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Also if the merger doesn't go through until mid year, you would...

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Lambingflat

102 Posts.

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05/03/20

14:59

Post #: 43323820
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Originally posted by goosmurf: ↑

I thought on the call SB said $2.37bn, minus current net debt of $1.87bn leaves ~$500m.

They also revealed that the Singapore Mobile 400k subscribers to achieve EBITDA breakeven was based on ARPU of $10 which suggests opex of around $4m/mo.

If they were to give SG a $100m capital buffer, plus $150m of capex (currently spent $216m of $300m SG capex guidance from start of project, and 5G application in the works) then it leaves about $250m or 27c/share. I think these numbers are reasonably conservative so I'd expect at least 27c/share, maybe more like 35c/share.

Singapore looks promising to me. Their $10 plan basically offers twice the data inclusions at half the price of similar plans. But the network is obviously lesser coverage than the incumbents so it's hard to say what the churn/take up rate will be.

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Also if the merger doesn't go through until mid year, you would expect ~$150M additional in debt reduction that can be added into the mix.

TPM Price at posting: $8.20 Sentiment: None Disclosure: Not Held
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