Research, Charts & Company Announcements
Research Tree provides access to ongoing research coverage, media content and regulatory news on MOBISTAR SA. We currently have 3 research reports from 1 professional analysts.
|21Apr17 06:02||GNW||Orange Belgium : Financial information for the first quarter of 2017|
|13Apr17 08:35||GNW||Orange Belgium invites investors and analysts to participate to its Q1 results conference call on April 21, 2017|
|12Apr17 13:31||GNW||Orange Belgium reaches milestone of 50.000 LOVE customers in less than 1 year|
|11Apr17 13:01||GNW||Orange Belgium offers all Orange customers 'roam like at home' and unlimited calling for families in 39 countries & territories|
|31Mar17 08:16||GNW||Orange Belgium : Notice of a general meeting of shareholders|
|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'|
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Excluding EU roaming and despite cable costs, Q1 EBITDA increased by 12%
21 Apr 17
Q1 revenues were nearly stable yoy (-0.7%) but the mobile equipment sales (representing a little less than 10% of the global turnover) were down by 13% with the reduction in the number of subsidised devices and also a different launch date of some popular models. In Q1, Orange Belgium generated service revenues of €274m, a very correct increase of 0.6% compared with the same period last year (i.e. +2.6% 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 EU Roaming Regulation. EBITDA increased by 3.6% yoy (excluding the 2016 Walloon pylon tax provision of €15.8m booked in Q1 16) to €72.2m as a result of both the positive trend in the top-line and its sustained focus on cost optimisation. Note also the reduction of roaming prices in Europe had an adverse impact on the EBITDA of €5.3m in Q1. Excluding this effect and despite the higher cable wholesale costs related to the Internet and TV offering, EBITDA would have increased by an impressive 12.2% yoy. The group has reiterated its guidance for 2017: growth in total service revenues and an EBITDA between €290m and €310m. As a reminder, this guidance shows a strong ambition especially taking into account the €32m adverse impact of the EU Roaming Regulation in 2017.
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).
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.
20 Apr 17
TEP’s trading update for the year to March 2017 highlights modest growth as expected, with a total dividend of 48p (25p final dividend) in line (49pE). FY18 forecasts are trimmed 3% at adjusted PBT level, to remain in line with FY17, with better quality customers taking all possible services – at a higher cost of acquisition but better prospective year 2 margins. With the positive outlook that a narrowing of the gap between standard variable energy tariffs and aggressively priced introductory deals has led to an encouraging upward trend in Q4 to March, prospects for restored growth in revenue (FY18) and profit (FY19) are strong. Improved incentivisation of the self employed salesforce, after a few years of lower growth, is complemented by the imminent addition of Home Insurance, adding sales momentum and increased customer interest as utility prices rise. With the double upside to the £70m tender offer in summer, and the June release of FY19 forecasts illustrating growth following greater detail available at prelims, the future is brighter for TEP. Target 1360p reiterated.
Northland Capital Morning Report
02 Dec 15
Divergence looks set to dominate the final month of 2015 and set the tone for 2016. The European Central Bank is widely expected to extend its QE economic stimulus programme and could reduce its overnight deposit rate further in an attempt to boost inflation, and more stimulus could come from Japan and China. Meanwhile the Federal Reserve is now expected to lift rates from historic lows. Higher US rates will impact not only the cost of capital in the US but also emerging markets where growth remains much weaker and leverage high. The move by the ECB is unlikely to have a major impact, however, as it is an extension rather than a new tool and the headlines continue to be dominated by politics rather than financial markets (Isis, the refugee/migrant crisis, tensions between Russia and Turkey etc). The respective moves are likely to further weaken the euro in 2016. The UK sits somewhere in the middle. November’s Autumn Statement saw the Chancellor drop his tax credit reduction plans and benefit from a surprise £27bn improvement in the Office for Budget Responsibility’s five year public finances forecast, based on higher tax revenue and lower debt interest. The general shift away from austerity, the protection of tax credits and increased minimum wage should ensure further economic growth.
Strong performance in the non-legacy business
20 Apr 17
TomTom reported Q1 revenues of €212.7m, down 2% yoy and 19.9% sequentially. Consumer decreased by 16% yoy to €98m, representing the main down-mover. The three other businesses combined grew by 14.1% to €114.7m, with in decreasing order Automotive (€41.1m, +38.4% yoy), Telematics (€40.6m, +9.4%) and Licensing (€33m, -2.1%). The gross margin came in at 62.2%, up 540bp yoy, while the EBIT margin lost 30bp to -2.3% (-€4.8m). EPS came in at €-0.02 and adjusted EPS at €0.03. The company re-iterated its guidance for FY17 with adjusted EPS of around €0.25 and revenues of between €1,025 and €1,050m.
31 Jan 17
Alumasc (ALU): Interims show strong sales growth but some margin pressure (BUY) | Joules Group (JOU): Marginal increase to FY17E forecast (BUY) | CityFibre* (CITY): Prospects shine (CORP) | Nasstar* (NASA): Trading update (CORP) | SCS Group (SCS): LFL order intake slowed during Q2 (BUY)