|Bid||144.70 x 0|
|Ask||144.72 x 0|
|Day's range||143.90 - 146.14|
|52-week range||122.22 - 169.46|
|Beta (3Y monthly)||0.56|
|PE ratio (TTM)||N/A|
|Earnings date||12 Nov 2019|
|Forward dividend & yield||0.08 (5.24%)|
|1y target est||2.01|
These two FTSE 100 (INDEXFTSE:UKX) shares could offer superior risk/reward ratios compared to gold, in Peter Stephens' opinion.
The Netherlands aims to rake in at least 900 million euros ($992 million) from its first auction of bandwidth for 5G networks, it said on Thursday, adding some equipment suppliers could be banned from the new networks if they raise security concerns. European governments are grappling with how to treat Huawei Technologies Co Ltd after the United States alleged the Chinese telecoms supplier's equipment could be exploited by Beijing for spying. Huawei strongly denies the allegations.
(Bloomberg) -- Orange SA will seek to extract greater value from its telecom infrastructure, joining rivals in selling stakes in mobile-phone towers and fiber-optic networks.In a first step, France’s largest phone carrier is selling 1,500 mobile towers in Spain to Cellnex Telecom SA for 260 million euros ($288 million), it said Wednesday in a statement unveiling a five-year strategic plan.Orange will set up separate companies to house its 40,000 cellular towers and look for partners to help finance the costly roll-out of fiber networks in France and elsewhere in Europe.Its shares fell as much as 4.8%, the biggest intraday drop in more than three years, after the company issued new forecasts for profits and dividends in the near term that were weaker than analysts had expected. Orange Slides to Almost 3-Month Low as Investor Day DisappointsThe carrier is a relative latecomer to an industry push to hive off network infrastructure into separate businesses to boost its value and bring in new investors. There’s big demand for those assets among funds seeking reliable investment returns. Their involvement could help Orange to cut investment costs and boost a share price that’s barely changed in half a decade, frustrating the government, which owns almost a quarter of the company. The company’s new financial targets see capital spending starting to decline from 2022 once it’s made investments in radio-access network sharing deals in Spain and Belgium and completed the bulk of a fiber-to-the-home fixed-line deployment in France. Ecapex, Orange’s term for capital spending, is expected to grow by around 200 million euros in 2020, then stabilize in 2021 before starting to decline the following year.Read more: Orange’s Midterm Outlook Ambition Hindered by Pressures: ReactMaking the most of infrastructure is key to a new target to increase Ebitdaal -- its measure for adjusted operating income -- by 2% to 3% for 2021-2023. That’s after slightly increasing Ebitdaal in 2019 and aiming for “flat positive” Ebitdaal in 2020.The extra profit may not go to shareholders for now: the company set a minimum annual dividend of 70 euro cents until 2023 and said any increase would depend on the amount of organic cash flow.“We believe the short-term guidance is underwhelming versus consensus expectations,” said Barclays analysts in a note. “As such we expect some profit taking after the recent strong stock performance.”Orange stock has gained 1.5% this year through Tuesday, in line with the wider Stoxx Europe 600 telecommunications index, while independent wireless tower company Cellnex has doubled in value.Red LineFor now, Orange’s infrastructure plans are relatively limited compared to those of rivals. While Vodafone Group Plc has set up a separate towers business for which it plans an initial public offering or stake sale, Orange is looking on a market-by-market basis to consider selling non-strategic towers, and will hold on to what it sees as the most valuable sites. While the new tower companies in Europe seek to demonstrate infrastructure value, monetization so far is “very limited,” Jefferies analysts led by Jerry Dellis wrote in a note.Orange will only go so far in separating assets that it still sees as key to its future. Chief Executive Officer Stephane Richard said it is a “red line” for Orange to “keep control” of the infrastructure, while conceding that its share price doesn’t reflect the value of the assets under the current structure.U.S. carriers have been more radical than their European peers in the past decade, selling overall control of their towers to create a large, independent tower industry. Those deals sometimes led to higher costs for the carriers when the tower operators cranked up mast leasing costs.Orange said it will share future fiber broadband deployment in Spain and Poland with other carriers and may find partners for its French fiber rollout. Richard also raised the prospect of a possible IPO for Orange’s Africa and Middle East business, as previously reported by Bloomberg News. (Adds analyst comment in tenth paragraph, detail on fiber plans at end)\--With assistance from Kit Rees.To contact the reporter on this story: Angelina Rascouet in Paris at email@example.comTo contact the editors responsible for this story: Rebecca Penty at firstname.lastname@example.org, Thomas Pfeiffer, Jennifer RyanFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
Orange said it planned to carve out its mobile towers in most European countries to shore up the group's value, but the move was overshadowed by the French telecom firm's modest dividend outlook, sending its shares lower. The company is following similar moves by other European firms that are looking to sell mobile networks as infrastructure valuations surge on interest from investors such as U.S. private equity firm KKR and Spain's Cellnex. The infrastructure sale aims to beef up its valuation as tough regional competition hampers Orange's growth and margins.
Orange said it planned to carve out its mobile towers in most European countries where it is present, in a move aimed at shoring up the telecom group's value as tough competition in the region has hampered its growth and margins. The Paris-based company will retain control over all these new entities and is hoping to eventually merge them into a European company. "It is a vehicle that will enable us to play a possible role in consolidation at European level," Chief Executive Officer Stephane Richard said in a call with reporters on Wednesday.
Investing.com -- Here is a summary of the most important regulatory news releases from the London Stock Exchange on Wednesday, 4th December. Please refresh for updates.
(Bloomberg) -- Terms of Trade is a daily newsletter that untangles a world embroiled in trade wars. Sign up here. The U.S. has been warning other countries not to buy telecommunications gear from China’s Huawei Technologies Co. and ZTE Corp. The government will soon put real money behind the effort.A new agency, called the U.S. International Development Finance Corporation, plans to tap some of its $60 billion budget to help developing countries and businesses purchase equipment from other companies.“The U.S. is very focused on ensuring there’s a viable alternative to Huawei and ZTE. We don’t want to be out there saying no. We want to be out there saying yes,” Adam Boehler, the first chief executive officer of the DFC, said in a recent interview.He declined to discuss specific company talks or how the money would be spent. However, the plans would be a welcome boost for Sweden’s Ericsson AB and Finland’s Nokia Oyj, which have struggled to compete with Huawei and ZTE equipment that’s often cheaper and at least as capable. The U.S. could bankroll Huawei alternatives through loans or loan guarantees to developing nations and companies, or even acquiring minority stakes in emerging makers of competing gear.Ericsson shares jumped as much as 4.2%, while Nokia gained as much as 3.2% following the story.The U.S. government is concerned about Chinese companies dominating the rollout of faster wireless networks known as 5G. The Trump administration has said Huawei and ZTE gear could be used for spying, an allegation the companies have denied. Many countries, including Germany and France, are reluctant to ban individual vendors like Huawei.How Huawei Became a Target for Governments: QuickTakeHuawei and ZTE “are state-owned enterprises or government-driven companies that subsidize their gear in some cases. The price is decent,” Boehler said. “Longer term, what is the cost of that? You shouldn’t think as a sovereign country from a short-term pricing perspective. Our focus is having people understand what they’re giving up and whether it’s worth it to save some money in the short term. It’s not.”The DFC was created last year to provide development financing to lower income and middle-income countries, which covers about half the world. It’s charged with “helping to advance U.S. foreign policy by countering the growing influence of authoritarian regimes” and expects to be fully authorized and funded by Congress in coming months.The DFC’s $60 billion investment cap is more than twice the size of its predecessor. The new agency can take minority equity stakes in companies, a new tool beyond existing capabilities that includes loans, loan guarantees and political risk insurance.Boehler wouldn’t discuss which DFC tools might be used to support purchases of non-Chinese telecom equipment. However, the Financial Times reported in October that U.S. government officials have suggested issuing credit to Huawei’s European rivals.Ericsson and Nokia didn’t respond to requests seeking comment.Another senior government official recently told Bloomberg News that the U.S. is considering funding mechanisms through the DFC that will decrease the cost of alternative commercial 5G gear. The person asked not to be identified discussing unannounced plans.The DFC is also considering whether to become a founding investor in a new technology infrastructure fund that will back emerging companies in 5G, artificial intelligence, quantum computing and other areas, Boehler said. The fund won’t invest in Chinese companies, he noted.“This could support bids on spectrum, investments in infrastructure or the development of a component for 5G,” he said. “We want to make sure that the next crop of companies, if they’re not U.S.-based, that they at least adhere to the principals we care about -- the rule of law and data protection.”“The real issue about Huawei is not China, it’s security of data,” he added. “We want to ensure that companies adhere to certain data-security standards and the protection people’s information.”Ethiopia is in the midst of privatizing its telecom industry and is auctioning spectrum and licenses. Vodacom Group Ltd., majority owned by British wireless giant Vodafone Group Plc, is planning a joint bid with Kenyan operator Safaricom Plc.“That is a live example that we can play in,” Boehler said. “There are no U.S. companies involved at this point, but the British are bidding.”(Updates with Ericsson and Nokia shares in fifth paragraph.)To contact the reporter on this story: Alistair Barr in San Francisco at email@example.comTo contact the editors responsible for this story: Tom Giles at firstname.lastname@example.org, Molly Schuetz, Andrew PollackFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
(Bloomberg) -- Shares of India’s largest mobile phone service providers surged after they announced an increase in the cost of subscriptions to their plans, signaling a cut-throat price war in the nation may finally be easing.Bharti Airtel Ltd., the third-largest wireless carrier, said it will increase prices of its most expensive plan by as much as 41%, while Reliance Jio Infocomm Ltd., the biggest telecom company by subscribers in India, will boost tariffs by as much as 40% from Dec. 6. Vodafone Idea Ltd. also announced a new pricing plan for prepaid customers on Sunday, which would be effective Dec. 3.The companies had all indicated in recent weeks that they would increase prices, after the government estimated the industry owes billions of dollars in license fees and spectrum charges.“This indicates a structural shift in the sector after a 3-year period of deep discounting by the new entrant Reliance Jio,” Neerav Dalal, an analyst at Maybank Kim Eng Securities, wrote in a note published Monday. Separately, Morgan Stanley upgraded Bharti Airtel to overweight from equalweight.Vodafone Idea surged about 14% in Mumbai on Monday, Bharti Airtel gained 3.7%, and the latter’s dollar-denominated perpetual bonds jumped the most since they were priced in October. Reliance Industries Ltd., the flagship company of the group that includes the unlisted telecom unit, rose 2.3%. A gauge of 13 companies related to the telecom industry rose 2.6% to the highest level since September 2018.The Indian venture of Vodafone Group Plc may be headed for liquidation unless the government eases off demands for mobile spectrum fees, the phone company’s chief executive officer warned last month. The industry has been caught up in a price war since Asia’s richest man, Mukesh Ambani, launched low-price rival Reliance Jio in 2016.(Updates shares in fifth paragraph)\--With assistance from Jeanette Rodrigues, Ravil Shirodkar and Rahul Satija.To contact the reporters on this story: Anurag Kotoky in New Delhi at email@example.com;Ragini Saxena in Mumbai at firstname.lastname@example.orgTo contact the editors responsible for this story: Shamim Adam at email@example.com, Sara Marley, Andrew DavisFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
* Wall Street closed for Thanksgiving Day holiday Welcome to the home for real-time coverage of European equity markets brought to you by Reuters stocks reporters and anchored today by Thyagaraju Adinarayan. One exception to note in this little puddle of red is the FTSE 250 in positive territory, propped up by growing expectations of a Conservative victory on Dec 12.
* Wall Street closed for Thanksgiving Day holiday Welcome to the home for real-time coverage of European equity markets brought to you by Reuters stocks reporters and anchored today by Thyagaraju Adinarayan. Is it going to be different this time?
* Wall Street closed for Thanksgiving Day holiday Welcome to the home for real-time coverage of European equity markets brought to you by Reuters stocks reporters and anchored today by Thyagaraju Adinarayan.
Romania-based Digi Communications has been ruled out of the bidding process for high-speed 5G mobile spectrum in Hungary, national telecoms regulator NMHH said on Thursday. The announcement follows a preliminary ruling in September, which excluded Digi and named registered bidders as Deutsche Telekom's local unit Magyar Telekom, Britain's Vodafone and Telenor. The NMHH said Digi was not registered because it failed to meet the requirements for bidding.
* Wall Street closed for Thanksgiving Day holiday Welcome to the home for real-time coverage of European equity markets brought to you by Reuters stocks reporters and anchored today by Thyagaraju Adinarayan.
London's FTSE 100 retreated from a near four-month high on Thursday, weighed down by stocks trading ex-dividend and as U.S. ratification of legislation on Hong Kong raised concerns that progress in trade talks with China may be undone. The blue-chip index fell 0.2% after four straight days of gains, with Vodafone giving up nearly 4% and utility National Grid shedding almost 3% as they traded without entitlement to a dividend pay-out.
Andy Ross takes a look at three FTSE 100 shares that could help an investor achieve market-beating returns.
Investing.com -- Quiet descends on global markets as the U.S. celebrates Thanksgiving. Asian and European markets stutter after President Donald Trump signs into law the bill supporting Hong Kong's pro-democracy movement, on fears that it will further delay meaningful detente on trade. Elsewhere, Britain's Conservatives look on course for a resounding win in the general election in December, and the euro zone's economy looks more and more like bottoming out. Here's what you need to know in financial markets on Thursday, 28th November.
Vodafone Group Plc (LON:VOD) is about to trade ex-dividend in the next 2 days. You will need to purchase shares before...
Russia's biggest mobile phone operator MTS has agreed to sell its Ukrainian business to Azerbaijan's Bakcell for what analysts said was a cut-price $734 million. The departure of MTS from the Ukrainian market comes at a low point in Moscow-Kiev bilateral relations and follows a wider trend among Russian companies in quitting foreign markets to focus on domestic investments. MTS acknowledged the "general instability" and "economic deterioration" of Ukraine in the company's 2018 consolidated financial statements.
(Bloomberg) -- The financial distress at Vodafone Group Plc’s Indian venture has dragged down the wealth of Kumar Mangalam Birla, whose group is the second-largest investor in the teetering wireless carrier.The tycoon, who joined forces with the British operator last year, has lost about a third of his fortune since the end of 2017 as mounting losses and debt decimated the equity of the troubled Vodafone Idea Ltd. In addition, shares of his flagship firms that produce chemicals, metals and cement have also tumbled amid a demand slump, eroding his wealth.The net worth of Birla has shrunk to about $6 billion from $9.1 billion two years ago, according to the Bloomberg Billionaires Index. A majority of his fortune is derived from his ownership of Aditya Birla Group, a conglomerate that controls his main holdings.Birla is the latest mogul to burn his fingers in India’s cutthroat phone-services market since Mukesh Ambani’s Reliance Jio Infocomm Ltd. entered the fray in 2016 and drove two rivals to bankruptcy. Formed by the merger of Vodafone’s local unit and Birla’s cellular operator, Vodafone Idea last week reported the worst loss in the nation’s corporate history, while the British partner flagged the risk of a collapse.Aditya Birla Group has a stake in Hindalco Industries Ltd., the world’s largest aluminum rolling company, and owns a part of Grasim Industries Ltd., which controls India’s biggest cement maker.For the Aditya Birla Group, the hit on the telecommunications business couldn’t have come at a worse time. Cooling global growth amid a trade war between the U.S. and China, as well as an economic slowdown at home has curbed demand for industrial raw materials the group produces.Vodafone Idea’s woes deepened last month after India’s top court sided with the government’s demand for $4 billion in fee-arrears from prior years. Already burdened by $14 billion of debt, the order came as a blow to its finances weakened by a brutal war with Jio. Ambani’s operator this year became the country’s No. 1 carrier with 380 million users by offering free calls and cheap data.Shares of Vodafone Idea, in which Birla’s groups owns a little over 27%, have plunged 90% since end-2017 in Mumbai, shrinking its market value to $2.6 billion. The stock fell 1.5% on Friday in a second day of declines.“Vodafone and Idea have been going through a complex merger and, at the same time, trying to keep their heads above water in the battle with Reliance Jio,” said Rishikesha T. Krishnan, a professor of business strategy at the Indian Institute of Management in Bangalore. “The Supreme Court judgment came at the most inopportune time.”Hindalco, which makes aluminum and copper, reported a 33% drop in profit for the latest quarter as the prices of both the metals slid in the three months through September. Shares of Hindalco have tumbled 30% since end-2017, cutting its market value to $5.9 billion. The S&P BSE Sensex has gained 19% in the same period.The slowdown in India’s $2.7 trillion economy has cooled demand for commodities such as cement to chemicals and textiles manufactured by Grasim. Its stock has dropped 33% since end-2017. Vodafone Idea’s troubles have also weighed on Grasim, which owns about 12% of the carrier.This week brought some signs of relief to Vodafone Idea shareholders. Its shares have more than doubled in the four days through Nov. 20 as the three rivals -- including Jio and Bharti Airtel Ltd. -- signaled an end to the price war. Bharti reported a record quarterly loss last week as well.On Wednesday, the government deferred airwave payments for two years, providing some relief for the industry roiled by high license fees and spectrum costs. Finance Minister Nirmala Sitharaman has said she wants all companies to flourish and none to fail.“The tariff hikes are positive,” Jefferies analysts led by Piyush Nahar said in a note this week. Despite the positive move, relief from the government remains crucial, especially for Vodafone Idea, they wrote.(Closes shares in eighth paragraph)\--With assistance from Pei Yi Mak, Ishika Mookerjee, Blake Schmidt and Swansy Afonso.To contact the reporter on this story: P R Sanjai in Mumbai at firstname.lastname@example.orgTo contact the editors responsible for this story: Sam Nagarajan at email@example.com, Ravil ShirodkarFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
The funding round was led by Arena Holdings and investors included Ryan Smith, the founder of customer experience specialist Qualtrics that was bought by SAP for $8 billion a year ago. The funding round brings total investments into Celonis to $370 million.