Vocusing on the Balance Sheet
We are disappointed narrow-moat Vocus failed to sell their New Zealand business at an acceptable price. We had anticipated sale proceeds would go a long way to alleviating the company's balance sheet pressure and act as a catalyst for rerating the stock. The company’s net debt leverage ratio was close to the brink of its covenants and if the company is unable to successfully refinance its debt, an equity raising could be on the cards. Despite the risk of an equity raise overhanging the share pri...Vocus Group is a telecommunications provider, providing telecommunications and other services to customers across Australia and New Zealand.
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