EOLO: Initiation of coverage Credit looks protected in different FTTH scenarios
FWA in Italy has been a unique growth spot in European Telecoms over the past 10 years. However, the common question is whether rising FTTH in rural areas could be a potential threat to the Eolo business model, just like Tesselis has seen in urban areas. We initiate coverage in this report and run through the fundamentals of the business and different FTTH scenarios. At 10.5% yield, we believe the risk/reward profile is slightly more attractive than other companies. We see better near-term cashflow growth potential as rural FTTH build out remains slow.
Provided by our team of experienced analysts, our work is idea driven, based on independence of thought, sector expertise, and firmly focussed on fundamentals and valuation.
New Street Research is an independent, partner-owned, research firm specialising in equity and debt research. Our equity research embraces the following sectors:
- Pan European Telecom Services and Cable
- US Telecoms, Cable, Satellite and Towers
- Global Emerging Market Telecoms
- Japan Telecoms
- Asian Internet
- Pan European Healthcare
- Global healthcare thematic research
We provide debt research on:
- Pan European Telecom Services and Cable
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