Oi reported Q1s before the open. Fibre adds continue to slow (which we knew from Anatel data) though we gleaned more details on the revenue implications. Against this difficult backdrop we have also run an update on pro-forma leverage (for Q2 events: Wireless sale, V.tal deconsolidation and the latest Anatel deal) and see consolidated net debt (inc. Anatel liabilities) at over BRL13 billion as of Q1 2022 (and before a potential post-deal close payment on Wireless of up to BRL1.5 billion).
We publish today our take on the LatAm Telcos Q1 earnings season. As well as our broader note which picks out key themes and market by market insights, we also publish for the first time a summary of our database which looks at key financials and operational KPIs on a country level basis - see LatAm Telcos Quarterly Databank.
Brazilian antitrust body, CADE, yesterday approved the Oi sale process. For (UK) football fans, it was briefly reminiscent of Liverpool’s heroic CL comeback in Istanbul in 2005 – Oi and the industry were 3-0 down in votes, and the stocks wobbled, before rallying to a 3-3 vote with the deciding vote in favour going to the CADE President.
We have caught up with the Brazilian telco operators this week and update our thoughts into the Q4s and the year ahead. As per normal, focus is on the Oi deal closing with the key date being Feb 9th, when CADE (competition authority) needs to have ruled by; no ruling and the deal defaults to closing; we don't expect a problem. Elsewhere, wireless remains solid into Q4, fixed broadband a little less so (Vivo doing well, Oi and TIM less so) and we highlight also the potential longer-term value fro...
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....
Oi presented its 2022-24 Strategic Review for the new-look company today. Three things struck as noteworthy: 1/ The ambitious FTTH revenue target, offset by 2/ Much lower EBITDA margins (and absolute EBITDA) than we expected, suggesting potentially a higher transfer payment to Infra Co. Additionally, 3/ Leverage targets are higher than expected,
A director at Oi S.A. bought 750,000 shares at 2.160BRL and the significance rating of the trade was 85/100. Is that information sufficient for you to make an investment decision? This report gives details of those trades and adds context and analysis to them such that you can judge whether these trading decisions are ones worth following. Included in the report is a detailed share price chart which plots discretionary trades by all the company's directors over the last two years clearly showi...
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