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Capital and Legal Structure 28/09/22

Assets 28/09/22

Inflation and Cashflow 28/09/22

Investment Discussion 29/09/22

SARRIA News -INTU
Aengus McMahon
United Group - comment
Aengus McMahon

New bond issuance has been announced, with the PIYKs to be repaid from the proceeds. The company is raising €1,250m in cash (including €300m

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United Media – Moving on.
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United Media – Moving on.
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Please find our unchanged analysis here.

United Group (UM) has reduced leverage and pushed its maturities out. The SSNs are trading in line with the rest of the high-yield market, and the PIYC notes are

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United Group - comment
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United Group - comment
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3Q3 numbers beat our expectations primarily due to better-than-modelled top-line growth in Bulgaria and Greece. Net debt is €4.1bn, giving

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Aengus McMahon
United Group - comment
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The acquisition by United Group of Bulsatcom will not have involved significant cash outlay.  Bulsatcom was purchased by Viva Corporate in

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United Group – Positioning For New Opportunities
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United Group – Positioning For New Opportunities
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Please find our unchanged analysis here.

Our position in the PIYC 9 2025 has worked out well, and in line with our note on 1st September, we are now exiting at 96.75. We expect the bonds

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United Group – Look forward to Positioning
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United Group – Look forward to Positioning
Aengus McMahon

Please find our updated analysis here.

United Group (UG) has used the proceeds from its tower sale to reduce leverage and to push its maturities out. The €570m Nov-25 PIYC SUNs will be refinanced by November 2024. Exactly when and how the refinance will take place is not clear yet. Operationally, Q2 was a strong quarter, with UG able to get ARPU increases whilst gaining RGUs in most of its markets. 

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Aengus McMahon
United Group - comment
Aengus McMahon

Having completed the Towers sale, United Group (UG) will use some of the proceeds to redeem the 2024/25 SSNs. After these maturities, the subsequent maturity is the

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Aengus McMahon
United Group - comment
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The purchase of the United Group (UG) tower business by Saudi Arabia has taken a big step after approval from the Bulgarian competition

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Aengus McMahon
United Group - comment
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United Group has improved its already dominant position in Bulgarian media. The antitrust approval for the acquisition of TV and

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United Group - comment
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Adria Midco is the TopCo for the restricted group, and the change to B2 Stable reflects the completion of the sale of the Tower Assets. The impact on the

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United Group - comment
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United Group - comment
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United’s 23Q1 numbers were slightly below our forecasts but demonstrated that inflationary rises are successfully being passed to customers via higher

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United Group – Taking a breath – Positioning
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United Group – Taking a breath – Positioning
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Please find our marginally altered analysis here.

United Group (UG) generated enough cash to repay the 2024/2025 bond maturities by selling its tower's business. The €476m PIYC notes are the next maturity, in Nov-25. Management will have to find a way to deal with the subordinate notes. We expect them to be refinanced, or tendered for at a premium to today's price. The question is when. 

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United Group - comment
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United Group - comment
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United Group (UG) has confirmed that the €1.22bn proceeds from the Tower sale will refinance the €1.075bn 2024/2025 bonds. The remaining proceeds will repay part of

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United Group – Spending it wisely
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Please find our unchanged analysis here. 

We will update our model after the results on Monday 24 April. 

United Group (UG) has managed to secure a full price for its tower business. The purchaser is Tawal, a subsidiary of Saudi Telecom (owned by the Saudi Government), and

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Aengus McMahon
United - comment
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Rumours of a sale of Telemach in Croatia have surfaced before and been rejected by the company. United is actively seeking to part sell its

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Aengus McMahon
United Group - comment
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United has acquired the mobile towers (148) and fibre network of Bulsatcom (3rd largest fixed telecom services provider in Bulgaria). The acquisition will add heft to the

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Aengus McMahon
United - comment
Aengus McMahon

United Group’s commencement of the sale process for its Towers business is positive for the credit, albeit expected. The price tag of €1bn is above ou

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Aengus McMahon
United Group - comment
Aengus McMahon

The growing friction between the United Group and the Serbian authorities is an irritant but is not a threat to the group. United is removing

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United Group - Keeping ahead.
Aengus McMahon

Please find our unchanged analysis here.

United Group’s statement yesterday has set the clock ticking on the partial sale of its towers business. Proceeds would be used to part-fund the €1.1bn of 2024/25 maturities. These bonds currently yield 9% - 10%. In our recent analysis of United Group

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videos with investment discussion available on the website-2.png
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United Group - Adapting to the landscape - Positioning
Aengus McMahon

Please find our initiation on United Group here.

Like its peers, United has been acquisitive, has issued a lot of debt and is facing inflation. The corresponding rise in yields has cheapened the debt stack and we have decided to go long the short-dated bonds. Although higher yields will feed into higher interest costs

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