While Vocus Cleans House, a Headwind Appears: FVE Cut, but Shares Still Attractive
We cut our fair value estimate for narrow-moat Vocus by 9% to AUD 6.40 per share. TPG Telecom's intention to become the fourth mobile network operator in Australia may appear to have no relevance to Vocus. However, we believe it will have a negative impact on the group's Australian mass market unit—one that represents half of Vocus' total EBITDA before overhead costs.We project TPG to reach a 10% share of the mobile subscriber market over time. A key driver is likely to be the company's bundlin...
Vocus Group is a telecommunications provider, providing telecommunications and other services to customers across Australia and New Zealand.
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