Vocus Hit by Hocus Pocus Systems and Processes; FVE Cut to AUD 4.80
We cut our fair value estimate for narrow-moat Vocus by 25% to AUD 4.80 per share, following a distressing trading update. Management's 16%, or AUD 70 million, downgrade to its previous fiscal 2017 EBITDA guidance is not only startling in its magnitude, but raises serious doubts about the group's financial controls and systems. While steps are being taken to improve in these areas, it is abundantly clear Vocus has bitten off more than it can chew with its recent spate of mergers and acquisitions...Vocus Group is a telecommunications provider, providing telecommunications and other services to customers across Australia and New Zealand.
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