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.

01 Apr 20

A seismic shift in the way we live and work

The Coronavirus pandemic is a human tragedy of vast proportions – as well as the terrible human toll, COVID-19 has led to economies across the globe going into physical lockdown and financial freefall. Entire populations are adapting to the “stay at home” edict, to safeguard the vulnerable – and some of these changes will lead to long-lasting or perhaps permanent changes in the way we live or work. This note describes some of our client companies whose business models are well adapted to these changes, or who might see a change in long-term structural demand.

Companies: AMO BGO FDM GAMA KAPE LOOP TERN ZOO

30 Mar 20

LIBERUM: SigmaRoc* - Scope to withstand very long lock-down

SigmaRoc’s shares have fallen by 49% since 21 February. We think this is an over-reaction as the market has underestimated the financial strength of the group and its liquidity position.

Companies: Sigmaroc

30 Mar 20

COVID-19 update

Amino has released an update on the impact of COVID-19 on the business. Overall, the devices supply chain is returning to normal but the pandemic is now impacting customer spending and the FY 20E outlook clearly remains uncertain. Pending market stabilisation, dividend payments have therefore been suspended - including the proposed FY 19A final dividend which retains an additional $5m within the business. The group has financial headroom of $13.7m as of today. The strategic move towards software, alongside a broader product set and more diversified customer base following the 24i acquisition in our view gives Amino a strong platform, and financial position, to face the challenges arising from COVID-19.

Companies: Amino Technologies

31 Mar 20

CyanConnode*

Interim results covering CY2019

Companies: Cyanconnode

05 Nov 19

LIBERUM: SigmaRoc* - Blue chip investment

SigmaRoc has acquired Carrières du Hainaut (CdH) for €81m EV, funded by debt and a £33m share placing. This has enhanced EPS by c.20%.

Companies: Sigmaroc

30 Jan 20

Expenses that still don't pay off

No real surprise with BT’s Q3 trading update but we get the feeling that recovery will not come into force soon. The group remains highly discounted vs. its peers with in particular an 8.5% dividend yield which suggests however that the dividend may be lowered in the near future. For the first 9m BT’s free cash flow was indeed down £737m to £1,000m due to increased capex and the deposit for UEFA club football rights.

Companies: BT Group

16 Mar 20

Cenkos: Oil & Gas Sector - Diversified Gas & Oil, UK Oil & Gas, Trinity Exploration & Production, Tullow Oil, Cairn Energy, Pharos Energy, Vaalco Energy, Transglobe Energy, Valeura Energy, Touchstone Exploration, Serica Energy, Gran Tierra Energy, EnQuest

Oil posted the biggest weekly plunge since 2008, capping its most dramatic week in recent memory as major producers prepare to drench the market with supply just as the coronavirus crushes demand. But prices jumped following the close, after President Donald Trump said the U.S. would fill the nation's strategic reserve. Losses for the week totalled 23% after the collapse of talks between members of the OPEC+ group triggered the biggest crash in a generation. Instead of reaching a deal to cut output to mitigate the fallout from the virus, producers led by Saudi Arabia and Russia embarked on a war for market share and pledged to pump more.

Companies: TGL TXP VLU EGY GTE CNE DGOC ENQ SQZ UKOG TRIN TLW PHAR

01 Apr 20

WHI First Light: UK Oil & Gas (UKOG)

UKOG released its 2019 results for the period ended 30 September 2019 yesterday after the market close. At period-end the company had a cash balance of £6.9M.

Companies: UK Oil & Gas Investments

15 Oct 19

LIBERUM: SigmaRoc* - Blue chip investment

SigmaRoc is proposing to acquire Carrières du Hainaut (CdH) for €82m EV, funded by debt and a £32m share placing. It should enhance EPS by c.16%.

Companies: Sigmaroc

21 Oct 19

Quarterly Research Outlook Autumn 2019

Following continued delays of a Brexit agreement, few sectors within the UK market have remained attractive to investors despite low valuations. One sector which has continued to outperform despite the political drama has been the UK video gaming sector (henceforth UK gaming), which we are fans of. We believe a combination of sector-leading growth, strong cash conversion and timely cyclical positioning support our positive view on the UK video gaming sector.

Companies: ABBY AMS ANX ARS ATYM AVON BLVN PIER BUR CGS CAML CDM CSRT TIDE CYAN DTG DEMG ELM EMR FPO FDEV GTLY GENL GHH GRI GEEC GKP HMI HAYD HEAD HILS HTG HUR IBPO IOG INDI JHD JOG KAPE KEYS KWS KCT KGH LAM LIT LOK MACF MANO MOD OXIG PCA PANR APP SRE PHC PMO RBW RMM RBGP REDD RSW RNO ROR SUS SCPA SEN SHG SOLG SOM SUMO TM17 INCE TWD TRAK TRI VNET VTC ZOO ZTF

27 Feb 20

2019 results - strong software performance

Amino has announced FY 19 results in line with our estimates. Software and services sales grew strongly during the year (+41% YoY) reflecting the transformation programme announced during 2019 and the 24i acquisition. The transition towards a more software- led business model is also benefitting earnings quality, with improved revenue visibility, margins and cash performance. We make no changes to earnings estimates, but believe re-affirmed dividend expectations, alongside positive management commentary on the outlook give grounds for optimism for FY 20E and beyond. We also include a short comment on the potential Coronavirus impact to the supply chain – there is clearly a challenge, but one which we currently hope can be contained.

Companies: Amino Technologies

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

07 Oct 19

Cancer - Strategy for affordable care

The cancer burden is growing globally. Each year >18 million people are diagnosed, nearly 10 million die and the estimated economic cost exceeds $1 trillion. From early diagnosis to late-stage disease, cancer care often involves inappropriate or unnecessary interventions that drive costs but provide limited clinical benefit. Coupled with an increased understanding of cancer biology and rapid technological advances, this has been driving momentum for precision medicine, leading to patient and societal benefits. The use of biomarkers and sophisticated diagnostics is facilitating early intervention through robot-enabled minimally invasive surgery and locally delivered radiotherapy. Immuno-oncology has revolutionised cancer care, with the focus now on identifying combinations that further improve long-term outcomes. Liquid biopsies and companion diagnostics are increasingly being used to personalise therapy.

Companies: VSC ABT ABBV AFMD A GOOGL AMGN AZN BCART BMY CVRS EKTAB EXAS GSK ILMN IPH ISRG IBAB JNJ MDXH MDG1 MDT MRK MYGN NSTG NOVN OCX PFE QGEN RAYB ROG SAN SGEN TMO TRXC TNG VAR VCYT VNRX XNCR ECX IMM

11 Nov 19

Allenby Capital TMT Update - 11.11.19 (MWE.L, ZOO.L)

MTI Wireless Edge Ltd* (MWE.L, 34p/£29.7m) | ZOO Digital plc* (ZOO.L, 84p/£62.6m)

Companies: MTI Wireless Edge Zoo Digital Group

06 Jan 20

CyanConnode*

T&Cs on Indian order worth £3.3m now confirmed

Companies: Cyanconnode

07 Jan 20

First commercial order for BATM

10 Feb 20

BATM hails accelerated demand for waste treatment services

30 Sep 19

Investor Update: UKOG spuds new Horse Hill well near Gatwick Airport

08 Jan 20

CyanConnode - Expands to Thailand

27 Sep 19

AdEPT Technology making good progress on its 'One AdEPT' project

07 Jan 20

First commercial order for BATM subsidiary Ador

17 Mar 17

CyanConnode - New funding round announced

19 Dec 19

CyanConnode - India update

19 Mar 20

BATM Advanced Communications to have unique coronavirus home test ready within months

09 Dec 19

Executive interview - mVISE at EKF 2019

24 Mar 20

CyanConnode - Follow-on Order for Smart Metering in Thailand

25 Nov 19

MTI Wireless Edge seeing 'continued significant revenue growth and profitability'

04 Mar 20

BATM sees full year earnings double for 2019

12 Nov 19

AdEPT Technology reports 'storming first half' as it transitions to managed service provider

28 Feb 20

BATM Advanced Communications begins production of its coronavirus test kit

Latest Content

AdEPT Technology reports big increase in call volumes as staff move 'seamlessly' to working remotely

Adept Technology

02 Apr 20

A seismic shift in the way we live and work

AMO BGO FDM GAMA KAPE LOOP TERN ZOO

01 Apr 20
-

WHI First Light: UK Oil & Gas (UKOG)

UKOG released its 2019 results for the period ended 30 September 2019 yesterday after the market close. At period-end the company had a cash balance of £6.9M.

UK Oil & Gas Investments

01 Apr 20
-

CyanConnode*

Interim results covering CY2019

Cyanconnode

31 Mar 20
-

CyanConnode - Interim Results 2019

Cyanconnode

31 Mar 20

Morning Note – 30 March 2020

AMO BVXP MAI SOLI SOM MCL PCIP BLV

30 Mar 20
-

COVID-19 update

Amino Technologies

30 Mar 20
-

LIBERUM: SigmaRoc* - Scope to withstand very long lock-down

SigmaRoc’s shares have fallen by 49% since 21 February. We think this is an over-reaction as the market has underestimated the financial strength of the group and its liquidity position.

Sigmaroc

30 Mar 20
-

NKOM announcing further regulations

NKOM: Further regulations on Telenor to encourage the third network Marginal impact on Telenor - ref ICEs current roaming agreement w/Telia COVID-19 will lower churn of mobile subscribers, we believe Potential slight negative for challenger operators such as ICE(no coverage

TELENOR

27 Mar 20
-

Telia cuts dividends and 2020 outlook

Telia just cut its dividend and announced it will not reach its 2020 target The DPS cut was due to negative COVID-19 impact on TV&Media business COVID-19 effect on Telia’s remaining business are limited Marginal read-across to Telenor - near-term Nordic revenues as usual

TELENOR