XLSmart (Buy, IDR 5,000, +128%) Mind the gap – Are synergies worth more than the stock?
The easiest way to make money in EM Telcos in the last 3-4 years has been to buy the consolidation plays. XLSmart is the latest in a long line. Synergies are probably worth more than the current market cap and we therefore see substantial upside. However, with an auction coming, and capex likely to remain elevated near term, we think this will take time to play out. In a separate note out today we discuss the outlook for the Indonesian telco market more broadly.
Provided by our team of experienced analysts, our work is idea driven, based on independence of thought, sector expertise, and firmly focussed on fundamentals and valuation.
New Street Research is an independent, partner-owned, research firm specialising in equity and debt research. Our equity research embraces the following sectors:
- Pan European Telecom Services and Cable
- US Telecoms, Cable, Satellite and Towers
- Global Emerging Market Telecoms
- Japan Telecoms
- Asian Internet
- Pan European Healthcare
- Global healthcare thematic research
We provide debt research on:
- Pan European Telecom Services and Cable
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