NOS has reported yet another very good set of numbers, with Telco EBITDA +3.0% ahead of consensus expectations and Telco EBITDA growth now at +11.8% y/y. NOS has lifted the ordinary dividend by 26% (100% payout), giving it a 10.6% yield for 2024 (with the chance of exceptional returns as well).
NOS has reported yet another very good set of numbers, with Telco EBITDA +3.8% ahead of consensus expectations (Group +4.3% ahead). B2C revenue growth is a little slower but still +5.8% y/y, and the marginal margin in Telco is now >100% y/y.
NOS has reported yet another good set of numbers, with EBITDA c4% ahead of consensus expectations. B2C revenue growth has accelerated again, is now an impressive +6.5% y/y from +4.3% y/y in Q4 22, and Telecoms EBITDA is better also at +9.4% y/y from +8.7% y/y in Q4 22 (inc energy drag). There might not be a better performing mature B2C business in the whole of Europe.
As recently rumoured, Vodafone has bought the small Portuguese cable operator Nowo in Portugal from Masmovil/ GAEA (a local private equity fund). Nowo had recently bought some spectrum, so the deal is both fixed consolidation and mobile to mobile consolidation, suggesting that Masmovil/GAEA saw limited upside as a new entrant. We run through our thoughts on the deal in this short piece.
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.
At the end of May, we published a definitive report looking at inflationary trends in Europe, concluding that the industry needed to do a better job lifting front book prices to show real growth. In case you missed it over the weekend, we updated this analysis now with more in-depth work over a longer time series, and conclude that at least summer promotions across Europe this year seem less aggressive than last year, but the industry still needs to do more if it is going to deliver "real" EBITD...
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.
There is a significantly sized private/high yield Telecom universe, of which we already have direct coverage of c.80% and indirect coverage of a further c10%. In this new product, we pull together market data and commentary for this high yield telecom universe (>€155bn of gross debt), leaning specifically on our sector knowledge and expertise to provide context and outlook for all. We also look closely at the European FTTH overbuilder sector, which we believe will see more debt raises in the nea...
Masmovil hosted a Q3 call yesterday and gave some details on its future Portugal plans for the first time. We look at these plans in this report. We still struggle to see a compelling new entrant case, but that is probably irrelevant as launch (or threat of credible launch) is likely to have a material negative impact to existing players, NOS, Meo (Altice) and Vodafone Portugal.
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....
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