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Net Servicos de Comunicacao S.A.
NETC.OISIN: US64109T2015SEDOL: B1B2584 |
Rating: SELL |
Target Price: 13.33 USD |
Investment Horizon: 6 to 12 months |
4Q 09 & FY 2009 News Alert
Net Serviços de Comunicação S.A. (NETC) reported healthy growth in 4Q 09 and FY 2009 top-line and registered higher-than-anticipated profit margins. In 4Q 09, revenues were in-line with our estimate while bottom-line was above our estimate, primarily due to lower-than-anticipated Internet access, call center & other charges, financial charges and higher-than-anticipated financial income. NETC has prepared its consolidated…
3Q 09 Update Report
In 3Q 09 NETC continued its high revenue growth, driven by sequential improvement in ARPU and strong subscriber-base growth. Management efforts to improve margins are commendable despite intensifying competition in the region. However, we expect ARPU and churn to come under stress, going forward, reflecting our assumption of escalating competition due to the launch of variety of new offerings from various DTH players in the region....
3Q 09 News Alert
Net Serviços de Comunicação S.A. (NETC) reported healthy growth in 3Q 09 revenues and margins which were above our estimates. Revenues were above our estimate due to higher–than-expected performance from all three segments. In addition, operating and net margin were above estimates and depicted a significant y-o-y improvement, primarily attributable to lower-than-expected Selling, General and Administrative (SG&A;), Depreciation and Amortization (D&A;), net financial…
Company News Alert
Net Servicos de Comunicacao S.A.'s (NETC) preferred stock achieved our target price on 14 October 2009, in line with the fundamental factors discussed in our 2Q 09 update report, dated 01 September 2009. Moreover, the appreciation of the common stock price reflects market expectations of improved Subscription revenues, coupled with broader market movements. As the current price no longer supports a BUY rating, we are downgrading the common stock rating from a BUY…
2Q 09 Update Report
In 2Q 09 NETC continued to report strong revenue growth, reflecting robust growth in subscriber-base and Management's strategic inorganic expansion policy. NETC's business has largely remained insulated from the current slowdown in the global and Brazilian economy. Moreover, due to anticipated improvement in the Brazilian economy in 2H 09 we believe that NETC will be able to maintain its strong revenue growth for the next couple of years....
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