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FINANCIAL CHRONICLE™ » CORPORATE CHRONICLE™ » Dialog Axiata PLC Quartarly highlight

Dialog Axiata PLC Quartarly highlight

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1Dialog Axiata PLC Quartarly highlight Empty Dialog Axiata PLC Quartarly highlight Mon Nov 24, 2014 1:31 pm

Market R

Market R
Assistant Vice President - Equity Analytics
Assistant Vice President - Equity Analytics

DIAL reported a 10% YoY increase in NPAT for 3QCY14, supported by topline and EBITDA growth, taking cumulative NPAT for 9MCY14 to Rs. 4.6bn (+13% YoY). We believe the company is on track to achieve our recurring earnings projection of Rs. 5.8bn for full year CY14E, which represents a slight dip vs. last year’s normalised profit figure of Rs. 5.9bn due to an expected increase in depreciation charges. We project full year earnings to increase to Rs. 7.7bn for CY15E (+33% YoY), mainly on the back of cost savings from DIAL’s BBG cable which is expected to come on-stream from June 2015.
We expect full year capex intensity for CY14 to be significantly lower vs. CY13, which should translate to a higher dividend payout. DIAL paid a full year dividend of Rs. 0.29 per share for CY13 (translating to a 45% payout), despite a negative FCF of Rs. 8.4bn.
While DIAL trades at a significant premium to the market on a P/E valuation basis, we prefer to value the stock on an EV/EBITDA multiple given the capital intensive nature of the business. At its current price of Rs. 13.00, the stock trades at a CY14E P/E multiple of 18.2x and a relatively attractive EV/EBITDA multiple of 6.4x.

Sorce
John Keells Stock Brokers (Pvt) Ltd.

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