While Vocus Cleans House, a Headwind Appears: FVE Cut, but Shares Still Attractive
We cut our fair value estimate for narrow-moat Vocus Communications Ltd (VOC AU) by 9% to AUD 6.40 per share. TPG Telecom Ltd (TPM AU)'s intention...
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Valuations Stretched on ASX-Listed Corporate Hybrids
In November 2016 we stated a large proportion of redemptions would be reinvested in existing corporate issues to achieve some degree of sectoral...
662 Views
It's Getting Hot in Here in Broadband, and No Cool Reprieve from NBN
Competition in fixed-line broadband is fierce, and likely to intensify as the industry migrates to National Broadband Network, or NBN. Demand for...
917 Views
Financial Forensic - Part I
In this report, we identify financial forensics as an indispensable part of the short-seller's tool-kit. Specifically, we examine the role that a...
369 Views
Game of Groans as Convergence Moves in U.S. Spell Nervous Times for Domestic Telecoms
Our advice for Australian and New Zealand telecom companies in light of AT&T's proposed takeover of Time Warner is this: Don't do it.In theory,...
263 Views