EM CEEMEA CREDIT: Turk Telekom: Q325 Results, solid!
Nov-05 08:25
(TURKTI: -/BB/BB-)
- A solid set of results, with EBITDA margin guidance increased, which still looks light. Total revenues +10.7%y/y at TRY59.5bn, slightly ahead of expectations of TRY57.2bn. Total subscribers +5.6% y/y at 56.2mn and vs 54.2mn in Q225 and 53.6mn in Q125. The growth continues to driven by Mobile +14.1% y/y (post paid +20.1% y/y). Broadband is steady +1.2% y/y while fixed voice -8.9% y/y and TV -10.8% y/y remain under pressure. ARPU has been generally low to mid teen % y/y across the business lines expect for Mobile prepaid which is under pressure.
- Profitability growth continued to be strong with EBITDA +21.6% y/y, reaching TRY26.7bn and margin of 44.9%, due to lower cost base (opex to sales 55.1%), which continues to come lower (59.2% in Q324 and 57.8% in Q225). Net debt to EBITDA reduced marginally to 0.61x, from 0.68x in Q225 and 0.96x last year.
- FY25 guidance for top line was reiterated with +10% y/y growth (increase in Q225 from 8-9% in Q125) but EBITDA margin is 70bps higher now at 41.5% vs 41% previously which looks light vs 9m25 of 42.2%. Capex intensity remained at 29%, which again looks modest vs 24.2% for 9mn25.
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SONIA OPTIONS: Put Spread, Spread
Oct-06 08:20
SFIF6 96.20/96.10ps vs 0NF6 96.30/96.20ps, bought the front for half in 5k.
FRANCE: Lecornu Resigns After Naming Largely Unchanged Government
Oct-06 08:13
French Prime Minister Sébastien Lecornu has presented his resignation to President Emanuel Macron after a broadly unchanged government Lecornu named on Sunday evening was criticised by party leaders from both the right and the left. Bloomberg reports that Lecornu will deliver press remarks in Paris at 10:45 CET, 09:45 BST, 04:45 ET.
- Politico described Lecornu's government as "a sign that the political forces represented in Macron's successive administrations remain broadly the same, despite Lecornu's being the French president's fifth prime minister in less than two years.”
- Lecornu’s resignation comes after a Friday move to rule out using Article 49.3 of the French constitution to pass a budget without a parliamentary vote, and a parallel bid to agree on a ‘non-aggression pact’ between competing parties failed to ease concerns with Socialists.
- Le Monde reports, “Over the weekend, Lecornu sent a letter to the leaders of Macron's centrist camp and LR pleading for unity. "With only a very narrow majority, the government will have to make compromises with other political groups, without abandoning its convictions.”
- Socialist Party leader Olivier Faure said this morning, "The prevailing sentiment is one of dismay ... The reality is that we are witnessing an unprecedented political crisis."
- National Rally President Jordan Bardella said, "There can be no return to stability without a return to the polls and without the dissolution of the Assemblée Nationale,"
- Mathilde Panot of the leftist Insoumise party wrote on X, “we demand the immediate examination of the motion filed by 104 deputies for the impeachment of Emmanuel Macron.”
GOLD: Heading towards $4000.00
Oct-06 08:10
- Despite the Dollar Bid, Gold is still acting as a much better Safer Haven, at a new all time record high, next projection comes at $3987.3 - 2.236 proj of the May 15 - Jun 16 - 30 price swing.
- But the Globe will be fixated on the big Psychological $4000.00 round number.
