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.

07 Jun 16

The Cybersecurity Rebellion: “No, I’m Spartacus!”

Steve “Woz” Wozniak, infamous co-founder of Apple, was the latest culprit to send shivers across the tech world by claiming Cybersecurity is the greatest threat the world has faced since the atom bomb. Mr Wozniak was alluding to the heightened sense of fear that recent high profile breaches have caused Cybersecurity to be put at the forefront of political, corporate and now it would appear, investor agendas. As the topic gains increasing awareness, it gives rise to a number of companies claiming to be a “thought leader” in the Cybersecurity space, holding the best IP and the best routes to market. With many companies singing from the same loss making hymn sheet it is making it ever difficult to spot the true “Spartacus” from the crowd.

Companies: BA/ BVC BLTG CHRT 9537 CNS DFX ECK EXPN GBG IGP MPAY NCC OSI SCH TERN

18 Jul 17

Leader of the narrowband

CyanConnode is a global leader in designing and deploying narrowband Internet of Things (IoT) solutions, principally using its RF mesh networking technology. It offers better performance for lower total cost of ownership than rivals, with easy deployment and secure IP-based machine-to-machine (M2M) communication. It has spent many years and £30m developing narrowband RF mesh networking technology and commercialising it in a world-class, award-winning narrowband IoT platform enabling M2M interface for smart-city or IoT applications, including smart metering and smart lighting. The business model currently focuses on volume hardware deployment together with recurring software licences per device, migrating to a licensing/royalty model as volumes increase and improving gross margin. Once a utility has borne the heavy cost of a network deployment, it is likely to be kept for many years and can now be upgraded for new IoT applications; leading to years of recurring high-margin licence fees.

Companies: Cyanconnode

09 Nov 17

AIM Journal

Companies: RWS G4M SRC PIM GAN ARTA

25 Jul 18

Some relief in India

Q1 revenues declined by 2.1% yoy but this includes a 2.8% negative impact from forex and a 0.8% adverse impact from the disposal of Vodafone Qatar. On an organic basis, service revenue was quite as expected, increasing indeed by 0.3%. A number slightly lower than the 1.4% recorded in Q4 which still reflects strong growth in AMAP, but which was mitigated by a decline in Europe driven by the drag from UK handset financing and the EU roaming regulation. Excluding these factors, Europe grew by 0.5% yoy: a correct number but nothing more. AMAP grew by 7.0% yoy, as in H2 2017/18, with growth that was faster than local inflation in South Africa, Turkey and Egypt. Although Indian revenues (not consolidated) declined by 22.3% yoy due to price competition and MTR cuts, note that it was down by only 1.4% compared to Q4, reflecting finally an appreciated stabilisation. The full-year guidance was reiterated. The group expects EBITDA growth of 1-5%, excluding the impact of UK handset financing in both years, and the significant benefit in the prior year from regulatory settlements in the UK and a legal settlement in Germany.

Companies: Vodafone Group

19 Oct 18

Funding provides working capital for delivery of H2

In both the Final and Interim results, the company noted it would require additional funding to provide working capital for the expected huge step-up in sales operations this year. The revenue step-up already seen in H1 was remarkable enough; almost trebling H1 2017 and 40% more sales than for the whole FY 2017. However, a much greater revenue jump is still anticipated towards the end of the year, and the company has now been provided with the working capital funding to enable that, through a placing and open offer. It is raising up to a gross £5.6m at 10p per share; an 18% discount to the current market price. This will increase the number of shares by 44% to 184m. However given that the company is presently lossmaking, we expect the raise to dilute the forecast FY 2018 adj. FD EPS from -3.5p to -3.2p.

Companies: Cyanconnode

25 Sep 18

IBC demonstrates the value of Amino’s Technology solutions

We recently attended the International Broadcasting Convention (“IBC”) in Amsterdam and identified three key themes from the event: 1) the increasing demand for end-to-end solutions in IP/Cloud TV delivery 2) Operator Ready Android TV is gaining increasing traction as the video delivery platform software stack of choice and 3) the notion of “Upcycling” legacy IPTV devices is receiving increasing industry attention. Amino’s solutions directly address each of the three segments, and we continue to believe the business is well placed to capture emerging growth opportunities in each.

Companies: Amino Technologies

08 Oct 18

LIBERUM: Amino Technologies* - Macro driven reduction in FY18/19 forecasts

A trading update today highlights macro driven delays in customer orders, particularly in emerging markets, as well as the continued margin pressure from sustained high component costs. We have reduced our FY18 and FY19 profit forecasts by around 30% which leaves the shares on a P/E of around 20x.

Companies: Amino Technologies

08 Oct 18

Macro headwinds intensifying

Amino has announced that macroeconomic headwinds affecting the business have intensified, and the company expects higher than anticipated component prices in H2 2018E. Management have adjusted their expectations for FY 2018E profits, with adjusted PBT expected to be c$11.5m. We take the company’s cue and reduce our forecasts accordingly. On a more positive note, cash performance remains strong, and management has confirmed its intention to increase the FY 2018E dividend by no less than 10%, with this level of dividend to be maintained to FY 2020E.

Companies: Amino Technologies

08 Nov 18

Disappointing on the Maritime side, but bright perspectives from Aviation

Inmarsat published this morning its Q3 results. Group revenues (excluding Ligado) were up 3.9% yoy to $336.4m, driven by Aviation. This was in line with the consensus. The strong growth in Aviation (+34%) is, however, overshadowed by a disappointing decline in Maritime (-5.7%). EBITDA was up 7.9% yoy to $173.6m, with an EBITDA margin of 55.9% (vs. 54.3%. Q3 17), driven by a strong EBITDA performance in Aviation and lower Central Services costs. This came in largely above consensus which expected €152m (excluding Ligado). Revenue and EBITDA for FY18 are now expected to be at least in line with current market consensus of $1.325m and $610m, respectively. The medium-term guidance was left unchanged.

Companies: Inmarsat

13 Nov 18

Vodafone maintains its dividend

Following a correct H1 release from an operational viewpoint, management has announced it intends to propose a total dividend of €0.1507 per share for 2018/19, stable yoy. So, we still do not see a case for a cut in the dividend for 2018/19 or 2019/20. This is why we are sticking with our Buy opinion.

Companies: Vodafone Group

06 Dec 18

Reassuring trading update

In our view, today’s trading update from Amino reassures on the FY 18E financial outcome. Revenue and adjusted PBT are expected to be in line with market expectations, and cash generation remains strong. Furthermore, the 10% FY 18E dividend growth target has been reiterated. We make no changes to forecasts following the announcement and await detailed commentary on FY 18E business performance in the full-year results announcement scheduled for 5 February 2019.

Companies: Amino Technologies

13 Dec 18

LIBERUM: Manx Telecom* - Capital Markets presentation highlights Goshawk upside

The shares, back at 5 year lows, reflect some of the pricing challenges in the core island telecoms business and the implied risk to the progressive dividend policy. While there are some headwinds in traditional fixed line and mobile services, what the market misses is the potential for a "transformed" Manx, to launch new, innovative, cash generative off-island telecoms services which can deliver high cash returns.

Companies: Manx Telecom

14 Dec 18

Manx Telecom - Worth listening out for clearSound

In September, Manx Telecom (MT) subsidiary Goshawk announced the launch of clearSound (MTcS), an innovative mobile phone service for people with hearing needs. Following positive feedback from test groups, MT has signed a deal with BT/EE to launch the Goshawk proposition on their UK networks and it intends invest £10m on the launch over the next three years. This has a five-year target to attract 20% of the three million people in the UK with moderate to severe hearing loss. The recent sell off of MT shares, exacerbated by UK small-cap weakness, has exposed good value in the stock, now at a high 30% P/E discount to its peers.

Companies: Manx Telecom

17 Dec 18

LIBERUM: CEO Video: Gary Lamb, Manx Telecom

In these six short videos Manx Telecom CEO Gary Lamb and Matthew Turner CEO & Founder of Goshawk discuss Goshawk's software for impaired hearing, the potential for the service in the UK and worldwide, how the service will be launched, the targets for the business and economics for Manx.

Companies: Manx Telecom

14 Jan 19

Trading update underlines consistency

In a trading update ahead of this week’s Capital Markets Days, Gamma has announced that EBITDA for the year ended 31 December 2018 is anticipated to be at the top of the range of market expectations with revenue and adjusted EPS in line with consensus. This reflects strong demand for its key UK products. The channel showed further growth with more contract wins while the direct business also signed ‘significant’ new contracts. Gamma’s new “Collaborate” product will launch later in Q1 2019. The integration of Dean One in the Netherlands (acquired in October 2018) is progressing ‘in line with expectations’. In December, Dean One launched Mobile Wholesale, a strategic partnership with T-Mobile. The Group has also formed Gamma Ireland. Given that we are at the lower end of the consensus range for EBITDA and EPS (although mid-range on revenue), we take this opportunity to adjust our margin assumptions and upgrade our Adj. EBITDA estimates by 5%-6% over our forecast horizon. That produces a 6%-10% increase in our Adj. EPS estimates.

Companies: Gamma Communications

17 Jan 19

CyanConnode - Trading Update January 2019

19 Sep 18

CyanConnode - $11.6m order from India

31 May 18

Ed Stacey on MTI Wireless Edge

21 May 18

CyanConnode - Significant Order

10 Dec 18

Executive interview – mVise

01 May 18

Adept (ADT) presentation at Mello Derby 2018

12 Oct 18

MTI Wireless Edge Ltd to benefit from strong growth dynamics

10 Apr 18

CyanConnode - Sylvian Vittecoq - An introduction

02 Dec 18

AdEPT Technology (ADT) Presentation at MELLO London November 2018

10 Jan 18

Ed Stacey on Spirent Communications Plc

01 Dec 17

Capital Network's Ed Stacey on Gamma Communications Plc

20 Sep 17

CyanConnode - $29m new purchase order for smart metering in the Ukraine

30 Jun 17

UK Oil & Gas Investments - Summary of Broadford Bridge Conventional Oil Opportunity

15 Sep 17

CyanConnode – Fundraise and Shareholder Update

30 Jan 18

Filtronic - Company Overview

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Cyanconnode

CyanConnode - Trading Update January 2019

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17 Jan 19

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UK Oil & Gas (UKOG) – Corporate – Operational and Commercial Update

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16 Jan 19
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NXR EKF DISH SEN SBIZ TWD YCA SOM BVC GETB

Small Cap Feast

Circassia Pharma (CIR.L) - specialty pharmaceutical company focused on respiratory disease transferring from the Main Market. No funds being raised. Due 4 Feb.

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16 Jan 19
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ALT FDEV TAX TCM

Morning Note – 15 January 2019

Altitude Group (ALT): Corp Placing and acquisition – completion | Frontier Developments (FDEV): Corp Jurassic World Evolution drives earnings upgrade | Tax Systems (TAX): Corp Strong FY trading update | Telit (TCM): Corp FY 2018 earnings in line

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15 Jan 19
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Gamma Communications

Trading update underlines consistency

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14 Jan 19
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Manx Telecom

LIBERUM: CEO Video: Gary Lamb, Manx Telecom

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17 Dec 18
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Manx Telecom

Manx Telecom - Worth listening out for clearSound

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14 Dec 18
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Manx Telecom

LIBERUM: Manx Telecom* - Capital Markets presentation highlights Goshawk upside

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13 Dec 18
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UKOG FRR I3E

First Light

UK Oil & Gas (UKOG) – Corporate – Acquisition of Further 30% Interest in Arreton Discovery | Frontera Resources (FRR) – Corporate – Financing Update | i3 Energy (i3E) – Corporate – Serenity Update

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