New Street Research - Eircom (EIRCOM) ... EIR (initiation of coverage) Another Good investment by Xavier Niel

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New Street Research

Russell Waller

EUR 9358.00 For Business Accounts Only

EIR (initiation of coverage) Another Good investment by Xavier Niel

We recently wrote about whether or not Xavier Niel companies deserved to trade at tight spreads – HERE. We concluded that they do, if they are well run good businesses. Eir is one such business. Its spreads are quite tight, but could be tighter still in our view given the outlook (asset cover) and leverage (possible rating upgrade to come?).

11/03/2024 1 EN

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Eircom

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EIRCom Ltd

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New Street Research

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Russell Waller

Other Reports on these Companies

New Street Research

EIR Q1 24: Very good EBITDAaL growth

Eir has reported a good set of Q1 numbers, with underlying SR growth a touch slower, but still good at +2.2% y/y, and EBITDAaL growth of +7.0% y/y from -0.6% y/y in Q4 23 and vs guidance for LSD EBITDAaL growth for the full year. We recently made eir one of our most preferred names in European Telco high Yield – read about that HERE – and these results support our view that although the eir spreads are quite tight, they could be tighter still given the outlook (asset cover) and leverage (and possible rating upgrade to come?).

EUR 9358.00

May 23, 2024 May 23, 2024 1 EN

New Street Research

European Telecoms High Yield review Setting out our key preferences

We published our Global High Yield Quarterly this week – HERE. For a European perspective, we provide a summary of our thoughts and ideas on the European HY issuers in this piece, which takes excerpts from the Global HYQ and adds to it, including asset cover and a summary of our most preferred and least preferred names.

EUR 9358.00

May 10, 2024 May 10, 2024 1 EN

New Street Research

eir Q4 23: Solid numbers and good guidance

We recently initiated on eir (read that report HERE). We felt that eir was well positioned to grow FCF thanks to SR led EBITDA growth, and falling capex. Eir is moving toward that outcome, with some solid guidance for 2024 (low single digit EBITDA growth vs c-3% y/y for 2023). Q4 23 was broadly as expected, with good MSR growth, solid fixed growth, and flat-ish EBITDA. All-in-all, we remain of the view that although eir spreads are quite tight, they could be tighter still in our view given the outlook (asset cover) and leverage (possible rating upgrade to come?).

EUR 9358.00

March 13, 2024 March 13, 2024 1 EN

Indian Mobile Bharti follows Jio with price hikes, but perhaps not as much as expected? Further thoughts.

Bharti has immediately followed Jio's price hike announcement, with an announcement that it is set to raise its mobile prices by between 10% and 21%. We calculate the average increase is slightly lower than Jio. The change would be effective from 3rd July too which means the full impact of the tariff hike would only be felt from Q3 FY25.

EUR 9358.00

2h / 16m 2h / 16m 1 EN

Chris Hoare

Chris Hoare

Indian Mobile Price hikes priced in?

Jio leads India's first mobile hike since December 2021; we expect peers to follow. The announcement was made after the conclusion of the spectrum auction where Jio only participated modestly. This is thus structurally positive. However, that both Bharti and VIL are trading down on this news is indicative of how much good news is already priced into Indian mobile. Our thoughts below.

EUR 9358.00

2h / 54m 2h / 54m 1 EN

Dan Salmon

Dan Salmon

Online Dating: GRND Investor Day Recap & Read Throughs to MTCH

Yesterday, we attended the GRND Investor Day where management gave strong long-term revenue guidance and a steady adjusted EBITDA margin profile as product innovation accelerates.

EUR 9358.00

9h / 27m 9h / 27m 1 EN

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EIR (initiation of coverage) Another Good investment by Xavier Niel

EIR Q1 24: Very good EBITDAaL growth

European Telecoms High Yield review Setting out our key preferences

eir Q4 23: Solid numbers and good guidance

Indian Mobile Bharti follows Jio with price hikes, but perhaps not as much as expected? Further thoughts.

Indian Mobile Price hikes priced in?

Online Dating: GRND Investor Day Recap & Read Throughs to MTCH

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