New Street Research - Masmovil Ibercom SA (MAS) Masmovil Q3 23: Interesting updates given on timing and remedies for Orange merger

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New Street Research

Russell Waller

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Masmovil Q3 23: Interesting updates given on timing and remedies for Orange merger

Masmovil (MM) has reported a good set of numbers, with Telco SR better at +7.7% y/y from +6.1% y/y in Q2. EBITDA growth y/y is much worse sequentially, but quarterly trends can be volatile: 9m EBITDA growth was +7.7% y/y vs +7.0% y/y in 2022. MM gave some interesting updates to the merger process on the call, which we include in this report.

30/11/2023 1 EN

Underlying

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

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New Street Research

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:

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Analysts

Russell Waller

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Masmovil Q3 23: Interesting updates given on timing and remedies for Orange merger

Orange Masmovil approval: A good outcome. A compliant EC? More M&A to come

Remedy package signed in Spain: Not as bad as the headline would suggest

Alphabet (GOOGL, Buy, $213 target) Forget Chrome, 3P payments are the heart of the issue

SATS: DBS merger breaks

3Q24 Broadband Trends: FWA capacity limits; FWA demand limits

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