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.
|05Dec16 02:00||GNW||Orange Belgium rolls out prepaid identification process in all Orange shops and via orange.be|
|15Nov16 10:00||GNW||Orange Belgium launches Virtual Reality headset and application to make high-quality VR accessible for everyone|
|14Nov16 06:00||GNW||Orange Belgium : As from 2017 Oranges 4G network will be ready for the Internet of Things|
|21Oct16 06:00||GNW||Orange Belgium : Third quarter 2016 financial results|
|28Sep16 07:00||GNW||Orange Belgium launches new range of subscriptions: more mobile data and call allowance and unlimited SMS|
|26Sep16 05:30||GNW||Orange Belgium : New executive team for Orange Belgium, benefiting customer experience and fixed-mobile convergence|
|31Aug16 05:17||GNW||Orange Belgium : Orange becomes main sponsor of the Belgian Lions, Belgian Cats and the Pro Basketball League|
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.
Panmure Morning Note 05-12-16
05 Dec 16
Filtronic, the designer and manufacturer of microwave electronics for the wireless telco market, has provided a solid 1H17 trading update. As seen during 1Q17, demand for its new ultra-wide band integrated antennas has been driven by its key customer. Crucially the roll-out provides a reference client and adoption from other clients should be coming in due course. Having said that, programme roll-outs tend to be lumpy in nature and management expect activity to be slowing in the early part of 2H17 until customer concentration is remedied, meaning Filtronic will be exposed to short-term fluctuations in demand.
08 Dec 16
Amino has this morning published a positive trading update, with figures for the year to November 2016 slightly ahead of our forecasts. We upgrade our 2016 estimates modestly, to reflect confirmation of this expected strength and upbeat comments on order backlog. Having recently upgraded our 2017 estimates, we choose to leave these unchanged for now, but will revisit them in February 2017 alongside full FY16 results.
N+1 Singer - Amino Technologies - Trading update confirms strong full year results
08 Dec 16
Amino has released a short trading update for the year to November 2016. The company announced in October that trading had been strong, driven by record August orders and favourable FX movements. The full year performance is now expected to be slightly ahead of revised expectations, with strong cash generation resulting in £6.2m of net cash at the year end. The strategic improvements made in the year have resulted in greater visibility for the business, and a solid order backlog gives us confidence of further strong performance in FY’17 and beyond. Amino has embraced the transition to the cloud and is now well placed to benefit from current market trends. Today’s announcement is the third upgrade this year, leaving the group trading on an FY’17 PER of just 13.6x with a 4% dividend yield. We increase our target price to 191p. Buy.
N+1 Singer - Morning Song 06-12-2016
06 Dec 16
With FY16 volume and revenue already disclosed in the pre-close, the focus in today’s prelims is on PBT (£100.3m versus our £101m) and EPS (96.8p versus our 95.4p). No special dividend triggered this year (none forecast) and DPS is held at 46.8p (N1SE: 48.0p). On end markets, recent commentary is reiterated – the core business is growing, whilst consumer electronics will be subdued in the current year (competitive capacity from Solvay). On currency, there will be a material benefit in the current year (a little more than the £14m to £15m previously indicated), and a further tailwind next year if current rates are maintained (quantum TBC). There is also an investment of £10m today in a minority interest in Magma Global, Victrex’ oil and gas mega programme partner. Although the share price is now close to our TP of 1730p, we feel that there is enough in today’s announcement to retain a positive stance on medium term opportunities with strong cashflow and a special dividend potentially to look forward to in the current year.
Joy of Techs
21 Nov 16
ICT evolution is driven by technological development as advances are made which both meet and shape customer requirements. Our 2011 note No such thing as a telco described the modern reality in that former ‘telcos’ now deliver varying elements of a range of managed services. We built on this theme last year, exploring in further detail their evolutionary paths, operating fundamentals, and cashflow yield similarities. In the consumer environment, demand for bundles of technology is complemented by demand for content. Across the pond, the mooted combination of AT&T and Time Warner typifies the bundled need of ‘pipe’ and content, since unbundled alternatives such as FaceTime and WhatsApp can be easier and clearer to chat over, and Amazon and Netflix are easier to watch anywhere. In the UK, BT’s defensive actions cover delivery, content and capabilities, acquiring EE yet also buying football rights. While TV was long ago added to triple play to become quad play, voice is now merely an app, and fixed and mobile seen as just dumb pipes: it's the content that will influence consumer choices. Growth of TV and film as well as music and gaming over IP leads to UK small cap opportunities. In context of the drive to maximise value from pipes and access by offering content and data, we look at some amongst the potential tech small cap beneficiaries: Amino*, Keyword Studios, ZOO Digital*, 7digital*, KCOM* and CityFibre*.