reports
- Pierre François Merveille
MasOrange (Lorca Telecom) : MasOrange is the new Masmovil
The MasOrange JV between Masmovil and Orange in Spain is up and running since closing took place on 31 March 2024 following a lengthy regulatory approval process. In this report, we take a closer look on the execution of expected synergies from the integration of the two companies (target of € 492m p.a. on a run-rate basis by 2027 of which 70% opex and 30% capex), the FCF generation of the merged entity and its de-leveraging potential on an organic and inorganic basis. We have a ...
- Pierre François Merveille
MasOrange (Lorca Telecom) : MasOrange is the new Masmovil
The MasOrange JV between Masmovil and Orange in Spain is up and running since closing took place on 31 March 2024 following a lengthy regulatory approval process. In this report, we take a closer look on the execution of expected synergies from the integration of the two companies (target of € 492m p.a. on a run-rate basis by 2027 of which 70% opex and 30% capex), the FCF generation of the merged entity and its de-leveraging potential on an organic and inorganic basis. We have a ...
- Pierre François Merveille
Masmovil (Lorca Telecom) : Good performance ahead of the potential mer...
Masmovil continues to navigate well in the highly competitive Spanish telecoms market thanks to customer gains and the delivery of synergies linked to the Euskaltel’s acquisition. PF revenues and EBITDA were up by +2% and +7% respectively in 2022 and we expect another positive operating performance in 2023, which should lead to a mild improvement of the leverage ratio from 5,5x to 5,2x this year on a standalone basis. - The merger agreement of its Spanish activities with Orange Sp...
- Pierre François Merveille
Masmovil (Lorca Telecom) : Good performance ahead of the potential mer...
Masmovil continues to navigate well in the highly competitive Spanish telecoms market thanks to customer gains and the delivery of synergies linked to the Euskaltel’s acquisition. PF revenues and EBITDA were up by +2% and +7% respectively in 2022 and we expect another positive operating performance in 2023, which should lead to a mild improvement of the leverage ratio from 5,5x to 5,2x this year on a standalone basis. - The merger agreement of its Spanish activities with Orange Sp...
- Pierre François Merveille
Masmovil (Lorca Telecom) : Our thoughts on the potential JV agreement ...
Orange (ORAFP, Baa1/BBB+) and Masmovil (LORCAT, B2/B) announced on 8 March 2022 that they have entered into exclusive talks with a view to combining their Spanish businesses in a 50-50 joint venture. - We believe that the likely JV agreement between would be credit positive for Masmovil bondholders, given the improved business risk profile and probability of shareholder support, as well as the potential for an IPO in the mid-term to allow an exit of PE funds. Nevertheless, we prefe...
- Pierre François Merveille
Masmovil (Lorca Telecom) : Our thoughts on the potential JV agreement ...
Orange (ORAFP, Baa1/BBB+) and Masmovil (LORCAT, B2/B) announced on 8 March 2022 that they have entered into exclusive talks with a view to combining their Spanish businesses in a 50-50 joint venture. - We believe that the likely JV agreement between would be credit positive for Masmovil bondholders, given the improved business risk profile and probability of shareholder support, as well as the potential for an IPO in the mid-term to allow an exit of PE funds. Nevertheless, we prefe...
- Pierre François Merveille
Masmovil (Lorca Telecom) : Telecoms M&A prospects heat up in Italy and...
Recent news flow has been quite intense over potential telecoms market consolidation in Spain and in Italy. In this note, we try to summarize the main implications of potential deals for two high yield issuers that are active on these markets, i.e. Masmovil (LORCAT, B2/B) and Iliad (ILDFP, Ba3/BB). - > - - - ...
- Pierre François Merveille
Masmovil (Lorca Telecom) : Telecoms M&A prospects heat up in Italy and...
Recent news flow has been quite intense over potential telecoms market consolidation in Spain and in Italy. In this note, we try to summarize the main implications of potential deals for two high yield issuers that are active on these markets, i.e. Masmovil (LORCAT, B2/B) and Iliad (ILDFP, Ba3/BB). - > - - - ...
- Pierre François Merveille
Masmovil (Lorca Telecom) : New bond issuance to fund the acquisition o...
>Masmovil priced new notes to fund the acquisition of Euskaltel - The € 1.55bn tap of the secured notes 4% 2027 (expected ratings of B1/B) was priced yesterday at par to yield of 4% (in line with the IPT of 100%a) and the € 500m senior notes (expected ratings of Caa1/CCC+) at a yield of 5.125% (vs an IPT of 5.25% area). The tap of the secured notes was eventually downsized by € 200m to € 1.55bn and the new term loan B2 was upsized by the same amount to € 1.0bn. The...
- Pierre François Merveille
Masmovil (Lorca Telecom) : New bond issuance to fund the acquisition o...
>Masmovil priced new notes to fund the acquisition of Euskaltel - The € 1.55bn tap of the secured notes 4% 2027 (expected ratings of B1/B) was priced yesterday at par to yield of 4% (in line with the IPT of 100%a) and the € 500m senior notes (expected ratings of Caa1/CCC+) at a yield of 5.125% (vs an IPT of 5.25% area). The tap of the secured notes was eventually downsized by € 200m to € 1.55bn and the new term loan B2 was upsized by the same amount to € 1.0bn. The...
- Pierre François Merveille
- Pierre François Merveille
- Pierre François Merveille
Masmovil (Lorca Telecom) : Consolidation rumours resurface
Rumours of consolidation of the Spanish telecoms market have resurfaced since the fall of 2020 and a couple of press articles on this topic have been published in the last days. They refer to potential discussions between Másmovíl and Vodafone about a merger between the Spanish operator, which has been taken private by PE funds KKR, Cinven and Providence in the later part of 2020, and the local unit of the UK group. In this report, we develop why the consolidation of the Spanish...
- Pierre François Merveille
Masmovil (Lorca Telecom) : Consolidation rumours resurface
Rumours of consolidation of the Spanish telecoms market have resurfaced since the fall of 2020 and a couple of press articles on this topic have been published in the last days. They refer to potential discussions between Másmovíl and Vodafone about a merger between the Spanish operator, which has been taken private by PE funds KKR, Cinven and Providence in the later part of 2020, and the local unit of the UK group. In this report, we develop why the consolidation of the Spanish...
With a more favourable environment, MASMOVIL IBERCOM improves to Posit...
MASMOVIL IBERCOM (ES), a company active in the Integrated Telecommunications industry, is favoured by a more supportive environment. The independent financial analyst theScreener has confirmed the fundamental rating of the title, which shows 4 out of 4 stars, as well as its unchanged, defensive market behaviour. The title leverages a more favourable environment and raises its general evaluation to Positive. As of the analysis date October 30, 2020, the closing price was EUR 22.50 and its potenti...
- Pierre François Merveille
Masmovil : Focus Emission
Lorca Telecom Bondco SAU plans to issue € 720m of new 7NC3 secured notes rated B1/B+. Net proceeds will be used to refinance € 665m of drawings under a bridge facility and strengthen the cash position by € 51m in order to purchase minority shares in the future. The bridge facility was drawn in connection with the acquisition of Spanish telecom operator Masmovil by a consortium of PE funds Cinven, Providence and KKR at an EV of € 5.23bn, corresponding to an EBITDA multiple of 9.3x...
- Pierre François Merveille
Masmovil : Issuance Focus
Lorca Telecom Bondco SAU plans to issue € 720m of new 7NC3 secured notes rated B1/B+. Net proceeds will be used to refinance € 665m of drawings under a bridge facility and strengthen the cash position by € 51m in order to purchase minority shares in the future. The bridge facility was drawn in connection with the acquisition of Spanish telecom operator Masmovil by a consortium of PE funds Cinven, Providence and KKR at an EV of € 5.23bn, corresponding to an EBITDA multiple of 9.3x...
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