Telcos: no reason to chase LatAm exposed names
Telefonica is said to have suspended plans to IPO their Latin American assets, due to the low valuation the company would have to apply to assets currently. LatAm is the most important division of...
View ArticleTelco consolidation, surely not
We don’t have much form on this idea given our hope (last summer) Neelie Kroes had signalled change, intimating returns for telcos would go up, encourage investment and/or consolidation. It didn’t...
View ArticleTelco consolidation
We don’t have much form on this idea given our hope (last summer) Neelie Kroes had signalled change, intimating returns for telcos would go up, encourage investment and/or consolidation. It didn’t...
View ArticleTelcos and Utilities: sitting ducks, sell
Several stocks in these sectors have posted solid gains in the last month or quarter. The only reason to own these is for yield. But with low or no growth, the prospects for dividend growth are low. We...
View ArticleAT&T (aviate Sell). Failed attempt to buy growth
The Spanish press has reported the government has blocked a friendly €122bn takeover of Telefonica by AT&T. The offer was a 100% bid for Telefonica at a 30% premium. According to sources the...
View ArticleDeutsche Telekom: a winner from KPN and a positive for T-Mobile
If nothing else, the deal between KPN and Telefónica Deutschland this morning will test the willingness of the competition commission to allow (much needed) in-market consolidation. The deal, in turn...
View ArticleUS Offshore cash and who they might target
With Microsoft using its non-domestic cash to fund the Nokia deal, it’s worth noting the top firms with most money held offshore were GE ($108bn), Apple ($82.60), Pfizer ($73bn), Microsoft ($60.8bn),...
View ArticleGlobal Capex (cont): Aviate note and Deloitte CFO Survey
The early results from the survey are upbeat and they provide a powerful insight into the financial plans and thinking of major UK-based businesses. Ahead of this event (full release is Monday) we are...
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FX risks are rising again
Note against the EUR the BRL, IDR and ZAR are heading down again and the YEN has made a multi-year low. The Real is heading back to Summer lows. The Yen is heading to 2008 lows. The risk here is the...
View ArticleUS corporate cash
There is nearly $1t of US corporate cash stashed in foreign (off shore) accounts that cannot find its way back to the USA save repatriation tax. Enamoured by recent deal activity we suspect more of...
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