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.
Altice Europe is a provider of cable, fiber, mobile, telecommunications, content and media in Western Europe (comprising France, Portugal, Belgium, Luxembourg1 and Switzerland), the United States of America (U.S.), Israel, the Dominican Republic and the French overseas territories (comprising Guadeloupe, Martinique, French Guiana, La Reunion and Mayotte). Through its various business operations, Co. provides fixed services, mobile telephony services (other than in the U.S.) and media and advertising services to B2C and B2B customers in all of the geographies in which it operates. In addition, Co. offers a variety of wholesale and other services.
Bouygues is a global industrial group engaged in designing, building and operating structures in public and private buildings, transportation infrastructure and energy and communication networks. Co. operates in three sectors - Construction (Bouygues Construction, Bouygues Immobilier and Colas), Media (TF1) and Telecom (Bouygues Telecom). Construction is engaged in the design and maintenance of projects in the areas of building, civil works, energies and services; Media offers activities covering the audiovisual sector; and Telecom offers mobile broadband services and prepaid card services for smart phones, as well as a range of services including telemessaging, voice mail and WAP
Deutsche Telekom is engaged in the telecommunications services and information technology sectors. Co. operates as an integrated telecommunications provider. It is organized into four operating segments: Germany, Europe, and the United States; and Systems Solutions, as well as Group Headquarters and Shared Services. Co. provides fixed-network lines, broadband lines and mobile communications. Co. also provides customized Information and Communication Technology (ICT) solutions for corporate customers under the T-Systems brand. The Group Headquarters and Shared Services segment comprises cross-segment management functions, real estate services, and mobility solutions, among others.
Freenet is a telecommunications provider in Germany. Co. provides its customers a portfolio of services and products, particularly in the field of mobile voice and data services. Co. does not operate its own network, but markets mobile communication services for the mobile network operators Telekom, Vodafone, E-Plus and O2 in Germany, under its own name and on its own account. Apart from its own network-independent postpaid, no-frills and prepaid services, Co. also provides the original network operators' tariffs. Co. operates within two segments: mobile communications and other/holding.
Iliad is an operator in the French internet access & telecommunications markets. Co. divides its operations into three business segments: Broadband, Traditional Telephony, and Retail Telecom. Broadband includes Internet service provider operations, hosting services, user assistance operations & operations related to the rollout of the FTTH (fiber-to-the-home) network. Traditional Telephony includes switched landline telephony (One.Tel and Iliad Telecom), directory services (mainly the ANNU reverse look-up directory accessible by Minitel, telephone, Internet and SMS text messaging) and e-commerce operations (Assunet.com). Retail Telecom offers various mobile phones & services to customers.
Orange provides consumers, businesses and other telecommunications operators with a wide range of services including fixed telephony and mobile telecommunications, data transmission, Internet and multimedia, and other services. Co.'s portfolio comprises business lines (fixed-line, mobile, Internet), focusing on all customer segments (small and medium-sized businesses, multinationals), and personal and professional services for home, office, travel, and mobile. Co. manages eight operating segments: France, Poland, Spain, Rest of the Europe, Africa and Middle East, Other non-controlling equity interests, Enterprise Communication Services, and International Carriers and Shared Services.
Orange Belgium is a telecommunications operator in Belgium. Co. provides a range of products and services to the residential and business markets, including mobile telephony, fixed telephony, fix data, Asymmetric Digital Subscriber Line. Co.'s Belgium segment is divided into two operating units: Mobile as well as Fix voice data. Co.'s Mobile operating unit provides mobile phone equipment and services to residential and corporate customers, while Co.'s Fix voice and data operating unit provides fix voice, data and internet services to residential and corporate customers.
Proximus supplies integrated telecommunications services on the Belgian market. Co.'s activities are divided into four segments: Consumer Business Unit (CBU), which sells voice products and services, internet and television, on fixed and mobile networks, to residential customers; Enterprise Business Unit (EBU), which caters to professional customers; Service Delivery Engine and Wholesale, which centralizes all the network and IT services and costs, provides services to CBU and EBU and sells these services to other telecom and cable operators; and International Carrier Services, which focuses on international carrier activities.
Koninklijke KPN is an integrated information and communications technology service provider. Co. provides its consumer customers data broadband services, IPTV services, mobile (voice, data and SMS) and fixed line telephony. Co. provides its business customers broadband services, mobile, fixed line and data services. Co. operates in the following segments: Consumer Mobile, which provides mobile services and products; Consumer Residential, which provides services in and around the house; Business, which provides fixed and mobile telephony services; NetCo, which includes fixed wholesale services; Belgium, which provides mobile telephony; and iBasis, which provides wholesale network services.
Telecom Italia is a telecommunications group based in Italy. Co. is engaged in the communications sector and, particularly, the fixed and mobile national and international telecommunications sector, the television sector and the office products sector. Co. operates mainly in Europe, South America and the Mediterranean Basin. Co.'s operations are organized along two operating segments: Domestic - Italy (providing telephone and data services on fixed-line and mobile networks for final customers (retail) and other operators (wholesale)); and Brazil (operates in the mobile phone, fixed telephony, in long-distance and data transmission markets in Brazil).
Telefonica Deutschland Holding is a telecommunication company. Co. offers its consumer retail and business customers postpaid and prepaid wireless communications products, along with wireless data services using Global Packet Radio Service, Universal Mobile Telecommunications System and Long Term Evolution technology as well as Digital Subscriber Line wireline telephony and high-speed internet services. Co. markets its products and its wireless and wireline communications products as well as services via the core brand O2. Co.'s secondary brands include the brands Fonic and netzclub. Co. also markets high-speed DSL internet access and wireline telephony.
Telefonica is engaged in the provision of public or private telecommunications services, including ancillary or complementary telecommunications services or related services. Co.'s fixed business includes: traditional fixed telecommunication services, Internet and broadband multimedia services, data and business-aplications services, and wholesale services for telecommunication operators. Co. also provides a range of mobile and related services and products to consumer and business customers, including mobile voice services, value added services, mobile data and Internet services, wholesale services, corporate services, roaming, fixed wireless, and, trunking and paging.
United Internet AG. United Internet AG is a Germany-based Internet service provider (ISP) and holding company of the United Internet Group. The Company's products and technical services are divided into two key segments. The Access segment comprises narrowband, broadband and mobile access subscriptions, including the corresponding applications. The Applications segment includes such applications as home pages, e-shops, Personal Information Management applications, group work, online storage and office software. The Application segment also includes the operations of the Company's brands Sedo and affilinet, which serve customers performance-based advertising and sales possibilities. The Company's brand portfolio also includes GMX, WEB.DE, 1&1, united-domains, Fasthosts and InterNetX. In addition, the Company develops Internet based applications, such as cloud applications. The Company acts primarily via its wholly owned subsidiary 1&1 Internet AG, and Sedo Holding AG, in which it holds a majority stake.
Oddo Securities provides securities brokerage and research services. The company offers equity, economic, and derivatives research and credit analysis services. It focuses on insurance, automotive, building materials, pharmaceuticals, telecommunications, information technology, and agri-food industries.
European Portfolio No changes this week. European High Yield Portfolio Airbus, Air Liquide, AXA, SAP & Vivendi No changes this week. Spanish Recommended Portfolio We include Grifols and lower the weight of Acerinox. 5-Stock Recommended Portfolio ACS, Caixabank, Cellnex, Ferrovial & Telefónica No changes this week. 5 High-Yield Stock Portfolio Iberdrola, Merlin, Repsol, Santander & Telefónica No changes this week. Mid&Small Recommended Portfolio Almirall, Applus, CAF, Dominion, Ence, Indra, Logista, Másmóvil, Sacyr & Unicaja No changes this week.
Cartera Modelo Europa Sin cambios esta semana. Cartera High Yield Europa Airbus, Air Liquide, AXA, SAP y Vivendi Sin cambios esta semana. Cartera Modelo España Entra Grifols y bajamos peso en Acerinox. Cartera 5 Valores España ACS, Caixabank, Cellnex, Ferrovial y Telefónica Sin cambios esta semana. Cartera 5 valores High Yield España Iberdrola, Merlin, Repsol, Santander y Telefónica Sin cambios esta semana. Cartera Pequeñas y Medianas España Almirall, Applus, CAF, Dominion, Ence, Indra, Logista, Másmóvil, Sacyr y Unicaja Sin cambios esta semana.
FFP’s diary might be very full in 2020: spin-off of Faurecia, merger between FCA and PSA, a probable acquisition of shares in Faurecia and newco to breach the 5% threshold and, last but not least, the Peugeot clan’s possible acquisition of a 2.5% stake in newco from Dongfeng as a means of reducing the latter's weight and ramping up the combined shareholding with BPI to match Exor's level. Buy (target price € 138 vs € 134): the merger offers significant leverage on FFP’s future va...
L’agenda de FFP risque d’être très chargé en 2020 : spin-off de Faurecia, fusion FCA-PSA, rachat probable de titres Faurecia et NewCo pour franchir le seuil de 5%, last but not least, rachat possible par le clan Peugeot de 2.5% de NewCo à Dongfeng : un moyen de réduire le poids de Dongfeng et de monter avec BPI au niveau de Exor. Achat (OC 138 € vs 134 €) : la fusion offre un levier important sur la valorisation future de FFP. - - >ANR : 178 € /titre, +1% /fin juin et +18...
The Fed has left its policy rate range unchanged, reflecting the end of the mid-cycle easing (-75bp) prepared in the Spring and implemented in July, September and October. The central bank henceforth expresses no bias, which means that status quo is seen as the optimal option until further notice. There is no inflation risk in the foreseeable future. There are still downside risks to activity, but they are no longer considered of sufficient intensity to justify a policy rate cut....
Following the Capital Markets Day, we are lowering our EBITDAaL forecast by € 200m for 2020, and lifting our capex estimate by € 500m. We regret the fact that Orange is not more aggressive on its dividend whilst the long-term story remains intact and cash flow should virtually double over the next five years. Neutral vs Buy, target price of € 14.5 vs € 16. - >Disappointment on 2020e EBITDAaL - The first point that raises questions: how can Orange expect a "flat +" EBIT...
Suite au CMD, nous abaissons nos attentes d’EBITDAaL de 200 M€ pour 2020, augmentons celles de Capex de 500 M€. Nous déplorons qu’Orange ne soit pas plus volontariste sur son dividende alors que l’histoire long terme reste intacte et le cash-flow devrait quasiment doubler sur 5 ans. Neutre vs Achat, OC 14.5 € vs 16 €. - >Déception sur l’EBITDAaL 2020 - Premier point qui pose question : comment Orange peut-il attendre un EBITDAaL « flat + » alors que des éléments comme ...
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