March 01, 2024 13:46 GMT
TMT Week in Review
CREDIT UPDATE
Earnings:
- American Tower – Solid earnings; broadly in line though leverage 0.2x higher.
- Cellnex – Solid in-line results with leverage falling below 7x; focus on 05 March CMD.
- Chorus Ltd – Healthy H1 with FY outlook confirmed; CEO to stepdown.
- Dell – Good results with market focused on AI-linked server sales; leverage now in line with management target.
- Digi – Strong in-line earnings; leverage -0.2x to 2.5x QoQ despite high CapEx.
- SES – Beat on revenue; leverage fell 2x YoY on C-Band funds, capital allocation update this summer.
- UMG – Good results, particularly on top-line; Cost-savings announced in wake of TikTok fallout.
- Worldline – Miss on Q4 org sales; risk-off sentiment on vague MT targets.
News
- Vodafone and Swisscom in exclusive talks for the sale of Vodafone Italia.
- Rumours that Vodafone is an acquisition target.
- Iliad and NJJ agree to acquire ~19% stake in Tele2 from Kennevik.
- Bouygues plans to acquire La Poste Telecom from La Poste and Altice France.
- Cellnex exploring options for its Polish unit.
- Orange negotiating with BNP Paribas for banking operations transition.
- AT&T credit to disrupted customers not a threat to guidance.
- Telepeformance curve sold off on Klarna disruption concerns.
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