Full Article at IIR has reaffirmed its Recommended rating for PIA after undertaking a review post the appointment of a new Portfolio Manager, Harding Loevner. The full report can be found on the IIR website. On 26 July 2021, Pengana International Equities Limited (PIA) announced a fully franked dividend of 1.35 cents per share for the June quarter. This represents an 8% increase on the March quarter dividend and takes the total dividends declared for FY21 of 5.1 cents per share, fully franked....
During 1Q19, GTHE recorded organic revenue growth of 12.8% YoY, with a decline of 1.2% YoY in reported revenues, mainly due to currency depreciation in Pakistan and Algeria of 25.4% and 4.0% YoY, respectively. The group reported USD659.5 million revenues in 1Q19, down from USD667.5 million in 1Q18 and down from USD702 million in 4Q18 (-1.2% YoY, -6.1% QoQ).
Recent unconfirmed press reports suggest that Reliance Jio plans to acquire Banglalink, a fully owned subsidiary of Global Telecom Holding (GTH), which is in turn majority owned by Veon. Banglalink is the third-largest player in Bangladesh, with a 21% share of the subscriber market (Grameenphone – GP – has 46% and Robi 30%, at end-January). It lags behind GP (1.2GB) and Robi (1.4GB) in data usage per customer per month at 1GB at year-end 2018.
This is a joint report from Exotix Capital and its research partner in Egypt, Pharos Holding. This report discontinues Exotix’s independent coverage of Global Telecom Holding and Telecom Egypt. Please refer to Pharos’s recent Egypt equity strategy for their views on Egypt’s telecoms sector,
Macro environment continues to cap revenue growth. During Q4 18, GTHE recorded organic revenue growth of 11.6% yoy, with a decline of 3.1% yoy in reported revenues on adverse currency movements in Pakistan. The group reported USD702mn revenues in Q4 18, down from USD724mn in Q4 17 and down from USD733mn in Q3 18 (-3.1% yoy, -4.2% qoq).
GTHE to Reclassify a Shareholder Loan to Equity in a Non-Cash Transaction: GTHE board approved the conversion of the outstanding shareholder loan, amounting to USD 370.6 million plus any accrued interest, between Global Telecom Holding S.A.E. ("GTH") (as lender) and Telecom Ventures Limited ("TVL") (as borrower) - a fully owned subsidiary of GTH, from debt into equity. TVL owns 100% of Banglalink. GTH’s financial position as well as cash flows remain unchanged after the conversion and this is ...
IFA Concluded an Equity Value of USD1,409.7 million or EGP5.31/share: The Independent Financial Advisor, Grant Thornton, used the adjusted book value method to drive the equity value of GTH, where they adjusted the BV of equity by changing the value of GTHE’s investments in Jazz, Djezzy, Banglalink and Mobilink Microfinance Bank from the book value to the fair value. Currently, the stock price is driven by market sentiment, speculation, or hopes for a better Mandatory Tender Offer (MTO) from V...
​We re-initiate our Coverage for Global Telecom with a “Buy†rating, as the stock offers 28% upside potential, driven from fair value of EGP 9.59/share (USD 0.51/share). We valued GTH using sum-of parts discounted cash flow (DCF) valuation methodology. Algeria, Pakistan and Bangladesh contribute to our estimated free cash flow with 34%, 46% and 20% respectively. We believe that in terms of trailing and leading EV/EBITDA, GTH is found significantly discounted compared to MENA region peers. ...
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GTH recorded H1 2015 revenues of c.EGP10.859bn, down by 8.6%. In US$ terms, the company's revenues decreased by 15% to US$1.420bn, negatively impacted by the slowdown in Algeria and Pakistan, partially offset by a continued robust growth in Bangladesh. The number of subscribers decreased by 4%, yoy, to 82.5 million customers by the end of the H1 2015, due to a stable growth in Algeria and a decrease in Pakistan (-14%), offsetting the strong growth in Bangladesh (+8%).
GTH recorded FY2014 revenues of c.EGP23.255bn, down by 2%. In US$ terms, the company's revenues decreased by 4.7% to US$3.283bn, negatively impacted by the slowdown in Algeria and Pakistan, partially offset by a strong recovery in Bangladesh. The number of subscribers increased by 3.7%, yoy, to 89.7 million customers by the end of the year, driven by the strong growth in Bangladesh (+7%) and a steady growth in Algeria and Pakistan (+5% and +2%, respectively).
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