reports
- Soomit Datta
- Soomit Datta
Moody's Ratings announces completion of a periodic review of ratings o...
Moody's Ratings (Moody's) has completed a periodic review of the ratings of Empresa Nacional de Telecomunicaciones S.A. and other ratings that are associated with this issuer. The review was conducted through a rating committee held on 11 November 2024 in which we reassessed the appropriateness of ...
- Soomit Datta
Liberty LA (Buy, TP: $13, +45%) cements Chile exit, longer road for AM...
Liberty LA announced this week that AMX will take control of their 50/50 JV in Chile. This isn’t surprising but still cements a good “exit” for Liberty LA (putting zero value on the residual 9% stake this implies a 15.5x exit on FY 23 VTR EBITDA) and requiring a long-term perspective from AMX in order to turnaround the business - though we note recent top line and KPIs look to be (finally) stabilising.
- Soomit Datta
Liberty LA (Buy, TP: $13, +50%) Liberty LA - Confidence in FCF grows,...
Updating estimates for Q1 we feel much better about hitting expectations for the FCF turnaround. CEO Balan Nair was sounding upbeat on the earnings call about hitting the $45m of monthly EBITDA in Puerto Rico, in our view (crucial to group FCF improvement), and we look at how to bridge that outlook from the reported Q1 number. We push up 2025 Puerto Rico EBITDA.
- Soomit Datta
ENTEL (Neutral, TP: CLP3,150, -0.3%) Entel - Better Chilean Wireless ...
Entel reported Q4s yesterday after the close. Revenue and EBITDA came in 6-7% (when removing revenue linked to the fibre sale) though this was partly driven by handset sales. Wireless service trends also beat in Chile, and were optically impressive, though in reality enjoyed a much easier comp (Q4 22); we’re not convinced the fundamentals are getting any better and we note price increases for 2024 have yet to be committed to.
- Soomit Datta
LatAm Telcos – 2024 Outlook: Top picks Brazil (TIM and Vivo) and Megac...
After strong stock performance in 2023 we think the Brazilians will continue to perform into 2024 on the back of solid wireless fundamentals: rising prices, revenue/EBITDA > inflation, falling capex/sales – and with IOC (tax) risks in the rear view for now. Shareholder returns are also sector leading whilst valuations are attractive (notably versus quickly falling rates).
Moody's affirms Empresa Nacional de Telecomunicaciones' (ENTEL) Baa3 r...
Moody's Investors Service (Moody's) today affirmed Empresa Nacional de Telecomunicaciones S.A.´s ("ENTEL") Baa3 Long-Term Issuer Rating and the Baa3 ratings for the Senior Unsecured Global Notes due 2024 and the Senior Unsecured Global Bonds due 2026. The outlook was changed to negative from stable....
- Soomit Datta
AMX US (Buy, TP: $27, +23%) LILA US (Buy, TP: $14 (from $15), +85%) A...
VTR in Chile has disclosed the contribution of a convertible shareholder loan of $600m for AMX and LILA’s Chilean JV (ClaroVTR). It’s not clear that LILA has contributed its pro rata share (we’ll know at the Q2s) and the release suggests that conversion of the loans might not be in proportion to current equity levels (50/50) paving the way we think for AMX to take control of the JV over time.
- Soomit Datta
LILA (Buy, TP: $15, +80%) Liberty LA - OK start, more to do through 2...
Liberty LA reported Q1s after close. Numbers were in-line at revenue and a touch ahead of us at EBITDA, with a slight sequential recovery in Puerto Rico margins and better profitability in Costa Rica offsetting (ongoing) weakness in Panama.
- Soomit Datta
LatAm Telcos - Q4 Datafile and Review: Brazil wireless strength; cuts ...
We accompany our updated 2022 LatAm Telcos datafile with a handful of key slides highlighting: 1/ Brazil and Mexico holding up well in wireless (the smaller markets much less so), 2/ With the exception of Brazil we see pressure on fixed BB pricing across the region (and cut underlying Mexican cable valuations again), 3/ With more regulator disclosure we focus on Colombia, where competitive pressures are accelerating (relevant for AMX and Millicom).
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