Research, Charts & Company Announcements
Research Tree provides access to ongoing research coverage, media content and regulatory news on MANX TELECOM PLC. We currently have 10 research reports from 4 professional analysts.
|13Jan17 07:00||RNS||Pre-Close Trading Update|
|12Dec16 09:45||RNS||TR-1: Notification of Major Interest in Shares|
|28Nov16 10:52||RNS||Block Listing Six Monthly Return|
|25Oct16 17:10||RNS||TR-1: Notification of Major Interest in Shares|
|13Sep16 07:00||RNS||Interim Results|
|13Jul16 07:00||RNS||Pre-Close Trading Update|
|06Jul16 14:43||RNS||Director/PDMR Shareholding|
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Research reports on
MANX TELECOM PLC
MANX TELECOM PLC
Small Cap Breakfast
13 Jan 17
Logicor—Report in City A.M. that Blackstone is aiming to list warehouse business Logicor, which is valued at around €13bn (£11bn), on the London Stock Exchange in 2017. Eco (Atlantic) Oil & Gas—TSX-V listed oil and gas exploration has announced its intention to float on AIM. Assets in Guyana and Namibia. Proposed £2m-£3m fundraise. Diversified Gas & Oil—According to LSE website first day of trading on AIM now expected for 30 January.
12 Apr 16
Rigid-plastic-products manufacturer and waste-management services provider One51 is holding a general meeting on 21 April to gain the shareholder approvals required to issue shares for a potential flotation on AIM and the Enterprise Securities Market (ESM). In 2014, Ireland-based One51 paid 78p a share in cash for AIM-quoted Straight, which valued the wheeled-bins manufacturer at £10.7m. One51 subsequently bought a controlling stake in Canadian plasticproducts business IPL. A flotation would trigger a deal to swap One51 shares for the one-third of IPL that it does not currently own. The plastics division is the main focus of expansion. One51 is a substantial business. In 2015, revenues grew from €276.5m to €366m, while underlying profit almost doubled from €16.2m to €31.9m. A full 12-month contribution from IPL would have taken revenues to €473.5m and grown profit even more rapidly. Plastic products generate nearly two-thirds of revenues and a greater proportion of profit. Net debt was €120m at the end of 2015 and there is contingent consideration of more than €33m that could become payable. Numis and Davy have been appointed as advisers for the flotation, which is still dependent on market conditions. Although One51 is unlisted there has been regular trading in its shares since 2007 and by the end of March the shares were changing hands at €1.70 each.
In a good place...
25 Sep 15
Manx Telecom (MT) has reported solid results for H115, showing the benefit of recent investments in its networks and Data Centres. The group’s high network quality, solid dividend yield, safe and prosperous operating environment, as well as growth prospects in the data storage area make the stock an attractive defensive investment, in our view.
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.
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.
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*.
A solid Q4, but cautious guidance
23 Feb 17
Q4 revenues were up organically by 2.7% yoy (at constant forex), a quite good surprise as they were stable in both Q2 and Q3. The adjusted EBITDA which had increased by 3.1% during the first 9m was also up by a strong 9.4% in Q4. Note that, in this quarter, the currency impact was still strong in South America, except in…Brazil: South American revenues, which grew organically in current currencies by 10.9% yoy in Q4, were still down by 5.2% yoy in reported terms while Brazilian revenues which were up by a modest 1.1% (as in the previous quarters) were up by 18.1% in reported terms. Note exceptional restructuring cost provisions amounting to €1.29bn in Q4 (of which €856m in Spain). Telefonica gave a cautious guidance for 2017: - Revenue should be stable vs 2016 (despite however a negative 1.2ppt impact from regulation) but with an EBITDA margin expansion of 1ppt vs 2016; - Capex/sales should be at around 16% (vs 17% in 2016). This will enable Telefonica to have the most extensive ftth network in Spain (17m premises passed) and to exceed 17m premises with fibre in Brazil, or an LTE penetration >90% in Spain and UK, >80% in Germany and >50% in Latin America. The group has also confirmed the new dividend to strengthen its balance sheet and intensify organic deleverage, maintaining, however, an attractive level of shareholder remuneration. The dividend should be €0.4 in 2016 (still a yield above the 4%) vs €0.75 in 2015. Note, concerning the deleveraging, that after the closing of the year, on 20 February Telefónica reached an agreement for the sale of up to 40% of the total share capital of Telxius to Taurus Bidco for €1,275m (€12.75 per share). The closing is subject to obtaining the corresponding regulatory approvals. After the closing of the transaction, Telefónica will maintain control over Telxius.
4.6% yoy EBITDA growth in Q4!
23 Feb 17
Q4 revenues have grown organically by 1% yoy. This is quite a good performance, slightly better than the market’s expectations. Remember, revenues had increased by 0.3% during H1 and by 0.8% in Q3. As in Q3, growth was remarkable in Spain (+7.9%), led by mobile services and mobile equipment sales, while the growth in fixed broadband continued to be strong with the success of fibre (1.45m customers at end 2016). In France, revenues declined by only 0.8% yoy, the impact of roaming being completely offset by a clear improvement in the mobile trend. Q4 EBITDA rose by 4.6% yoy (corresponding to a margin of 31.3%), tied to revenue growth and a reduction in labour expenses (with the average number of full-time equivalent employees falling 2.8% in the quarter). This is a good performance as it was merely stable during H1. With no surprise the group has set an objective for 2017 of a higher EBITDA than in 2016 on a comparable basis (lifted by the strong commercial momentum supported by capex, and continuing efforts to transform the cost structure). With no surprise, the group will propose the payment of a dividend of €0.60 per share for 2016 but of €0.65 for…2017.
Slight upgrade in the synergy target for 2019
22 Feb 17
Q4 revenues showed a slight continued decline with a yoy decrease of 6% to €1,936m (vs a 5.7% yoy decline during the first 9m). Note that, as in the previous quarter, this is mainly a result of the decline in handset revenues. Handset revenues fell by 17.6% yoy, reflecting longer replacement cycles and handset saturation in the German market. The key point is that Mobile service revenues (which represent 75% of the global business) declined by only 2.1% yoy in Q4, as in previous quarters, and by only 0.9% excluding the effects of the mobile termination and roaming rate cuts. As in the previous quarter, the good news is the EBITDA growth of 5.3% yoy (+3.8% for the whole year), thanks to the successful capture of synergies (mainly related to employee restructuring). Management has given its outlook for 2017: absolutely no surprise with slightly negative to flat yoy mobile service revenues and a flat to mid single-digit percentage growth for EBITDA.