Market agrees (for now), stood up well considering ASX down overall.
"The response to Uniti’s results contrasted with the more positive reaction to fellow telco Macquarie Telecom, but the latter got caught up in a broader market sell-off as the Ukraine situation rattled investors. Shares in Macquarie – which reported its results after-market on Wednesday – rose in early trading after it announced its 15th consecutive half of revenue growth, but the gains reversed as the session continued.
Macquarie chief David Tudehope was upbeat about the result. The steep depreciation and amortisation costs because of its huge capital expenditure on data centres halved after-tax profits to $3.7 million in the period – and he said it reflected the strength and foresight of the strategy.
Macquarie Telecom primarily operates data centres, cloud computing and cybersecurity services to corporate and government clients and also has a small retail telecommunications arm.
Mr Tudehope said the company’s data centre projects had been delivered “on time and on budget”, and said there had been little inflationary impact on Macquarie. “Fortunately for us, our builds were largely complete in 2021, so some of the very significant increases in raw material costs and shipping delays that other data centres companies are experiencing will not affect us in 2022,” he said." AFR
MAQ Price at posting:
$61.00 Sentiment: Buy Disclosure: Held
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