External broker reports(aggregated public sources), Ord Minnett

Ord Minnett

External broker reports(aggregated public sources)

Ord Minnett is a leading Australian wealth management group, incorporating full-service stockbroking, financial planning and funds management. Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

Equity Bottom-Up

<div><div><div><div><ul><li>Aussie Broadband has continued the strong market share momentum in residential broadband.</li><li>Customer numbers rose by a net c25,000 during the March quarter, out of the c27,200 net growth in the broadband market.</li><li>Including customers on 3rd party networks, the company remains on track to meet our FY23e new customer growth forecasts of c100K. </li></ul></div></div></div></div><p><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></p>

Aussie Broadband has continued the strong market share momentum in residential broadband.Customer numbers rose by a net c25,000 during the March quarter, out of the c27,200 net growth in the broadband market.Including customers on 3rd party networks, the company remains on track to meet our FY23e new customer growth forecasts of c100K. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

<ul><li>Aussie Broadband has reported a solid first half result, with underlying revenues of $379m (+65%) and EBITDA of $41.1m beating our expectations by 5%.</li><li>The re-shuffle of segments is arguably overdue given the wider spread of services post the OTW acquisition.</li><li>Reading through the amendments, the bottom line is that Business, Government and Enterprise has currently reached a third of gross profits and likely well above this on an EBITDA basis.</li></ul><p><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></p>

Aussie Broadband has reported a solid first half result, with underlying revenues of $379m (+65%) and EBITDA of $41.1m beating our expectations by 5%.The re-shuffle of segments is arguably overdue given the wider spread of services post the OTW acquisition.Reading through the amendments, the bottom line is that Business, Government and Enterprise has currently reached a third of gross profits and likely well above this on an EBITDA basis.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

<ul><li><span data-sheets-value='{"1":2,"2":"Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below."}' data-sheets-userformat='{"2":33281,"3":{"1":0},"12":0,"18":1}'>Aussie Broadband has delivered a positive AGM update re-affirming revenue and EBITDA guidance for FY23e and demonstrating continued market share growth in a competitive broadband arena. </span></li><li><span data-sheets-value='{"1":2,"2":"Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below."}' data-sheets-userformat='{"2":33281,"3":{"1":0},"12":0,"18":1}'>With the OTW acquisition integrating and contributing to plan; we forecast business and enterprise to contribute 53% of FY23e group EBITDA. </span></li><li><span data-sheets-value='{"1":2,"2":"Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below."}' data-sheets-userformat='{"2":33281,"3":{"1":0},"12":0,"18":1}'>We see this as providing a much better balance of earnings for the group and creating a better path to scale over the medium term.</span></li></ul><p><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></p>

Aussie Broadband has delivered a positive AGM update re-affirming revenue and EBITDA guidance for FY23e and demonstrating continued market share growth in a competitive broadband arena. With the OTW acquisition integrating and contributing to plan; we forecast business and enterprise to contribute 53% of FY23e group EBITDA. We see this as providing a much better balance of earnings for the group and creating a better path to scale over the medium term.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Aussie Broadband Ltd - Over the First Hurdle

<ul><li>FY22 EBITDA came in 2% ahead of expectations, assisted by earnings growth across all three segments.</li><li>The contribution of the OTW acquisition was in line with forecasts outlined at the time of the acquisition and the investment case if anything has strengthened since then given the rising value of incumbency as a telco/technology supplier to business and enterprise customers.</li><li>The major surprise in the result relates to FY23e guidance of $800m-$840m revenue and implied EBITDA of $80m-$88m, (Ords $84.1m), -7% below our prior forecast.</li></ul><p><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></p>

FY22 EBITDA came in 2% ahead of expectations, assisted by earnings growth across all three segments.The contribution of the OTW acquisition was in line with forecasts outlined at the time of the acquisition and the investment case if anything has strengthened since then given the rising value of incumbency as a telco/technology supplier to business and enterprise customers.The major surprise in the result relates to FY23e guidance of $800m-$840m revenue and implied EBITDA of $80m-$88m, (Ords $84.1m), -7% below our prior forecast.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

IPOs and Catalysts/Events, Global Equity Research Ltd

Arun George

IPOs and Catalysts/Events

Uncompromised, Independent, Conflict-Free Research

Global Equity Research Ltd

Global Equity Research was started in 2017 by a group of experienced research professionals. It was founded on a passionate belief in the importance and the need for uncompromised, independent, conflict-free research. We aim to provide differentiated and actionable primary and bottom up fundamental research.

Event-Driven

<ul>
<li>Unsurprisingly, the independent expert (IE) considers the consortium's offer of A$5.00 per share to be fair and reasonable. We think that IE’s valuation approach is sound.  </li>
<li>The key condition is approval from <a href="https://www.smartkarma.com/entities/uniti-group-ltd" target="_blank" data-smartkarma-citation="entities:29042:1" rel="noopener">Uniti Group Ltd (UWL AU)</a> shareholders and regulatory authorities (FIRB). The scheme meeting is scheduled for 9:30 am on 15 July. </li>
<li>We continue to think that offer is attractive. At the last close price and for the 4 August implementation date, the gross and annualised spread is 0.8% and 5.1%, respectively.</li>
</ul>


Unsurprisingly, the independent expert (IE) considers the consortium's offer of A$5.00 per share to be fair and reasonable. We think that IE’s valuation approach is sound.  
The key condition is approval from Uniti Group Ltd (UWL AU) shareholders and regulatory authorities (FIRB). The scheme meeting is scheduled for 9:30 am on 15 July. 
We continue to think that offer is attractive. At the last close price and for the 4 August implementation date, the gross and annualised spread is 0.8% and 5.1%, respectively.


Uniti’s Scheme Meeting on 15 July, IE’s Opinion

Australia

Aussie Broadband Pty. Ltd. provides communication services. The Company offers internet, mobile data, and other telephony services. Aussie Broadband serves customers in Australia.

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Aussie Broadband (ABB AU)

Aussie Broadband Ltd - Cracking the Whip

Customer numbers rose by a net c25,000 during the March quarter, out of the c27,200 net growth in the broadband market. Including customers on 3rd...

Ord Minnett

Aussie Broadband Ltd - In Business

Aussie Broadband has reported a solid first half result, with underlying revenues of $379m (+65%) and EBITDA of $41.1m beating our expectations by 5%.

Ord Minnett

Aussie Broadband Ltd - Over the First Hurdle

With the OTW acquisition integrating and contributing to plan; we forecast business and enterprise to contribute 53% of FY23e group EBITDA.

Ord Minnett

Aussie Broadband Ltd - Fair Dinkum

The major surprise in the result relates to FY23e guidance of $800m-$840m revenue and implied EBITDA of $80m-$88m, (Ords $84.1m), -7% below our...

Ord Minnett

Uniti’s Scheme Meeting on 15 July, IE’s Opinion

We continue to think that offer is attractive. At the last close price and for the 4 August implementation date, the annualised spread is 5.1%.

Arun George

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