Looking ahead to Liberty Global’s Q3 results, we don’t expect any major operational surprises, but we think the bigger surprise could be the completion of the extra $400m buyback already, and a further increase in the buyback which could reach as high as 16% of share capital for 2022.
As part of our High Yield quarterly product, we publish our forecasts for those high yield names for which we have full coverage (close to 85% of the sector), and Q1 22 country snapshots for all the high yield names to provide context and support ahead of earnings.
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....
We finally have Ofcom’s long awaited regulatory decisions for how FTTP should be regulated, and in summary, we see this as a positive outcome for BT Openreach that should allow it to generate value from the rollout of FTTP and helps to support our BT fair value of £2.25/ share.
In this deep-dive note, we revisit the UK overbuilders following our previous reviews in November 2019 and November 2018. 2020 saw substantial capital raising for the group and therefore altnet build will be faster than we expected a year ago.
We are bullish on the European Telecoms sector, and while that hasn’t yet translated into as much sector-wide equity outperformance as we would like, it does seem as if trade buyers share our optimism as M&A volumes are running at record highs since the 2000 dotcom frenzy.
Yesterday was one of the more volatile days of the year in financial markets as hopes of a vaccine materialised and it led to considerable near-term sector rotation out of some of the higher growth stocks and back into value/ cyclical names.
In advance of Liberty Global’s Q3 results on November 4th, we revisit our UK pricing expectations as we now believe Virgin’s approach to price competitiveness will be more lasting than we previously expected, which has a modest negative financial impact, but should boost KPIs and give the business a more secure position over the longer term.
After the failed attempt last year to sell themselves to Sunrise in Switzerland, the tables are now reversed as Liberty Global has announced that they are making an offer to buy Sunrise at CHF110/ share at a cost of CHF6.8bn – which will be financed as CHF3.5bn of cash, CHF3.2bn of new cash.
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