Share Name Share Symbol Market Type Share ISIN Share Description
Zegona Communications Plc LSE:ZEG London Ordinary Share GB00BVGBY890 ORD �0.01
  Price Change % Change Share Price Shares Traded Last Trade
  0.00 0.0% 111.00 0.00 08:00:09
Bid Price Offer Price High Price Low Price Open Price
108.00 114.00 111.00 111.00 111.00
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Mobile Telecommunications 35.59 16.92 6.1 243
Last Trade Time Trade Type Trade Size Trade Price Currency
- O 0 111.00 GBX

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Date Time Title Posts
09/10/202010:13Zegona Communications117

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Zegona Communications Daily Update: Zegona Communications Plc is listed in the Mobile Telecommunications sector of the London Stock Exchange with ticker ZEG. The last closing price for Zegona Communications was 111p.
Zegona Communications Plc has a 4 week average price of 111p and a 12 week average price of 110p.
The 1 year high share price is 118.50p while the 1 year low share price is currently 82p.
There are currently 219,139,076 shares in issue and the average daily traded volume is 4,687 shares. The market capitalisation of Zegona Communications Plc is £243,244,374.36.
cerrito: I was interested to see that on Friday Canaccord reiterated their buy recommendation at a target price of 160p which to me is rather optimistic. I decided to sell the small amount I had left. I see that the NAV on Thursday was £1.23 so the discount has narrowed. Also, I do not have the bandwidth to follow the ins and outs of the Spanish telecoms markets or indeed what could be a driver in the share price the propensity of the local banks who are shareholders to cash out. For my sins, I retain an involvement through my MVI holding and no doubt I will be back. The interims did remind me of the big management expenses.
cerrito: I see the EUS price was up a bit to close at E8.06 yesterday Friday and of course we have the strong Euro as well.
cerrito: As per Zegona AR, on May 13th 2020 Canaccord had 9.7% When I saw the increase in the share price I thought it must reflect an increase in the EUS share price but that finished the week stable at E7.91. Interesting that a couple of days ago FT had a long interview with CEO of Telefonica discussing consolidation of European telco industry.
dekle: I wonder if there are some institutions lined up to sell their holdings. Marwyn have been buying back their shares and that's lifted the price.
cerrito: I note the useful increase in the Zeg price over the last week or so. I see that EUS has also firmed and while down a bit today still ended up at E7.9 I see that an offer reported on June 1 for masmovil- the fourth largest Telco in Spain and hence I guess bigger than EUS- at a premium of 20% over the final closing price may have got people excited; the press also speculates about the possibility of a tie up between masmovil and EUS. Remember that EUS have two local banks on their register each with 20% and according to press reports are looking to exit over the long term.
cerrito: Dekle, you are right about the pay of both O’Hare and Samuelson and that is even before their fees from Euskaltel. Indeed the NED’s look after themselves well given it is not the most complicated company. You are right at the amount of shares held by institutional investors who had 81% of the shares in May and which explains the wide bid off spread. I see the investor with the largest holding is Marwyn and I do not see them as leading the charge to reduce exec remuneration. I also see that they no longer have a seat on Zeg’s board. All this helps explain the discount that these sharers trade to NAV, I have not read these very well having bought in January at 109ish. I had these in 16/17 and did well selling at 200+and it would be nice to think that Zeg will get up there again but do not see a catalyst for them to do so. Those who bought in the mid 80’s a few weeks back will not regret it..
cerrito: dividend. hxxps:// Q1 results presentation released today I think after market close. They maintain 2020 guidance and 2019 dividend payment. My quick read is that nothing here to materially move the EUS share price either way. They have a conference call tomorrow 12 noon London time..not sure if I will make it.
cerrito: In my view good for all concerned that Invesco are exiting as per their RNS of the 8th going down from 7.3% to 3.1%. On March 30 Euskaltel issued an update and said quote To date, the company has not experienced any significant impact on its main financial metrics. The company continues to monitor financial trends in order to ascertain any business impacts. unquote They are publishing their first quarter results next Wednesday with a conference call on Thursday. Be interesting to see how widespread in Spain the cutting of dividends is. Their net debt;ebitda of 4.3x suggests they may want to count their pennies.Their March 30 trading update indicated as one would expect the home market which is 5x the revenue of b2b going very well and b2b very badly but need to wait till next week how that is all reflected in the bottom line. Their share price remains at E7. I do not see myself doing anything till we get Q1 figures.
cerrito: I had rather a delayed run through here. I see that the EUS share price has recovered from a low of E6 a couple of weeks back to E7 as of yesterday#s close. This gives EUS a marcap of E1248m and Zeg’s 21% share to be worth E262m or E235m. If you say that ZEG has £25m of other net assets that gives total assets if ZEG of £260m or £1.18 per share. EUS had a decent 2019 performance and paid in February the same interim dividend that it had done the year before. Makes sense to me that ZEG does share buy backs given the discount to NAV but do not see myself as buying more-and no desire to sell. Feel free to check my maths
cerrito: The prize for the most uncooperative IR department must go to Zegona. I am looking at getting back into these as I have had a good experience in the past and looking to get Soanish exposure. Trying to work out the current value of their net assets, I emailed them asking them to send me the total number of shares in Euskaltel they own. An easy enough question but they pointed me to their December 2 RNS. I gather from their website that EUS have 178m shares which as a 21.3% holder would give Zeg37.9m shares which at today’s share price of E8.6 gives us E326m. Add to this other net assets of E25m gives us E351m. At today’s exchange rate of 0.84 that gives us £295m. Also unhelpfully Zeg in their share buy back RNS do not give us the total shares outstanding but I got 220m from the ZEG website. This give us NAV per share of £1.34. I had expected it to be lower than the December 2 RNS figure given both the fall in the EUS share price and the strengthening of the £ against the Euro. First appreciate if people can check my maths. If my maths are correct, this is still a decent discount. My question to myself if it is big enough for me to get involved in the Spanish telco market-the last time I came across it was 10 years ago or so when I was a shareholder in VOD who were then complaining of very thin profitability in the then Spanish mobile market. I see that two Basque banks have 20% shareholdings in EUS –no surprise as they were founding shareholders- and there is some speculation in the Spanish press that they want out. I have no idea if that is true and if true what effect it would have on the share price Also will the discount between ZEG’s share price and the NAV narrow or widen? Not an academic question given the largest shareholder with 19% is MVI and there must be questions on its viability. Views welcome
Zegona Communications share price data is direct from the London Stock Exchange
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