Play Communications: PLAYing smart
We keep Play at a BUY and lift our FV to PLN 37.9 (from PLN 32.5) as a result of 19E/20E/21E EBITDA upgrades of 2%/3%/5%, respectively, coming from very good 3Q19 results which showed the first sign of an ARPU increase (in our view currently the biggest value and EBITDA creator among all Polish telcos). Play has also upgraded its 2019 guidance on EBITDA and FCFE. In our view, no overstaffing and not being an ineffective organisation (like Orange Polska), lack of expensive TV content costs and exposure to the slowing TV ad market (like Cyfrowy) and pure focus on telco where we are starting to see gradual value (ARPU) creation mean we think Play, along with CPS, is the most attractive investment proposition among our universe. With 19E FCFE at PLN 900m, EBITDA at PLN 2.4bn. Play still remains a very attractively valued telco with 19E FCF Yield at ca. 10%, EV/EBITDA at 6.1x and P/E of 8.8x.Play Communications SA Formerly known as Play Holdings 2 SARL. Play Communications SA, formerly Play Holdings 2 SARL, is a Luxembourg-based provider of financial investment services. The Company is the owner of mobile operator P4 Sp z o o, that provides a wide range of mobile telecommunications services, including voice, data transmission services, messaging, video service (PLAY NOW), as well as Value Added Services and sales of handsets and other devices, to individual and business subscribers in Poland.
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.
Unfortunately, this report is not available for the investor type or country you selected.
Browse all ResearchPool reportsReport is subscription only.
Thank you, your report is ready.
Thank you, your report is ready.