MasMovil: Taking it to the next level
MásMóvil’s (MM) 1Q18 numbers illustrated perfectly its commercial and financial momentum with service revenue growth of 16%, well ahead of the 10% targeted for the year and customer growth reaching more than 50% of the 2018E target. We think this momentum is set to continue as market shares gains are anchored on the group’s attractive pricing, footprint expansion and favourable competitive dynamics. We have increased our 2018E-20E revenue and EBITDA forecasts by an average of 10% and 25%, meaning that our numbers are marginally ahead of the company’s long-term guidance and placing us above Bloomberg consensus for 2018E/19E revenue and EBITDA to the tune of 2% and 8%/4%, respectively. Our FV rises from €76.6 to €141 and we upgrade our recommendation from Neutral to BUY. Despite the shares’ strong run, Investors should not be put off; MM is now a story with delivery track record, strong earnings visibility and a multiple profile that from 2020E onwards – post the most intense phase of investment - should trade at a discount vs the sector which underlines its attractiveness.Masmovil Ibercom SA, formerly World Wide Web Ibercom SA, is a Spain-based company primarily engaged in the telecommunication sector. The Company focuses on the sale and distribution services for Internet, Data Center and Telecommunications. The Company's product and services portfolio comprises Internet access through Asymmetric Digital Subscriber Line (ADSL) and Symmetric Digital Subscriber Line (SDSL) technologies, Internet domains and Domains Management and Registration Service through IberDNS application, Web hosting, virtual servers, dedicated servers, telephony services and routers. The Company also offers collocation services through two Internet Data Centers located in Madrid and San Sebastian. It operates through subsidiaries, such as Embou Nuevas Tecnologias SL and Ebesis Sistemas SL, among others. The Company owns a number of brand names, such as Pepephone, Yoigo and Llamaya.
Haitong is the first international Chinese investment bank and our goal is to be the primary channel for capital flows into and out of China. During 2015 the Senior Management Team in London was expanded significantly to focus on this objective and to provide a full-service cross-asset markets business coupled with sector-focused investment banking. We work closely with our world-wide network of offices to bring a true depth of understanding to all client situations.
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