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.

  • 17 Jul 18

LIBERUM: Amino Technologies - Initiation - Building next generation TV services

Disruptive commercial and technology challenges facing Amino’s telco and cable operator customers mean they have to reshape and, in some cases, recreate their pay-TV services. This needs investment in new software and cloud models and will require support from specialist solutions providers like Amino.

Companies: Amino Technologies
  • 17 Jul 18

Delivering TV-as-a-service

Interims for the period to May 2018 delivered EBITDA of $6.8m from $41.2m turnover. Contracted revenue represents 77% (FY17: c75%) of the FY18 target and sales orders 40% ahead of last year, leaving forecasts unchanged. Gross margin of 42.1% (1H17: 44.4%) reflected expected market-wide pressure described at prelims in January; however, cost control reduced opex 3% (vs 1H17), including partial benefit from the completed rationalisation of R&D centres (3 to 2), resulting in annualised savings of $1.4m. Cash generation was typically strong (pre exceptionals), lifting cash to $15m and leading to unchanged FY expectations of $23.5m demonstrating balance sheet strength. Abort fees on M&A deals shows management is strategically active; the dividend is 10% ahead of last year; and momentum is strong, with the order book healthy. Amino continues to demonstrate that it is a software-focused solutions provider delivering TV to customers for clients, anytime, anywhere and on any device. We reiterate our 275p target and look forward to further contract win newsflow.

Companies: Amino Technologies
  • 17 Jul 18

FY 18E expectations confirmed

Amino has announced H1 18 results consistent with the June-18 trading update and confirming management’s unchanged FY 18E expectations. As previously signalled, H1 18 financials were impacted by the phasing of orders by a major customer, and management expect the business to return to a more normal seasonality for the full year. Over 75% of expected FY 18E revenues were secured by the end of June-18, together with an order book up 40% YoY and management’s ongoing focus on supply chain optimisation, we see grounds for optimism in the second half outcome. We therefore make no changes to forecasts following the announcement aside from reflecting the adoption of US Dollar reporting by the Group.

Companies: Amino Technologies
  • 02 Jul 18

H1 Review

Best Ideas - 2018 H1 Review

Companies: SAA VP/ GLE AMO IOM HSP CVSG EKF PGIT VRP RLM AVG SOG DNLM SFR YU/ CBP

  • 21 Nov 16

Joy of Techs

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*.

Companies: 7DIG AMO ARTA BVC BOTB CTP CITY D4T4 DTC DOTD EGS ELCO ESG FDSA FDEV GBG IDEA IDOX IMTK IMG IGP IOM KBT KCOM KWS LRM MAI MMX NASA NET PHD QTX QXT RCN 932 SSY SEE SIM SPE TAX TEP TPOP TRAK UNG VIP WAND ZOO ARC ONEV

  • 24 May 18

Strong performance from quality – 11 focus stocks

We have refreshed our quality style screen for the second time and report on style performance since the last refresh in October. Performance has been very strong, outperforming the small-cap index by c.1600bps (weighted basis) and c.1000bps (unweighted). There has been volatility with the market and this style has yet to be tested in a concerted down market, but in a flat or rising market quality appears to be a successful investment style in small-caps. We have highlighted 11 focus stocks in the new screen and will report back again on performance when we next refresh the screen in about 5-6 months’ time.

Companies: LIO GHT AMO CHH ZYT DOTD GTLY RIV FCRM TAM PAM

  • 13 Jul 18

Telit - Automotive sale underpins future

Telit has confirmed the sale of its automotive division; it is being bought by Hong Kong-listed TUS International, a leading Chinese ADAS developer, for $105m in cash. With the complexities of disentangling the division from the rest of Telit’s worldwide operations, the deal will take several months to complete; however, we expect Telit to receive the cash by year-end. This will eliminate the current $25m net debt and provide great security as well as working capital for future growth. It represents very good value for one of Telit’s fastest-growing but least profitable operations, and will recapitalise as well as lift margins in the remaining business.

Companies: Telit Communications
  • 12 Jul 18

Strong trading continues

Gamma’s trading update for the first half of its current financial year highlights strong revenue and margin growth across all business areas. The upbeat announcement says that management expects the results for the full year ‘to be at the higher end of the range of Board expectations’. With the Group required to report its interims under new accounting standards in September, we are leaving estimates unchanged at present but will update numbers to reflect first half trading and the effects of IFRSs 9, 15 and 16 at that time. We note, however, that the Group ended the half year with a healthy cash balance which is ahead of our current year-end estimate. New CEO Andrew Taylor took over from Bob Falconer following May’s AGM with the handover ‘well received and successfully completed’. In all, the update presents a welcome continuation of momentum and growth.

Companies: Gamma Communications
  • 09 Nov 17

AIM Journal


Companies: RWS G4M SRC PIM GAN ARTA

  • 03 Jul 18

First Light

UK Oil & Gas (UKOG) – Corporate – Equity Capital Raise | Solid State (SOLI) – Corporate – FY18 results in line

Companies: UK Oil & Gas Investments Solid State

  • 12 Jun 18

AIM Journal

Legalisation of online sports betting in the US will provide opportunities for AIM online gaming companies. The Supreme Court of the United States has decided to overturn the Federal prohibition of sports betting. The state of New Jersey argued that congress had exceeded its authority and the judges agreed. The US sports betting market, both onsite and online, could be worth $6bn by 2023, but individual states will have to enact legislation to enable online sports betting to commence in their territory.

Companies: AOR TYR SML STR MWE RNWH

  • 19 Jun 18

Slow uptake hits FY17A; moving to No Rating

Ethernity reported FY17A revenues of US$1.52m, -30% YoY. The decline was attributed to significant customers either reducing or changing the nature of their business with Ethernity, and the slippage of Ethernity’s customers’ clients’ purchasing decisions (i.e. one step removed and outside the scope of the group’s control). Altogether, the impact was c.US$1.5m, partially offset by three new contracts secured in FY17A. Revenues undershot Arden estimates by 29%, primarily due to the reversal of a US$225k contract and others totalling a further c.US$270k.

Companies: Ethernity Networks
  • 29 Jun 18

Interims

UK Oil & Gas (UKOG) – Corporate Interims | Frontera Resources (FRR) – Corporate Annual Results

Companies: UK Oil & Gas Investments Frontera Resources

  • 17 Jul 18

Again a slight growth story in terms of EBITDA

Telenor has released its Q2 numbers: revenues declined by 1% yoy and lfl while EBITDA grew by 0.5% yoy. This is an expected performance and, for the full year, the group is maintaining its forecasts of an organic subscription and traffic revenue growth of 1-2%, and an organic EBITDA growth of 2-3% with capex of NOK17-18bn. Note, in June, Telenor initiated a share buy-back programme for up to 29m shares, equivalent to about 2% of the registered shares. This will return c. NOK5bn to shareholders.

Companies: TELENOR
  • 17 Jul 18

Tomtom upgrades its FY18 guidance but remains dependent on declining Consumer activity

The revenue trend observed in Q1 continues in Q2 (-9% to €231.4m), while H1 revenues are also down 9% to €423.2m. The EBITDA margin, on the contrary, is up to 27% vs 20% in Q2 17, while the operating margin reached 11% vs -61% in Q2 17. Finally, the adjusted net result for H1 18 reached €34.3m, up from €0.2m in H1 17.

Companies: TomTom
  • 30 Jan 18

Filtronic - Company Overview

filtronic-company-overview-30-01-2018
  • 10 Apr 18

CyanConnode - Sylvian Vittecoq - An introduction

cyanconnode-sylvian-vittecoq-an-introduction-10-04-2018
  • 09 Mar 17

AdEPT (ADT) update Sharesoc Richmond March 2017

adept-adt-update-sharesoc-richmond-march-2017-09-03-2017
  • 01 Dec 17

Capital Network's Ed Stacey on Gamma Communications Plc

capital-network-s-ed-stacey-on-gamma-communications-plc-01-12-2017
  • 01 May 18

Adept (ADT) presentation at Mello Derby 2018

adept-adt-presentation-at-mello-derby-2018-01-05-2018
  • 20 Sep 17

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

cyanconnode-29m-new-purchase-order-for-smart-metering-in-the-ukraine-20-09-2017
  • 22 Jul 16

Cyan Holdings - Analyst interviews, Beaufort Securities

cyan-holdings-analyst-interviews-beaufort-securities-22-07-2016
  • 15 Sep 17

CyanConnode – Fundraise and Shareholder Update

cyanconnode-fundraise-and-shareholder-update-15-09-2017
  • 09 Sep 13

Executive Interview - Vislink Plc

executive-interview-vislink-plc-09-09-2013
  • 15 Aug 17

CyanConnode - $10M follow-on order

cyanconnode-10m-follow-on-order-15-08-2017
  • 31 May 18

Ed Stacey on MTI Wireless Edge

ed-stacey-on-mti-wireless-edge-31-05-2018
  • 13 Jul 17

CyanConnode - Trading Update

cyanconnode-trading-update-13-07-2017
  • 09 Jan 17

Capital Network's Stacey expects "another year of earnings growth" for AdEPT Telecom

capital-network-s-stacey-expects-another-year-of-earnings-growth-for-adept-telecom-09-01-2017
  • 06 Jul 17

CyanConnode Holdings PLC - New $1.1m purchase order from India

cyanconnode-holdings-plc-new-1-1m-purchase-order-from-india-06-07-2017
  • 05 Oct 16

CyanConnode - JST Thailand increases strategic investment

cyanconnode-jst-thailand-increases-strategic-investment-05-10-2016

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Most popular equity research this week | 16 - 20 July

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  • 20 Jul 18
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Telia Company

Take advantage of the acquisitions at high prices weighing on the stock

A correct Q2 in line with expectations (in particular EBITDA growth due to the satisfactory progress of Telia’s cost-cutting programme of SEK1.1bn). But following the announcement in parallel this week of the acquisition of TDC’s Norwegian business (to be present on the fixed side in Norway) and of Bonnier Broadcasting (to move toward TV content in Scandinavia) for SEK30bn, the stock is down by 6% since the beginning of the week. We believe it’s an opportunity to buy the stock.

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  • 20 Jul 18
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Tele2

Kazakhstan remains the growth engine of the group

Tele2’s stock was up by 13.5% this morning after the release of its Q2 results. As expected and as in Q1, Q2 revenues increased by 5% lfl and yoy driven by solid service revenue growth in the Baltics, Kazakhstan and Croatia as well as more equipment sales in Sweden and the Baltics. EBITDA was, however, quite a lot better than expected: it has grown by 12% yoy thanks to Kazakhstan (+77% yoy) which alone explains the 7ppts with the revenue growth. Tele2 is indeed already exceeding its EBITDA margin ambition of 30% in this country a year earlier than planned. Kazakhstan now represents 17% of Tele2’s business (before the merger with ComHem): Q2 revenue has grown by 20% in local currency and the EBITDA margin reached 34% (vs 22% a year ago) driven by better operational efficiency and an improved product mix. So, a good release for Tele2 before its merger with the cable operator ComHem which is still expected to close in Q4.

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  • 18 Jul 18
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Telefonaktiebolaget LM Ericsson

Recovery is now well on track

Ericsson reported its Q2 18 results that confirmed the Q1 18 turnaround. The results beat the Street for both revenues and margins. The positives were the organic growth in Networks led by North America, the big increase in the gross margin (+580bp yoy) and the positive operating income. The company looks confident of its financial target for 2020, implying a >10% operating cash flow.

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  • 18 Jul 18
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Amino Technologies

LIBERUM: Amino Technologies - Initiation - Building next generation TV services

Disruptive commercial and technology challenges facing Amino’s telco and cable operator customers mean they have to reshape and, in some cases, recreate their pay-TV services. This needs investment in new software and cloud models and will require support from specialist solutions providers like Amino.

 View

  • 17 Jul 18
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AMO FLO IDEA IOG IOF DEST

Morning Note – 17 July 2018

Amino Technologies (AMO): Corp Delivering TV-as-a-service | Destiny Pharma (DEST): Corp Research collaboration – biofilms | Flowtech Fluidpower (FLO): Corp HY trading update confirms strong H1 growth | Ideagen (IDEA): Corp Low risk in delivering compliance | Independent Oil & Gas (IOG): Corp Thames pipeline integrity update | Iofina (IOF): Corp H1 2018 update

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  • 17 Jul 18
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Amino Technologies

FY 18E expectations confirmed

Amino has announced H1 18 results consistent with the June-18 trading update and confirming management’s unchanged FY 18E expectations. As previously signalled, H1 18 financials were impacted by the phasing of orders by a major customer, and management expect the business to return to a more normal seasonality for the full year. Over 75% of expected FY 18E revenues were secured by the end of June-18, together with an order book up 40% YoY and management’s ongoing focus on supply chain optimisation, we see grounds for optimism in the second half outcome. We therefore make no changes to forecasts following the announcement aside from reflecting the adoption of US Dollar reporting by the Group.

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  • 17 Jul 18
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AMO CLIG CLIN EMIS GTLY NCC SCPA SDL SPR

Morning Song

Amino Technologies (AMO LN) Solid interims – outlook maintained | City of London Investment Group (CLIG LN) Earnings preview in line, FuM performance aided stronger sterling | Clinigen Group (CLIN LN) In line FY trading update & product acquisition | EMIS Group (EMIS LN) In line H1 update | Gateley (GTLY LN) FY results – continuing progress | NCC Group (NCC LN) Full year in-line, good cash generation | Scapa Group (SCPA LN) Q1 trading in line with expectations | SDL (SDL LN) Acquisition accelerates premium solutions strategy | Springfield Properties (SPR LN) Strong conclusion to FY18, Dawn integration on track

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  • 17 Jul 18
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Amino Technologies

Delivering TV-as-a-service

Interims for the period to May 2018 delivered EBITDA of $6.8m from $41.2m turnover. Contracted revenue represents 77% (FY17: c75%) of the FY18 target and sales orders 40% ahead of last year, leaving forecasts unchanged. Gross margin of 42.1% (1H17: 44.4%) reflected expected market-wide pressure described at prelims in January; however, cost control reduced opex 3% (vs 1H17), including partial benefit from the completed rationalisation of R&D centres (3 to 2), resulting in annualised savings of $1.4m. Cash generation was typically strong (pre exceptionals), lifting cash to $15m and leading to unchanged FY expectations of $23.5m demonstrating balance sheet strength. Abort fees on M&A deals shows management is strategically active; the dividend is 10% ahead of last year; and momentum is strong, with the order book healthy. Amino continues to demonstrate that it is a software-focused solutions provider delivering TV to customers for clients, anytime, anywhere and on any device. We reiterate our 275p target and look forward to further contract win newsflow.

 View

  • 17 Jul 18
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TELENOR

Again a slight growth story in terms of EBITDA

Telenor has released its Q2 numbers: revenues declined by 1% yoy and lfl while EBITDA grew by 0.5% yoy. This is an expected performance and, for the full year, the group is maintaining its forecasts of an organic subscription and traffic revenue growth of 1-2%, and an organic EBITDA growth of 2-3% with capex of NOK17-18bn. Note, in June, Telenor initiated a share buy-back programme for up to 29m shares, equivalent to about 2% of the registered shares. This will return c. NOK5bn to shareholders.

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  • 17 Jul 18
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