New Risk • May 29
New minor risk - Financial position The company has a high level of debt. Net debt to equity ratio: 78% This is considered a minor risk. Having a high level of debt increases the company's balance sheet risk. The company has a higher interest repayment burden, leading to the need to allocate a greater amount of its earnings towards servicing the debt, potentially limiting growth options or shareholder distributions. It can also increase the risk of bankruptcy if business conditions deteriorate enough that the company can no longer meet its debt obligations. Currently, the following risks have been identified for the company: Major Risks Shares are highly illiquid. Earnings are forecast to decline by an average of 0.4% per year for the foreseeable future. Minor Risks High level of debt (78% net debt to equity). Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Announcement • Mar 27
NOS, S.G.P.S., S.A., Annual General Meeting, Apr 22, 2026 NOS, S.G.P.S., S.A., Annual General Meeting, Apr 22, 2026. Location: lisbon Portugal Announcement • Apr 15
NOS, S.G.P.S., S.A. announces Annual dividend, payable on April 24, 2025 NOS, S.G.P.S., S.A. announced Annual dividend of EUR 0.3500 per share payable on April 24, 2025, ex-date on April 22, 2025 and record date on April 23, 2025. Announcement • Mar 19
NOS, S.G.P.S., S.A. (ENXTLS:NOS) acquired CLARANET PORTUGAL - Telecomunicações, S.A. from Claranet Group Limited. NOS, S.G.P.S., S.A. (ENXTLS:NOS) reached an agreement to acquire CLARANET PORTUGAL - Telecomunicações, S.A. from Claranet Group Limited for approximately €150 million on January 27, 2025. A cash consideration of €152 million will be paid by NOS, S.G.P.S., S.A. As part of consideration, €152 million is paid towards common equity of CLARANET PORTUGAL - Telecomunicações, S.A.
For the period ending December 31, 2024, CLARANET PORTUGAL - Telecomunicações, S.A. reported total revenue of €205 million and EBITDA of €15.4 million.
The transaction is subject to clearance by the Portuguese Competition Authority. As on March 7, 2025, The transaction is approved by Competition Authority. Jorge Simões Cortez, Gonçalo Fleming, Catarina Brito Ferreira, Vasco Stilwell de Andrade and Joaquim Vieira Peres, Philipp Melcher of Morais Leitão, Galvão Teles, Soares da Silva & Associados acted as legal advisor to NOS, S.G.P.S., S.A.
NOS, S.G.P.S., S.A. (ENXTLS:NOS) completed the acquisition of CLARANET PORTUGAL - Telecomunicações, S.A. from Claranet Group Limited on March 17, 2025. Announcement • Jan 28
NOS, S.G.P.S., S.A. (ENXTLS:NOS) reached an agreement to acquire CLARANET PORTUGAL - Telecomunicações, S.A. from Claranet Group Limited for approximately €150 million. NOS, S.G.P.S., S.A. (ENXTLS:NOS) reached an agreement to acquire CLARANET PORTUGAL - Telecomunicações, S.A. from Claranet Group Limited for approximately €150 million on January 27, 2025. A cash consideration of €152 million will be paid by NOS, S.G.P.S., S.A. As part of consideration, €152 million is paid towards common equity of CLARANET PORTUGAL - Telecomunicações, S.A.
For the period ending December 31, 2024, CLARANET PORTUGAL - Telecomunicações, S.A. reported total revenue of €205 million and EBITDA of €15.4 million.
The transaction is subject to clearance by the Portuguese Competition Authority. Jorge Simões Cortez, Gonçalo Fleming, Catarina Brito Ferreira, Vasco Stilwell de Andrade and Joaquim Vieira Peres of Morais Leitão, Galvão Teles, Soares da Silva & Associados acted as legal advisor to NOS, S.G.P.S., S.A. Announcement • Jul 23
NOS, S.G.P.S., S.A. (ENXTLS:NOS) acquired 20% stake in DareData Engineering. NOS, S.G.P.S., S.A. (ENXTLS:NOS) acquired 20% stake in DareData Engineering on July 23, 2024.
NOS, S.G.P.S., S.A. (ENXTLS:NOS) completed the acquisition of 20% stake in DareData Engineering on July 23, 2024. Announcement • Feb 20
NOS, S.G.P.S., S.A., Annual General Meeting, Apr 12, 2024 NOS, S.G.P.S., S.A., Annual General Meeting, Apr 12, 2024. Announcement • Nov 15
Nos Announces the Resignation of Jose Pedro Da Costa as Executive Member of Its Board of Directors, Effective31 December 2023 Nos announced that Jose Pedro da Costa has resigned as an executive member of its board of directors, as well as from the other companies in the group where he performs functions. The resignation takes effect on 31 December 2023. Valuation Update With 7 Day Price Move • May 31
Investor sentiment deteriorates as stock falls 15% After last week's 15% share price decline to €3.53, the stock trades at a forward P/E ratio of 13x. Average forward P/E is 13x in the Telecom industry in Europe. Total returns to shareholders of 26% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at €5.41 per share. Reported Earnings • Mar 20
Full year 2022 earnings released: EPS: €0.44 (vs €0.28 in FY 2021) Full year 2022 results: EPS: €0.44 (up from €0.28 in FY 2021). Revenue: €1.52b (up 6.3% from FY 2021). Net income: €224.6m (up 56% from FY 2021). Profit margin: 15% (up from 10% in FY 2021). Revenue is forecast to grow 2.7% p.a. on average during the next 3 years, compared to a 2.2% growth forecast for the Telecom industry in Europe. Over the last 3 years on average, earnings per share has increased by 28% per year but the company’s share price has only increased by 12% per year, which means it is significantly lagging earnings growth. Reported Earnings • Mar 09
Full year 2022 earnings released: EPS: €0.44 (vs €0.28 in FY 2021) Full year 2022 results: EPS: €0.44 (up from €0.28 in FY 2021). Revenue: €1.52b (up 6.3% from FY 2021). Net income: €224.6m (up 56% from FY 2021). Profit margin: 15% (up from 10% in FY 2021). Revenue is forecast to grow 2.6% p.a. on average during the next 3 years, compared to a 2.2% growth forecast for the Telecom industry in Europe. Over the last 3 years on average, earnings per share has increased by 28% per year but the company’s share price has only increased by 13% per year, which means it is significantly lagging earnings growth. Reported Earnings • Nov 16
Third quarter 2022 earnings released: EPS: €0.20 (vs €0.09 in 3Q 2021) Third quarter 2022 results: EPS: €0.20 (up from €0.09 in 3Q 2021). Revenue: €381.5m (up 4.1% from 3Q 2021). Net income: €106.0m (up 130% from 3Q 2021). Profit margin: 28% (up from 13% in 3Q 2021). Revenue is forecast to grow 1.9% p.a. on average during the next 3 years, compared to a 2.5% growth forecast for the Telecom industry in Europe. Over the last 3 years on average, earnings per share has increased by 18% per year but the company’s share price has fallen by 9% per year, which means it is significantly lagging earnings. Reported Earnings • Jul 23
Second quarter 2022 earnings released: EPS: €0.086 (vs €0.085 in 2Q 2021) Second quarter 2022 results: EPS: €0.086 (up from €0.085 in 2Q 2021). Revenue: €368.5m (up 8.1% from 2Q 2021). Net income: €44.2m (up 2.0% from 2Q 2021). Profit margin: 12% (in line with 2Q 2021). Over the next year, revenue is forecast to grow 2.3%, compared to a 2.9% growth forecast for the industry in the United Kingdom. Over the last 3 years on average, earnings per share has increased by 6% per year but the company’s share price has fallen by 14% per year, which means it is significantly lagging earnings. Reported Earnings • May 26
First quarter 2022 earnings released: EPS: €0.08 (vs €0.059 in 1Q 2021) First quarter 2022 results: EPS: €0.08 (up from €0.059 in 1Q 2021). Revenue: €373.2m (up 11% from 1Q 2021). Net income: €41.1m (up 35% from 1Q 2021). Profit margin: 11% (up from 9.1% in 1Q 2021). The increase in margin was driven by higher revenue. Over the next year, revenue is forecast to grow 2.7%, compared to a 2.2% growth forecast for the industry in the United Kingdom. Over the last 3 years on average, earnings per share has remained flat but the company’s share price has fallen by 11% per year, which means it is significantly lagging earnings. Reported Earnings • May 06
First quarter 2022 earnings released: EPS: €0.08 (vs €0.059 in 1Q 2021) First quarter 2022 results: EPS: €0.08 (up from €0.059 in 1Q 2021). Revenue: €373.2m (up 11% from 1Q 2021). Net income: €41.1m (up 35% from 1Q 2021). Profit margin: 11% (up from 9.1% in 1Q 2021). The increase in margin was driven by higher revenue. Over the next year, revenue is forecast to grow 3.9%, compared to a 2.6% growth forecast for the industry in the United Kingdom. Over the last 3 years on average, earnings per share has remained flat but the company’s share price has fallen by 11% per year, which means it is significantly lagging earnings. Upcoming Dividend • Apr 28
Upcoming dividend of €0.28 per share Eligible shareholders must have bought the stock before 05 May 2022. Payment date: 09 May 2022. Payout ratio is on the higher end at 99%, and the cash payout ratio is above 100%. Trailing yield: 6.9%. Within top quartile of British dividend payers (4.7%). Higher than average of industry peers (4.0%). Reported Earnings • Mar 08
Full year 2021 earnings: EPS in line with analyst expectations despite revenue beat Full year 2021 results: EPS: €0.28 (up from €0.17 in FY 2020). Revenue: €1.43b (up 4.6% from FY 2020). Net income: €144.2m (up 69% from FY 2020). Profit margin: 10% (up from 6.3% in FY 2020). Revenue exceeded analyst estimates by 1.0%. Over the next year, revenue is forecast to grow 3.3%, compared to a 3.1% growth forecast for the industry in the United Kingdom. Over the last 3 years on average, earnings per share has fallen by 5% per year but the company’s share price has fallen by 14% per year, which means it is performing significantly worse than earnings. Reported Earnings • Nov 08
Third quarter 2021 earnings released: EPS €0.09 (vs €0.086 in 3Q 2020) The company reported a solid third quarter result with improved earnings and revenues, although profit margins were flat. Third quarter 2021 results: Revenue: €366.5m (up 5.6% from 3Q 2020). Net income: €46.1m (up 4.5% from 3Q 2020). Profit margin: 13% (in line with 3Q 2020). Over the last 3 years on average, earnings per share has fallen by 10% per year whereas the company’s share price has fallen by 12% per year. Reported Earnings • Jun 05
First quarter 2021 earnings released: EPS €0.059 (vs €0.02 loss in 1Q 2020) The company reported a decent first quarter result with improved earnings and profit margins, although revenues were weaker. First quarter 2021 results: Revenue: €337.4m (down 2.3% from 1Q 2020). Net income: €30.5m (up €41.0m from 1Q 2020). Profit margin: 9.1% (up from net loss in 1Q 2020). The move to profitability was driven by lower expenses. Over the last 3 years on average, earnings per share has fallen by 13% per year and the company’s share price has also fallen by 13% per year. Reported Earnings • May 14
First quarter 2021 earnings released: EPS €0.06 (vs €0.02 loss in 1Q 2020) The company reported a decent first quarter result with improved earnings and profit margins, although revenues were weaker. First quarter 2021 results: Revenue: €337.4m (down 2.3% from 1Q 2020). Net income: €30.5m (up €41.0m from 1Q 2020). Profit margin: 9.0% (up from net loss in 1Q 2020). Over the last 3 years on average, earnings per share has fallen by 13% per year whereas the company’s share price has fallen by 14% per year. Upcoming Dividend • Apr 28
Upcoming dividend of €0.28 per share Eligible shareholders must have bought the stock before 04 May 2021. Payment date: 06 May 2021. Trailing yield: 8.9%. Within top quartile of British dividend payers (4.1%). Higher than average of industry peers (4.6%). Analyst Estimate Surprise Post Earnings • Mar 12
Revenue misses expectations Revenue missed analyst estimates by 1.3%. Over the next year, revenue is forecast to grow 3.8%, compared to a 5.0% growth forecast for the Telecom industry in the United Kingdom. Reported Earnings • Mar 12
Full year 2020 earnings released: EPS €0.17 (vs €0.28 in FY 2019) The company reported a poor full year result with weaker earnings, revenues and profit margins. Full year 2020 results: Revenue: €1.37b (down 14% from FY 2019). Net income: €85.6m (down 40% from FY 2019). Profit margin: 6.3% (down from 9.0% in FY 2019). Over the last 3 years on average, earnings per share has fallen by 14% per year whereas the company’s share price has fallen by 16% per year. Is New 90 Day High Low • Feb 19
New 90-day low: €2.72 The company is down 3.0% from its price of €2.80 on 20 November 2020. The British market is up 6.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Telecom industry, which is up 4.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is €2.91 per share. Analyst Estimate Surprise Post Earnings • Dec 03
Revenue beats expectations Revenue exceeded analyst estimates by 1.1%. Over the next year, revenue is expected to shrink by 4.0% compared to a 6.1% growth forecast for the Telecom industry in the United Kingdom. Reported Earnings • Dec 03
Third quarter 2020 earnings released: EPS €0.086 The company reported a poor third quarter result with weaker earnings and revenues, although profit margins were flat. Third quarter 2020 results: Revenue: €346.9m (down 6.4% from 3Q 2019). Net income: €44.1m (down 6.8% from 3Q 2019). Profit margin: 13% (in line with 3Q 2019). Over the last 3 years on average, earnings per share has fallen by 9% per year but the company’s share price has fallen by 16% per year, which means it is performing significantly worse than earnings.