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.
Small Cap Breakfast
16 Feb 17
Saffron Energy—Schedule One update. Raising £2.5m, expected Mkt Cap £7.7m. Admission due 24 Feb. Italian Oil & Gas Play Guinness Oil & Gas Exploration—Publication of prospectus. Seeking to raise £50m and invest in 15 exploration companies at launch, with plans to grow the portfolio to 30 positions during its lifetime. Issue closing 23 Feb. Arix Bioscience — Intention to float on the main market from the global healthcare and life science Company supporting medical innovation. Raised £52m in Feb 16 with investors including Woodford Investment Management
Visible benefits from restructuring
23 Feb 17
In our view, Monitise’s H1 17 results demonstrate the benefits of management’s ongoing transformation programme. EBITDA profitability was sustained, and accompanied by cash outflow more than halving vs H1 16A. With gross cash at £27.3m, the group’s financial position remains strong. Initial FINkit sales are under “active discussion” and ongoing regulatory initiatives (CMA, PSD2) give further grounds for optimism in the outlook.
Small Cap Breakfast
09 Feb 17
GBGI—Schedule One from the integrated provider of international benefits insurance focused on providing tailored insurance products. Looking to raise £32m with admission expected 22 Feb. Arix Bioscience — Intention to float on the main market from the global healthcare and life science company supporting medical innovation. Raised £52m in Feb 16 with investors including Woodford Investment Management Ramsdens Holdings –Schedule One from the financial services provider and retailer, operating in the core business segments of foreign currency exchange, pawnbroking loans, precious metals buying and selling and retailing of second hand and new jewellery. Expected admission to AIM 15 Feb raising circa £15.6m. Expected mkt cap £26.5m.
Ready to dominate TV distribution and prepared for new competition from Iliad
20 Feb 17
TI has released a good set of Q4 results: Revenues were up organically by 0.8% yoy (vs -5.2% in Q1, -4.2% in Q2 and -1.2% in Q3) while the EBITDA (excluding the negative impact of non-recurring items) has increased sharply by 5.9% yoy as in Q3 but vs a decline of 1.7% in H1! EBITDA has clearly benefited from the actions implemented in the “cost recovery plan” that started in Q2 in the Domestic Business and in Q3 in the Brazil Business. In Italy, revenues were up by 2.7% yoy (vs +1% in Q3 and -1.7% in the H1). The solid, structural recovery of Mobile revenues was confirmed, thanks both to the maintenance of market share and the stabilisation of ARPU levels. But the key point is the EBITDA which has grown by 8.4% (vs 7.9% in Q3, +6.9% in Q2 and -5.2% in Q1). Excluding non-recurring restructuring charges, EBITDA would have grown by +4.5% in 2016, with an EBITDA margin of 45.9%, up 1.9ppts on 2015. In Brazil, Q4 revenues were down organically and at constant change by only 1.7% yoy (vs -5.2% in Q3 and -14% in H1)! The main issue is that the total number of subscribers (c.63m with a market share of 26%) was still down by 4.3% vs end 2015. Note, however, that like its competitors the group has seen its prepaid customer base contract sharply in 2016, due to the adoption of a restrictive policy for the disconnection of inactive customers according to Anatel’s new criteria (the Brazilian National Telecommunications Agency). Q4 EBITDA was up by 2.8% yoy (vs +0.5% in Q3 and -10.9% in H1) with the start in Q3 of cost-cutting operations.
Ronez performing, debt facilities agreed
21 Feb 17
Confirming our view that Ronez is a high-quality maiden acquisition, SigmaRoc today announces that trading and operational performance at the verticallyintegrated aggregates business on the Channel Islands has been strong in the first few weeks of trading since the deal completed in early 2017. January sales volumes are reportedly above budget, a healthy order book is in place for the remainder of the quarter, and requisite back-office systems are being developed faster and at lower cost than initially anticipated. Furthermore, SigmaRoc has agreed terms with Santander Bank for a £2m revolving credit facility and is close to agreeing an £18m term facility – once finalized these debt facilities should see SigmaRoc sufficiently capitalized to progress initial projects in management’s pipeline of growth opportunities. We thus continue to believe that Ronez has potential to generate EBITDA to the group of at least £6m pa as efficiencies continue to be unlocked under the new independent ownership structure, providing SigmaRoc with a firm platform from which to leverage more acquisitions and/or organic investments and thus deliver further earnings growth as it progresses its niche buy-and-build strategy.