Market Morsels: TPG, FSF, Precious Metals
A bit of a rout on the local market in Monday's trading session, but we managed to find a couple of stocks that bucked the trend, plus some news of further UK sanctions against Russia.
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TPG Telecom Limited, formerly named Vodafone Hutchison Australia Limited, was listed on the Australian Securities Exchange on 30 June 2020. On 13 July 2020, this newly listed company merged with TPG Corporation Limited, formerly named TPG Telecom, to bring together the resources of two of Australia’s largest telecommunications companies, creating the leading challenger full-service telecommunications provider.
The merger combines highly complementary network infrastructures and leading talent in Australia’s mobile and fixed broadband sectors, with an integrated offering that leverages a comprehensive portfolio of fixed and mobile products. The new TPG Telecom Limited (“TPG Telecom”) will operate a number of leading mobile and internet brands including Vodafone, TPG, iiNet, Internode, Lebara and AAPT.
TPG Telecom will own and operate nationwide fixed and mobile network infrastructure, including:
The combination of these assets creates exciting opportunities for TPG Telecom to grow market share in its existing businesses and, importantly for the future, invest in 5G technologies that will deliver faster services and offer more competitive value to Australian customers.
A bit of a rout on the local market in Monday's trading session, but we managed to find a couple of stocks that bucked the trend, plus some news of further UK sanctions against Russia.
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Lucas Goode & Simon Conn from Investors Mutual unpick telco TPG, which they believe has a number of drivers working in its favour that will likely improve earnings going forward.
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TPG has lifted its final dividend after its full-year profit jumped 52% as the full impact of the Vodafone takeover kicked in and signs emerged of a recovery in Australia’s mobile market.
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Instability at the pointy end of two major companies, with TPG executive chair (and founder) David Teoh gone and AMP CEO Francesco De Ferrari on the way out.
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TPG Telecom, the country’s third biggest telco, declared a maiden dividend of 7.5 cents a share as the contribution from Vodafone Australia kicked in.
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The broker increases its target price to $5.95 from $5.80, though maintains a Neutral rating on valuation.
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UBS plans to review its forecasts and retains a Buy rating and $7.60 target at present.
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Proforma numbers for TPG Telecom were provided, which were in-line with Morgans forecasts.
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UBS thinks TPG Telecom’s share price has not fully adjusted for the special dividend payment.
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Credit Suisse re-initiates coverage of the new TPG Telecom with an Underperform rating.
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