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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

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

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Financials (€)
Sales 2017 63 174 M
EBIT 2017 7 586 M
Net income 2017 4 954 M
Debt 2017 14 269 M
Yield 2017 3,54%
P/E ratio 2017 16,36
P/E ratio 2018 15,76
EV / Sales 2017 1,52x
EV / Sales 2018 1,46x
Capitalization 81 772 M
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Mean consensus OUTPERFORM
Number of Analysts 29
Average target price 93,9 €
Spread / Average Target 5,5%
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Kurt W. Bock Chairman-Executive Board
Jürgen Hambrecht Chairman-Supervisory Board
Hans-Ulrich Engel Chief Financial Officer
Martin Brudermüller Chief Technology Officer
Michael Diekmann Vice Chairman-Supervisory Board
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