In today’s briefing:
- DTAC/True Merger: Shares Decline on Noise About NBTC Subcommittees Voting Decision
- NTT (Buy) – Some Quick Takeaways from the Subsea Cable Announcement
- FactSet Research Systems Inc.: Defensive Business Model & Key Drivers, Major Competitive Threats & Other Risks, Financial Forecasts, DCF & Comparables Valuation, ESG & Other Risks (07/22)
- Accenture Plc: Continued Bolt-On Acquisitions Strategy & Other Drivers, Financial Forecasts, DCF & Comparables Valuation, ESG & Other Risks (07/22)
DTAC/True Merger: Shares Decline on Noise About NBTC Subcommittees Voting Decision
- Total Access Communication (DTAC TB) and True Corp Pcl (TRUE TB) shares declined as reports suggest that NBTC’s subcommittees voted 3:1 AGAINST the merger. True said the reports are false.
- An earlier press conference by CP Group and Telenor ASA (TEL NO) reiterated that the NBTC could only prescribe remedial measures. A court ruling on 16 June supports this view.
- NBTC will allegedly review the subcommittees’ findings on 26-27 July. We think this development results in the NBTC prescribing harsher remedial conditions to the merger rather than blocking it.
NTT (Buy) – Some Quick Takeaways from the Subsea Cable Announcement
- NTT announced it would build and operate a third trans-Pacific subsea cable (JUNO) with NEC as the vendor and a 2024 activation date
- This also represents the second trans-Pacific cable in five years and the one with the highest capacity to date
- This is not core to NTT’s business but it does highlight how capacity needs are expanding as network speeds accelerate and how those costs can be managed
FactSet Research Systems Inc.: Defensive Business Model & Key Drivers, Major Competitive Threats & Other Risks, Financial Forecasts, DCF & Comparables Valuation, ESG & Other Risks (07/22)
- FactSet has a fundamentally solid business model and its business has not been significantly affected despite the bearish trends in the S&P500.
- Asia Pacific continued to be a growth-driving geography with ASV growth at 14.3%, driven by demand from asset managers and vested owners.
- With greater expansion with asset owners and asset managers, respectively, both CTS and analytics contributed to growth.
Accenture Plc: Continued Bolt-On Acquisitions Strategy & Other Drivers, Financial Forecasts, DCF & Comparables Valuation, ESG & Other Risks (07/22)
- In its last result, Accenture delivered robust overall results, reflecting strong double-digit revenue growth across all areas of its business and ongoing operating margin expansion due to its ongoing large-scale investments in its company.
- Accenture continued with its acquisition-led growth approach and agreed to acquire The Stable.
- In a nutshell, Accenture is in a unique position to support both its clients’ growth objectives and cost-saving initiatives.
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