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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
COMMUNICATIONS
- The UK Cabinet Office has cleared the proposed Vodafone-Three merger of national security concerns once they set up committees to supervise certain sensitive ops. The CMA probe is a separate process and remains the main focus.
- Also noting BBG source reports that Zegona is near Spanish gov’t approval on the Vodafone Spain acquisition after making commitments on investment/leverage targets, having picked up pace in the wake of the recent Spanish political instability.
- As stated before, we like the strategic refocusing that VOD is undertaking though it does threaten their top-class geographical diversification. The new capital policy does somewhat increase upside rating pressure though weak German performance and the MDU regulatory headwinds their limit the upgrade potential in our view and as mentioned earlier in the week we feel Telefonica has more momentum potential.
- FY results come out on Tuesday; BBG consensus implies expectations of continued weakness with FY revenue -5% YoY, FY EBITDAal -13% YoY, FY OCF lower by ~30% YoY and FY FCF lower by over 50% YoY.
Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
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