Telecoms equity research

Explore the most viewed and latest equity research and media content for companies within the Telecoms sector. Stocks in this sector provide telecoms services & equipment, and mobile services.

Telecoms equity research

Explore the most viewed and latest equity research and media content for companies within the Telecoms sector. Stocks in this sector provide telecoms services & equipment, and mobile services.

Latest Content

Breakfast Today

  • 20 Mar 17

Despite the University of Michigan releasing its preliminary reading of March consumer sentiment on Friday, which suggested US personal finance confidence rising again, this time to a 17-year high as the Nation effectively achieves full employment, US equities remained narrowly rangebound. Industrial production data also released held steady in February which, although slightly below market consensus, still provided underlying confidence in continued growth amid a pickup in manufacturing and mining activity. But this was not enough given receipt of a slightly less hawkish tenor from the Fed. The problem appears to be that investors have heard Trump ‘talk-the-talk’ but, as was seen with the latest judges’ ruling against his travel ban, they are not yet convinced he can ‘walk-the-walk’. Thursday’s White House budget proposals, which focussed on cutting funding for projects deemed to have regional benefits, in order to increase funding to those with national scope, compounded this with some commentators suggesting the new programs will be less effective than existing ones. The President’s joint address to Congress, calling for legislation to procure US$1tr to rebuild the country’s tired infrastructure, for example, makes for great soundbites but Congressional scrutiny, particularly from fiscal conservatives who are reluctant to back massive federal spending, looks set be arduous to say the least. So while the wall of money being liberated globally from bond market rout provides plenty of back pressure, investors appear to be waiting for a new injection of confidence before being prepared to push already heady equity valuations one further step further. Traders also appeared unimpressed by U.S. Treasury Secretary Steven Mnuchin rebuffing a concerted push by world finance chiefs to disavow protectionism, fanning fears that the Trump administration's pursuit of an ‘America First’ policy could ignite global trade conflicts. With many officials suggesting they departed the G-20 meeting confused about where the new administration will ultimately land on trade policy, US equities ended mixed with only the NASDAQ able to put on a minute gain helped by Adobe, while the other two principal US indices were knocked by continued selling of health-care stocks, in particular Amgen which had released disappointing results from a cholesterol drug study. The cautionary mood spread to Asia, where only the Hang Seng put on a modest gain while the region’s other indices stayed in the red with the Nikkei being closed for a holiday. Important macro data from London today is limited to the Rightmove House Price Index for February which was released at midnight at +2.3% y-o-y, in line with expectations, while the EU produces Q4 Labour Costs; the US provides its Chicago Fed National Activity Index and later the Fed’s Charles Evans is due to make a speech. UK corporates due to report today include Volution Group (FAN.L), Satellite Solutions Worldwide (SAT.L), Frenkel Topping Group (FEN.L), Phoenix Group (PHNX.L) and Finsbury Food Group (FIF.L). Equities in London as seen similarly lacklustre this morning, with the FTSE-100 see moving 5 to 10 down in early trading.

N+1 Singer - Mobile Streams - India forging ahead, Argentina difficult

  • 15 Mar 17

In a trading update issued this morning Mobile Streams has indicated further strong growth in Indian subscribers. The subscriber growth is materially ahead of our model assumptions (175k vs average H2 assumption of 80k). This confirms a good start and the Company is optimistic about further optimisation to help drive subscriber growth and revenues. The Argentinian business has been more difficult with one partner pulling out of mobile billing subscription services. Another major Argentinian partner has however improved its terms and the Company will be focusing on this opportunity to drive recovery. Given the timeline, the benefits are only likely to be obvious in early FY18. Importantly Argentina remains profitable and will help continue to partially offset the Indian start up losses. On the back of this update we have increased our EBITDA loss expectation for FY17 to £1.3m vs £1.0m previously and also adjusted the loss in FY18 to £0.3m from £0.1m. We still expect a move into profit in H2 FY18. Our cash forecasts are better for FY17 (c£2.5m vs £2.3m) as there is a beneficial working capital unwind in Argentina. Allowing for recovery in Argentina (working capital growth) means cash reduces as per previous expectations to £1.0m. We will revisit our forecasts again shortly after the Company has reported its interims (expected 31 March), when we expect to have more information about how the Indian and Argentinian operations are developing. While the Argentinian volatility is irritating the strong progress of the Indian launch is supportive of the investment case.



Providers

We bring together research & video content from 30 brokers and equity research providers. That means coverage from over 351 professional analysts.