Imark
Forumer storico
Il punto è che il MM sta sia a 92 che a 97... e lucra da tutte e due le parti perché lo spread sui mercati porfessionali è quello indicato nelle tabelle....
Obbligazioni societarie Monitor bond Telecom Europa VI (gennaio - luglio 2009)
- Creatore Discussione Imark
- Data di Inizio
Il punto è che il MM sta sia a 92 che a 97... e lucra da tutte e due le parti perché lo spread sui mercati porfessionali è quello indicato nelle tabelle....
TheLondoner
Forumer storico
Mark sbaglio o TDC e Telecom Italia vengono pesate allo stesso livello di rischio rendimento suppergiù ? O forse TDC meno rischiosa di TI ?
Tu come la vedi messa TDC ? Il rating non mi ispira granchè.
Tu come la vedi messa TDC ? Il rating non mi ispira granchè.
Imark
Forumer storico
Beh, proprio allo stesso livello non direi: sulla scadenza più ravvicinata, TDC rende l'8,35% (al prezzo sui mercati professionali), TI il 5,04% (il prezzo sull'EuroTlx sui bond TI è mediamente abbastanza prossimo a quello dei mercati professionali)....
TDC è un limone spremuto una volta sola: l'acquisto via LBO è il primo al quale la società era stata sottoposta e dunque c'era spazio per tagliare i costi, ma anche per valorizzare alcune controllate estere che si vogliono dismettere.
Qui la logica è quella che vuole le equity firms, una volta risanata la società, vendere il tutto a qualcun altro....
TheLondoner
Forumer storico
Beh, proprio allo stesso livello non direi: sulla scadenza più ravvicinata, TDC rende l'8,35% (al prezzo sui mercati professionali), TI il 5,04% (il prezzo sull'EuroTlx sui bond TI è mediamente abbastanza prossimo a quello dei mercati professionali)....
TDC è un limone spremuto una volta sola: l'acquisto via LBO è il primo al quale la società era stata sottoposta e dunque c'era spazio per tagliare i costi, ma anche per valorizzare alcune controllate estere che si vogliono dismettere.
Qui la logica è quella che vuole le equity firms, una volta risanata la società, vendere il tutto a qualcun altro....
devo studiarmelo un po' di più questo bond ...allora... torno sui graficiImark
Forumer storico
Se scorri un po' all'indietro il 3D di info recenti ne trovi tante...
slowdown
Forumer storico
Morgan Stanley cuts Telenor on woes in Russia, Ukraine
5:11 AM ET, Feb 09, 2009 - By Aude LagorceLONDON (MarketWatch) -- Morgan Stanley on Monday lowered its rating on Norwegian telecoms operator Telenor to equal-weight from overweight and cut its price target by 16% to 62 kroner, saying the shares no longer look as cheap relative to safer earnings elsewhere in the sector. The broker told clients that early indication of Telenor's numbers suggest the macroeconomic impact on its earnings will be worse than feared, particularly in Russia and the Ukraine.
5:11 AM ET, Feb 09, 2009 - By Aude LagorceLONDON (MarketWatch) -- Morgan Stanley on Monday lowered its rating on Norwegian telecoms operator Telenor to equal-weight from overweight and cut its price target by 16% to 62 kroner, saying the shares no longer look as cheap relative to safer earnings elsewhere in the sector. The broker told clients that early indication of Telenor's numbers suggest the macroeconomic impact on its earnings will be worse than feared, particularly in Russia and the Ukraine.
Imark
Forumer storico
I "cojones" delle telecom europee nella critica che ne fa il Light Reading a commento degli outlook di KPN, Deutsche Telekom, Telekom Austria, che tutte si sono date obiettivi di stabilità nel 2009 per l'andamento del business, come se la crisi in essere non le toccasse.
La tesi sostenuta: ma siamo proprio sicuri che il comparto risulterà alla fine tanto difensivo come i suoi players sostengono che sia ?
Euro Carriers Grow Cojones
JANUARY 29, 2009
http://www.lightreading.com/boards/...d_link_text=Euro+Carriers+Grow+<i>Cojones</i>
Europe's national telcos have been putting on a very brave face this week, boasting about subscriber uptake, shareholder returns, M&A possibilities, and network investments.
Basically, they all say "Pah!" (in a continental accent) to the current economic downturn
Deutsche Telekom AG (NYSE: DT) announced today it had kicked some Germanic butt in 2008, adding millions to its mobile, broadband and video services customer bases in multiple territories.
Its T-Mobile International AG business added 7.6 million new customers to its books last year, taking the total in Europe and the U.S. to 128.3 million. (See T-Mobile USA Has 32.8M Subs.)
Perhaps most impressive, though, is its IPTV story. After a less than encouraging start, DT set itself what looked like a very tough target of reaching 500,000 IPTV customers (in terms of orders received) in Germany by the end of 2008, having started the year with only 150,000. (See Deutsche Telekom Relights Its IPTV Fire .)
According to the German giant it hit that target by the end of the year, and added quite a few extra in its satellite operations around Central and Eastern Europe: DT says it ended 2008 with 220,000 IPTV customers in Croatia, Hungary, Macedonia, Montenegro, and Slovakia combined. We'll drink some schnapps to that!
And there's plenty of room left for growth in Germany, where the incumbent boasts 10.6 million retail DSL customers, giving it a market share of 46 percent.
DT's neighbor Telekom Austria AG (NYSE: TKA; Vienna: TKA) is also in fighting form.
Its CFO Hans Tschuden told analysts at the carrier's Capital Markets Day in Vienna today that "against the backdrop of rising uncertainty and negative sentiment on the international financial markets we reiterate our commitment to maintaining a balance between shareholder remuneration and further growth investments in opportunistic and value-accretive projects." (See Telekom Austria Updates on Strategy .)
Sounds confident, doesn't he? But what does it mean? Well, among a sea of figures, Tschuden and his CEO Boris Nemsic basically stated that the carrier's strategy of building a mini empire in Eastern Europe and paring costs at home has been paying off big time, and that during the current four-year period (2009-2012) the operator expects to generate €3.2 billion in cash, of which €1.35 billion will be handed out to shareholders in the form of dividends. (See Telekom Austria Cuts Jobs, Telekom Austria Buys MDC Stake, TA Launches Vip, and Telekom Austria Plans Expansion.)
A further €1.75 billion will be used for "growth investments in Eastern and South-Eastern Europe and share buybacks," the carrier stated in a strategy document released today.
The rest of the money will be spent on sweet white wine and schnitzels. Maybe.
One thing the TA crew is not planning to spend more on, though, is capital expenditure. It's on course to spend about €800 million in capex in this year, and plans to stick to that number for 2009 and 2010. It's worth noting here that there are some smart brains in the technology team at Telekom Austria who are looking at ways to increase the carrier's competitive edge while increasing efficiencies using some of the latest OSS systems on the market. (See Telcos Soften Up.)
Dutch courage is the order of the day at KPN Telecom NV (NYSE: KPN), which this week announced its fourth-quarter and full-year results. The highlight (for KPN at least) was the reversal in its EBITDA (earnings before bits and bobs) trend, which had been on the decline. (See KPN Reports Q4.)
What we like, though, is that the KPN team has the ballens to announce it can confirm its 2010 outlook, which includes a ramp in revenues from 2008's €14.6 billion to more than €15 billion, an increase (relative to 2008) in EBITDA of nearly 9 percent to €5.5 billion, and even a slight increase in capex by 2010, when spending is set to hit €2 billion.
2010? EuroBites hardly wants to think about what might happen at the supermarket checkout this weekend, let alone predict any kind of financial well-being next year, so it's clogs off to the team at KPN.
That increase in capex, by the way, is possibly linked to the carrier's fiber access rollout plans, which, although in their early stages only at present, are set to help make The Netherlands one of the most broadband-wealthy nations in the world. Uitstekend! (See Dutch Hold Back on FTTH Frenzy and KPN, Reggefiber JV Approved.)
La tesi sostenuta: ma siamo proprio sicuri che il comparto risulterà alla fine tanto difensivo come i suoi players sostengono che sia ?
Euro Carriers Grow Cojones
Basically, they all say "Pah!" (in a continental accent) to the current economic downturn
Deutsche Telekom AG (NYSE: DT) announced today it had kicked some Germanic butt in 2008, adding millions to its mobile, broadband and video services customer bases in multiple territories.
Its T-Mobile International AG business added 7.6 million new customers to its books last year, taking the total in Europe and the U.S. to 128.3 million. (See T-Mobile USA Has 32.8M Subs.)
Perhaps most impressive, though, is its IPTV story. After a less than encouraging start, DT set itself what looked like a very tough target of reaching 500,000 IPTV customers (in terms of orders received) in Germany by the end of 2008, having started the year with only 150,000. (See Deutsche Telekom Relights Its IPTV Fire .)
According to the German giant it hit that target by the end of the year, and added quite a few extra in its satellite operations around Central and Eastern Europe: DT says it ended 2008 with 220,000 IPTV customers in Croatia, Hungary, Macedonia, Montenegro, and Slovakia combined. We'll drink some schnapps to that!
And there's plenty of room left for growth in Germany, where the incumbent boasts 10.6 million retail DSL customers, giving it a market share of 46 percent.
DT's neighbor Telekom Austria AG (NYSE: TKA; Vienna: TKA) is also in fighting form.
Its CFO Hans Tschuden told analysts at the carrier's Capital Markets Day in Vienna today that "against the backdrop of rising uncertainty and negative sentiment on the international financial markets we reiterate our commitment to maintaining a balance between shareholder remuneration and further growth investments in opportunistic and value-accretive projects." (See Telekom Austria Updates on Strategy .)
Sounds confident, doesn't he? But what does it mean? Well, among a sea of figures, Tschuden and his CEO Boris Nemsic basically stated that the carrier's strategy of building a mini empire in Eastern Europe and paring costs at home has been paying off big time, and that during the current four-year period (2009-2012) the operator expects to generate €3.2 billion in cash, of which €1.35 billion will be handed out to shareholders in the form of dividends. (See Telekom Austria Cuts Jobs, Telekom Austria Buys MDC Stake, TA Launches Vip, and Telekom Austria Plans Expansion.)
A further €1.75 billion will be used for "growth investments in Eastern and South-Eastern Europe and share buybacks," the carrier stated in a strategy document released today.
The rest of the money will be spent on sweet white wine and schnitzels. Maybe.
One thing the TA crew is not planning to spend more on, though, is capital expenditure. It's on course to spend about €800 million in capex in this year, and plans to stick to that number for 2009 and 2010. It's worth noting here that there are some smart brains in the technology team at Telekom Austria who are looking at ways to increase the carrier's competitive edge while increasing efficiencies using some of the latest OSS systems on the market. (See Telcos Soften Up.)
Dutch courage is the order of the day at KPN Telecom NV (NYSE: KPN), which this week announced its fourth-quarter and full-year results. The highlight (for KPN at least) was the reversal in its EBITDA (earnings before bits and bobs) trend, which had been on the decline. (See KPN Reports Q4.)
What we like, though, is that the KPN team has the ballens to announce it can confirm its 2010 outlook, which includes a ramp in revenues from 2008's €14.6 billion to more than €15 billion, an increase (relative to 2008) in EBITDA of nearly 9 percent to €5.5 billion, and even a slight increase in capex by 2010, when spending is set to hit €2 billion.
2010? EuroBites hardly wants to think about what might happen at the supermarket checkout this weekend, let alone predict any kind of financial well-being next year, so it's clogs off to the team at KPN.
That increase in capex, by the way, is possibly linked to the carrier's fiber access rollout plans, which, although in their early stages only at present, are set to help make The Netherlands one of the most broadband-wealthy nations in the world. Uitstekend! (See Dutch Hold Back on FTTH Frenzy and KPN, Reggefiber JV Approved.)
Imark
Forumer storico
Arriva un report di Jyske Bank su TDC a commento dei buoni risultati del trimestre che qui si commentavano qualche giorno addietro.
Non aggiunge un granché in termini di interesse al commento breve già fatto qui, ma lo posto perché i nostri simpatici amici nordici (con qualche leggera inclinazione cazzara) hanno cambiato la loro valutazione sul bond TDC 2012, esattamente come anticipato qui un paio di settimane addietro.
Adesso che infatti il ripagamento del bond appare più tranquillo, i nostri amici passano la valutazione da Buy a Hold, in quanto il titolo, a loro avviso, ha esaurito ogni potenziale di crescita del prezzo e dunque: no pain, no gain .... 
Il report...
Non aggiunge un granché in termini di interesse al commento breve già fatto qui, ma lo posto perché i nostri simpatici amici nordici (con qualche leggera inclinazione cazzara) hanno cambiato la loro valutazione sul bond TDC 2012, esattamente come anticipato qui un paio di settimane addietro.
Adesso che infatti il ripagamento del bond appare più tranquillo, i nostri amici passano la valutazione da Buy a Hold, in quanto il titolo, a loro avviso, ha esaurito ogni potenziale di crescita del prezzo e dunque: no pain, no gain ....
Il report...
reno
Guest
obbligazioni tlc
Essendo carico di corporate bancari vorrei mettere in ptf una tlc che potrebbe essere la telecom it o telekom austria (come la xs0210629522 cedola 4.25 prezzo 90,8) che a quanto vedo hanno buoni rendimenti e costi ancora appetibili o comunque altri tlc.
Grazie a chi vorrà darmi consigli in merito.
Essendo carico di corporate bancari vorrei mettere in ptf una tlc che potrebbe essere la telecom it o telekom austria (come la xs0210629522 cedola 4.25 prezzo 90,8) che a quanto vedo hanno buoni rendimenti e costi ancora appetibili o comunque altri tlc.
Grazie a chi vorrà darmi consigli in merito.
Imark
Forumer storico
Telekom Austria è gestita in maniera molto efficiente e profittevole.
Ha due punti deboli: 1) una sovraesposizione ai mercati dell'europa dell'Est, sui quali non si sa quanto forte sarà l'impatto sui consumi di telefonia mobile, e sui quali TA realizza il 40% del proprio fatturato; 2) la possibilità che lo stato austriaco cessi di essere l'azionista di riferimento e ceda la propria quota ad un soggetto diverso da una primaria telekom europea.
Telecom Italia ha problemi legati all'incidenza della crisi sul mercato italiano ed ai condizionamenti di tipo politico (si parla periodicamente di cose come: lo scorporo della rete; una fusione con Mediaset dopo la liquidazione di Telefonica; l'eventuale assunzione di nuovo debito legata a tale operazione).
Sono tutte circostanze che - ove si verificassero - porterebbero il rating di Telecom Italia a speculativo, generando forti vendite da parte dei fondi.
Se leggi qualche pagini all'indietro di questo 3D troverai molte valutazioni sul punto e su come il mercato sconti già parzialmente nei corsi l'eventualità che qualcosa del genere possa accadere.
Personalmente, preferirei la prima ... credo tuttavia che anche la seconda, presa in piccole quantità (un 5% del portafoglio) e con scadenze ravvicinate, possa implicare un rischio tollerabile per chi ha un profilo di rischio medio.
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