TMT Week In Review

Earnings

• • Informa – FY results in line with Q4 trading update; FY24 guidance increased slightly.
• • Vivendi – Strong FY report though the flat dividend disappointed equity investors; little said on group break-up.
• • JCDecaux – Conservative Q1 guidance; lack of a dividend disappointed equity investors.
• • ITV – Stable results with strong Q1 guidance and an upbeat cost outlook
• • Teleperformance – Soft results, weak guidance; risk-off reaction in the market

News

• • Telecom Italia – MT guidance failed to convince market; equity/credit sell-off.
• • Telefonica tendered to acquire the remaining Telefonica Deutschland shares.• Cellnex – Rallied after upgrade to IG by S&P during CMD
• • NOS – Strong results position the telco well against looming disruptor Digi.• ASML – Dutch gov’t working to keep ASML expansion within the country.
• • Apple – Chinese iPhone sales fell 24% in first six weeks of the year. Fined by EU.
• • Vodafone – Seeking co-investors for Greek fibre; potential sale of minority stake.
• • Ratings – S&P downgraded Virgin Media, Moody’s lowered Liberty Global outlook

• • Telefonica – EUR 1.1bn hybrid tightened 50bps to price slightly wide of FV with 2.7x cover.
• • NTT – EUR 700mn 7yr supply, tightened 32bps to price in line with FV with 3x cover
• • NBN – Mandate for a 6yr and/or 10yr green bond

Secondary

• • Telecom Italia the most notable underperformer as flagged during the week. Also seeing some decent widening from PPF Telecom, Naspers (no real news on either), NBN (announced a mandate) and Teleperformance (weak results as flagged).
• • Cellnex outperformed on the CMD and upgrade as flagged while Telia also performed well, tightening in the wake of Monday’s debt tender offer.