The stock was down by 10% last Friday (26 February) after the release of a disappointing Q4 but, above all, a poor outlook for 2021. Management expects indeed only flat revenues and an EBITDA down by 3-4% yoy, while capex should up by 20%. However, we still believe that, given the investments made, Proximus deserves a degree of reappraisal as its yield remains safe and the dividend may ultimately grow with the pay-back on its speedier and augmented capex.

Proximus (PROX:EBR)Proximus SA de droit public (PROX:BRU)

• 01 Mar 21
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Correct Q4 for DT. It was indeed good but, remember, TMUS had already released its better than expected numbers on 5 February. The European Q4 EBITDAal grew by c.3.5% yoy and lfl with a good resilience in Germany and in the rest of Europe, and a slight slowdown on the Netherlands and towers sides. The dividend yield is now 4% and offers less upside over the short term. But, remember, T-Mobile US doesn’t distribute any dividend for… the moment.

Deutsche Telekom AG

• 26 Feb 21
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SES released a good set of results for FY20 which, despite the pandemic, were very resilient. A lasting impact from the crisis will erode the top-line in 2021, though the company is protecting its profitability well. Positive advancements were also recorded on the C-Band front.

SES (SESG:EPA)SES SA FDR (Class A) (SESG:PAR)

• 25 Feb 21
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Q4 numbers were in line with expectations and quite reassuring. Telefonica has, however, preferred to cut its dividend by 25% (at €0.3 vs €0.4 previously) to preserve its cash flow while its investments will remain substantial in the coming years. So after the recent sale of its telecommunications towers division in Europe and in Latin America for €7.7bn to American Tower, this cautious cut could indeed help restore market confidence. We maintain our opinion at Buy on the stock.

Telefonica SA

• 25 Feb 21
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tinyBuild— a leading video games publisher and developer with global operations. tinyBuild's strategic focus is in creating longlasting IP by partnering with video games developers, establishing a stable platform on which to build multi-game and multimedia franchises is to join AIM. Offer details TBC. Due mid-March. AMTE Power, a developer and manufacturer of lithium-ion battery cells for specialist markets, announced its intention to seek admission to trading on AIM. Admission is expected to take place during March 2021. The Company intends to raise approximately £7m by way of a placing of new ordinary shares in the capital of the Company. Timing TBC. Samarkand Group Limited, the cross-border eCommerce technology and retail group opening up the world's largest market for brands and retailers, intends to IPO on the Apex Segment Aquis Stock Exchange Growth Market. Admission is targeted for March 2021. Cellular Goods a UK-based provider of premium consumer products based on biosynthetic cannabinoids announced its intention to join the main market (standard). Has raised £13M in an oversubscribed placing. £25m mkt cap. Due 26 Feb. NextEnergy Renewables to launch an IPO on the Main Market. NREN is a differentiated renewables investment Company that aims to capture the most attractive private renewables and energy transition infrastructure investment opportunities globally. Targeting a £300m raise. NREN is targeting total returns of 9-11 per cent. per annum (net of all fees and expenses but including the Target Dividend and capital appreciation) . The Company's target dividend yield for the first full financial year to 31 December 2022 is 5.5 pence. Due Early March 2021. Digital 9 Infrastructure launch an initial public offering on the Specialist Fund Segment of the Main Market of the London Stock Exchange, by way of an initial placing and offer for subscription for a target issue £400m. Digital 9 Infrastructure plc is a newly established, externally managed investment trust. The Company will invest in a range of digital infrastructure assets which deliver a reliable, functioning internet. The IPO Prospectus is expected to be published in March 2021. Team PLC announced their plans for an AIM IPO. Team owns Theta Enhanced Asset Management Ltd, trading as Team Asset Management. This is a Jersey-based active fund manager providing discretionary and advisory portfolio management services to private clients, trusts and charities. Assets under management were GBP291m in November, up from GBP140m in December 2019 . The Company is seeking to raise no less than £5m. The Placing will be priced on a pre-money valuation for the Company of £7m. Targeting March Admission. Virgin Wines UK Plc has out their plans for an AIM IPO. Virgin Wines is a direct-to-consumer online wine retailer that sells products to retail customers in the UK through two subscription schemes and a pay-as-you-go offering. The Group also sells a range of beers and spirits and operates a B2B sales channel for corporates. Anticipated mkt cap £110m. Raising £13m in new money and vendor sale of £34.9m . Due 2nd March. Fix Price announces its intention to float on the Main Market of the London Stock Exchange. Fix Price is one of the leading variety value retailers globally and the largest in Russia, with more than 4,200 stores. Fix Price has revenues of RUB 190.1bn, RUB 142.9bn and RUB 108.7bn for 2020, 2019 and 2018, respectively. Adjusted EBITDA for the same years was RUB 36.8bn, RUB 27.2bn and RUB 14.2bn, respectively. The Offer would consist of an offering of GDRs by certain existing shareholders of the Company. Great Point Entertainment Income Trust PLC announced its prospectus has been approved by the FCA. Great Point Entertainment Income Trust PLC is a newly established, externally managed closed-ended investment company. The Company will provide project finance to content makers and commissioners in the global television and film production industry via senior loans secured against pre-sold intellectual property (IP) rights. GPEIT's investment objective is to provide Shareholders with dividend income and modest capital growth through exposure to media content finance. According to media reports, Deliveroo, are expecting to release their IPO plans on 8th March. The company raised more than $180m in January with a valuation of more than $7bn.

YEW IKA UPR WYN ENW BWNG TRAK DBOX HZM G4M

• 25 Feb 21
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The group released a solid and better than expected Q4. The recovery is on track as revenues were only down by 2.1% yoy and lfl, while the EBITDA margin improved thanks to effective cost containments. Slowly but surely, TI rolls out the strategic plan decided in 2019 by Elliott and the CDP under Vivendi’s auspices. The COVID-19 crisis did not help it to hit the growth path again in 2020 but the objectives of TI’s 2021-23 strategic plan look achievable.

Telecom Italia (TIT:BIT)Telecom Italia S.p.A. (TIT:MIL)

• 24 Feb 21
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Following a directors’ meeting yesterday, Kcell has announced its intention to delist its GDRs from the LSE and AIX. It expects to remain listed on the Kazakhstan Stock Exchange (KASE). Kcell believes that concentrating trading on the KASE will improve liquidity and the costs and efforts of maintaining an international listing are no longer justifiable, particularly given it has no plans to access the international capital markets. It will convene an EGM on 9 April to approve the cancellation and expects the delisting to take place around 7 July.

Kcell JSC

• 24 Feb 21
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The group published a solid quarter with, in particular, a return to a solid 3.2% growth for EBITDA despite still weak roaming. The group announced an enhanced dividend of €0.18 (vs €0.17 expected) for 2020. The stock is, however, still trading 15% below its pre-COVID-19 (and last summer) levels: this is undeserved and we maintain our Buy opinion, given its secure 7.7% dividend yield.

Telefonica Deutschland Holding AG

• 24 Feb 21
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The EBITDAaL was eventually down by 1% yoy but should have grown by 3.2% excluding the COVID-19 impact. Despite this solid performance and the return to normal of its dividend, the stock is still languishing 20% below its pre-pandemic levels. At first investors were also quite circumspect about Orange’s determination to keep its new towers company within the scope of the group. But later, Stephane Richard made it clear that Orange won’t go it alone in the towers space.

Orange SA

• 22 Feb 21
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