SE: 4Q22 Results - Margins to Remain Elevated Despite Top Line Concerns
What’s new: SE’s reported 4Q22 results were above consensus estimates and our expectations as adjusted EBITDA has turned positive for the quarter. While macro remains uncertain, margins could continue to improve driven by better operating efficiency and increase in monetization rate in segments such as e-commerce. We increase our PT from USD80 to USD100 on an improving margin outlook. Our revised PT of USD100 implies a 4.2x FY23E EV/Rev. We maintain our BUY rating.Analysts:
Jin Yoon
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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
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We provide debt research on:
- Pan European Telecom Services and Cable
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