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....
Six weeks ago we wrote a piece called “Something doesn’t look right about the European telecoms sector†where we highlighted key sector charts that didn’t sit comfortably with us. Now, having gone through a full earnings season and with more COVID-updates behind us, we review this work and find the conclusions even more surprising than before.
Average price growth remains relatively stable at -1.0% YoY in May (from -1.5% YoY in April), supported by YoY prices improving in Germany and Netherlands, which we see as additional support for our positive stance on DT , Vodafone and Drillisch.
It seems a little odd to be looking back, when everyone wants to look forward at the moment, but it is worth remembering that the sector has been performing well for several quarters now, with good steady progression in financial performance: for example, total European service revenue was +0.3% y/y from -0.3% y/y in Q3 19.
Building on our previous notes looking at the potential impact from COVID/ recessionary outlook, in this note, we formally adjust our estimates for all of the European telcos to reflect the situation as we see it today (ie 3 month lockdown, followed by a recession).
Over the past month, we have been working on this thematic topic of copper shutdown but as COVID-19 repercussions have gripped the market, longer-term issues have seemed of lesser importance. Yesterday though arguably saw the first day where the defensive characteristics of the sector started to emerge and the longer-term topic of copper shutdown should support the sector’s defensive stance.
DKT Finance ApS, a midco ultimately owned by the consortium made by Macquarie Infrastructure and Real Assets (MIRA, 50%) and Danish pension funds (ATP, PFA and PKA, 16.7% each), plans to issue EUR 1.4bn of 5NC2 notes in EUR and in USD. Proceeds from the bond issue will be used to repay the bridge loan used to finance in part the acquisition of TDC for a total consideration of EUR 9.19bn or 8.3x LTM EBITDA. We assign a Stable credit opinion and recommend investors to subscribe to ...
Unfortunately, this report is not available for the investor type or country you selected.
Report is subscription only.
Thank you, your report is ready.
Thank you, your report is ready.