Research, Charts & Company Announcements
Research Tree provides access to ongoing research coverage, media content and regulatory news on MOBISTAR SA. We currently have 2 research reports from 1 professional analysts.
|13Feb17 12:30||GNW||Orange Belgium : Orange LOVE, a smart and flexible way to combine mobile, internet and TV services at the best price|
|10Feb17 14:30||GNW||Orange Belgium and Ingenico Payment Services launch a mobile payment solution for business customers: 'Orange Pro Payment'|
|09Feb17 06:01||GNW||Orange Belgium: Financial information for the fourth quarter and full year 2016|
|03Feb17 08:33||GNW||Orange Belgium : Q4 & FY 2016 results - online web and audio conference call|
|27Jan17 10:00||GNW||Orange Belgium: The General Directory of the Walloon Public Service wins the Agoria Smart Cities Award 2017. Orange and Cropland developed the crowd monitoring solution|
|05Jan17 09:30||GNW||Orange Belgium : Ultra high-speed on-board Internet for the new Fiat Tipo Hatchback, thanks to Orange|
|15Dec16 10:00||GNW||Orange Belgium enriches its Internet + TV offer with a mobile application that allows customers to control their TV decoder and manage their recordings|
Frequency of research reports
Research reports on
New convergent offers and rebranding into Orange Belgium
22 Jul 16
H1 revenues were stable yoy (+0.3%) but the mobile equipment sales (representing a little less than 10% of the global turnover) were down by 11%, with the decline in basic mobile phones sold and a joint offer at the high end. In H1, Orange Belgium generated mobile service revenues of €504.5m, a solid increase of 1.9% compared with the same period last year (i.e. +3.2% excluding the EU Roaming Regulation): the rapid adoption of 4G data usage and the increase in both the postpaid customer base and ARPU contributed substantially to this positive development and fully offset the negative impact of the new Roaming Regulation (operators should allow their customers to use the traffic units included in their national subscriptions also in Europe, taking a small surcharge on top of the national prices). EBITDA increased by 2.0% yoy to €145m as a result of both the positive trend in the top-line and its sustained focus on cost optimisation. Note, however, that the reversal of the 2015 Walloon pylon tax, recently ruled unconstitutional (€15m, corresponding to 10% of H1 EBITDA), contributed to offset the negative impact of EU roaming, the commercial launch of cable, and the one-off costs related to the rebranding. Q2 was indeed a pivotal moment with the nationwide launch of the Orange internet + TV offer in Belgium and the rebranding of Mobistar into Orange Belgium. The group has thus revised its EBITDA guidance for 2016 to €285-305m from €270-290m (both excluding cable costs). This corresponds to the reversal of provisions related to the Walloon pylon tax.
May be the time to buy Mobistar
04 Feb 16
Mobistar’s revenues amounted to €1.235bn in 2015, a decline of 1.1 % yoy. However, the turnover in Q4 amounted to €322.6m, an increase of 2.3 % yoy. In 2015, Mobistar achieved a restated EBITDA of €276m, representing an increase of 0.4 % compared to 2014. The restated EBITDA in Q4 2015 amounted to only €47.9m, compared to €57.2m in the same period last year. However, it should be noted that the company adopted a prudent approach to the pylon tax with an additional provision of €10m in Q4 for 2014 and 2015, triggered by a rectification notice received at the end of December 2015 from the Walloon administration. Excluding this additional Walloon pylon tax provision, which remains heavily contested by Mobistar and the other mobile operators, Mobistar would have realized Q4 EBITDA of €57.9m. Note that Mobistar is now ready for the launch of its convergent offers. To support its strategic ambitions, Mobistar is going to adopt the Orange brand in Belgium.
The Slide Rule
12 Jan 17
What is The Slide Rule? The Slide Rule has been designed to dramatically simplify the identification of the best companies in the UK small/mid-cap sector by making a quantitative assessment of the relative potential of each company. At its core, The Slide Rule aims to identify those companies that create genuine shareholder value through strong returns on capital and solid growth, but also present a value opportunity with the potential tailwind of earnings momentum. Companies are assessed within a Quality, Value, Growth and Momentum (QVGM) framework.
15 Aug 16
Australian fintech company ThinkSmart Ltd intends to switch its quotation from ASX to AIM. This is the culmination of a strategic review started nearly a year ago. Henderson is subscribing for £5m-worth of shares at 25p (A$0.44) each in a pre-flotation placing at a premium to the ASX market price, which will give the fund manager 17% of the enlarged share capital. ThinkSmart requires regulatory approvals and a ruling from the Australian Taxation Office in order to go ahead with the transfer of quotation. Shareholders will also have to agree to the move. The introduction to AIM is expected to happen in early November, following a tender offer for up to 10 million shares. The cash raised from Henderson will be used to develop the business but it will also help to finance the tender offer, which will be at an indicative share price range of A$0.38 to A$0.55. ThinkSmart provides digital, paperless and retail point of sale finance services via its SmartCheck technology. Dixons Carphone Group subsidiary Dixons Retail is a major customer and the relationship goes back 13 years. Together they have developed a leasefinance package called Upgrade Anytime, which enables customers to upgrade to the latest computer and consumer electronics equipment. A contract has recently been won with the Carphone Warehouse subsidiary. Although ThinkSmart is based in Western Australia it also has an office in Manchester.
Making Mobiles Better
17 Jan 17
Mobile phones are increasingly the key connection for the modern world. This means that the performance of mobile phones, and their networks, is going to become more critical for all the apps and businesses that rely on them. New technologies such as VR, AR, and AV will need better, more reliable connections to really move into the mainstream. In this thematic piece we attempt to identify some of the most important issues facing mobile phone networks and their users, and start to identify solutions and enablers that will solve these problems and create value by doing so.
Panmure Morning Note 04-05-2016
04 May 16
As expected Spirent’s Q1 trading update was of the ‘all in line’ variety – this is despite a beat to our Q1 estimates. The highlights are cash generation, performance in the Networks division and that all important reaffirmation of the FY outlook. We have long commented that the macro backdrop remains poor but that Spirent is a story of getting its house in order and thus achieving better execution. These results still signal that the market remains tough, notably (i) the “broadly in line” order book, (ii) spotty geographic performance, and (iii) poor performance at the Wireless division. We reiterate that our general investment view (Buy when others are frightened) has captured the zeitgeist – Spirent enjoys an attractive valuation (2016E EV/Sales 1.3x, 8.5x EV/EBITDA). Our target price is 120p. Buy.
Panmure Morning Note 10-05-2016
10 May 16
After a couple of very difficult years, Filtronic appears to have got its mojo back – hardly a week goes by and another banner deal is inked for its new integrated antenna. Q1 results from Ceragon Networks, yesterday, were not that shabby; shares rose 20% as management talked about Q1 being the ‘trough’ quarter. The read across suggests, to us, that the outlook for Filtronic’s Broadband division is likely to be unchanged from interim results. In addition Q1 results from Nokia this morning are similarly of the ‘not that shabby’ variety. In our view the brace of results reminds us of Filtronic’s interim statement that whilst there is still much work to be done, the “strategic repositioning of both Broadband and Wireless will start to deliver improved operating results over the coming months and into the following years”. We are encouraged by Filtronic’s win rate, and demonstrably sharper focus post restructuring. Despite a difficult 24 months it remains an engineering-led organisation – while the roots of success will come from better sales execution, and an improved macro, we like that the heritage of ‘product excellence’ remains intact. In addition, management has a purposeful clarity regarding next steps and concentrates on the ‘show-me-the-money’ commercials. As results from Ceragon and Nokia illustrate, the market backdrop remains uncertain and whilst we have elected to retain our ‘under review’ stance we are encouraged. In the absence of more banner deals the next scheduled news should be June’s pre closed statement.