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II-VI (IIVI) delivered earnings and revenue surprises of -5.00% and 1.38%, respectively, for the quarter ended September 2019. Do the numbers hold clues to what lies ahead for the stock?
(Bloomberg) -- Want the lowdown on European markets? In your inbox before the open, every day. Sign up here.Vodafone Group Plc returned to sales growth in the second quarter as its toughest European market of Spain showed signs of improvement, in a boost for Chief Executive Officer Nick Read. Its shares rose as much as 3.2% Organic service revenue grew 0.7%, above the 0.2% forecast by analysts. It follows two quarters of declines. Vodafone also upgraded its full-year earnings guidance.Key InsightsRead needs some decent sales growth to generate cash for network investments and service debts built up with Vodafone’s purchase of Liberty Global Plc assets.South Africa, Italy and Spain all improved as Vodafone faced tough competition from former phone monopolies and no-frills challengers. The company said it had the best ever quarter for new customers in the U.K.Read said he expects to build upon the revenue growth in the second half of the year in both Europe and Africa.The company toned down its guidance on full-year free cashflow, while boosting its forecast for earnings after the Liberty Global deal.Market ReactionVodafone shares were up 2.5% as of 8:30 a.m. in London. The stock has risen 14% in the past year, outpacing a 5% rise in the Stoxx 600 Telecommunications Index, as investors welcomed Read’s plans to collaborate more with rivals on infrastructure to cut costs.NOTE: Vodafone CEO’s Wild First Year Leaves Stock Where It StartedOn Monday, 17 analysts surveyed by Bloomberg rated the stock a buy, six hold and two sell.Get MoreThe company made a loss in its Indian business after a court ordered it to pay a spectrum fee. It now sees group free cash flow of “around” 5.4 billion euros versus previous guidance of “at least” 5.4 billion. Vodafone sees adjusted earnings before interest, tax, depreciation and amortization of 14.8 billion euros to 15 billion euros, up from its previous guidance of 13.8 billion to 14.2 billion.Company statementNOTE: BT Drops as Liberty Global Switches to Vodafone for Mobile(Updates with share price rise. A previous version of this story was corrected to fix the revenue growth figure.)To contact the reporter on this story: Thomas Seal in London at firstname.lastname@example.orgTo contact the editors responsible for this story: Rebecca Penty at email@example.com, Thomas PfeifferFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
Vodafone has upgraded its profit guidance for the year by up to €1bn despite slumping to a loss in the first half as a result of its Indian turmoil. Group chief executive Nick Read and chairman Gerard Kleisterlee travelled to India last month to ask the government for a series of “relief” measures to ensure Vodafone Idea does not collapse as a result of the penalty.
Vodafone has struck a deal with BT to use its network to offer broadband to up to half a million customers in three British cities. BT, via its Openreach network unit, is under pressure to upgrade rapidly Britain’s copper telephone lines to “full fibre” connections but needs to bring millions of customers who use other broadband brands on board to justify the cost. to offer “gigabit” speed broadband to all UK premises by 2025 if certain conditions are met.
Virgin Media is to transfer its 3m mobile customers to Vodafone’s network, calling time on its £200m-a-year deal with BT. The cable group currently uses BT’s mobile network EE in a contract that runs until 2021. Virgin will also launch 5G services via the Vodafone network before then.
II-VI (IIVI) doesn't possess the right combination of the two key ingredients for a likely earnings beat in its upcoming report. Get prepared with the key expectations.
Eaton's (ETN) third-quarter earnings are likely to have benefited from share buyback and organic growth. However, negative currency translation is expected to have offset the positives.
II-VI Incorporated (NASDAQ:IIVI), which is in the electronic business, and is based in United States, received a lot...
(Bloomberg Opinion) -- Did John Malone just blink in an M&A deal? The cable tycoon’s Liberty Global Plc has just agreed to help finance Sunrise Communications Group AG’s 6.3 billion Swiss francs ($6.3 billion) purchase of Liberty’s business in Switzerland. It’s a neat way of lending a helping hand to a struggling buyer without being seen to soften the terms of the deal itself. It still may not be enough to get the transaction done.Sunrise’s purchase of Malone’s UPC Switzerland has been on the ropes for months. The Swiss buyer’s biggest shareholder, German telecoms operator Freenet AG, and a couple of investment funds are opposed. Sunrise needs to do a 2.8 billion Swiss franc rights offer to pay for the deal, which in turn depends on majority shareholder support. Freenet’s opposition is unhelpful enough given its 25% stake. Last week, the shareholder advisory service ISS also recommended that investors withhold their support.That has rattled Liberty. Malone’s group now says it will put as much as 500 million Swiss francs into the rights offer if Sunrise’s own investors (most likely Freenet) don't stump up. This could be seen as a vote of confidence in the enlarged Sunrise from the American billionaire, which might make shareholders feel more comfortable about voting in favor of the fundraising. But the move could be seen equally as the price Liberty is willing to pay to get a deal over the line without amending the headline terms, for example by cutting the price or taking stock instead of cash.This deal isn’t cheap but it makes sense for Sunrise. The buyer reckons UPC is worth 5.1 billion Swiss francs on a standalone basis, and it values the cost savings and revenue gains of a deal at some 3.1 billion francs. That total value is worth nearly 2 billion francs more than the price being paid.Sure, UPC is probably worth less than Sunrise reckons. The same goes for those savings. Say UPC is more plausibly worth about 4.6 billion euros, based on it maybe making 600 million francs of Ebitda this year and commanding a multiple just shy of where Sunrise trades. And say you cut those anticipated savings by 25% and they’re worth 2.3 billion francs. On this view, the total value to Sunrise shareholders would still exceed the price paid, plus they would keep all the upside if the financial benefits of a deal turned out better than hoped.Sunrise shareholders could kill the deal in the hope of striking a better transaction with Liberty at a later date — maybe involving less cash, more stock and a cheaper price. After all, it’s now clear that Malone is fine with taking Sunrise shares. But Liberty is flush with cash at present from selling assets to Vodafone Group Plc. It can afford to spend some of that in defense of its interests. There's a big leap from that to believing Malone should, let alone will, swallow worse terms another day.To contact the author of this story: Chris Hughes at firstname.lastname@example.orgTo contact the editor responsible for this story: James Boxell at email@example.comThis column does not necessarily reflect the opinion of the editorial board or Bloomberg LP and its owners.Chris Hughes is a Bloomberg Opinion columnist covering deals. He previously worked for Reuters Breakingviews, as well as the Financial Times and the Independent newspaper.For more articles like this, please visit us at bloomberg.com/opinion©2019 Bloomberg L.P.
Chuck Mattera became the CEO of II-VI Incorporated (NASDAQ:IIVI) in 2016. This analysis aims first to contrast CEO...
(Bloomberg) -- U.K. Prime Minister Boris Johnson is set to announce as much as 5 billion pounds ($6.2 billion) in government funding for faster telecom networks, according to a person familiar with the matter.The spending could be revealed at the ruling Conservative Party’s conference in Manchester this week, and would subsidize infrastructure including fiber optic connections to improve broadband in remote parts of Britain, said an official who declined to be identified as the plans are still confidential.The money would be put towards delivering a key pledge from Johnson’s recent campaign to lead the Conservative Party, many of whose voters live in rural areas. He promised to accelerate his predecessor’s ambition to hook up every property in the country to fiber optic broadband, aiming for 2025, eight years earlier than the previous goal.The Sunday Telegraph newspaper first reported the latest funding. Earlier this month Culture Secretary Nicky Morgan convened broadband executives to work out details, with bosses attending from former state monopoly BT Group Plc, Liberty Global Plc’s Virgin Media, and alternative networks such as Goldman Sachs Group Inc.-owned CityFibre Ltd.Gaps in the plans include how to avoid a wasteful building war, in which companies chase densely-populated, profitable areas and leave sparser regions behind. About a 10th of Britain’s homes and businesses could need state support because connecting them is not commercially viable, according to a government review published last year.The government’s stated goal of fiber optic connections for the whole country has been moderated and officials now talk about “gigabit-capable” connections, a shift that allows for technologies like wireless 5G and Virgin Media’s coaxial cable. The U.K. lags European neighbors in full fiber, which reaches only 8% of British premises compared to about 90% of homes in Portugal and 70% in SpainTo contact the reporters on this story: Thomas Seal in London at firstname.lastname@example.org;Alex Morales in London at email@example.comTo contact the editors responsible for this story: Thomas Pfeiffer at firstname.lastname@example.org, Marion Dakers, Sara MarleyFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
(Bloomberg) -- Boris Johnson promised to bring fiber broadband to every U.K. home by 2025 in his bid for the most important job in the land. Now comes the difficult part.To have any chance of success, the Prime Minister must first convince telecommunications executives there is a profit opportunity.“The productivity of the nation isn’t in my business case,” Philip Jansen, chief executive of former state monopoly BT Group Plc, said last month.The government will step up the pressure later on Thursday when the Digital Secretary Nicky Morgan gathers the heads of Britain’s broadband building companies at her Westminster office. The talks are expected to focus on how to reach Johnson’s accelerated infrastructure target, including a timeline for switching off older networks, according to people briefed on the closed-door meeting.So-called full fiber can deliver data ten times faster than copper lines. Currently in the U.K., fiber lines carry data over long distances to a neighborhood box, and copper lines connect the box to nearby homes. BT has drawn up proposals for switching off copper networks by 2027, Sky News reported late Wednesday.The U.K. badly lags European neighbors in full fiber, which reaches only 8% of British premises compared to about 90% of homes in Portugal and 70% in Spain.The reason is a combination of political will and local circumstances.A study commissioned last year by British officials suggested that Spain’s dominant phone company, Telefonica SA, opted for a faster fiber network build than U.K. counterpart BT as it faced greater competitive pressure to secure a speed advantage over rivals. A law has obliged construction firms to include fiber ducts in new buildings since 2000, so millions of residents were connected cheaply and quickly.In the U.K., fewer people live in apartment blocks, driving up installation costs. A similar construction law has been drafted for Britain, but the political disruption around Brexit has delayed its ratification.Then there’s the challenge of turning a profit on the investment. If consumers get fiber, will they all pay for it, especially now that advances in copper technology can squeeze more data through the same pipes?“For the foreseeable future, speeds are more than adequate for household needs,” said James Ratzer, an analyst at New Street Research. He also said more than half of the U.K. has access to ultrafast cable from Liberty Global Plc’s Virgin Media, and yet that company is losing broadband customers."BT is keen to see the industry work together with government on the big challenges – such as digital switchover and rural coverage,” a BT spokesman said by email.Were a date to be fixed for shutting off copper networks, that would remove the risk that BT is forced to pay for fiber buildout without being assured that customers will switch to the faster network. Building RightsThe fiber goal can’t be reached without BT, whose CEO Jansen has said he’s up for the challenge as long as the industry can get hold of 30,000 extra workers to dig up roads and the government scraps planning rules to give carriers build rights now enjoyed by water and power utilities.There are signs the government is softening its message to avoid a clash. Johnson more recently pledged a “gigabit” target instead of “full-fiber,” an acknowledgement that other technologies like 5G wireless networks could be used to deliver faster internet.The government “wants to deliver world-class, gigabit-capable digital infrastructure across the country and will announce further details on how we will achieve this as soon as possible,” a spokesman for Morgan said.Officials and lawmakers hoping to speed things up have been distracted by Brexit, while Johnson’s decision to suspend Parliament cuts down the already small amount of time to push through legislation.Churn at the top of government hasn’t helped: Morgan is the fourth person to hold her post in two years and the growing prospect of another national election means yet more uncertainty.(Updates with context and company comments from fourth paragraph.)\--With assistance from Rodrigo Orihuela.To contact the reporter on this story: Thomas Seal in London at email@example.comTo contact the editors responsible for this story: Thomas Pfeiffer at firstname.lastname@example.org, Jennifer RyanFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.