New Street Research - Masmovil Ibercom SA (MAS) ... Masmovil Q1 23: Better OpFCF, Orange deal update

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New Street Research

Russell Waller

EUR 8824.00 For Business Accounts Only

Masmovil Q1 23: Better OpFCF, Orange deal update

As part of our expanding high yield coverage, we now have a full model and coverage of Masmovil (MM). We look at the latest quarterly trends in this report following the recent Q1 results, including feedback from the call. As a reminder, Orange CFO talked about Orange’s future plans for MM on the recent NDR roadshow we hosted – HERE.

09/05/2023 1 EN

Underlyings

Masmovil Ibercom SA

Masmovil Ibercom SA, formerly World Wide Web Ibercom SA, is a Spain-based company primarily engaged in the telecommunication sector. The Company focuses on the sale and distribution services for Internet, Data Center and Telecommunications. The Company's product and services portfolio comprises Internet access through Asymmetric Digital Subscriber Line (ADSL) and Symmetric Digital Subscriber Line (SDSL) technologies, Internet domains and Domains Management and Registration Service through IberDNS application, Web hosting, virtual servers, dedicated servers, telephony services and routers. The Company also offers collocation services through two Internet Data Centers located in Madrid and San Sebastian. It operates through subsidiaries, such as Embou Nuevas Tecnologias SL and Ebesis Sistemas SL, among others. The Company owns a number of brand names, such as Pepephone, Yoigo and Llamaya.

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ES0184696013 Spain

Orange

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Analysts

Russell Waller

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Masmovil Q1 23: Better OpFCF, Orange deal update

Orange (Buy, TP: €15.4, +24%) Q1 25: Solid numbers, guidance reiterated

EU TELCOS: What a recessionary scenario might look like

M&A policy update – thoughts from Brussels and London with Pablo Asbo

Alphabet (GOOGL, Buy, $200 target) All engines firing, but some risk to 2Q Search consensus

AI monetization and how the Search market expands

T-Mobile 1Q25 Results Review & Model Update: Adds in-line; EBITDA strong

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