New Street Research - Masmovil Ibercom SA (MAS) ... New Street: Orange (Buy, TP: €15.0, +41%) Orange-Masmovil finalise terms: more cash for Orange Group shareholders - Our Take

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New Street Research

Russell Waller

EUR 8822.00 For Business Accounts Only

New Street: Orange (Buy, TP: €15.0, +41%) Orange-Masmovil finalise terms: more cash for Orange Group shareholders - Our Take

Following the period of exclusive negotiations that began in March 2022 (read our initial take HERE), Orange and Masmovil signed a binding agreement to combine their businesses in Spain over the weekend.

26/07/2022 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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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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Pan European Telecom Services and Cable

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Analysts

Russell Waller

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New Street: Orange (Buy, TP: €15.0, +41%) Orange-Masmovil finalise terms: more cash for Orange Group shareholders - Our Take

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

T-Mobile: Quick thoughts following the 1Q25 call

Comcast Post-1Q25 Model Update

CMCSA: Quick thoughts following the call 1Q25

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