New Risk • May 28
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 Risk 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. New Risk • May 18
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 0.4% per year for the foreseeable future. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are expected to decline, then in most cases the share price will decline over time as well. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risk Earnings are forecast to decline by an average of 0.4% per year for the foreseeable future. Minor Risk Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Reported Earnings • May 12
First quarter 2026 earnings released: EPS: €0.12 (vs €0.12 in 1Q 2025) First quarter 2026 results: EPS: €0.12 (up from €0.12 in 1Q 2025). Revenue: €460.2m (up 9.2% from 1Q 2025). Net income: €62.0m (up 5.1% from 1Q 2025). Profit margin: 14% (in line with 1Q 2025). Revenue is forecast to grow 2.1% p.a. on average during the next 3 years, compared to a 2.4% growth forecast for the Telecom industry in Europe. Over the last 3 years on average, earnings per share has increased by 9% per year whereas the company’s share price has increased by 12% per year. Upcoming Dividend • Apr 29
Upcoming dividend of €0.45 per share Eligible shareholders must have bought the stock before 06 May 2026. Payment date: 08 May 2026. Payout ratio is a comfortable 73% and this is well supported by cash flows. Trailing yield: 6.3%. Within top quartile of British dividend payers (5.8%). Higher than average of industry peers (4.4%). Duyuru • Apr 26
NOS, S.G.P.S., S.A. announces Annual dividend, payable on May 08, 2026 NOS, S.G.P.S., S.A. announced Annual dividend of EUR 0.3500 per share payable on May 08, 2026, ex-date on May 06, 2026 and record date on May 07, 2026. Duyuru • 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 New Risk • Mar 06
New minor risk - Financial position The company has a high level of debt. Net debt to equity ratio: 91% 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 Risk Earnings are forecast to decline by an average of 1.5% per year for the foreseeable future. Minor Risks High level of debt (91% net debt to equity). Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Reported Earnings • Mar 04
Full year 2025 earnings released: EPS: €0.48 (vs €0.54 in FY 2024) Full year 2025 results: EPS: €0.48 (down from €0.54 in FY 2024). Revenue: €1.82b (up 7.5% from FY 2024). Net income: €245.9m (down 9.7% from FY 2024). Profit margin: 14% (down from 16% in FY 2024). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 1.6% p.a. on average during the next 3 years, compared to a 1.9% growth forecast for the Telecom industry in Europe. Over the last 3 years on average, earnings per share has increased by 9% per year whereas the company’s share price has increased by 8% per year. Reported Earnings • Oct 29
Third quarter 2025 earnings released: EPS: €0.13 (vs €0.10 in 3Q 2024) Third quarter 2025 results: EPS: €0.13 (up from €0.10 in 3Q 2024). Revenue: €457.3m (up 5.7% from 3Q 2024). Net income: €65.2m (up 24% from 3Q 2024). Profit margin: 14% (up from 12% in 3Q 2024). Revenue is forecast to grow 2.9% p.a. on average during the next 3 years, compared to a 2.1% growth forecast for the Telecom industry in Europe. Over the last 3 years on average, earnings per share has increased by 9% per year but the company’s share price has fallen by 1% per year, which means it is significantly lagging earnings. Reported Earnings • Aug 04
Second quarter 2025 earnings released: EPS: €0.11 (vs €0.16 in 2Q 2024) Second quarter 2025 results: EPS: €0.11 (down from €0.16 in 2Q 2024). Revenue: €458.2m (up 11% from 2Q 2024). Net income: €57.8m (down 28% from 2Q 2024). Profit margin: 13% (down from 20% in 2Q 2024). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 1.4% 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 12% per year but the company’s share price has fallen by 1% per year, which means it is significantly lagging earnings. New Risk • Jun 25
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 15% per year for the foreseeable future. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are expected to decline, then in most cases the share price will decline over time as well. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risk Earnings are forecast to decline by an average of 15% per year for the foreseeable future. Minor Risks High level of debt (85% net debt to equity). Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Large one-off items impacting financial results. New Risk • May 11
New minor risk - Financial position The company has a high level of debt. Net debt to equity ratio: 85% 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 Risk Earnings are forecast to decline by an average of 16% per year for the foreseeable future. Minor Risks High level of debt (85% net debt to equity). Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Large one-off items impacting financial results. Reported Earnings • May 08
First quarter 2025 earnings released: EPS: €0.12 (vs €0.13 in 1Q 2024) First quarter 2025 results: EPS: €0.12 (down from €0.13 in 1Q 2024). Revenue: €421.3m (up 4.5% from 1Q 2024). Net income: €59.0m (down 13% from 1Q 2024). Profit margin: 14% (down from 17% in 1Q 2024). Revenue is forecast to stay flat during the next 3 years compared to a 2.6% growth forecast for the Telecom industry in Europe. Over the last 3 years on average, earnings per share has increased by 15% per year but the company’s share price has fallen by 2% per year, which means it is significantly lagging earnings. Declared Dividend • Apr 16
Dividend of €0.40 announced Shareholders will receive a dividend of €0.40. Ex-date: 22nd April 2025 Payment date: 24th April 2025 Dividend yield will be 9.8%, which is higher than the industry average of 4.7%. Sustainability & Growth Dividend is covered by both earnings (65% earnings payout ratio) and cash flows (40% cash payout ratio). The dividend has increased by an average of 9.6% per year over the past 10 years. However, payments have been volatile during that time. EPS is expected to decline by 56% over the next 3 years. Since a fall of 27% would increase the payout ratio to a potentially unsustainable range, the dividend may be at risk. Duyuru • 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. Duyuru • 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. New Risk • Mar 03
New minor risk - Financial position The company has a high level of debt. Net debt to equity ratio: 84% 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 Risk Earnings are forecast to decline by an average of 24% per year for the foreseeable future. Minor Risks High level of debt (84% net debt to equity). Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Reported Earnings • Mar 02
Full year 2024 earnings released: EPS: €0.53 (vs €0.35 in FY 2023) Full year 2024 results: EPS: €0.53 (up from €0.35 in FY 2023). Revenue: €1.70b (up 6.2% from FY 2023). Net income: €272.3m (up 50% from FY 2023). Profit margin: 16% (up from 11% in FY 2023). Revenue is forecast to stay flat during the next 3 years compared to a 2.9% growth forecast for the Telecom industry in Europe. Over the last 3 years on average, earnings per share has increased by 16% per year but the company’s share price has only increased by 7% per year, which means it is significantly lagging earnings growth. Duyuru • 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. New Risk • Nov 03
New minor risk - Financial position The company has a high level of debt. Net debt to equity ratio: 93% 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 Risk Earnings are forecast to decline by an average of 15% per year for the foreseeable future. Minor Risks High level of debt (93% net debt to equity). Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Reported Earnings • Nov 01
Third quarter 2024 earnings released: EPS: €0.10 (vs €0.09 in 3Q 2023) Third quarter 2024 results: EPS: €0.10 (up from €0.09 in 3Q 2023). Revenue: €432.7m (up 6.1% from 3Q 2023). Net income: €52.6m (up 15% from 3Q 2023). Profit margin: 12% (up from 11% in 3Q 2023). The increase in margin was driven by higher revenue. Revenue is forecast to stay flat during the next 3 years compared to a 2.3% growth forecast for the Telecom industry in Europe. Over the last 3 years on average, earnings per share has increased by 17% per year but the company’s share price has only increased by 2% per year, which means it is significantly lagging earnings growth. New Risk • Jul 24
New minor risk - Financial position The company has a high level of debt. Net debt to equity ratio: 110% 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 Risk Earnings are forecast to decline by an average of 17% per year for the foreseeable future. Minor Risks High level of debt (110% net debt to equity). Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Duyuru • 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. Reported Earnings • Jul 21
Second quarter 2024 earnings released: EPS: €0.16 (vs €0.088 in 2Q 2023) Second quarter 2024 results: EPS: €0.16 (up from €0.088 in 2Q 2023). Revenue: €412.2m (up 4.7% from 2Q 2023). Net income: €80.7m (up 77% from 2Q 2023). Profit margin: 20% (up from 12% in 2Q 2023). The increase in margin was primarily driven by lower expenses. Revenue is forecast to stay flat during the next 3 years compared to a 2.0% growth forecast for the Telecom industry in Europe. Over the last 3 years on average, earnings per share has increased by 17% per year but the company’s share price has only increased by 4% per year, which means it is significantly lagging earnings growth. New Risk • May 20
New minor risk - Financial position The company has a high level of debt. Net debt to equity ratio: 96% 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 Risk Earnings are forecast to decline by an average of 8.9% per year for the foreseeable future. Minor Risks High level of debt (96% net debt to equity). Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Reported Earnings • May 19
First quarter 2024 earnings released: EPS: €0.13 (vs €0.068 in 1Q 2023) First quarter 2024 results: EPS: €0.13 (up from €0.068 in 1Q 2023). Revenue: €403.3m (up 5.7% from 1Q 2023). Net income: €67.8m (up 94% from 1Q 2023). Profit margin: 17% (up from 9.2% in 1Q 2023). The increase in margin was primarily driven by higher revenue. Revenue is forecast to stay flat during the next 3 years compared to a 1.8% growth forecast for the Telecom industry in Europe. Over the last 3 years on average, earnings per share has increased by 17% per year but the company’s share price has only increased by 3% per year, which means it is significantly lagging earnings growth. Reported Earnings • Mar 09
Full year 2023 earnings released: EPS: €0.35 (vs €0.44 in FY 2022) Full year 2023 results: EPS: €0.35 (down from €0.44 in FY 2022). Revenue: €1.60b (up 5.0% from FY 2022). Net income: €181.0m (down 19% from FY 2022). Profit margin: 11% (down from 15% in FY 2022). The decrease in margin was driven by higher expenses. Revenue is forecast to stay flat during the next 3 years compared to a 1.9% growth forecast for the Telecom industry in Europe. Over the last 3 years on average, earnings per share has increased by 21% per year but the company’s share price has only increased by 5% per year, which means it is significantly lagging earnings growth. Duyuru • 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. New Risk • Jan 22
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 0.2% per year for the foreseeable future. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are expected to decline, then in most cases the share price will decline over time as well. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risk Earnings are forecast to decline by an average of 0.2% per year for the foreseeable future. Minor Risks High level of debt (119% net debt to equity). Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Duyuru • 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. New Risk • Nov 06
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 0.4% per year for the foreseeable future. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are expected to decline, then in most cases the share price will decline over time as well. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risks Interest payments are not well covered by earnings (2.4x net interest cover). Earnings are forecast to decline by an average of 0.4% per year for the foreseeable future. Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Large one-off items impacting financial results. Reported Earnings • Nov 06
Third quarter 2023 earnings released: EPS: €0.09 (vs €0.20 in 3Q 2022) Third quarter 2023 results: EPS: €0.09 (down from €0.20 in 3Q 2022). Revenue: €408.0m (up 6.9% from 3Q 2022). Net income: €45.9m (down 57% from 3Q 2022). Profit margin: 11% (down from 28% in 3Q 2022). Revenue is forecast to grow 1.5% p.a. on average during the next 3 years, compared to a 1.9% growth forecast for the Telecom industry in Europe. Over the last 3 years on average, earnings per share has increased by 27% per year but the company’s share price has only increased by 6% per year, which means it is significantly lagging earnings growth. Buying Opportunity • Aug 02
Now 22% undervalued after recent price drop Over the last 90 days, the stock is down 12%. The fair value is estimated to be €4.26, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 4.6% over the last 3 years. Earnings per share has grown by 35%. For the next 3 years, revenue is forecast to grow by 2.5% per annum. Earnings is forecast to decline by 10% per annum over the same time period. New Risk • Jul 26
New minor risk - Financial position The company has a high level of debt. Net debt to equity ratio: 128% 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 Risk Earnings are forecast to decline by an average of 10% per year for the foreseeable future. Minor Risks High level of debt (128% net debt to equity). Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Large one-off items impacting financial results. Reported Earnings • Jul 24
Second quarter 2023 earnings released: EPS: €0.089 (vs €0.086 in 2Q 2022) Second quarter 2023 results: EPS: €0.089 (up from €0.086 in 2Q 2022). Revenue: €393.8m (up 6.8% from 2Q 2022). Net income: €45.5m (up 2.9% from 2Q 2022). Profit margin: 12% (in line with 2Q 2022). Revenue is forecast to grow 2.4% p.a. on average during the next 3 years, compared to a 2.3% growth forecast for the Telecom industry in Europe. Over the last 3 years on average, earnings per share has increased by 35% per year but the company’s share price has fallen by 5% per year, which means it is significantly lagging earnings. Reported Earnings • May 16
First quarter 2023 earnings released: EPS: €0.07 (vs €0.08 in 1Q 2022) First quarter 2023 results: EPS: €0.07 (down from €0.08 in 1Q 2022). Revenue: €381.4m (up 2.2% from 1Q 2022). Net income: €34.9m (down 15% from 1Q 2022). Profit margin: 9.2% (down from 11% in 1Q 2022). Revenue is forecast to grow 2.2% p.a. on average during the next 3 years, compared to a 2.3% growth forecast for the Telecom industry in Europe. Over the last 3 years on average, earnings per share has increased by 36% per year but the company’s share price has only increased by 5% per year, which means it is significantly lagging earnings growth. Upcoming Dividend • Apr 12
Upcoming dividend of €0.43 per share at 6.4% yield Eligible shareholders must have bought the stock before 19 April 2023. Payment date: 21 April 2023. Payout ratio is a comfortable 63% and the cash payout ratio is 83%. Trailing yield: 6.4%. Within top quartile of British dividend payers (5.9%). Higher than average of industry peers (4.2%). Buying Opportunity • Apr 11
Now 21% undervalued Over the last 90 days, the stock is up 12%. The fair value is estimated to be €5.48, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has been flat over the last 3 years. Earnings per share has grown by 28%. For the next 3 years, revenue is forecast to grow by 2.7% per annum. Earnings is forecast to decline by 14% per annum over the same time period. 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 14% 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 • Nov 13
Third quarter 2022 earnings released: EPS: €0.21 (vs €0.09 in 3Q 2021) Third quarter 2022 results: EPS: €0.21 (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 1.8% p.a. on average during the next 3 years, compared to a 2.6% growth forecast for the Telecom industry in Europe. Over the last 3 years on average, earnings per share has increased by 17% per year but the company’s share price has fallen by 9% per year, which means it is significantly lagging earnings. Reported Earnings • Jul 22
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 2.1%, 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 13% per year, which means it is significantly lagging earnings. Buying Opportunity • Jul 01
Now 20% undervalued Over the last 90 days, the stock is up 1.5%. The fair value is estimated to be €4.79, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 2.8% over the last 3 years, while earnings per share has been flat. For the next 3 years, revenue is forecast to grow by 0.3% per annum. Earnings is also forecast to grow by 1.6% per annum over the same time period. 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 13% per year, which means it is significantly lagging earnings. Buying Opportunity • May 05
Now 22% undervalued Over the last 90 days, the stock is up 8.8%. The fair value is estimated to be €4.89, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 4.4% over the last 3 years. Earnings per share has declined by 5.5%. For the next 3 years, revenue is forecast to grow by 1.5% per annum. Earnings is also forecast to grow by 1.4% per annum over the same time period. 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 05
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 3.2%, compared to a 3.2% 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 13% per year. Reported Earnings • Jul 23
Second quarter 2021 earnings released The company reported a solid second quarter result with improved earnings and revenues, although profit margins were flat. Second quarter 2021 results: Revenue: €341.0m (up 6.2% from 2Q 2020). Net income: €43.3m (up 11% from 2Q 2020). Profit margin: 13% (in line with 2Q 2020). Over the last 3 years on average, earnings per share has fallen by 17% per year whereas the company’s share price has fallen by 15% per year. Reported Earnings • Jun 04
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 whereas the company’s share price has fallen by 15% 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 27
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%). 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 15% per year. 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 2.5%, compared to a 5.0% growth forecast for the Telecom industry in the United Kingdom. Is New 90 Day High Low • Feb 19
New 90-day low: €2.71 The company is down 2.0% from its price of €2.78 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. Is New 90 Day High Low • Feb 03
New 90-day low: €2.76 The company is down 13% from its price of €3.17 on 05 November 2020. The British market is up 12% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Telecom industry, which is up 18% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is €3.00 per share. Analyst Estimate Surprise Post Earnings • Dec 02
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 02
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 18% per year, which means it is performing significantly worse than earnings. Valuation Update With 7 Day Price Move • Nov 30
Market bids up stock over the past week After last week's 15% share price gain to €3.24, the stock is trading at a trailing P/E ratio of 20.7x, up from the previous P/E ratio of 18x. This compares to an average P/E of 21x in the Telecom industry in Europe. Total return to shareholders over the past three years is a loss of 30%. Valuation Update With 7 Day Price Move • Nov 27
Market bids up stock over the past week After last week's 16% share price gain to €3.22, the stock is trading at a trailing P/E ratio of 20.2x, up from the previous P/E ratio of 17.5x. This compares to an average P/E of 20x in the Telecom industry in Europe. Total return to shareholders over the past three years is a loss of 31%. Is New 90 Day High Low • Nov 12
New 90-day low: €2.84 The company is down 22% from its price of €3.65 on 14 August 2020. The British market is up 3.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Telecom industry, which is up 10.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is €6.43 per share. Analyst Estimate Surprise Post Earnings • Nov 07
Revenue beats expectations Revenue exceeded analyst estimates by 1.1%. Over the next year, revenue is expected to shrink by 5.0% compared to a 8.4% growth forecast for the Telecom industry in the United Kingdom. Reported Earnings • Nov 07
Third quarter 2020 earnings released: EPS €0.086 The company reported a soft third quarter result with weaker earnings and revenues, although profit margins were improved. Third quarter 2020 results: Revenue: €346.9m (down 14% from 3Q 2019). Net income: €44.1m (down 7.9% from 3Q 2019). Profit margin: 13% (up from 12% in 3Q 2019). The increase in margin was driven by lower expenses. 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 17% per year, which means it is performing significantly worse than earnings. 
