New Street Research - United Internet (UTDI) New Street: United Internet (Buy, €40, +100%) IONOS could unlock further value

Report

New Street Research

Ben Rickett ...

James Ratzer

EUR 8824.00 For Business Accounts Only

New Street: United Internet (Buy, €40, +100%) IONOS could unlock further value

On Tuesday United Internet hosted the IONOS CMD, ahead of a potential IPO of the business next year. The company provided new disclosure on the IONOS business and set out new financial targets. In this Quick Take we run through those numbers, and share initial thoughts on the value of the asset and how this could impact United Internet.

17/11/2022 1 EN

Underlying

United Internet

See profile

Provider

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:

Pan European Telecom Services and Cable
US Telecoms, Cable, Satellite and Towers
Global Emerging Market Telecoms
Japan Telecoms
Asian Internet
Pan European Healthcare
Global healthcare thematic research

We provide debt research on:

Pan European Telecom Services and Cable

See profile

Analysts

Ben Rickett

James Ratzer

Other Reports on these Companies

New Street Research

1&1 (Buy, €27, +84%) United Internet (Buy, €30, +52%) 2Q24: Guidance cut on weaker retail growth; higher network costs

United Internet and 1&1 have reported soft Q2 results and cut guidance for 2024, with weaker mobile retail growth and higher network costs. 1&1 service revenue growth is now expected to slow from +4% YoY in H1 to +2% YoY in H2, impacted by the mobile network outage in May and an increasingly competitive German market environment. We cut our 1&1 cash flow forecasts by c.-5% and reduce our target price by -€2 (to €27/ share) – but remain bullish on the name as wholesale cost savings drive FCF growth next year.

EUR 8824.00

August 5, 2024 August 5, 2024 1 EN

New Street Research

United Internet (Buy, €30, +52%) / 1&1 (Buy, €27, +84%) 2Q24: Guidance cut on weaker retail growth; higher network costs

United Internet and 1&1 have reported soft Q2 results and cut guidance for 2024, with weaker mobile retail growth and higher network costs.

EUR 8824.00

August 5, 2024 August 5, 2024 1 EN

New Street Research

1&1 (Buy, €28, +70%) United Internet (Buy, €30, +30%) 1Q24: Spectrum decision imminent; increasing forward visibility

United Internet, 1&1 and IONOS have reported decent sets of Q1 results, with all financial guidance confirmed and steady progress on the mobile network build. The key remaining uncertainty for the network build is access to low-band spectrum; recent reports have suggested that BNetzA will present its preliminary decision to extend the existing licences on Monday (13 May 2024).

EUR 8824.00

May 8, 2024 May 8, 2024 1 EN

CHTR 1Q25 Quick Take: Net adds a little soft; EBITDA beat

Net adds missed estimates, but the miss was less severe than some might have feared following Comcast’s results. Importantly, adds in existing markets improved year-over-year. EBITDA growth was 3.5% after adjusting for a one-time benefit. This was well ahead of expectations. Estimates for EBITDA and FCF will likely increase for the year. Repurchases are back, and the Company seemed to reaffirm a leverage target of 4.25x. Repurchase estimates should increase too with higher EBITDA and FCF.

EUR 8824.00

29m 29m 1 EN

Blair Levin

Blair Levin

NSR Policy Implications of Hegseth’s Woes on Key Spectrum Battle

Secretary of Defense Hegseth continues to struggle in controlling the narrative about his leadership, leading to reports that the White House is looking for a replacement (which the White House denies.) In this note we analyze the implications of those struggles for the key spectrum battle involving the Department of Defense (DoD) and the wireless industry.

EUR 8824.00

1h / 25m 1h / 25m 1 EN

Chris Hoare

Chris Hoare

Megacable (Neutral, TP: MXN55, +21%) Q1 25: Slightly slower but solid overall

Megacable has reported a decent set of Q1 results. Revenue came in a touch below expectations while EBITDA came in a touch above. Financial and KPI trends slowed this quarter but remained solid across the board

EUR 8824.00

1h / 57m 1h / 57m 1 EN

Sign-up for free to access full reports immediately

Email Address*

Choose Password* ( 6 or more characters )

Due to regulatory restrictions regarding the distribution of financial research, this report is restricted to a specific region or investor type. Get access to exclusive reports by answering the questions below.

Select your country*

Get financial insights straight to your inbox

By clicking "register" you accept the Terms and Conditions & Privacy Policy

Already on ResearchPool?

Almost there...

Are you a professional investor?

Select your country

REGISTER

Create a free ResearchPool account to access full reports, get a personalised dashboard and follow providers or companies

In order to access this report please create an account.

LOGIN

New Street: United Internet (Buy, €40, +100%) IONOS could unlock further value

1&1 (Buy, €27, +84%) United Internet (Buy, €30, +52%) 2Q24: Guidance cut on weaker retail growth; higher network costs

United Internet (Buy, €30, +52%) / 1&1 (Buy, €27, +84%) 2Q24: Guidance cut on weaker retail growth; higher network costs

1&1 (Buy, €28, +70%) United Internet (Buy, €30, +30%) 1Q24: Spectrum decision imminent; increasing forward visibility

CHTR 1Q25 Quick Take: Net adds a little soft; EBITDA beat

NSR Policy Implications of Hegseth’s Woes on Key Spectrum Battle

Megacable (Neutral, TP: MXN55, +21%) Q1 25: Slightly slower but solid overall

Create a free ResearchPool account to access full reports, get a personalised dashboard and follow providers or companies

Sign-up for free to access full reports immediately

ResearchPool Subscriptions

Get the most out of your insights

Why subscribe?

How to subscribe

ResearchPool Subscriptions

This report is only available to subscribers

Why subscribe?

How to subscribe