Pain before gain as long-term growth potential hampered by near-term integration issues.
Vocus Group's transformation journey to rehabilitate earnings and restore investor confidence will be arduous, and is not one that can be hastily judged on short-term indicators. Nevertheless, the first-quarter fiscal 2018 update shows encouraging progress on key fronts, supporting our unchanged AUD 3.00 fair value estimate on the narrow-moat-rated group.To begin with, management reaffirmed fiscal 2018 guidance across the board, with underlying EBITDA still projected to be AUD 370 million-390 m...
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