Important Points27 May 2023 14:23
From Proactive Investors
In a note after meeting with Della Valle UBS said: -
1. UK consolidation (with Three often reported as the partner) and disposals in Spain and Italy are likely, UBS suggests. with post any restructuring a free cash flow yield of 9% one of the company's appeals.
2. That’s enough for UBS to stick with a buy rating, plus it also sees the self-help efforts boosting profits by 40% to around €4.6bn in 2028 from €3.1bn in the year just ended.
3. Annual dividends will be unchanged at 9c over the period while debt will edge down from €33.3bn currently to €30bn.
Unchanged dividend if correct would equate to a 10% yield at the current ridiculous SP.