Vianet Group: FY24 results promise further momentum
Vianet reported FY24 results in line with our upgraded estimates confirming the good momentum in the business despite the headwinds experienced in the year, notably the delay in customers finalising 3G switch-off plans. Strong operating free cash flow generation together with the benefit of a £0.9m tax receipt, resulted in a more than halving in net debt and we forecast the group to be in a net cash position by the end of FY25. That also enabled a 50% increase in the final dividend to 0.75p and the company indicated the potential reinstatement of an interim dividend. Our forecast is essentially unchanged except for an increase in our dividend estimate for FY25 to 1.50p (from 1.25p) in anticipation of an even stronger performance in FY25.Vianet Group is a provider of actionable management information and business insight created through combining data from its smart Internet of Things solutions and external information sources. Co. operates two business divisions: Smart Zones, which principally consists of beer monitoring business (including the U.S.) and gaming machine management services; and Smart Machines, which comprises vending machine telemetry and contactless payment solutions, as well as monitoring business primarily in the vending sector. Co. provides design, product development, sale and rental of fluid monitoring equipment and machine monitoring equipment, data insights and related services in these divisions.
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