reports
- Russell Waller
- Russell Waller
NOS (Neutral, TP: €3.7, -2%) Q4 24: Digi impact? What Digi impact?
NOS has reported yet another good set of numbers, with Telco revenue and EBITDA +3.4% and +7.8% ahead of consensus expectations respectively. There is very little, if any, evidence of Digi impact in the numbers (which was the same for Vodafone Portugal).
- Russell Waller
- Russell Waller
- Russell Waller
- Russell Waller
- Russell Waller
- Russell Waller
NOS (Neutral, TP: €4.0, +22%) Q4 23: Good EBITDA beat, +26% DPS hike (...
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).
- Russell Waller
NOS (Neutral, TP: €4.0, +16%) Q3 23: Stellar performance continues; ...
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.
- Russell Waller
- Russell Waller
- Russell Waller
NOS (Neutral, TP: €4.8, +21%) Q1 23: Possibly the best performing mat...
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.
- Ben Rickett
- James Ratzer
- Russell Waller
- Russell Waller
New Street: Portugal mobile consolidation - Our take Vodafone, Buy, £...
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.
- James Ratzer
New Street: Liberty Global (Buy, $33, +100%) Q3 lookahead: Extra buyb...
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.
- James Ratzer
- Russell Waller
New Street: Europe inflation price update Summer promotions modestly ...
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...
- Russell Waller
- Ben Rickett
- James Ratzer
- Russell Waller
New Street: European High Yield Telecoms Q1 22 update and rate sensi...
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.
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