L.M. Ericsson Telephone Co. B

Ericsson provides communications technology and services. Co.'s services, software and infrastructure – especially in mobility, broadband and the cloud – enable the telecom industry and other sectors to do business, increase efficiency, improve the user experience and capture new opportunities. Co. has more than 110,000 professionals and customers in more than 180 countries. Co. provides support for networks with more than 2.5 billion subscribers. Co.'s core business areas are called Radio, Core and Transmission and Telecom Services. Co. divides its operations into three business segments: Networks, Global Services and Support Solutions.
  • TickerERIC B
  • ISINSE0000108656
  • ExchangeNasdaq Nordic Stockholm
  • SectorTechnology Hardware & Equipment
  • CountrySweden

Analysts

Charles Lepetitpas ...
  • Emmanuel Matot
  • François Maury
  • Georges Dieng
  • Hana Maalej
  • Jeremy Garnier
  • Nicolas David
  • Nicolas Thorez
  • Oussema Denguir
  • Pierre Corby
  • Stephane Houri

ODDO BHF Small & MIDCAP MORNING NEWS - 07/18/2019

...

Charles Lepetitpas ...
  • Emmanuel Matot
  • François Maury
  • Georges Dieng
  • Hana Maalej
  • Jeremy Garnier
  • Nicolas David
  • Nicolas Thorez
  • Oussema Denguir
  • Pierre Corby
  • Stephane Houri

ODDO BHF Small & MIDCAP MORNING NEWS - 18/07/2019

...

Stephane Houri

Ericsson : Strategic contracts in Asia set to undermine margins in H2 2019 and potentially further out. Target price lowered to SEK 80

>Neutral recommendation maintained, forecasts lowered by 11% and target price revised to SEK 80 (vs SEK 95 previously) - Based on the group’s Q2 2019 earnings, which clearly fell short of expectations for EBIT and EPS, plus a negative message on margins for strategic contracts in H2 (despite Ericsson maintaining its margin guidance 10% for 2020 and 12% for 2022), we have lowered our forecasts by 11% and reduced our DCF-derived target price to SEK 80 (vs SEK 95 previou...

Stephane Houri

Ericsson : Les ‘contrats stratégiques’ en Asie vont peser sur la marge au minimim durant S2 2019. OC revu en baisse à 80 SEK

>Opinion Neutre réitérée, prévisions révisées en baisse de 11% et OC revu à 80 SEK (vs 95 SEK auparavant) - Suite à la publication des résultats du T2 2019, clairement en dessous des attentes au niveau de l’EBIT et du BPA, accompagnés d’un message négatif sur les marges des contrats stratégiques sur le S2 (malgré un maintien des objectifs de marge 2020 de 10% et 2022 de 12%), nous abaissons nos prévisions de 11%, ainsi que notre OC par DCF à 80 SEK (vs 95 SEK auparava...

Mark Cash

Morningstar | Revenue Prioritized Over Margins in Ericsson's 2Q, Pressure to Continue; Maintaining SEK 81 FVE

No-moat Ericsson's second-quarter revenue of SEK 54.8 billion was well above consensus, but quarterly margin impacts are expected to persist. We have been skeptical about its ability to stave off the temptation of sacrificing margins for revenue gains, and this quarter showcased the decision to grab a larger network footprint and attempt to gain margins over the lifetime of contracts. Ericsson reaffirmed the expectation to hit 2020 margin targets, which we view as a more challenging goal with a lot of margin improvement needed next year after absorbing the high initial costs of network bids. S...

Charles Lepetitpas ...
  • Emmanuel Matot
  • François Maury
  • Georges Dieng
  • Hana Maalej
  • Jeremy Garnier
  • Nicolas David
  • Nicolas Thorez
  • Oussema Denguir
  • Pierre Corby
  • Stephane Houri

ODDO BHF Small & MIDCAP MORNING NEWS - 07/18/2019

...

Charles Lepetitpas ...
  • Emmanuel Matot
  • François Maury
  • Georges Dieng
  • Hana Maalej
  • Jeremy Garnier
  • Nicolas David
  • Nicolas Thorez
  • Oussema Denguir
  • Pierre Corby
  • Stephane Houri

ODDO BHF Small & MIDCAP MORNING NEWS - 18/07/2019

...

Stephane Houri

Ericsson : Strategic contracts in Asia set to undermine margins in H2 2019 and potentially further out. Target price lowered to SEK 80

>Neutral recommendation maintained, forecasts lowered by 11% and target price revised to SEK 80 (vs SEK 95 previously) - Based on the group’s Q2 2019 earnings, which clearly fell short of expectations for EBIT and EPS, plus a negative message on margins for strategic contracts in H2 (despite Ericsson maintaining its margin guidance 10% for 2020 and 12% for 2022), we have lowered our forecasts by 11% and reduced our DCF-derived target price to SEK 80 (vs SEK 95 previou...

Stephane Houri

Ericsson : Les ‘contrats stratégiques’ en Asie vont peser sur la marge au minimim durant S2 2019. OC revu en baisse à 80 SEK

>Opinion Neutre réitérée, prévisions révisées en baisse de 11% et OC revu à 80 SEK (vs 95 SEK auparavant) - Suite à la publication des résultats du T2 2019, clairement en dessous des attentes au niveau de l’EBIT et du BPA, accompagnés d’un message négatif sur les marges des contrats stratégiques sur le S2 (malgré un maintien des objectifs de marge 2020 de 10% et 2022 de 12%), nous abaissons nos prévisions de 11%, ainsi que notre OC par DCF à 80 SEK (vs 95 SEK auparava...

Mark Cash

Morningstar | Revenue Prioritized Over Margins in Ericsson's 2Q, Pressure to Continue; Maintaining SEK 81 FVE

No-moat Ericsson's second-quarter revenue of SEK 54.8 billion was well above consensus, but quarterly margin impacts are expected to persist. We have been skeptical about its ability to stave off the temptation of sacrificing margins for revenue gains, and this quarter showcased the decision to grab a larger network footprint and attempt to gain margins over the lifetime of contracts. Ericsson reaffirmed the expectation to hit 2020 margin targets, which we view as a more challenging goal with a lot of margin improvement needed next year after absorbing the high initial costs of network bids. S...

1 director bought

A director at Telefonaktiebolaget L M Ericsson bought 3,000 shares at 71.120SEK and the significance rating of the trade was 57/100. 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 clearly showing Close periods where trading activity is restricted under listing rule...

Christophe-Raphaël Ganet ...
  • Emira Sagaama
  • Jeremy Garnier
  • Laurence Hofmann
  • Matthias Desmarais
  • Nicolas Thorez
  • Stephane Houri

ODDO BHF Small & MIDCAP MORNING NEWS - 07/17/2019

...

Christophe-Raphaël Ganet ...
  • Emira Sagaama
  • Jeremy Garnier
  • Laurence Hofmann
  • Matthias Desmarais
  • Nicolas Thorez
  • Stephane Houri

ODDO BHF Small & MIDCAP MORNING NEWS - 17/07/2019

...

Alain William ...
  • Alfred Glaser
  • Delphine Brault
  • Martial Descoutures
  • Pierre Corby
  • Pierre Tegner
  • Roland Pfaender
  • Stephane Houri

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 04/17/2019

The M&A option that KBC is considering in Hungary is, in our view, illuminating as regards the M&A/dividend possibilities offered by a portion of the capital. Our estimates show that this scenario is of limited benefit to the shareholder and bear out our Neutral recommendation on the stock (unchanged target price of € 75.0). Cf. report published today. - ...

Alain William ...
  • Alfred Glaser
  • Delphine Brault
  • Martial Descoutures
  • Pierre Corby
  • Pierre Tegner
  • Roland Pfaender
  • Stephane Houri

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 17/04/2019

La piste M&A envisagée par KBC en Hongrie apporte selon nous un éclairage intéressant sur l’optionalité M&A/dividende sur une partie du capital. Nos estimations en démontrent in fine les limites de son intérêt pour l’actionnaire et nous confortent dans notre opinion Neutre sur le titre (OC inchangé à 75.0 €). Cf. étude publiée ce jour. - ...

Ahmed Ben Salem ...
  • Alain William
  • Anis Zgaya
  • Antoine Boivin-Champeaux
  • Christophe Chaput
  • Emira Sagaama
  • Fatma Agnès Hamdani
  • Jerôme Bodin
  • Laurence Hofmann
  • Louis Boujard
  • Matthias Desmarais
  • Olfa Taamallah
  • Olivier Lebrun
  • Philippe Ourpatian
  • Pierre Tegner
  • Stephane Houri
  • Sven Edelfelt
  • Virginie Rousseau
  • Yan Derocles
  • Yassine Batini

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 03/01/2019

Unlike CEO pay, the average remuneration paid to the chairs of the boards of directors of the large cap companies covered by ODDO BHF increased by 4.9% between 2013 and 2017. The disparities between companies stem mainly from national contexts and widely differing perceptions of the role of the board chair depending on the countries, though for certain stocks the ownership structure and sector situation may have an influence. Cf. Report published last evening. - ...

TELAB.LM ERIC. increases its risk exposure and slightly lowers to Neutral

TELAB.LM ERIC. (SE), a company active in the Telecommunications Equipment industry, now shows a lower overall rating. The independent financial analyst theScreener confirms the fundamental rating of 3 out of 4 stars. However, the market behaviour deterioration triggered a risk requalification, which can be thus described as moderately risky. theScreener believes that increased risk justifies the general evaluation downgrade to Neutral. As of the analysis date May 3, 2019, the closing price was SEK 92.00 and its expected value was estimated at SEK 90.19.

Ericsson

Ericsson

Ericsson

Ericsson

Expert Corporate Governance Service (ECGS)

Ericsson, March 27 2019

In general, Ericsson is in compliance with the Swedish regulations relating to the organisation and procedures of the Annual General Meeting. Under ITEM 8.2, discharge of the board of directors & CEO is sought. ECGS notes that the Company's CEO (Mr. Börje Ekholm) and CFO (Mr. Carl Mellander) became defendants in a US lawsuit alleging violations of US securities laws. As long as the results of this investigation are unclear, ECGS is unwilling to grant discharge.  Accordingly, ECGS recommends to vote OPPOSE. Under ITEM 10, the nomination committee seeks approval of the remuneration of the  boa...

Ericsson – Proxinvest Corporate Governance Rating ® : D

Proxinvest Corporate Governance Rating ® helps investors integrate governance into their investment decision and identify governance risks and opportunities within their portfolio. Proxinvest Corporate Governance Rating ® Service rates European issuers through the analysis of four main themes : Ownership & Shareholder rights, Board & Committees, Audit & Process, Remuneration. Each theme is rated taking into account several comprehensive sub-categories. Our unique two-step process to achieve each rating includes a first step quantitative valuation and a second step qualitative filter...

Dave Nicoski ...
  • Ross LaDuke

Int'l Insights: Developed Markets Leadership Chart Book

Europe in focus The U.S. dollar continues to grind marginally higher, and EM equities have suffered as a result. Meanwhile, RS for the MSCI EAFE index is bottoming when compared to the MSCI EM index, largely due to outperformance in Europe. With developed int'l markets beginning to outperform emerging markets, we recommend adding exposure to the developed int'l space. Below we highlight attractive and actionable themes within developed int'l: • Europe & Japan: Though this is an all-encompassing bottoms-up chart book for developed ex-U.S., make no mistake, the vast majority of today's buy rec...

Dave Nicoski ...
  • Ross LaDuke

Vermilion Int'l Compass: Global Equity Strategy

Add exposure to Technology, Communications We view weakness over the past week as correcting a significant amount of the excess optimism that was baked-in to global equities. As a result, we recommend taking advantage of the pullback by adding exposure to our favorite areas - namely Technology. Our overall outlook on global equities (both the MSCI ACWI and ACWI ex-US) remains positive and we continue to expect higher equity prices going forward. • Index overviews: MSCI ACWI ex-US, MSCI EM, STOXX Europe 50, and the TOPIX indexes are analyzed from both a price and RS perspective... see page 2...

Jérôme VINERIER

Analyse court terme - ERICSSON (Stockholm) : La tendance de fond est clairement orientée à la hausse.

La tendance de fond est clairement orientée à la hausse. Le MACD est positif, il confirme cette tendance. Le mouvement peut se poursuivre. Les objectifs suivants sont à 88,50 SEK et 95,10 SEK. La tendance serait invalidée sous le support à 68,60 SEK.

Jérôme VINERIER

Short term view - ERICSSON (Stockholm) : The background trend is clearly bullish.

The background trend is clearly bullish. The MACD is positive, it confirms that trend. The movement can go on. The following targets are at SEK 88.50 and SEK 95.10. The trend would be invalidated below the support at SEK 68.60.

Jérôme VINERIER

Analyse court terme - ERICSSON (Stockholm) : Le mouvement peut se poursuivre.

La tendance de fond est clairement orientée à la hausse. Le MACD est positif, il confirme cette tendance. Le mouvement peut se poursuivre. Les objectifs suivants sont à 88,50 SEK et 95,10 SEK. La tendance serait invalidée sous le support à 68,60 SEK.

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