Vocus Rings Up Another Guidance Downgrade; FVE Cut 3% to AUD 2.90
We cut our fair estimate for narrow-moat-rated Vocus by 3% to AUD 2.90, following a similar-magnitude downgrade to our medium-term normalised EBITDA estimates. This has primarily been driven by lower earnings assumptions for the Australian consumer division, thanks to margin-crimping impact of the National Broadband Network, or NBN. This brings down our fiscal 2018 group EBITDA forecast to AUD 366 million, largely flat from a year ago, and in line with management's (again) downwardly revised gui...
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