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Vodafone released this morning a solid Q1 in terms of revenue, a good performance that is quite logical however as there is partial recovery compared to Q2 20.
Remember, the key point which had worried the market three months ago with the annual release was that free cash flow would be only €5.2bn for 2021/22 vs €5bn in 2020/21 but vs €5.7bn in 2019/20. Vodafone has confirmed this number this morning.
We maintain our Buy opinion on the stock.
Companies: Vodafone Group Plc
Disappointing Q1 in terms of revenue, however offset in part by a solid EBITDA.
Be cautious however that BT, like Orange, does not despair investors by postponing the stabilization of its revenues quarter after quarter.
We maintain our opinion at reduce on the stock, however now with… a slight upside.
Companies: BT Group plc
The FY Mar21 results are as flagged in the April trading update; clearly it is disappointing that COVID delayed revenues from the Systems business this year (both revenue milestones in the Philippines and revenue from signing new contracts) leaving just Transceiver sales. However the global need and demand for MDA has not gone away; activity in this business has been pent-up and will recommence as COVID restrictions are eased this year. Meanwhile SRT has used the Systems delay well, catching up
Companies: SRT Marine Systems plc
What a difference a year makes - 12 months ago, the focus, quite understandably, was on the course of the pandemic and the lifting of the Lockdown (1) measures. For investors, it was the sustainability of the rally in markets seen since March 2020. Today, while we are still thinking about the lifting of lockdown measures, we are also concerned about two “old favourites” from previous decades. Inflation and the parlous state of public finances. The BoE has said that although CPI inflation rose to
Companies: AEMC BVC BAG BRSD BWNG CBOX CEG CTG CLG CML CRPR DNK EML ESC FAR FA/ GPH INSE MTW MOTR MMAG NRR NESF NMCN NSF OTMP OBD SAVE SCS STVG SNX SYS TMG TGL VLS VOG WYN
AdEPT has acquired Datrix Ltd – a London based Enterprise Managed Services provider, specialising in cloud-based networking, communications, and cyber security solutions. Key to highlight is how Datrix is a growing business (sales +8% y/y) – benefitting from its expertise in next-generation technologies, which broaden ADT’s core competencies in attractive new areas. We see how this addition is particularly attractive for larger (more complex) customers – enabling ADT to offer a more end-to-end s
Companies: AdEPT Technology Group Plc
In line results demonstrate an impressively robust performance, where for instance Managed Services sales (81%/Group) are down just -3% y/y. What’s more, by achieving +8% Managed Services sequential growth, trading visibly improved through FY21 and so points to even better prospects for FY22. ADT also made strategic progress - growing ‘Cloud Centric services’ revenue notwithstanding Covid (now ~43%/sales), driven by ADT‘s deep domain expertise in Education, resulting in the Group providing new r
Apple has reached our target price after another phenomenal quarter with a 36% jump in revenues and a near triple-digit growth in the earnings per share. The company witnessed a phenomenal growth in emerging markets like India, Latin America, Vietnam, and of course, the Chinese market. The iPhone 12 family was the star contributor with a staggering $39.6 billion in revenues for the quarter. The management fought through the semiconductor shortage and managed to deliver $8.2 billion in Mac sales
Companies: APPLE (AAPL:NYSE)Apple Inc. (AAPL:NAS)
Disney+ hits 22m mobile users, SoftBank backed firm downsizes IPO, German mobile carrier selects Huawei
Companies: ENET 7DIG NAPS ZOO AFRN BOOM MIRA MWE
Proposed move to AIM from the main market (standard) by Emmerson (EML.L) to provide Emmerson with access to a market and environment which is more suited, in the Board's view, to the Company's current size and strategy ahead of pivotal period for the Company with the commencement of mine construction at the Khemisset Potash Project expected by end of 2021. Follows recent award of Mining Licence granting Emmerson exclusive right to develop and mine the potash deposit and £5.5m raise to fund ongoi
Companies: LND GDR GAMA SOLI SHED RLE CRU WRES SBI MNO
ECSC Group plc* (ECSC.L, 75p/£7.5m) | Blackbird plc* (BIRD.L, 24.5p/£82.6m) | Starcom plc* (STAR.L, 0.825p/£2.9m) | MTI Wireless Edge Ltd* (MWE.L, 80.5p/£71.3m)
Companies: ECSC BIRD STAR MWE
The UK market showed a continued recovery in the first quarter albeit the indices are still well short of their all-time peaks, unlike many of their international peers. The FTSE 100 has risen by 1,186 points (21.4%) since the end of October and the FTSE 250 by 4,304 points (25.0%). The comparable performance since the start of the year is less spectacular- the FTSE 100 has risen by 253 points (3.9%) and the FTSE 250 has risen by 1,070 points (5.0%). The factors behind the sustained rally are fa
Companies: AMYT ARBB CEG BAG BVC BEG BONH BLVN BRSD CML CWK CRPR EYE ECHO FDM FAR FA/ GPH GSF HUW INSE JDG KAPE KP2 MACF MPAC MNZS NESF NBI OTMP OBD PREM QFI RUA SCS SEN SOS SUR TON TOU TXP TGL TCN UEM VLS WYN
At first sight a reassuring release with a correct EBITDAaL outlook… if there was not a worrying detail: capex will be higher than expected. The stock was indeed down by 5% this morning.
Capex should indeed grow by 6% yoy in 2021/22 but, as for most telcos, this is for a good cause. Certainly the dividend should remain flat for 2021/22 but, given its current 7.5% dividend yield, we maintain our Buy recommendation on this stock with increasingly solid German fundamentals.
Blackbird plc* (BIRD.L, 32.25p/£108.7m) | Audioboom plc* (BOOM.L, 820p/£128.5m) | CAP-XX Ltd* (CPX.L, 7.65p/£33.8m) | Starcom plc* (STAR.L, 0.975p/£3.4m)
Companies: BIRD BOOM CPX STAR
Q2 was slightly better than expectations with a very slight increase in revenues and an EBITDAal up by 0.6% yoy.
KPN can now be seen as a future slight growth story. KPN’s dividend should increase in the coming years thanks to higher ARPUs and a better EBITDA margin. Note the group has just announced a new share buy-back programme representing 2% of the market cap.
The group deserves a better dividend yield and we maintain our Buy recommendation.
Companies: Royal KPN NV
Verizon had a stellar quarter and produced an all-around beat with a strong increase in consumer revenue as well as business revenue. The management's strong 5G push has resulted in the company adding as many as 275,000 postpaid phone subscribers, nearly a 100,000 more than the market expectations. The company has spent over $45 billion on the 5G spectrum in 2020 and has a very high level of debt on its balance sheet which might create some market concerns but its recent subscriber is generating
Companies: Verizon Communications (VZ:NYSE)Verizon Communications Inc. (VZ:NYS)