Sabadell - Masmovil Ibercom SA (MAS) MÃSMÃ“VIL: NUEVO ACUERDO CON ORANGE Y MEJORA DE GUIDANCE (ANÃLISIS BANCO SABADELL)

Report

Sabadell

Andres Bolumburu

EUR 200.00 For Business Accounts Only

MÃSMÃ“VIL: NUEVO ACUERDO CON ORANGE Y MEJORA DE GUIDANCE (ANÃLISIS BANCO SABADELL)

Nuevo acuerdo con Orange (red mÃ³vil y de FttH) y mejora de guidance. COMPRAR
Ha anunciado que ha cerrado un nuevo acuerdo con ORA que engloba tanto la red mÃ³vil (mejora su acuerdo de NRA incluyendo 5G y extendiÃ©ndolo hasta 2028/2033) como de FttH (incluyendo 5,2 M UUII adicionales) y que generarÃ¡ ahorros de 40 M euros de OPEX (3,2% del total). Mejora guidance de EBITDAâ€™19 (+3,3% y situÃ¡ndose un +3% vs BS(e) y consenso) y 2020 (+8,3% y situÃ¡ndose un +6,1% vs BS(e) y consenso) y nuevas estimaciones para 2021 de 670/700 M euros (+15% vs BS(e) y +11,5% vs consenso). Incrementan estimaciÃ³n de CAPEX en 180 M euros para 2019/21 (97 M euros en 2019) y mantienen previsiones de desapalancamiento en c.3x DFN/EBITDA en 2020 y < 2,4x en 2021 (vs 2,9x y 2,54x BS(e) respectivamente). Hasta conocer mÃ¡s detalle (conference call a las 10:00h.) la lectura es positiva y deberÃa servir para reducir dudas (-16% vs IBEX en 2019).

01/10/2019 8 ES

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

Provider

Sabadell

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Analysts

Andres Bolumburu

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MÃSMÃ“VIL: NUEVO ACUERDO CON ORANGE Y MEJORA DE GUIDANCE (ANÃLISIS BANCO SABADELL)

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

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

INFORME DIARIO 13 AGOSTO (ANÁLISIS BANCO SABADELL)

IBERIAN DAILY 12 AUGUST (ANÁLISIS BANCO SABADELL)

INFORME DIARIO 12 AGOSTO (ANÁLISIS BANCO SABADELL)

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MÃSMÃ“VIL: NUEVO ACUERDO CON ORANGE Y MEJORA DE GUIDANCE (ANÃLISIS BANCO SABADELL)