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Telecom stocks rally in quiet European markets on M&A talk

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09/19/2017 | 06:26pm CEST
The German share price index, DAX board, is seen at the stock exchange in Frankfurt

MILAN (Reuters) - Dealmaking talk lifted European telecom stocks on Tuesday, helping the unloved sector stand out in an otherwise quiet session, where investors were waiting for the outcome of a Federal Reserve meeting.

The pan-European STOXX 600 <.STOXX> index ended flat as traders awaited clues from the Fed about plans to start unwinding its $4.2-trillion portfolio of Treasuries and mortgage-backed securities.

"As the FOMC (Federal Open Market Committee) convenes and starts its two-day meeting, markets will probably remain somewhat muted – awaiting tomorrow’s (Wednesday's) decision", Rabobank analysts said in a note.

But telecoms stocks <.SX7P> rose as much as 0.9 percent to their highest level in nearly four weeks after CNBC reported that U.S. wireless carriers T-Mobile US Inc (>> T-Mobile US) and Sprint Corp (>> Sprint Corp) were in active merger talks.

Deutsche Telekom (>> Deutsche Telekom), which controls T-Mobile US, was the biggest gainer, up more than 3 percent, but other stocks in the sector were also boosted by the report.

A trader at a European bank said Deutsche Telekom was the "obvious beneficiary" of any T-Mobile US-Sprint talks even though any combination would face serious anti-trust hurdles.

European telecoms stocks have underperformed the broader market in the past two years but valuations and earnings potential have started to fuel investors' interest.

Deutsche Bank analysts led by Robert Grindle said this week a recovery of telecom stocks was long overdue and recommended that investors take positions as any rally could be swift.

Their top picks in the sector included Telenet (>> Telenet Group Holding), Telefonica (>> Telefonica), Vodafone (>> Vodafone Group) and KPN (>> Royal KPN).

Still on the M&A front, Eurofins (>> Eurofins Scientific S.E.) got a boost from the acquisition of EAG Laboratories in North America. It was up more than 6 percent, making it the biggest gainer on the STOXX.

Solvay (>> Solvay) fell 1.4 percent but stayed close to its 2015 highs after news of the 1.6 billion-euro sale of its polyamides business to BASF (>> BASF).

Clariant <CLN.PA> fell 0.5 percent as news emerged the hedge funds fighting the Swiss chemical firm's planned $20 billion merger with Huntsman Corp built a 15.1 percent stake.

Elsewhere, Heineken (>> Heineken) fell 4.4 percent after Mexican bottler and retailer Femsa sold a 2.5 billion-euro stake in the world's second largest brewer.

Ocado (>> Ocado Group PLC) declined 1.9 percent after the British online grocer reported third-quarter results, saying short-term costs could increase due to investment in a new distribution centre.

(Reporting by Danilo Masoni. Editing by Jane Merriman)

By Danilo Masoni and Julien Ponthus

Stocks mentioned in the article
ChangeLast1st jan.
BASF -1.32% 82.79 Delayed Quote.-9.76%
DEUTSCHE TELEKOM -0.25% 13.745 Delayed Quote.-7.10%
EUROFINS SCIENTIFIC S.E. 0.26% 468.2 Real-time Quote.-7.76%
HEINEKEN 1.81% 93.54 Delayed Quote.7.60%
OCADO GROUP PLC 2.41% 1083 Delayed Quote.172.73%
ROYAL KPN 2.09% 2.486 Delayed Quote.-14.51%
SOLVAY -0.50% 109.5 Delayed Quote.-5.52%
SPRINT CORP -0.18% 5.46 Delayed Quote.-7.30%
STOXX EUROPE 600 -0.15% 385.62 Delayed Quote.-0.54%
T-MOBILE US -0.27% 59.25 Delayed Quote.-6.71%
TELEFONICA 0.09% 7.404 End-of-day quote.-8.87%
TELENET GROUP HOLDING 0.05% 39.92 Delayed Quote.-31.28%
VODAFONE GROUP -0.34% 177.64 Delayed Quote.-24.41%
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Financials (€)
Sales 2018 66 483 M
EBIT 2018 8 687 M
Net income 2018 5 557 M
Debt 2018 16 580 M
Yield 2018 3,89%
P/E ratio 2018 13,27
P/E ratio 2019 12,31
EV / Sales 2018 1,41x
EV / Sales 2019 1,30x
Capitalization 77 060 M
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BASF Technical Analysis Chart | BAS | DE000BASF111 | 4-Traders
Technical analysis trends BASF
Short TermMid-TermLong Term
Income Statement Evolution
Mean consensus OUTPERFORM
Number of Analysts 24
Average target price 102 €
Spread / Average Target 23%
EPS Revisions
Martin Brudermüller Chairman-Executive Board
Jürgen Hambrecht Chairman-Supervisory Board
Hans-Ulrich Engel Chief Financial Officer & Vice Chairman
Michael Diekmann Vice Chairman-Supervisory Board
François Diederich Member-Supervisory Board
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1st jan.Capitalization (M$)
BASF-9.76%90 299
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