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MAQ, MACQUARIE TELECOM GROUP LIMITED
maru
post Posted: Mar 12 2016, 11:43 PM
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Posts: 9


Yield over 5% FF, Vocus (ASX : VOC) own a major share holding around 15% , MAQ holding $25M cash

Ebitda for 2016 could be $33m

Enterprise value / ebitda ratio around 5 for FY2016

Fair value around 8 times this ratio

Share price target $12.50


Link to latest half yearly presentation below
http://www.stocknessmonster.com/news-item?...SX&N=908149

 
Lizard
post Posted: Aug 27 2009, 02:33 PM
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In Reply To: Lizard's post @ Jul 30 2009, 09:09 PM

Good result from MAQ - ahead of forecast EBITDA and ahead of my March projection for NPAT, so that was a good outcome!

Share price has managed to put on near 50% in the last month and yet with $2.14 in cash at the bank and generating another 62cps in free cashflow, $3.70 still seems like a very reasonable price.

Still, based on history, the Tudehope's probably have plans for that cash that doesn't involve divs, but rather involve a 2 or 3 year wait for it to deliver increased returns...

 
Lizard
post Posted: Jul 30 2009, 09:09 PM
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In Reply To: Lizard's post @ Jul 25 2009, 07:39 AM

Great announcement after-market from MAQ - sale of Singapore business (not been a great performer so far) for about $A8.8m. From last report, assets in Singapore were about $4.2m, so probably book a gain on sale. More spare cash, plus a future tie-up with Citic 1616 for calls between Australia and Asia.

It's about another 43cps in cash for MAQ and possibly an increase in net assets of 22cps if my assumptions are correct. Total cash per share must be well over $1.70 unless they've been having another capex spend-up (certainly not the message).

(Current sp $2.72)

 
Lizard
post Posted: Jul 25 2009, 07:39 AM
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In Reply To: Lizard's post @ Aug 27 2008, 09:42 AM

Been a lonely ride on this one, from the 80cps in August last year when it pressed my "buy" button, through the 50cps low in October and then onwards to where we sit now at $2.52. A bright trade in a dark market. But with so many competing "value" opportunities in the market, I'm considering taking some off the table here and spreading it around a bit. Still value here, but the lack of liquidity has to make for cautious trading.

 
Lizard
post Posted: May 1 2009, 05:33 AM
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After first half result, the full year "profit upgrade" was not particularly surprising. Actually forced me to drop my NPAT projection from $7m to $6m. May upgrades are often conservative though.... might yet see another one.

 
malmanu
post Posted: Apr 30 2009, 10:04 PM
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In Reply To: malmanu's post @ Apr 2 2009, 08:09 PM

<H1 class=section-heading>Bright outlook for Macquarie Telecom</H1>ndm.kit.btyb();ndm.kit.btyb();ndm.kit.btyb();Mitchell Bingemann | April 30, 2009

THE telco sector has continued its show of insulation from the financial crisis after Macquarie Telecom today lifted its guidance for the 2009 financial year with an expected earnings boost of 70 per cent.

The telecoms provider expects earnings before interest, tax, depreciation and amortisation (EBITDA) for the year to June 30 to fall between $22 million and $24 million, compared with $13.8 million last year.

Macquarie Telecom chief executive David Tudehope said the earnings guidance will result in the provider's best ever trading year.

The company's data and hosting business was the basis for the strong growth, he said.

"This expected result supports the strategic direction we have taken as we build momentum in our higher margin Data & Hosting businesses. During this period of significant economic volatility we have continued to invest in infrastructure upgrades and a strengthening of our sales and operations team," Mr Tudehope said.

Macquarie Telecom's full year results ended June 30 will be released on August 27



 


malmanu
post Posted: Apr 2 2009, 08:09 PM
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In Reply To: Lizard's post @ Mar 4 2009, 04:35 AM

Net Cash of around $25m in bank ,positive operating cashflow and annual ebitda earnings above $20m should value this thing around the $ 3.50 mark instead of $1.55

I base this on 2 to 3 times earnings plus cash, now thats a fairly conservative valuation because any other telco wanting to merge or consume maq could strip a large amount of costs out and be major earnings positive from day one.

Macquarie Telecom strong performance from data and hosting business.
Media Releases

News Centre



addthis_url = location.href; addthis_title = document.title; addthis_pub = 'macquarietelecom';

Australian Financial Review, 3rd February 2009 – Telecommunications group Macquarie Telecom is set to return to profitability after a strong performance from its data and webhosting business helped the group double earnings to $12 million in the first half of financial year 2009.

The telecoms group, which focuses on providing services to business and government, revealed yesterday that earnings before interest, tax, depreciation and amortisation would rise to $12 million for the six months ended December, up from the $6 million it posted in 2008.

Chief executive David Tudehope, who through investment company Claiward owns 61 per cent of the group, said it was Macquarie's best trading result for any half year period and that it would allow the telecoms provider to deliver a profit. It recorded a $1.6 million net loss in the previous corresponding half.

Mr Tudehope said the result was driven by the company's higher margin data management and webhosting business. He said Macquarie had been expanding that division of its business which now accounted for more than a third of its revenue compared with about 17 per cent six years ago.

"Data and hosting benefits from scale and as you add more revenue, your margins grow substantially," Mr Tudehope said.

Shares in Macquarie Telecom rose sharply yesterday, climbing 25¢ or 27 per cent to finish at $1.15.

One analyst noted that Macquarie Telecom had so far insulated itself against the wider economic downturn because most of the services it offered to businesses were not typically affected by levels of discretionary spending.

Mr Tudehope said Macquarie Telecom had been receiving strong customer interest in its webhosting and web communications services as businesses sought ways to bring down costs.

"In times like these, businesses may cut back on their travel spend and instead turn to phone and internet and videoconferencing services," he said. "Our experience so far, and what we've seen, is that customers are continuing to invest in web communication and web marketing because it's easy to measure the benefits from these and adjust them [to demand] in real time."


Macquarie Telecom strong performance from data and hosting business.
Media Releases

News Centre



addthis_url = location.href; addthis_title = document.title; addthis_pub = 'macquarietelecom';

Australian Financial Review, 3rd February 2009 – Telecommunications group Macquarie Telecom is set to return to profitability after a strong performance from its data and webhosting business helped the group double earnings to $12 million in the first half of financial year 2009.

The telecoms group, which focuses on providing services to business and government, revealed yesterday that earnings before interest, tax, depreciation and amortisation would rise to $12 million for the six months ended December, up from the $6 million it posted in 2008.

Chief executive David Tudehope, who through investment company Claiward owns 61 per cent of the group, said it was Macquarie's best trading result for any half year period and that it would allow the telecoms provider to deliver a profit. It recorded a $1.6 million net loss in the previous corresponding half.

Mr Tudehope said the result was driven by the company's higher margin data management and webhosting business. He said Macquarie had been expanding that division of its business which now accounted for more than a third of its revenue compared with about 17 per cent six years ago.

"Data and hosting benefits from scale and as you add more revenue, your margins grow substantially," Mr Tudehope said.

Shares in Macquarie Telecom rose sharply yesterday, climbing 25¢ or 27 per cent to finish at $1.15.

One analyst noted that Macquarie Telecom had so far insulated itself against the wider economic downturn because most of the services it offered to businesses were not typically affected by levels of discretionary spending.

Mr Tudehope said Macquarie Telecom had been receiving strong customer interest in its webhosting and web communications services as businesses sought ways to bring down costs.

"In times like these, businesses may cut back on their travel spend and instead turn to phone and internet and videoconferencing services," he said. "Our experience so far, and what we've seen, is that customers are continuing to invest in web communication and web marketing because it's easy to measure the benefits from these and adjust them [to demand] in real time."


Macquarie Telecom strong performance from data and hosting business.
Media Releases

News Centre



addthis_url = location.href; addthis_title = document.title; addthis_pub = 'macquarietelecom';

Australian Financial Review, 3rd February 2009 – Telecommunications group Macquarie Telecom is set to return to profitability after a strong performance from its data and webhosting business helped the group double earnings to $12 million in the first half of financial year 2009.

The telecoms group, which focuses on providing services to business and government, revealed yesterday that earnings before interest, tax, depreciation and amortisation would rise to $12 million for the six months ended December, up from the $6 million it posted in 2008.

Chief executive David Tudehope, who through investment company Claiward owns 61 per cent of the group, said it was Macquarie's best trading result for any half year period and that it would allow the telecoms provider to deliver a profit. It recorded a $1.6 million net loss in the previous corresponding half.

Mr Tudehope said the result was driven by the company's higher margin data management and webhosting business. He said Macquarie had been expanding that division of its business which now accounted for more than a third of its revenue compared with about 17 per cent six years ago.

"Data and hosting benefits from scale and as you add more revenue, your margins grow substantially," Mr Tudehope said.

Shares in Macquarie Telecom rose sharply yesterday, climbing 25¢ or 27 per cent to finish at $1.15.

One analyst noted that Macquarie Telecom had so far insulated itself against the wider economic downturn because most of the services it offered to businesses were not typically affected by levels of discretionary spending.

Mr Tudehope said Macquarie Telecom had been receiving strong customer interest in its webhosting and web communications services as businesses sought ways to bring down costs.

"In times like these, businesses may cut back on their travel spend and instead turn to phone and internet and videoconferencing services," he said. "Our experience so far, and what we've seen, is that customers are continuing to invest in web communication and web marketing because it's easy to measure the benefits from these and adjust them [to demand] in real time."



 
Lizard
post Posted: Mar 4 2009, 04:35 AM
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In Reply To: malmanu's post @ Mar 3 2009, 10:52 PM

It is pretty difficult to set a price target from down here without looking like ramping. By my standards, MAQ looks very cheap here, but the low liquidity makes it a big risk and unattractive to institutions. Without (at least the promise of) a dividend, liquidity or takeover prospects then there is no reason for any shareprice to reflect fundamentals.

One unknown is what they might be committed to should the Optus bid win the NBN project. This may be another reason why they are keeping funds aside rather than paying dividends. Certainly their history suggests a preference for growth by investment - and by taking quite a long-term view on investment. In the past, the investment phase hasn't been too kind to holders. However, I haven't followed the NBN bid process particularly closely and the most recent useful information I could find was this article from November:
Terria NBN bid morphs into Optus bid



 
malmanu
post Posted: Mar 3 2009, 10:52 PM
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In Reply To: Lizard's post @ Mar 3 2009, 06:34 AM

good to see some volume buying going on. Bargain hunters i believe. fy profit might be the catalyst for a dividend. what share price target are we looking at if fy profit comes in at $7m.

 
Lizard
post Posted: Mar 3 2009, 06:34 AM
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First half result came in at NPAT $3.12m (a little below my estimate, but I confess I probably didn't allow correct tax, instead assuming previous tax losses would nix any tax, which of course is no longer correct methodology!).

This was a strong result for MAQ and my main disappointment was that directors failed to make mention of any policy on dividends. I was also interested that the presentation made mention of "additional funding capacity in place". Given investment levels are forecast at fairly normal levels and MAQ have never shown signs of being acquisitive, it would be interesting to know how this cash is utilised. I am wondering if it is less surplus to the business than I had previously considered and that it exists on the balance sheet primarily as a result of timing of payments to creditors (mostly carriers)?

Meanwhile, looking forward, MAQ is forecasting continuing growth trend in EBITDA which is supported by trends in outsourcing IT - see the following article for an explanation: Macquarie Hosting announces a 30% increase in IT Infrastructure Outsourcing during 2008

EBITDA rose from $7.7m in 2H08 to $12m in 1H09. This is a bit of a leap off previous growth, so I'm not expecting it to be repeatable and am going to go with estimate of $14m for 2H09. As a result, I calculate a likely FY NPAT of $7.2m with additional increase in net cash of $6m in the second half. This would bring it to $1.52 per share of net cash at year. Forward (FY09) P/E of 3.4 at current price of $1.18 per share. (Forward Pr/NTA would be about 0.47 at these levels).

 
 


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