Mobile TeleSystems Reported Mixed Third-Quarter Results, With Weak Revenue but Better Margins
Mobile TeleSystems, known as MTS, reported mixed third-quarter results, with weak revenue but better margins. We expect these two items to basically offset each other and thus don’t expect any significant changes to our fair value estimate. Our narrow moat rating remains unchanged. Reported revenue declined 1.3% year over year versus our full-year projection of a 4.3% gain. However, a portion of this differential was from MTS selling its 50.01% stake in Universal Mobile Systems to the Uzbekistan...
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