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post Posted: Sep 21 2007, 05:11 AM
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While I tend to agree with your valuation, a takeover would depend on the Tudehopes being willing to sell. And they have always seemed happy to take a very long term view on the value of their shares, while David Tudehope enjoys his profile in the industry as Chief Executive.

Telecoms acquisition of a 10% holding was incidental to acquiring PWT. They might just as likely decide to sell their stake if they are able to find a taker.

post Posted: Sep 20 2007, 11:17 PM
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In reply to: Lizard on Saturday 26/11/05 01:53pm

telecom nz owns 10.1% of maq , its only a matter of time before they make an offer for the company. whats maq worth compared to other second tier telcos.

maq telecom valuation based on the following data, cash 20m, debt 7m, ebitda 11m, number of shares on issue 20.6m

second tier telcos currently trade on an average 5 times ev/ebitda

ev is enterprise value , which is (SHARE PRICE * No of SHARES) + (DEBT) - (CASH)

EV OF MAQ IS ( .98*20.6) + ( 7) - (20) = 7.2m

fy07 ebitda was 11.3m , ev/ebitda of maq is 7.2/11.3 = .64

share price of maq at 5 times ev/ebitda would be as follows

share price = (5 * ebitda)- debt+cash/ No of shares

share price = ( 5 * 11.3) - 7 +20 / 20.6

share price = $3.37

fy07 cashflow was 14m, management is confident of beating these numbers in fy08. stock price is .98c, which is 250% below fair value based on fy07 numbers. takeover of maq would need to be done at even a higher multiple.

telecom nz took over powertel at 8 * ebitda

extract below from documents relating to aapt's takeover of powertel

PowerTel also holds approximately 10% of the issued shares in ASX listed company Macquarie Telecom – a supplier
of voice, data, mobile and hosting solutions to business and government. Macquarie Telecom is PowerTel’s largest
customer – accounting for 16% of its revenue for financial year ended 31 December 2006

post Posted: Nov 26 2005, 01:53 PM
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An interesting article on MAQ here:

Article from The Australian

Points of interest:

MAQ looking to raise $20m for investment - this seems a little odd given that MAQ appear to have on hand more than enough cash to complete the announced expenditure plans.

Suggestions that other companies would be interested in buying MAQ, but that majority shareholder and Chief Executive, David Tudehope, has no intention of selling.

Further expansion planned into South East Asia

Plans to be unveiled at Tuesday agm...

While pretty much range trading between 10-11cps, the sp has looked a little firmer of late, with OBV starting to turn up. The agm presentation should prove interesting.

post Posted: Sep 17 2005, 03:02 PM
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Some notes on MAQ following FY result:

1. Big attraction of MAQ is that at 10cps, it is very undervalued on both an asset and revenue basis. Net current assets are 8.6cps, net cash is 11.2cps, NTA is 27cps. Revenue per share net of carrier costs = 35cps. (NB: net cash is higher than expected as capex seems to have been slower than company predicted at HY)

2. However, excepting revenue, these have all reduced over the past year, as has the share price, and it is possible this trend could continue indefinitely (it has already continued far longer than investors might have thought possible).

3. Underlying share value is probably around 50cps, but in order to recognise this, need margins to improve. Actually, gross margins are okay, so probably need a reduction in corporate costs. However, at the moment, these are increasing rapidly, particularly employment costs.

4. From searching the web, it appears MAQ is fairly active and achieving many things that (unlike some companies) are not reported regularly to the ASX. However, it also seems that these activities are largely being expended just to replace traditional voice revenues and that a high level of (expensive) customer service is being proffered in order to achieve business. It is unclear to me at this stage how MAQ will translate new business gains into profits.

5. Looking ahead, once again 2006 is likely to disappoint holders. The first check will be HY result where I forecast revenue of $116m, EBITDA of $1.5m and NPAT loss of ($2m). For FY, revenue of $234m, EBITDA of $4.3m and NPAT loss of ($3.1m). FCF likely to be close to zero across the year as further one off investment in the Metro Access Network.

6. These results are worth watching closely though. An improvement against them would be positive. However, there is little point in investing in MAQ until early signs of future profitability become apparent. MAQ will almost certainly not be profitable in 2006. But, given the potential for a re-rate of the shares on even a small profit in 2007, it is useful to keep these shares under watch for early signs.

7. The current pressures facing TLS probably do have the potential to be beneficial to MAQ. But degree is uncertain.

Might be a Hold, but not yet a Buy.

post Posted: May 18 2005, 09:04 AM
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Just as the 'horse & cart' made way for the motor vehicle ........

Gartner exec to VoIP-resistant CIOs: get with the program
-Posted by Russell Shaw @ 8:16 am

General News
Colleague Dan Farber notes Gartner Fellow Ken McGee’s entreaty to those hide-bound legacy PBX-clinging CIOs to start investing in VoIP and IP Telephony.

"An absolute revolution is taking place in networking worldwide," Dan quotes McGee as saying. "We are moving away from technology-based soloutions created at the end of the 1800s into the world of IP, systems based on a common architecture. You may have bought your last proprietary PBX, voice mail or video conferencing system."

McGee added his belief that IP telephony and VoIP are now safe and good enough for communications in branch offices, while delivering 30 percent or more in total cost of ownership savings.

Do you agree with McGee? If you do, does your CIO remain to be convinced to authorize the leap to VoIP? TalkBack and let us know what it is like out there in the trenches.


post Posted: May 17 2005, 01:22 PM
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$0.1050cps, that cost price was mean't to be. Plenty of 'info' articles on MAQ from Google, here.



post Posted: May 17 2005, 11:08 AM
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Hi Lizard ....
I bought some MAQ (@ $.0150cps) today. I am 'excited' about the growth of VoiP throughout the world today and with supply partnerships with Lucent Technologies, a bright future should be assured for MAQ.

I note that they are 'Preferred Suppliers' to the Perth Convention Centre, in WA.

"Their Voice products include teleconferencing, direct dialling access to interstate offices, 1300 and 1800 inbound numbers and VoIP installation. The world-class hosting facility - Intellicentre - offers state-of-the-art, managed security solutions for web, email and dedicated hosting. Macquarie Telecom also offers a complete mobile solution, encompassing voice, messaging and wireless data."

The Lucent Announcement

Lucent Technologies Announces Hosted Contact Center Functionality In Sydney Global Network Operations Center

SYDNEY, Australia, March 21 /PRNewswire-FirstCall/ -- Lucent Technologies today announced the opening of its state-of-the-art Customer Contact Center (CCC) located within its Global Network Operations Centre (GNOC) in North Ryde, Sydney. Lucent also announced that Macquarie Telecom, a leading supplier of Information and Communications Technology (ICT) solutions to the business and government markets, would be the first Contact Center customer.

Macquarie Telecom plans to use the Lucent CCC to offer its business and government customers throughout Australia and Southeast Asia high-level technical customer support with advanced network diagnostic tools.

Like traditional customer service or call centers the CCC seamlessly interfaces with customers through a selection of multimedia options including telephone, the Internet and e-mail. However in a hosted environment, Lucent Worldwide Services (LWS) is able to deliver critical functionality -- such as contact receipt, contact management, diagnostic performance, trouble-shooting and network restoration -- remotely from the GNOC giving the customer access to 24-hour advanced technical expertise and the tools necessary to quickly solve network issues.

Glen Noble, General Manager Data and Hosting, Macquarie Telecom said, "In today's converged communications environment, our end customers are deploying increasingly integrated solutions. By working with LWS and its GNOC, we can better serve these customers, by consolidating the management of our data and Intellicentre services into a single customer assistance centre. This streamlined approach is in line with our single billing and single point of contact offerings designed to simplify the management of communications for business and government."

Paul Higgs, Lucent Technologies, Vice President Lucent Worldwide Services Asia/Pacific and China Regions said, "The Customer Contact Center is an exciting extension of our managed services capability and enhances the portfolio of network management and optimization services we are offering customers. Macquarie Telecom will now be able to leverage the expertise and talent we have in network management, process management and 24x7 operations expertise, as well as our management tools."

The Australian GNOC is the first Lucent facility that supports a fully-optimized and integrated hosted customer contact capability. Lucent has partnered with a leading call center integrator, Integ Communications, to boost its expertise in advanced contact center technologies. Integ has been instrumental in the development of the CCC through its contact center software and hardware, design and consulting.

Integ CEO, Ian Poole said, "To the end customer, contact center agents are the face of a company. By working closely with Lucent to provide a combination of sophisticated contact centre technology and design expertise, we believe we can have a major impact on the customer experience and a company's bottom line."

Lucent Worldwide Services also has three other GNOCs in Denver, Colo.; Hamilton, New Zealand and in Hilversum in the Netherlands. The Lucent GNOCs provide a wide range of outsourced services to help reduce operating expenses while preserving and enhancing enterprise network performance and reliability.

About Lucent Technologies
Lucent Technologies designs and delivers the systems, services and software that drive next-generation communications networks. Backed by Bell Labs research and development, Lucent uses its strengths in mobility, optical, software, data and voice networking technologies, as well as services, to create new revenue-generating opportunities for its customers, while enabling them to quickly deploy and better manage their networks. Lucent's customer base includes communications service providers, governments and enterprises worldwide. For more information on Lucent Technologies, which has headquarters in Murray Hill, N.J., USA, visit Lucent Technologies Asia Pacific is headquartered in both Singapore and Hong Kong, serving all markets in Asia Pacific including Australasia, India, Japan, Northeast Asia and Southeast Asia. Asia is also home to a large network of Bell Labs facilities. The innovation engine behind Lucent Technologies has research and development facilities in Japan, Singapore, India, and has maintained a number of labs in China since 1997.

About Macquarie Telecom

Macquarie Telecom is a leading supplier of Information and Communications Technology (ICT) solutions -- including voice, data, mobile and hosting -- specialising in the business and government markets. The world class Intellicentre facility offers state-of-the-art hosting and security solutions. Macquarie Telecom provides services to more than 2,500 of the top companies in Australia and Asia, with more than one million Australians using its services at work every day Founded in July 1992, it is one of Australia's first telecommunications companies. It expanded its operation into Asia in 2000, and holds carrier licences in Australia, Singapore and Hong Kong. For further information:
Lucent Technologies

And by the looks of the 'heavyweights' on the card at the Australian Telecommunications Summit 2005, (late July), Voip will continue to GROW, with MAQ having the chance of a bright future, I'm sure. - Cheap at current SP value.


post Posted: Feb 25 2005, 12:11 PM
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HY result is out. If the company ever cracks a profit, this share should be a flyer, with price/sales ratio currently at 0.20. At FY, cash was 15cps - close to recent selling prices of 16cps. Currently this cash is being invested - now down to 12.5cps and will fall to around 6.5cps at year end, (depending on operating cash flows). Lets hope that cash has been spent wisely. If so, we should be on to some big gains - but in the competitive Telecommunications market, it is too early to call this one...

post Posted: Jul 27 2004, 03:04 PM
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Retesting ascending/t res/support will it hold? rolleyes.gif


post Posted: Jul 20 2004, 08:58 AM
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Looks as good a chance as anything BSA.



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