1&1 Drillisch

Drillisch is a holding company. Co. through its subsidiaries, is a mobile virtual network operator in Germany. The services acquired from the network operators Telekom Deutschland GmbH, Vodafone D2 GmbH, E-Plus Mobilfunk GmbH and Telefonica O2 Germany GmbH & Co. OHG are sold further to the end consumers for Co.'s own account and at rates established by Co. Co. organizes its operations into three segments: telecommunications, which includes its activities in the sector of wireless services; freenet holding, which comprises the operations of its freenet AG subsidiary; and software services, which involves activities related to the development and marketing of a workflow management software.
  • Ticker554550
  • ISINDE0005545503
  • SectorMobile Telecommunications
  • CountryGermany

Analysts

Despite a better risk assessment and improving to Neutral, 1&1 DRILLISCH AG remains under pressure

1&1 DRILLISCH AG (DE), a company active in the Mobile Telecommunications industry, improves its market behaviour and slightly increases its general evaluation. The independent financial analyst theScreener just upgraded the stock market behaviour as moderately risky. At a fundamental level, theScreener confirms 1 out of 4 possible stars; the general evaluation is slightly increased to Neutral but the title remains under pressure. As of the analysis date June 21, 2019, the closing price was EUR 27.94 and its target price was estimated at EUR 22.09.

Alexandre Iatrides ...
  • Rémi Adam

ODDO : End of 5G auctions: one source of uncertainty less for DTE, VOD and TEFD, picture still fuzzy for DRI

>Record bids, the incumbents do well - After a record 497 rounds, 5G auctions in Germany concluded on Wednesday evening with total bids of € 6.55bn, close to our estimate of € 6.7bn.From round 187, bids for the 2.1 GHz spectrum were generally frozen: DTE and VOD ended with 40 MHz each, while TEFD and DRI secured 20 Mhz. In the case of 1&1 Drillisch, the blocks will be made available in 2026, which implies that: 1/ payment will be due on 30 June 2024 at the latest...

Alexandre Iatrides ...
  • Rémi Adam

ODDO : Fin des enchères 5G : une incertitude en moins pour DTE, VOD et TEFD, le flou reste entier pour DRI

>Des enchères record, les acteurs historiques s’en sortent bien - Après une durée record de 497 rounds, les enchères 5G en Allemagne se sont conclues mercredi soir avec une dépense globale de 6.55 Md€, proche de notre estimation de 6.7 Md€.Dès le round 187, les enchères sur le spectre 2.1 Ghz étaient globalement figées : DTE et VOD terminent avec 40 Mhz chacun, tandis que TEFD et DRI repartent avec 20 Mhz. Dans le cas de 1&1 Drillisch, ces blocs seront mis à disp...

Alexandre Iatrides ...
  • Rémi Adam

ODDO : End of 5G auctions: one source of uncertainty less for DTE, VOD and TEFD, picture still fuzzy for DRI

>Record bids, the incumbents do well - After a record 497 rounds, 5G auctions in Germany concluded on Wednesday evening with total bids of € 6.55bn, close to our estimate of € 6.7bn.From round 187, bids for the 2.1 GHz spectrum were generally frozen: DTE and VOD ended with 40 MHz each, while TEFD and DRI secured 20 Mhz. In the case of 1&1 Drillisch, the blocks will be made available in 2026, which implies that: 1/ payment will be due on 30 June 2024 at the latest...

Alexandre Iatrides ...
  • Rémi Adam

ODDO : Fin des enchères 5G : une incertitude en moins pour DTE, VOD et TEFD, le flou reste entier pour DRI

>Des enchères record, les acteurs historiques s’en sortent bien - Après une durée record de 497 rounds, les enchères 5G en Allemagne se sont conclues mercredi soir avec une dépense globale de 6.55 Md€, proche de notre estimation de 6.7 Md€.Dès le round 187, les enchères sur le spectre 2.1 Ghz étaient globalement figées : DTE et VOD terminent avec 40 Mhz chacun, tandis que TEFD et DRI repartent avec 20 Mhz. Dans le cas de 1&1 Drillisch, ces blocs seront mis à disp...

Rémi Adam

1&1 Drillisch : Good numbers (adjusted EBITDA 3% > consensus) despite weaker-than-expected customer acquisitions. The outlook on 5G remains cloudy.

>Revenue penalised by terminals (but service revenues up 3.5%), EBITDA 3% above the consensus - 1&1 Drillisch has reported Q1 2019 revenue up 0.9% at € 912m, 2% below consensus expectations (Oddo BHF: € 929m; consensus: € 934m). The performance reflected weaker-than-expected growth in new mobile contracts of 170k (Oddo BHF: +200k; consensus: +191k) with 10k new full-service DSL contracts (Oddo BHF: +20k; consensus: +18k). For the first time, the group reported service...

Rémi Adam

1&1 Drillisch : Bonne publication (EBITDA ajusté 3%>css) malgré des conquêtes plus faibles qu’attendu. Le brouillard persiste sur le plan 5G.

>CA pénalisé par les terminaux (mais bon MSR à +3.5%), EBITDA 3%>css - 1&1 Drillisch a publié un CA T1 2019 en hausse de +0.9% à 9012M€, 2% sous les attentes du consensus (Oddo BHF : 929 M€, css: 934 M€). La performance a été alimentée par une croissance des nouveaux contrats mobiles plus faible qu’attendu de +170k (ODDO BHF : +200k, css : +191k) avec +10k de contrats DSL full service (Oddo BHF : +20k, css : +18k). Pour la première fois, le groupe publie ses revenus d...

Rémi Adam

1&1 Drillisch : 2019 guidance below the consensus, uncertainty persists before the end of the auctions

>Q4 sales in line but EBITDA 4%< consensus and unexpected adjustment in fixed-line - Yesterday evening, 1&1 Drillisch reported Q4 revenues of € 943m, up +15% pro forma (IAS 18), i.e. broadly in line with expectations (Oddo BHF: € 933m, consensus € 935m). Over the full year, the € 3.662bn is broadly in line with guidance of around € 3.7bn. Whilst mobile net-adds were robust at +270k (consensus +281k) to reach 900k over the year, the group reported fixed subscriber num...

Anis Zgaya ...
  • Christophe-Raphaël Ganet
  • Fehmi Ben Naamane
  • François Maury
  • Georges Dieng
  • Jean Sassus
  • Jerôme Bodin
  • Johanna Jourdain
  • Khaled Ben Amor
  • Laurence Hofmann
  • Louis Boujard
  • Matthias Desmarais
  • Michael Foundoukidis
  • Olfa Taamallah
  • Philippe Ourpatian
  • Rémi Adam
  • Stephane Houri
  • Steven Gould
  • Sven Edelfelt
  • Virginie Rousseau
  • Yan Derocles

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 05/15/2019

...

Anis Zgaya ...
  • Christophe-Raphaël Ganet
  • Fehmi Ben Naamane
  • François Maury
  • Georges Dieng
  • Jean Sassus
  • Jerôme Bodin
  • Johanna Jourdain
  • Khaled Ben Amor
  • Laurence Hofmann
  • Louis Boujard
  • Matthias Desmarais
  • Michael Foundoukidis
  • Olfa Taamallah
  • Philippe Ourpatian
  • Rémi Adam
  • Stephane Houri
  • Steven Gould
  • Sven Edelfelt
  • Virginie Rousseau
  • Yan Derocles

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 15/05/2019

...

Rémi Adam ...
  • Stephane Houri

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 03/28/2019

...

Rémi Adam ...
  • Stephane Houri

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 28/03/2019

...

Global TMT: AMD, VZ, Japan, US 28GHz, Huawei, VOD/IDEA, UI/DRI, TPG, DTAC, LG U, TELIA

Global TMT headlines: AMD (Sell) Heads Up. VZ (Neutral) 4Q18 Heads Up. Japanese telcos; iPhone Air-pocket – history repeats? Positive for Japanese EBITDA. US 28GHz Auction Ends At Uninspired $703MM; Why the 24GHz Auction Might Be More Interesting. Huawei charged in the US; Pressure on Chinese telcos rising. UI/DRI – German auction credibility building goes on. Capex/auction concerns overblown. Failure to launch: TPG says it won’t build a 4th mobile network in Australia. DTAC (Reduce): Another weak quarter – lack of detailed guidance a concern. LG Uplus (Reduce) Q418 results: W...

Despite a better risk assessment and improving to Neutral, 1&1 DRILLISCH AG remains under pressure

1&1 DRILLISCH AG (DE), a company active in the Mobile Telecommunications industry, improves its market behaviour and slightly increases its general evaluation. The independent financial analyst theScreener just upgraded the stock market behaviour as moderately risky. At a fundamental level, theScreener confirms 1 out of 4 possible stars; the general evaluation is slightly increased to Neutral but the title remains under pressure. As of the analysis date June 21, 2019, the closing price was EUR 27.94 and its target price was estimated at EUR 22.09.

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