Leading Independent Investment Research, Morningstar, Inc.

Morningstar

Leading Independent Investment Research

Morningstar, Inc.

Morningstar, Inc. is a leading provider of independent investment research in North America, Europe, Australia, and Asia. We offer an extensive line of products and services for individual investors, financial advisors, asset managers, and retirement plan providers and sponsors. 

Morningstar provides data on more than 500,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than 16 million equities, indexes, futures, options, commodities, and precious metals, in addition to foreign exchange and Treasury markets. Morningstar also offers investment management services through its investment advisory subsidiaries, with more than $180 billion in assets under advisement or management as of June 30, 2015. We have operations in 27 countries.

Download the Morningstar Fact Sheet : http://corporate.morningstar.com/US/documents/MarketingFactSheets/AboutMorningstarFactsheet.pdf

Thematic (Sector/Industry)

Fears of the impact of Britain's exit from the European Union have pushed down the prices of most European communication stocks. We think this is an overreaction as we view telecom as a sector somewhat immune to geopolitical changes. In our view, Brexit will have no effect on cross-border transfers of voice or data as mobile termination rates for voice have already been reduced to negligible levels and for data have been cut in half and will be down to local roaming rates by the end of 2017.Within the U.K., we think BT will likely be the most affected as the majority of its revenue is from the U.K. Its only non-U.K. revenue is from its global services division. However, we think what losses do accrue will be offset by stronger revenue from the global services division as revenue from other currencies is translated into a weaker pound.Analysts: Allan C. Nichols, CFA

Fears of the impact of Britain's exit from the European Union have pushed down the prices of most European communication stocks. We think this is an overreaction as we view telecom as a sector somewhat immune to geopolitical changes. In our view, Brexit will have no effect on cross-border transfers of voice or data as mobile termination rates for voice have already been reduced to negligible levels and for data have been cut in half and will be down to local roaming rates by the end of 2017.Within the U.K., we think BT will likely be the most affected as the majority of its revenue is from the U.K. Its only non-U.K. revenue is from its global services division. However, we think what losses do accrue will be offset by stronger revenue from the global services division as revenue from other currencies is translated into a weaker pound.Analysts: Allan C. Nichols, CFA

We Believe Brexit Fears Have Unfairly Driven Down Shares of Most European Communication Stocks

Leading International Investment Research, Edison Investment Research

Edison Investment Research

Leading International Investment Research

Edison is an investment research and advisory company, with offices in North America, Europe, the Middle East and AsiaPac. The heart of Edison is our world renowned equity research platform and deep multi-sector expertise. At Edison Investment Research, our research is widely read by international investors, advisors and stakeholders. Edison Advisors leverages our core research platform to provide differentiated services including investor relations and strategic consulting.

Equity Bottom-Up

Gamma Communications makes no secret of the headwinds it is experiencing, but investors should continue to look through this and focus instead on the extremely stable and highly cash-generative business model. Management is deploying the group’s cash flow wisely, incorporating well-timed acquisitions into an increasingly pan-European operating model. Any future price weakness could be of interest to long-term investors.

Gamma Communications makes no secret of the headwinds it is experiencing, but investors should continue to look through this and focus instead on the extremely stable and highly cash-generative business model. Management is deploying the group’s cash flow wisely, incorporating well-timed acquisitions into an increasingly pan-European operating model. Any future price weakness could be of interest to long-term investors.

Gamma Communications — H125 lays down strong roots for future growth

Index Rebal/Special Situations, Quiddity Advisors

Janaghan Jeyakumar, CFA

Index Rebal/Special Situations

Quiddity Advisors

Pan-Asia Catalysts/Events

Index Rebalance

<ul>
<li>The June 2025 index review results for F100 and F250 indices were announced yesterday after LSE market close.</li>
<li>There will be no changes for F100. There will be 4 ADDs and 4 DELs for F250.</li>
<li>Separately, <a href="https://www.smartkarma.com/entities/urban-logistics-reit-plc" target="_blank" data-smartkarma-citation="entities:35663:1" rel="noopener">Urban Logistics REIT (SHED LN)</a> is set to be deleted from the F250 index in June 2025 due to the completion of an M&amp;A event.</li>
</ul>


The June 2025 index review results for F100 and F250 indices were announced yesterday after LSE market close.
There will be no changes for F100. There will be 4 ADDs and 4 DELs for F250.
Separately, Urban Logistics REIT (SHED LN) is set to be deleted from the F250 index in June 2025 due to the completion of an M&amp;A event.


Quiddity Leaderboard F100/F250 Jun25 Results: All 6 Expected ADDs/DELs Correct + Couple of Surprises

<ul>
<li>In this insight, we take a look at the potential index changes for F100 and F250 in the run-up to the June 2025 index rebal event.</li>
<li>We see one M&amp;A-related intra-review change for the F250 index prior to the June 2025 review and then one more shortly after the rebal event.</li>
<li>Our latest estimates suggest there could be four regular changes for the F250 index during the June 2025 rebalance. We do not currently see any changes for the F100.</li>
</ul>


In this insight, we take a look at the potential index changes for F100 and F250 in the run-up to the June 2025 index rebal event.
We see one M&amp;A-related intra-review change for the F250 index prior to the June 2025 review and then one more shortly after the rebal event.
Our latest estimates suggest there could be four regular changes for the F250 index during the June 2025 rebalance. We do not currently see any changes for the F100.


Quiddity Leaderboard F100/F250 Jun25: LONGs up +6% Vs Index; Multiple Intra-Review Changes Soon

US-EU Index Rebalances / Quantitative Researcher

Dimitris Ioannidis

Global Financial Data and Analytics Platform

ORTEX

ORTEX is a global financial data and analytics platform providing real-time securities lending and short interest data, index rebalance data, holdings and insider transactions, trading signals, corporate actions and news,  stock machine learning and factor scores and other analytics. The majority of the data are downloadable and accessible through APIs.

<ul>
<li>
<a href="https://www.smartkarma.com/entities/gamma-communications-plc" target="_blank" data-smartkarma-citation="entities:21942:1" rel="noopener">Gamma Communications (GAMA LN)</a> is the flagship addition forecast at the review at a market cap of ~$1.7bn following its listing transfer from AIM to Main Market on 2 May.</li>
<li>The ~$1.5bn tender offer of BBGI is expected to close prior to the review. Current F250 replacement candidates are <a href="https://www.smartkarma.com/entities/wickes-group-plc" target="_blank" data-smartkarma-citation="entities:41349:1" rel="noopener">Wickes Group (WIX LN)</a> and <a href="https://www.smartkarma.com/entities/pantheon-infrastructure-plc" target="_blank" data-smartkarma-citation="entities:35077:1" rel="noopener">Pantheon Infrastructure (PINT LN)</a>.</li>
<li>
<a href="https://www.smartkarma.com/entities/mobico-group-plc" target="_blank" data-smartkarma-citation="entities:22059:1" rel="noopener">Mobico Group (MCG LN)</a> and <a href="https://www.smartkarma.com/entities/bellevue-healthcare-trust-plc" target="_blank" data-smartkarma-citation="entities:44348:1" rel="noopener">Bellevue Healthcare Trust (BBH LN)</a> are the main deletion candidates set to migrate from F250 to SmallCap.</li>
</ul>



Gamma Communications (GAMA LN) is the flagship addition forecast at the review at a market cap of ~$1.7bn following its listing transfer from AIM to Main Market on 2 May.
The ~$1.5bn tender offer of BBGI is expected to close prior to the review. Current F250 replacement candidates are Wickes Group (WIX LN) and Pantheon Infrastructure (PINT LN).

Mobico Group (MCG LN) and Bellevue Healthcare Trust (BBH LN) are the main deletion candidates set to migrate from F250 to SmallCap.


UK Index June 2025 Annual Review: GAMA Headlines F250, F100 Stays Quiet, All-Share Reshuffles

United Kingdom

Gamma Communications PLC is a UK-based telecommunications business specializing in Unified Communications as a Service (UCaaS), mobile, and connectivity services. It offers strategic services like collaboration, cloud PBX, SIP trunking, inbound call control, and network services, alongside enabling services such as ethernet, broadband, and mobile for businesses. The company was founded in 2001 and is headquartered in Newbury, Berkshire, England.

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Gamma Communications (GAMA LN)

We Believe Brexit Fears Have Unfairly Driven Down Shares of Most European Communication Stocks

Fears of the impact of Britain's exit from the European Union have pushed down the prices of most European communication stocks. We think this is...

Morningstar, Inc.

Gamma Communications — H125 lays down strong roots for future growth

Gamma Communications makes no secret of the headwinds it is experiencing, but investors should continue to look through this and focus instead on...

Edison Investment Research

Quiddity Leaderboard F100/F250 Jun25 Results: All 6 Expected ADDs/DELs Correct + Couple of Surprises

All eight confirmed index changes have decent index flow impacts expected. Urban Logistics deletion could trigger one more addition to the F250...

Janaghan Jeyakumar, CFA

Quiddity Leaderboard F100/F250 Jun25: LONGs up +6% Vs Index; Multiple Intra-Review Changes Soon

Our final expectations for the F100/250 Jun25 review have been added in a discussion point below. The changes will be confirmed after LSE market...

Janaghan Jeyakumar, CFA

Price Gauge

52-week Range

Market Cap (USDm)

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Dividend (Yield)

We Believe Brexit Fears Have Unfairly Driven Down Shares of Most European Communication Stocks

Fears of the impact of Britain's exit from the European Union have pushed down the prices of most European communication stocks. We think this is...

Morningstar, Inc.

Gamma Communications — H125 lays down strong roots for future growth

Gamma Communications makes no secret of the headwinds it is experiencing, but investors should continue to look through this and focus instead on...

Edison Investment Research

Quiddity Leaderboard F100/F250 Jun25 Results: All 6 Expected ADDs/DELs Correct + Couple of Surprises

All eight confirmed index changes have decent index flow impacts expected. Urban Logistics deletion could trigger one more addition to the F250...

Janaghan Jeyakumar, CFA

Quiddity Leaderboard F100/F250 Jun25: LONGs up +6% Vs Index; Multiple Intra-Review Changes Soon

Our final expectations for the F100/250 Jun25 review have been added in a discussion point below. The changes will be confirmed after LSE market...

Janaghan Jeyakumar, CFA

UK Index June 2025 Annual Review: GAMA Headlines F250, F100 Stays Quiet, All-Share Reshuffles

GAMA to join F250 at the review following its listing transfer. WIX to join F250 before the review as a replacement to the BBGI tender offer. AEP...

Dimitris Ioannidis