New Street Research - Masmovil Ibercom SA (MAS) ... Remedy package signed in Spain: Not as bad as the headline would suggest

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New Street Research

Russell Waller

EUR 9291.00 For Business Accounts Only

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

The decision that we have all been waiting for has finally arrived. Orange Masmovil and Digi have reached an agreement for a remedy package in Spain. We provide our thoughts on the package in this piece. The headline “Digi buying spectrum” is bad, but we think that the reality and specifics of the package are nowhere near as bad as the headline would suggest.

12/12/2023 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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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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Remedy package signed in Spain: Not as bad as the headline would suggest

Orange (Buy, TP: €14, +28%) Q1 24: Good results; French KPIs not a worry, SR trends unchanged

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

Orange (Buy, TP: €14, +30%) Q4 23: Good results and guidance; positive comments on capex and Digi MVNO deal

Autumn for Broadband 1Q24

Frontier Model Update

FYBR: quick thoughts following the call Part 2

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