sharetrader
Page 319 of 331 FirstFirst ... 219269309315316317318319320321322323329 ... LastLast
Results 6,361 to 6,380 of 6620
  1. #6361
    Junior Member
    Join Date
    Sep 2020
    Location
    Auckland
    Posts
    22

    Default

    Martin is dollar cost averaging which is smart? Don't see the problem with small transactions

  2. #6362
    Member
    Join Date
    Oct 2019
    Posts
    260

    Default

    When the comcom announcement

  3. #6363
    Member
    Join Date
    May 2020
    Location
    Auckland
    Posts
    250

    Default

    Quote Originally Posted by Dlownz View Post
    When the comcom announcement
    Interesting to see if Spark lobbying has had an affect this time. 'Anonymous' submissions, sponsoring articles...

  4. #6364
    Senior Member
    Join Date
    Oct 2017
    Posts
    1,383

    Default

    Some media speculation that Sky TV could attempt to head off a Vocus IPO by purchasing the business.

    https://www.nzherald.co.nz/business/...IWDFRVV7RQXDE/

  5. #6365
    Member
    Join Date
    Jul 2020
    Location
    Chrsitchurch
    Posts
    147

    Default

    Its a good fit

  6. #6366

  7. #6367
    Senior Member
    Join Date
    Oct 2017
    Posts
    1,383

    Default

    Quote Originally Posted by Greekwatchdog View Post
    Its a good fit
    Would be an excellent fit.

    It would all be a matter of how much someone (*cough* SKY! *cough*) would have to pay?

    If Vocus expect too much then it would not make a great investment and Sky would be better off continuing with their current Broadband plans. Sky Broadband launch is set to happen within the next few weeks.

    However, for a reasonable price...those two hundred odd thousand existing, low churn customers look damn tasty to me...

  8. #6368
    Member Alpha's Avatar
    Join Date
    Jun 2020
    Location
    Auckland
    Posts
    152

    Default

    Would be a great way to start off the broadband move,.

  9. #6369
    Advanced Member
    Join Date
    Nov 2013
    Posts
    1,775

    Default

    Quote Originally Posted by mistaTea View Post
    Would be an excellent fit.

    It would all be a matter of how much someone (*cough* SKY! *cough*) would have to pay?

    If Vocus expect too much then it would not make a great investment and Sky would be better off continuing with their current Broadband plans. Sky Broadband launch is set to happen within the next few weeks.

    However, for a reasonable price...those two hundred odd thousand existing, low churn customers look damn tasty to me...
    Sky is supposed to be taken over, not do the taking over.

    Vocus NZ ebita is ~$80m I think. Should be valued at $200m tops but vendors likely want $500m+!!!

  10. #6370
    Senior Member
    Join Date
    Oct 2017
    Posts
    1,383

    Default

    Quote Originally Posted by Ogg View Post
    Sky is supposed to be taken over, not do the taking over.

    Vocus NZ ebita is ~$80m I think. Should be valued at $200m tops but vendors likely want $500m+!!!
    What's it worth? Two takes

    So what is Vocus' NZ operation worth?

    A Jarden note issued after the IPO was confirmed, says, "Given the mix of retail and enterprise operations, we value Vocus NZ on a 6.0x FY2021 estimated ebitda
    multiple, which implies a total valuation of A$416m (or A$0.66/share).

    But the wealth manager sees a focus on Vocus' enterprise and wholesale assets. That leads it to the following kicker:
    "Given the extensive fibre assets, we suspect the company will seek to benchmark the business against fibre operators globally, who trade on an average multiple of around 9.5x.
    "Applying this multiple to the Vocus NZ ebitda results in a valuation of around A$660m or A$1.05/share - 40 per cent more than our valuation for the business."
    But although Jarden finds that too heady, it notes a valuation at that level would be "broadly consistent with the Spark NZ trading multiple of around 9x."

  11. #6371
    Advanced Member
    Join Date
    Nov 2013
    Posts
    1,775

    Default

    Quote Originally Posted by mistaTea View Post
    What's it worth? Two takes

    So what is Vocus' NZ operation worth?

    A Jarden note issued after the IPO was confirmed, says, "Given the mix of retail and enterprise operations, we value Vocus NZ on a 6.0x FY2021 estimated ebitda
    multiple, which implies a total valuation of A$416m (or A$0.66/share).

    But the wealth manager sees a focus on Vocus' enterprise and wholesale assets. That leads it to the following kicker:
    "Given the extensive fibre assets, we suspect the company will seek to benchmark the business against fibre operators globally, who trade on an average multiple of around 9.5x.
    "Applying this multiple to the Vocus NZ ebitda results in a valuation of around A$660m or A$1.05/share - 40 per cent more than our valuation for the business."
    But although Jarden finds that too heady, it notes a valuation at that level would be "broadly consistent with the Spark NZ trading multiple of around 9x."
    A$416m? Just cage...



    Vocus NZ is worth $200m, tops.

  12. #6372
    Advanced Member
    Join Date
    Nov 2013
    Posts
    1,775

    Default

    The Vocus brands are crap.

    Everyone knows Orcon and Slingshot are so 2000's. It's deader than Sky but at least Sky has a strong cashcow satellite base that will continue to deliver over the medium term.

    Terrible move if Sky loads up on debt and buys them out.

  13. #6373
    Senior Member airedale's Avatar
    Join Date
    Apr 2003
    Location
    Above the high tide mark.
    Posts
    1,403

    Default

    To take over Vocus raises the spectre of another SKY capital raising.

  14. #6374
    Senior Member
    Join Date
    Oct 2017
    Posts
    1,383

    Default

    Quote Originally Posted by airedale View Post
    To take over Vocus raises the spectre of another SKY capital raising.
    Why?

    Taking over Vocus would rocket skyís EBITDA to $180M over night.

    Provided the asking price was not outrageous, the banks would lend for an investment like this. With interest rates so low - a deal could be done.

  15. #6375
    Advanced Member
    Join Date
    Nov 2013
    Posts
    1,775

    Default

    My guess is that there's no appetite for a Vocus NZ IPO, especially if the vendors are selling down 100%. No way are they going to get 9x EBITA.

    A Sky/Vocus NZ merger is a good idea but only if it's 1:1 or perhaps a small cash amount to vendors of approx ~$150m or so. ie, the new merged company would have a small amount of debt.

    Later on, a merger with 2dgrees would be idea to create a massive media company.

  16. #6376
    Advanced Member
    Join Date
    Nov 2013
    Posts
    1,775

    Default

    Quote Originally Posted by mistaTea View Post
    Why?

    Taking over Vocus would rocket sky’s EBITDA to $180M over night.

    Provided the asking price was not outrageous, the banks would lend for an investment like this. With interest rates so low - a deal could be done.
    It's a good idea, at the right price.

    Vocus vendors are dreaming though. They're in La La La La Land.

  17. #6377
    Advanced Member
    Join Date
    Nov 2013
    Posts
    1,775

    Default

    Quote Originally Posted by airedale View Post
    To take over Vocus raises the spectre of another SKY capital raising.
    Could you imagine?

    NZRU already been run over by the Sky bus. Now they're going to piss on their corpses.


  18. #6378
    Senior Member
    Join Date
    Oct 2017
    Posts
    1,383

    Default

    Quote Originally Posted by Ogg View Post
    Could you imagine?

    NZRU already been run over by the Sky bus. Now they're going to piss on their corpses.
    Why on earth are you so aggressively anti now?

    I canít possibly imagine whatís changed!
    Last edited by mistaTea; 23-11-2020 at 12:56 PM.

  19. #6379
    Advanced Member
    Join Date
    Nov 2013
    Posts
    1,775

    Default

    Quote Originally Posted by mistaTea View Post
    Who on earth are you so aggressively anti now?

    I can’t possibly imagine what’s changed!
    Like what Dlownz said, the takeover isn't happening.

    Do you have another $1.5m for the inevitable 2.83 for 1 placement for Vocus?


  20. #6380
    Advanced Member
    Join Date
    Nov 2013
    Posts
    1,775

    Default

    Morningside update on Vocus NZ IPO:

    Vocus Decides to Free Kiwi

    "The only surprise about Vocus' decision to spin off its New Zealand unit via an initial public offering, or IPO, is that it has taken so long. The business has been on the sale block since October 2017 and the current management has made it clear it is noncore to the group.

    The fundamentals of the kiwi unit are supportive of an IPO. It is on track to deliver EBITDA CAGR of almost 5% to our NZD 71 million forecast in fiscal 2021, from fiscal 2018, and margins have consistently been around 16.6%. The external environment is also conducive. There is insatiable investor appetite for IPOs, especially of companies with any whiff of technology to their business, or are catering to the COVID-19-induced demand for "Doing Things at Home." As a key broadband provider in New Zealand with an extensive fibre network, narrow-moat-rated Vocus has a cogent selling point. The steady earnings profile and the conservative capital structure (we estimate net debt/EBITDA of around 1.5) should also ensure a reasonable payout, adding a further "yield" angle to the investment proposition.

    All proceeds from the IPO are likely to go to reducing Vocus' AUD 979 million net debt. We believe management prefers to divest 100% of its interest. The implied equity value of the New Zealand unit in our unchanged AUD 3.50 fair value estimate for Vocus is AUD 0.60 per share, or AUD 374 million (NZD 393 million). That equates to 7.1 times our forecast EBITDA for the Kiwi unit, and assumes 1.5 net debt/EBITDA. Every incremental 1 times EBITDA multiple achieved in the IPO, above the 7.1 currently implied in our modelling, would lift our Vocus fair value estimate by AUD 0.10 per share.

    We look forward to more details on the IPO which is expected to be complete by June 2021. But the decision on the New Zealand unit is further evidence Vocus is well and truly past the "fix and repair" stage, and is on the "shed and grow" phase of its journey, with network services clearly the core unit longer-term."

Tags for this Thread

Bookmarks

Posting Permissions

  • You may not post new threads
  • You may not post replies
  • You may not post attachments
  • You may not edit your posts
  •