Telecoms

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.

16 Sep 19

TMT Update 16.09.19 (ECSC.L, CCT.L, MWE.L)

ECSC Group plc* (ECSC.L, 72.5p/£6.6m) Interims: Managed Serivces boosts margins; positive start to H2 (11.09.19) | The Character Group plc* (CCT.L, 360p/£77m) Pre-close update: Scandinavia disappoints (13.09.19) | MTI Wireless Edge Ltd* (MWE.L, 29.5p/£25.8m) Contract win: Scope for growth (16.09.19)

Companies: ECSC CCT MWE

18 Sep 19

Facebook working on AR glasses, TransferWise revenue +53% YoY, WeWork debt price tumbles

Facebook has been working to develop augmented reality glasses out of its Facebook Reality Labs in Redmond, Washington, for the past couple of years, but struggles with the development of the project have led the company to seek help. Now, Facebook is hoping a partnership with RayBan parent company Luxottica will get them completed and ready for consumers between 2023 and 2025, according to people familiar. Needless to say, we highlight a potentially substantial threat to Snap Inc, and a potentially huge opportunity for developers within the Facebook ecosystem.

Companies: EVRH ESYS BGO BOKU EQLS IMMO SMRT TECH VRE

02 Jul 19

Where’s the Value?

Warren Buffett once said that as an investor, it is wise to be ‘fearful when others are greedy and greedy when others are fearful’. Fear is not in short supply right now.

Companies: OPM ALU ANCR BLV CONN CRC FDL GATC HAT LEK MMH MCB MWE NXR NTBR NOG PAF PEG RFX SRC TEF TEG TPT VTU WYN XLM

12 Sep 19

LIBERUM: SigmaRoc* - Growing pipeline and first Continental acquisition

SigmaRoc has announced its first acquisition in mainland Europe, acquiring Stone for €2.2m. We estimate that the transaction should be earnings enhancing by around 1%, with leverage not rising above 2.0x in 2020.

Companies: Sigmaroc

23 Jul 19

Quarterly Research Outlook - Summer 2019

In January, we provided a list of 11 stocks for 2019 that we believed would perform strongly with attractive catalysts that could lead to material outperformance. In this Quarterly Research Outlook, we revisit these views, analysing what has happened and how the remaining six months of the year could play out.

Companies: AMS ANX ARS ATYM AVON BLVN PIER BUR CGS CAML CALL CSRT TIDE CYAN DTG DEMG ELM EMR FPO FST GTLY GENL GRI GEEC GKP HMI HAYD HEAD HILS HTG HUR HYR IBPO IOG INDI JHD JOG KAPE KEYS KCT KGH LAM LIT LOK MACF MANO PCA PANR PXC PHC PMO RBW RMM REDD RSW RNO RKH RBGP ROR SUS SCPA SHG SOLG SOM TWD TRAK TSG TRI VNET VTC ZOO ZTF

27 Aug 19

Foreign buyers gorging on UK stocks

Like whales feasting on Krill, overseas firms are today stuffing themselves silly with choice fillets of corporate Britain. Why? Well look no further than geopolitical tensions and Brexit, which have disproportionately impacted UK equities and the £. Indeed the FTSE100 has lagged the S&P500 by a hefty 19% over the past 2 years, with Sterling dropping to 34 year lows vs US$ (see below). That said to us, based purely on fundamentals, this period of underperformance appears over-cooked, leaving many quality British companies vulnerable to predatory interest.

Companies: VOD AV/ AGK CHG CNA ITV BRBY SMIN CTEC SXS OXIG MGAM IMI WEIR WMH KMK EYE GATC ULS INS ALFA RDT TSTL ELCO MBH BLTG IHC 9537 CSRT NBI

27 Aug 19

Allenby Capital TMT Update 27.08.19 (MWE.L, BIRD.L, MPAY.L, STAR.L, CCT.L)

Companies: MWE BIRD MPAY STAR CCT

28 Mar 19

FY18 ahead of management’s expectations

Pebble Beach has reported full year results ahead of management’s expectations, with revenues down 11% to £9.2m but adjusted EBITDA increasing materially to £2.5m (FY17: £0.5m). This outturn reflects a focus on high margin revenue and demonstrates management’s commitment to delivering improved profitability, despite challenging underlying market conditions. The margin gains delivered, improving cash flow and a strong order book give management confidence in delivering further financial improvement in FY 2019.

Companies: Pebble Beach Systems Group

03 Sep 19

Further upgrades follow strong H1 performance

As presaged in Gamma’s July trading update, the first half of 2019 has been another strong period of trading for the Group. We are upgrading our revenue estimates by between 3% and 6% and adjusted EBITDA by between 11% and 19% across our three-year forecast horizon. The results show further good growth in the UK across both the direct and indirect businesses while the acquisitions in the Netherlands settled into Gamma ownership with a solid first half. With strong growth across the major product groups in what is proving to be an increasingly competitive market, we believe that the interims provide further evidence that Gamma is continuing to balance near-term delivery with the execution of the its longer-term strategy. Given another strong half year, the outlook comments in the announcement are, unsurprisingly, positive about the Group’s future performance.

Companies: Gamma Communications

16 Mar 18

Top-line growth set to drive margin expansion

Spirent’s results last week showed good traction from the group’s strategic growth areas (Lifecycle Service Assurance and Application Security), which combined with effective cost control, resulted in strong earnings growth and excellent cash generation. The group remains heavily H2 weighted, but we believe it is well placed to deliver a long awaited return to top-line growth going forwards. With gross margins remaining strong and management maintaining a tight grip on costs, we expect the growth to result in continued margin expansion across our forecast period. We make significant upgrades to all forecast years and increase our target price to 139p. Buy.

Companies: Spirent Communications

31 Jan 19

Openreach under pressure from regulated price reductions

BT released this morning its Q3 update which was slightly worse than expected in terms of EBITDA. EBITDA was indeed down by 3.5% yoy, while revenue declined as expected by 1%. So quite a poor release reflecting a new decline in EBITDA which offsets the previous solid H1 (EBITDA was up by 2% yoy). Note, however, this poor performance was quite expected as it is due to the regulated price reductions at Openreach on FTTC and Ethernet products. By the way, the outlook for 2018/19 has not been modified and management still expects EBITDA to be in the upper half of its £7.3-7.4bn range.

Companies: BT Group

20 Mar 19

FY19 Interim Update

AdEPT Technology is a communications and IT managed services provider to mid-sized enterprises in the UK healthcare, education and public sectors.

Companies: Adept Technology

26 Jul 19

A trading update overshadowed by the creation of Europe's largest tower company

The correct but not more than a Q1 trading update has been largely overshadowed by the announcement in parallel of the creation of Europe’s largest tower company with preparations underway for a variety of monetisation alternatives, to be executed during the next 18 months, including an IPO. The EV of this company could be at least of around €13.5bn. It is obviously excellent news and could be the catalyst that everyone expected to boost the stock, finally. We maintain our strong Buy.

Companies: Vodafone Group

27 Aug 19

Splunk acquires $1bn cloud software firm, US & Asia pour $3.7bn into UK Tech, Hedge funds steer away from Tech

Data analytics software maker Splunk Inc on Wednesday said it would acquire privately held SignalFx, which makes software for the cloud, in a cash and stock deal for about $1.05 billion. Splunk hopes the deal will boost its capabilities by allowing its customers to use SignalFx products to monitor their data centres and applications in real-time.

Companies: Amino Technologies IQE

04 Sep 19

H1’19 inline; risk of delays in India mitigated in ROW

CyanConnode’s H1’19 numbers this morning are in-line with its earlier pre-close trading update. While management flagged recent civil unrest in India which has created a short delay to contract awards and roll-out, it remains confident of new leads in other regions to help offset the potential shortfall in revenues. We retain our estimates for FY19E pending further updates. We retain our Buy rating and target price on a still-compelling risk-reward balance given the shares material weakness YTD (-58%).

Companies: Cyanconnode

04 Sep 19

CyanConnode - Interim results 2019

24 Jul 19

CyanConnode - Investor Conference Call

25 Jul 19

AdEPT Technology Services, Clients & Growth Strategy

24 May 19

MTI Wireless Edge 'an excellent growth company' with further re-rating potential

09 Jul 19

Adept Technology Full Year Results

17 May 19

CyanConnode - Shareholder Meeting - 16th May 2019

12 Mar 19

Capital Network analyst sees 'compelling growth opportunities' at MTI Wireless Edge

13 May 19

CyanConnode Holdings - Full year results 2018

17 Jul 19

Downing: Income & Growth presentation at Mello May 2019

17 Dec 18

Manx Telecom CEO Gary Lamb and Matthew Turner CEO & Founder of Goshawk*

Premium

28 Jun 19

Capital Network analyst on MTI Wireless Edge's water management acquisition

12 Oct 18

MTI Wireless Edge Ltd to benefit from strong growth dynamics

19 Sep 18

CyanConnode - $11.6m order from India

11 Sep 18

CyanConnode - Interim Results 2018

17 Jul 19

CyanConnode - Trading update for H1 2019

Latest Content

EVRH ESYS BGO BOKU EQLS IMMO SMRT TECH VRE

Facebook working on AR glasses, TransferWise revenue +53% YoY, WeWork debt price tumbles

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18 Sep 19
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ECSC CCT MWE

TMT Update 16.09.19 (ECSC.L, CCT.L, MWE.L)

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16 Sep 19
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ANG LSAI OVB ADAM OEX ODX MPE MWE SAV RBGP

Small Cap Feast

AMRYT PHARMA PLC— a biopharmaceutical company focused on developing and delivering innovative new treatments to help improve the lives of patients with rare or orphan diseases have raised $60m before expenses and will relist on the AIM Market on the 25/09/2019. VAALCO Energy, Inc. (NYSE: EGY), an independent energy com pany focused on developm ent and production assets in West Africa, today announces its formal intention to seek a Standard Listing on the Main Market of London Stock Exchange ("LSE"), to complement its existing Listing on the New York Stock Exchange. Kaspi.kz, the largest Paym ents, Marketplace and Fintech Ecosystem in Kazakhstan w ith a leading m arket share in each of its key products and services, announces today the expected publication of a registration document that has been submitted for approval to the FCA and its potential intention, subject to market conditions, to undertake an initial public offering. Registration document approved for Helios Towers. The Group provides essential network services, flexible infrastructure solutions and reliable power supply to mobile network operators in five African growth economies. Revenue increased 7 per cent. year-on-year to US$191m (H1 2018: US$178m), with Adjusted EBITDA up 15 per cent. year-on-year at US$99m (H1 2018: US$86m) for the six months ended 30 June 2019.

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16 Sep 19
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Sigmaroc

LIBERUM: SigmaRoc* - Growing pipeline and first Continental acquisition

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12 Sep 19
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mVISE

mVISE - Is an H2 catalyst coming?

mVISE interims highlight a business continuing to make progress on its three-year 2018+ strategy. Headline revenues rose nearly 7% y-o-y and 12% organically. With new white-label partners now marketing elastic.io, a big acceleration in product and associated (high-margin) consulting sales is expected in H2 and the company has maintained its FY19 guidance. We see the shift to cloud-based, big data-driven platforms providing an excellent long-term growth tailwind. In our view, these prospects are not reflected in a consensus FY20 P/E of 12.1x.

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12 Sep 19
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LID OVB HMLH TUNE AMPH DGOC ANIC UKOG BIOM PVR

Small Cap Feast

MRYT PHARMA PLC— a biopharmaceutical company focused on developing and delivering innovative new treatments to help improve the lives of patients with rare or orphan diseases have raised $60m before expenses and will relist on the AIM Market on the 25/09/2019

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12 Sep 19
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UKOG I3E THAL

First Light

UK Oil & Gas (UKOG) – Corporate – Completion of Acquisition and Operational Update | i3 Energy (i3E) – Corporate – Pilot Well Result (Well 13/23c-9) | Thalassa (THAL) – Corporate – Receipt of $4.8m balance of earn out

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11 Sep 19
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SRC SIS 88E CTR EAH ACP KRM RGO CGNR ALTN

Small Cap Feast

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11 Sep 19
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Telit Communications

Telit enjoys strong growth in continuing business

Under the new, strengthened management team, Telit has delivered a good six months in H1 2019 – not just the $103m cash and a $57m profit from the sale of the automotive operation but also enjoying strong growth in its continuing industrial IoT business. H1 has seen the automotive sale, the reorganisation of management and a focus on innovative industrial IoT products and services, all of which has helped improve the financial performance. This is now a well-capitalised global business with a strong position at the leading edge of the rapidly growing and exciting industrial IoT market. The company is comfortably on track to meet our FY expectations and we reiterate our forecasts and TP.

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10 Sep 19
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ODX STM AGL DEST TCM

Morning Note – 10 September 2019

ANGLE (AGL): Corp Third-party breakthrough prostate cancer research | Destiny Pharma (DEST): Corp Research grant award | Omega Diagnostics (ODX): Corp £0.4m Chinese purchase order | STM (STM): Corp Reported EBITDA in line amidst investment for the future | Telit (TCM): Corp Telit enjoys strong growth in continuing business

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