Morningstar - M1 Limited (B2F) M1 Posts Disappointing 4Q Results, Capital Expenditure Going up, Dividends Going Down

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Morningstar

Dan Baker

EUR 147.86 For Business Accounts Only

M1 Posts Disappointing 4Q Results, Capital Expenditure Going up, Dividends Going Down

M1â€™s fourth-quarter 2016 result was again slightly worse than our expectations with services revenue down 3.9% year on year, EBITDA down 18.3% and earnings per share down 26.5% after declining 12% in the first nine months. From the original 2016 guidance of â€œstableâ€, management guidance was progressively lowered through the year as the results disappointed, and no guidance has been provided for 2017. We downgrade our earnings forecasts by 2%-3%, but retain our fair value estimate of SGD 1.70 per...

25/01/2017 13 EN

Underlying

M1 Limited

M1 is a communications company, providing mobile and fixed services to customers. Co. is an operator that provide fourth generation (4G) service, as well as fixed broadband, fixed voice and other services on the Next Generation Nationwide Broadband Network. Co. and its subsidiaries are engaged in the provision of telecommunications services, international call services and fixed services, retail sales of telecommunication equipment and accessories, and customer services. Co. makes available to its mobile and fixed-line customers International Direct Dial services through the 002 and 021 prefixes, as well as a International Calling Card service using prefix 1818.

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SG1U89935555 Singapore

Provider

Morningstar

Morningstar, Inc. is a leading provider of independent investment research in North America, Europe, Australia, and Asia. The company offer an extensive line of products and services for individual investors, financial advisors, asset managers, and retirement plan providers and sponsors.

Morningstar provides data on approximately 530,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than 18 million equities, indexes, futures, options, commodities, and precious metals, in addition to foreign exchange and Treasury markets. Morningstar also offers investment management services through its investment advisory subsidiaries and had approximately $185 billion in assets under advisement and management as of June 30, 2016.

We have operations in 27 countries.

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Analysts

Dan Baker

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TheScreener

M1 LTD. sees an upgrade to Slightly Positive due to a better fundamental star rating

The general evaluation of M1 LTD. (SG), a company active in the Mobile Telecommunications industry, has been upgraded by the independent financial analyst theScreener with the addition of a star. Its fundamental valuation now shows 1 out of 4 possible stars while its market behaviour can be considered as defensive. theScreener believes that the additional star(s) merits the upgrade of its general evaluation to Slightly Positive. As of the analysis date April 30, 2019, the closing price was SGD 2.05 and its potential was estimated at SGD 2.41.

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Morningstar

Morningstar | M1's Full-Year Result Largely Irrelevant; Still Likely to Be Taken Private at SGD 2.06 per Share

From shareholdersâ€™ perspective, M1â€™s full-year result is less relevant than usual, given that the company is likely to be taken private at SGD 2.06 per share as per the voluntary conditional offer made Dec. 28, 2018. Nevertheless, the company reported fourth-quarter services revenue down 2% with EBITDA down 10% and net profit down 21%. In our view, M1 will be the most exposed Singapore operator to TPGâ€™s entry into the mobile market, since it has fewer bundled customers than rivals StarHub and SingTel and around three fourths of its service revenue is from mobile services. From this persp...

EUR 850.00

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Morningstar | M1's Full-Year Result Largely Irrelevant; Still Likely to Be Taken Private at SGD 2.06 per Share. See Updated Analyst Note from 29 Jan 2019

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Contract manufacturer Lonza reported solid half-year results, with over CHF 2.9 billion in total sales year to date, up about 6.4% from last year and boosted by foreign exchange tailwinds. Core EBITDA margin expanded 30 basis points from last year to about 27.8%, helped slightly by new accounting standards. Management indicated that it continues to expect mid- to high-single-digit sales growth in 2019. We are maintaining our fair value estimate of CHF 210 per share and our no-moat rating. The ph...

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No-moat Sasol provided an update on its full-year fiscal 2019 production metrics that included relatively stable liquids production. For the full year ended June 30, Sasol produced 1,470 thousand barrels of crude oil and condensate a day compared with 1,469 mboe/d in the year-ago period. However, declines continued with the companyâ€™s natural gas production, down 4% to 130.3 billion cubic feet compared with the period ended June 30, 2018. Sasol also reported flat refined products of 31.4 mmboe/d ...

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Damien Conover

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Astra Posts Solid 2Q, Driven by Strong Cancer Drug Sales and Moving Away From One-Time Divestments

We don't expect any major changes to our AstraZeneca fair value estimate following second-quarter results that largely fell in line with our expectations and slightly ahead of consensus expectations. Overall, the company is posting leading Big Pharma sales growth with total sales up 18% operationally year over year, led by impressive cancer drug sales growth of 57%. Astra's ability to continue to bring next generation drugs to the market that address unmet medical need (especially in oncology) s...

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M1 Posts Disappointing 4Q Results, Capital Expenditure Going up, Dividends Going Down

M1 LTD. sees an upgrade to Slightly Positive due to a better fundamental star rating

Morningstar | M1's Full-Year Result Largely Irrelevant; Still Likely to Be Taken Private at SGD 2.06 per Share

Morningstar | M1's Full-Year Result Largely Irrelevant; Still Likely to Be Taken Private at SGD 2.06 per Share. See Updated Analyst Note from 29 Jan 2019

Business as Usual for No-Moat Lonza; Specialty Ingredients Carve-Out on Track for 2020

Sasol Provides Full-Year Production Update

Astra Posts Solid 2Q, Driven by Strong Cancer Drug Sales and Moving Away From One-Time Divestments

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