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.

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

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

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

15 Apr 19

LIBERUM: SigmaRoc* - Accretive acquisition and non-exec appointment

The announced acquisition of GDH for an EV of £29m brings critical mass to SigmaRoc's third platform. The acquisition structure means that it is being acquired without issuing equity and this helps boost EPS by around 10% by 2021.

Companies: Sigmaroc

15 Jul 19

Acquisition of 24i Media

Amino has acquired 24i Media, industry-leading provider of TV and OTT apps, user experience solutions and services, headquartered in Amsterdam. The €21.4m acquisition (€16m cash, €3.3m in Amino stock and €2.1m deferred consideration conditional on management remaining with the business) will be funded from existing cash resources, retaining a continuing net cash position. 24i contributes to the rapid development of Amino’s strategy for driving high-margin software and recurring revenues, in addition to adding further key elements of provision of an end-to-end TV solution to clients – positioning the group earlier in the engagement during selection of the TV ecosystem. Growing at a strong 25% per annum, 24i lifts Amino forecast revenue by 6% with part-year contribution to November FY19, +22% in FY20 and +28% in FY21 – with EBITDA +1%, +24% and +39%. Combining EBITDA growth with a strong supporting dividend and retaining a healthy balance sheet after an intelligent and timely acquisition, we lift our target price to 215p.

Companies: Amino Technologies

15 Jul 19

Further push into online video – 24i deal

Amino has announced the acquisition of 24i Media, a provider of TV and OTT Apps, user experience and user interface (“UX/UI”) solutions and services. The group is paying total consideration of €21.4m in cash and shares for 87% of the issued share capital, although the subsequent injection of €5m and the AminoTV business into this subsidiary raises Amino’s stake to 92%. This price equates to an EV/Sales of c.4x on an historical basis. The 24i deal will provide Amino with a significantly enhanced geographic footprint and a material extension to AminoTV’s activities. The transaction will also allow Amino to accelerate its strategy of moving towards higher margin, software-led, recurring revenues in a rapidly-changing market.

Companies: Amino Technologies

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

30 Jul 19

Further moves into software

Amino has announced the signing of a collaboration agreement with mobitv, a US-based streaming TV and video platform, for Amino to deliver mobitv’s MOBITV CONNECT IPTV service on upcycled legacy devices. We believe the agreement delivers a strong addition to the Amino ecosystem and mobitv is an attractive partner. We make no changes to estimates following the announcement. Following the recent 24i acquisition, the mobitv agreement demonstrates further momentum in Amino’s move towards a more software-centric business model in our view. It should also enhance the group’s competitive positioning in legacy-device upcycling.

Companies: Amino Technologies

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

10 Sep 19

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.

Companies: Telit Communications

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

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

16 Oct 19

Good traction in the Location technology offer

TomTom’s Q3 release is of good quality, in our view, underpinning the good traction of its Location technology offer. The lower revenue guidance for FY19 has been triggered by accounting treatments, therefore, the cash generation assumption still holds true.

Companies: TomTom

31 Oct 19

Update on commercial pipeline; rebasing estimates

CyanConnode has confirmed that its FY trajectory has undershot management’s original expectations. Bureaucratic delays in India have meant that terms on four significant contracts are now unlikely to be negotiated in time to have a material impact on FY19E performance. Further, an existing contract has also been delayed. We have reset our estimates accordingly, roughly doubling the EPS loss in FY19E and retain our FY20E estimates given the current uncertainties over contract timing. While disappointing, we believe the recent pressure on share price performance (-c.60% YTD), discounted valuation and the wider theme of smart metering remain supportive of our Buy rating.

Companies: Cyanconnode

27 Sep 19

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

02 Oct 19

BATM starts proof-of-concept deal discussions for its 5G virtual network

17 Jan 17

SigmaRoc - An overview

25 Sep 19

Toople PLC reports busier than expected summer trading

30 Jun 17

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

25 Jul 19

AdEPT Technology Services, Clients & Growth Strategy

12 Nov 19

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

24 Jul 19

CyanConnode - Investor Conference Call

02 Oct 19

BATM start proof-of-concept deal discussions for its 5G virtual network

24 May 19

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

30 Sep 19

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

17 May 19

CyanConnode - Shareholder Meeting - 16th May 2019

17 Jul 19

Downing: Income & Growth presentation at Mello May 2019

13 May 19

CyanConnode Holdings - Full year results 2018

28 Jan 19

MTI Wireless Edge's share buy-back 'a welcome development' for investors

Latest Content

Adept Technology

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

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12 Nov 19

UK Oil & Gas Investments

FIRST LIGHT

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

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12 Nov 19
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Telit Communications Kingswood Holdings

Morning Note – 12 November 2019

Kingswood Holdings (KWG): Corp Huge ambition with resources available to execute | Telit (TCM): Corp YTD trading on track for FY expectations

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12 Nov 19
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mVISE

mVISE - Is an H2 catalyst coming?

mVISE is continuing to make progress on its three-year 2018+ strategy. Recent interims saw headline revenues rise 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, allowing the company to maintain 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 11.9x.

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11 Nov 19
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3U Holding

3U Holding - Cloud computing and e-commerce growth

3U Holding’s diverse portfolio benefits from exposure to long-term growth trends across cloud computing, e-commerce and renewable energy. Solid execution, a cash-generative property sale and the increasingly realistic prospect of a value catalysing weclapp IPO has seen its shares rise by 74% ytd. We highlight the main trends in its three segments.

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11 Nov 19
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MTI Wireless Edge Zoo Digital Group

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)

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11 Nov 19
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7DIG ZOO AMO ESYS KNOS MIRA

Dropbox beats on key metrics, WhatsApp rolls out catalogue feature, Disney downplays Netflix rivalry

Dropbox shares bounced around after the company reported betterthan-expected third-quarter earnings on Thursday, as investors digested the company's improvements on some key metrics but widening GAAP losses from a year ago. Earnings excluding certain items came in at, 13 cents per share, vs. 11 cents per share as expected by analysts, according to Refinitiv.

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08 Nov 19
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7DIG ZOO AMO MIRA

Roku tanks following net loss, Qualcomm reports positive 5G forecast, Baidu’s video platform outperforms

Roku stock tanked more than 14% in after-hours trading after the company reported a wider net loss in the quarter, as it spent more to attract subscribers to its video streaming platform. Despite the loss, the video streaming company reported 32.3 million active accounts, up from 30.5 million during the previous quarter, and an average revenue per user of $22.58 compared to the previous quarter's metric of $21.06. Roku is targeting international expansion throughout the North and South American markets and expects to launch its first T.V. models in the UK by the end of 2020. Hardware was always a tough market and competition is heightening in our view. Qualcomm said on Wednesday it expected 200 million 5G smartphones to be sold in 2020, including flagship devices launching next fall, a reference Wall Street took as a hint that Apple would offer the faster technology next year. Once 5G networks are widely available sometime next year, Qualcomm, the world's largest supplier of mobile phone chips, and its rivals stand to benefit because the phones will require more chips to gain the speed boost. We’re bullish 5G – and Apple wading in certainly doesn’t hurt market growth in our view. Shares of Chinese internet giant Baidu surged over 4% in after-hours trade following better-than-expected results for the third quarter. Excluding items, EPS came in at 12.61 yuan, beating market expectations, but representing 34% YoY decline. Baidu has faced several headwinds this year including a slowing Chinese economy amid a protracted U.S.-China trade war, increased competition from new search players like TikTok owner ByteDance and increased scrutiny from regulators on the advertising market in the world's second-largest economy. Baidu is righting the ship belatedly after missing the mobile market. We’re waiting to see what happens with its B2B efforts.

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07 Nov 19
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TRAK AMO CPX IQE MIRI QTX SEE TCM TRCS TRMR

Uber targets 2021 profitability, Comcast launches new TV Ads, US-Sino tensions expected to continue

Uber announced earnings Monday that beat analyst estimates on the top and bottom lines for its third quarter of 2019. But the stock fell as much about 5% after the company reported over $1 billion in net losses, topping its $986 million loss during the same quarter last year. The loss includes $401 million in stock-based compensation. Following the results, in an interview with CNBC’s Deirdre Bosa on Monday, Khosrowshahi (CEO) said the company is targeting adjusted EBITDA profitability in 2021. We believe Mobility companies will continue to struggle to convince the capital markets until investors see the model proven.

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