mid-term expectations for total income growth (which includes NII) of 20% (whilst rates will fall/deposit remuneration should rise at some stage). The steer into H2 is for slightly higher gros...

Ericsson 1Q24: Revenues stabilizing, margins improving: are we approac...

Ericsson reported 1Q24 this morning.

Apple Pre 2FQ24 Model Update

MELI US (Buy TP: $1,800, +28%) MercadoLibre - Investor Call feedback ...

We held a call with MercadoLibre in the run up to the Q1s (early May expected). Narrative continues to be dominated by Argentina, with the market focused mainly on EBIT (where street estimates look a shade too high still and may provide an ongoing headwind) but where focus should really be on PBT or net income i.e. after FX expatriation costs and where consensus feels better placed (though with the wrong maths we think!).

BILI 1Q24 Preview: Top-line Remains Intact

What’s New: We maintain our 1Q24 top line estimates but lower margins as the pace of loss reductions could start to increase in 2Q. In this note, we highlight key updates for the quarter. Analysts: Jin Yoon

JD 1Q24 Preview: Overall Business Remains Intact

What’s New: We maintain our 1Q24 top line estimates but lower our margin estimates partly due to spending related to CNY gala. In this note, we highlight the latest updates on the business. Analysts: Jin Yoon