DOCSLIB.ORG

Netcomm Wireless (NTC) RECOMMENDATIONS INITIATION of COVERAGE Rating BUY ▲ Risk High Rise of the Machine-To-Machines Price Target $3.35 Share Price $2.81

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
Netcomm Wireless (NTC) RECOMMENDATIONS INITIATION of COVERAGE Rating BUY ▲ Risk High Rise of the Machine-To-Machines Price Target $3.35 Share Price $2.81 BAILLIEU HOLST RESEARCH 27 May 2016 INTERNAL ONLY NetComm Wireless (NTC) RECOMMENDATIONS INITIATION OF COVERAGE Rating BUY ▲ Risk High Rise of the machine-to-machines Price Target $3.35 Share Price $2.81 . We initiate coverage on NTC with a BUY rating: Our 12-month price target is $3.35 (+19% on current price). NTC develops and manufactures SNAPSHOT data communications devices, which connect the ‘end user’– which may Monthly Turnover $21.5mn be a person or an electronic device – to a network. Its legacy business is Market Cap $415mn supplying modems to enable consumers and businesses to connect to the Shares Issued 146.0mn internet, but its future growth will come from the M2M market. 52-Week High $3.67 . Rise of the M2M market creates myriad of opportunities: Estimates 52-Week Low $0.56 suggest the number of connected Machine-to-Machine (M2M) devices will Sector Information Technology grow at a CAGR of 15-30% to 2020, when 20-50 billion devices will exist. NTC’s strategy is to focus on verticals where there is limited competition and a clear problem to solve. These include transportation ticketing (NTC BUSINESS DESCRIPTION was involved in the Opal system in Sydney, NSW), emergency services, NetComm Wireless develops and healthcare and utilities (NTC makes smart energy meters). manufactures industrial-grade data communications devices. These include fixed . Fixed Wireless Broadband (FWB) the near-term driver: Winning the broadband modems and wireless 3G/4G contract with Ericsson in 2011 to deliver the FWB component of the devices for the Machine-to-Machine (M2M) National Broadband Network (NBN) in Australia has given NTC world- market. Within the latter, NTC has carved out a significant niche in the global Fixed leading expertise. NTC leveraged this experience to win a similar contract Wireless Broadband (FWB) market. with a major US telco in 2015, which we believe is potentially up to 10 times larger. These projects will underpin strong near term revenue growth. Strategy leverages partners’ global networks: NTC has partnerships 12-MONTH PRICE & VOLUME . with a number of large global M2M players, including network providers (Telstra, AT&T, Vodafone, Verizon) and equipment manufacturers (Ericsson, Hitachi, Alcatel-Lucent). It is using this ‘riding the coattails’ strategy to target ‘large niches’ in the market. Financials show rapid growth: NTC reported very strong growth in 1H16, with revenue of $46.4m (+54% on 1H15), EBITDA of $5.1m (+124%) and NPAT of $2.3m (+538%). This was driven by increased revenue from the NBN project and marked the first time that the M2M business (which includes FWB) was over 50% of revenues. Increased costs from expanding the business in 1H16 are behind the slight decrease in FY16 NPAT, with NTC expected to triple its FY16 revenues in FY18. Investment view: We value NTC at $3.35, using a DCF analysis with a RESEARCH ANALYST risk-free rate of 5.0%, market risk premium of 6.0% and Beta of 1.3. NTC is Luke Macnab, CFA set to undergo rapid growth as the NBN and US carrier FWB rollouts occur + 612 9250 8930 over the next few years. We also believe there is potential upside to our [email protected] current forecasts from additional contract wins in FWB and other M2M Nicolas Burgess, CFA markets as well as growing the size of existing contracts. INVESTMENT SUMMARY + 613 9602 9379 [email protected] Year End: 30 June 2014A 2015A 2016E 2017E2018E Revenue $mn 64.5 74.2 85.8 133.3 259.2 Nick Caley EBITDA $mn 5.2 7.2 6.4 13.1 46.1 + 613 9602 9283 EBIT $mn 1.5 3.4 2.7 9.2 42.2 [email protected] Reported Profit $mn 1.0 2.5 1.6 6.5 29.6 Adjusted Profit $mn 2.9 4.6 3.7 8.5 31.6 Disclosure EPS (Reported) ¢ 0.8 1.9 1.2 4.3 19.8 The author owns no shares in NTC. EPS (Adjusted) ¢ 2.3 3.6 2.8 5.7 21.2 EPS Growth % 185.2 55.9 -21.5 104.8 270.4 PER (Reported) x 352.5 147.1 228.0 64.8 14.2 PER (Adjusted) x 123.3 79.1 100.7 49.2 13.3 Dividend ¢ 0.0 0.0 0.0 0.0 0.0 Yield % 0.0 0.0 0.0 0.0 0.0 Franking % 0 0 0 0 0 Baillieu Holst Ltd ABN 74 006 519 393 www.baillieuholst.com.au Please read the disclaimer at the end of this report. Page 1 BAILLIEU HOLST RESEARCH Netcomm Wireless Limited (NTC) Financial summary NETCOMM WIRELESS Code: NTC Rating: BUY Analyst: Luke Macnab Price Target: $3.35 Date: 27 May, 2016 Upside/downside: 19% Share Price: $2.81 Valuation: $3.35 Market Capitalisation: $420m Valuation method: DCF Financial Year End: June Risk: High PROFIT & LOSS (A$m) FY14A FY15A FY16E FY17E FY18E EARNINGS FY14A FY15A FY16E FY17E FY18E Operating revenue 64.5 74.2 85.8 133.3 259.2 EPS - Underlying (cps) 2.3 3.6 2.8 5.7 21.2 COGS -45.2 -51.1 -59.3 -93.3 -181.4 EPS Growth - Underlying -255% 142% -35% 252% 357% Gross profit 19.3 23.2 26.6 40.0 77.7 EPS - Reported (cps) 0.8 1.9 1.2 4.3 19.8 Expenses -14.2 -15.9 -20.2 -26.9 -31.6 Diluted shares (m) 128.8 129.0 132.4 149.4 149.4 EBITDA 5.2 7.2 6.4 13.1 46.1 DPS (cps) 0.0 0.0 0.0 0.0 0.0 Depreciation -1.0 -0.8 -0.8 -0.9 -0.9 Dividend Yield 0.0% 0.0% 0.0% 0.0% 0.0% EBITA 4.2 6.5 5.6 12.2 45.2 Payout Ratio 0% 0% 0% 0% 0% Amortisation -2.7 -3.0 -2.9 -2.9 -2.9 Franking 0% 0% 0% 0% 0% EBIT 1.5 3.4 2.7 9.2 42.2 Net Interest expense -0.7 -0.5 -0.5 0.0 0.0 VALUATION FY14A FY15A FY16E FY17E FY18E Minorities 0.0 0.0 0.0 0.0 0.0 P/E - Underlying (x) 124.4 79.1 100.7 49.2 13.3 Underlying PBT 0.8 2.9 2.2 9.2 42.2 EV/EBIT (x) 282.6 122.7 142.9 41.3 8.5 Tax 0.2 -0.4 -0.5 -2.8 -12.7 EV/EBITA (x) 100.3 65.0 68.2 31.3 7.9 Underlying NPAT 1.0 2.5 1.6 6.5 29.6 EV/EBITDA (x) 81.5 58.0 59.8 29.2 7.8 Underlying NPATA 2.9 4.6 3.7 8.5 31.6 Price/Book (x) 16.3 14.7 4.3 4.5 3.4 Price/NTA (x) 24.1 22.8 4.9 5.2 3.9 Significant items (net of tax) 0.0 0.0 0.0 0.0 0.0 Price/FCF 67.1 72.7 -42.7 60.4 14.8 Reported profit 1.0 2.5 1.6 6.5 29.6 GROWTH FY14A FY15A FY16E FY17E FY18E BALANCE SHEET (A$m) FY14A FY15A FY16E FY17E FY18E Revenue growth 51% 15% 16% 55% 94% Assets COGS growth 56% 13% 16% 57% 94% Cash 4.3 3.4 35.5 38.0 62.0 Expenses growth 8% 12% 27% 34% 17% Receivables 10.7 13.6 19.7 30.6 59.4 EBITDA growth 611% 40% -11% 103% 253% Inventories 7.4 10.1 27.5 27.5 27.5 PBT growth -131% 249% -24% 325% 357% Other Intangibles 7.2 8.7 11.1 11.5 13.8 Underlying NPAT growth -288% 142% -34% 297% 357% Investments 0.0 0.0 0.0 0.0 0.0 Reported NPAT growth -288% 142% -34% 297% 357% Other assets 8.2 8.6 14.3 19.0 23.6 Total Assets 37.8 44.4 108.2 126.7 186.4 MARGINS & RETURNS FY14A FY15A FY16E FY17E FY18E EBITDA Margin 8.0% 9.7% 7.5% 9.8% 17.8% Liabilities EBITA Margin 6.5% 8.7% 6.6% 9.1% 17.4% Payables 9.3 14.8 18.3 27.7 49.0 NPBT Margin 1.3% 3.9% 2.5% 6.9% 16.3% Provisions 1.1 1.2 0.2 0.7 3.1 ROIC 12.8% 18.9% 10.4% 16.0% 54.5% Tax payable 0.0 0.2 0.8 2.1 7.2 ROE 4.9% 10.5% 2.9% 7.2% 27.5% Other liabilities 5.2 3.6 2.5 3.3 4.6 ROA 11.8% 15.7% 7.4% 10.4% 28.9% Total Liabilities 15.6 19.8 21.8 33.8 63.9 Effective Tax Rate 30.0% 30.0% 30.0% 30.0% 30.0% Equity GEARING FY14A FY15A FY16E FY17E FY18E Share capital 15.3 15.4 75.4 75.4 75.4 Net Debt/(Cash) 0.5 -0.1 -35.5 -38.0 -62.0 Retained earnings 6.1 8.6 10.2 16.7 46.2 Enterprise value 420.2 419.7 384.2 381.8 357.7 Other equity 0.7 0.6 0.8 0.8 0.8 Net Debt/EV (%) 0.1% 0.0% -9.3% -10.0% -17.3% Total shareholders equity 22.2 24.6 86.4 92.9 122.5 Net Debt/EBITDA (x) 0.1 0.0 -5.5 -2.9 -1.3 EBITDA/Net Interest (x) 0.0 0.0 0.0 0.0 0.0 BV per share (cps) 17.2 19.1 65.3 62.2 82.0 NTA per share (cps) 11.7 12.3 56.8 54.5 72.8 SEGMENT REVENUES (A$m) FY14A FY15A FY16E FY17E FY18E Broadband business 31.3 40.5 28.3 29.7 31.2 CASH FLOW (A$m) FY14A FY15A FY16E FY17E FY18E M2M business 33.2 33.8 57.6 103.6 228.0 Cash at Start 3.9 4.3 3.4 35.5 38.0 Cash from operations 5.7 6.4 -4.4 10.3 33.5 Capex -0.3 -1.4 -4.3 -3.3 -5.2 Free cash flow 5.4 5.0 -8.7 7.0 28.3 Cash flow from investing -3.6 -4.5 -5.6 -4.5 -4.2 Cash flow from financing -1.4 -1.4 46.4 0.0 0.0 Cash at end 4.3 3.4 35.5 38.0 62.0 Free cash flow per share (cps) 4.2 3.9 -6.6 4.7 18.9 GOCF / EBITDA 130% 100% -53% 91% 100% FCF / Underlying cash NPAT 530% 202% -534% 107% 96% Baillieu Holst Ltd ABN 74 006 519 393 www.baillieuholst.com.au Please read the disclaimer at the end of this report.
Load more

Recommended publications
  • Annual Report
    08 Annual Report iinet.net.au iiNet Limited ACN 068 628 937 ABN 48 068 628 937 Contents Financial Calendar and Corporate Information 1 About iiNet 3 iiNet History 17 Financial Highlights 19 Operational Highlights 20 Corporate Highlights 21 Education and Community Outreach 23 Chairman’s Review 25 Managing Director’s Report 29 Directors’ Report 35 Corporate Governance Statement 65 Financial Report 71 Directors’ Declaration 139 Independent Auditor’s Report 141 Shareholder Information 143 Financial Calendar Annual General Meeting The Annual General Meeting of iiNet Limited will be held at the Sheraton Hotel, 297 Adelaide Terrace, Perth, Western Australia, on Monday the 24th of November, 2008 at 10:30am. Other key dates in the 2009 financial year: • Annual report and Notice of Annual General Meeting mailed to shareholders October 2008 • Half-year results February 2009 • Full-year results August 2009 Corporate Information Directors Michael Smith Chairman Michael Malone Managing Director Andrew Milner Director (non-executive) Peter James Director (non-executive) Paul Broad Director (non-executive) Tony Grist Director (non-executive) David Grant Director (non-executive) Company Secretary David Buckingham Principal Place of Business and Registered Office iiNet Limited Durack Centre, Level 6 263 Adelaide Terrace Perth WA 6000 Share Registry Computershare Investor Services Pty Ltd Level 2 Reserve Bank Building 45 St George’s Terrace Perth WA 6000 Telephone: +61 8 9323 2000 Internet: www.computershare.com.au Stock Exchange Listings iiNet Limited’s ordinary shares are quoted on the Australian Stock Exchange Limited (ASX: IIN). Auditors Ernst & Young The Ernst & Young Building 11 Mounts Bay Road Perth WA 6000 1 iiNet Annual Report 2008 Financial Calendar and Corporate Information 2 08 About iiNet We’ve come a long way since our days of working out of a suburban garage in the early 90s.
    [Show full text]
  • TPG Telecom Limited and Its Controlled Entities ABN 46 093 058 069
    TPG Telecom Limited and its controlled entities ABN 46 093 058 069 Annual Report Year ended 31 July 2016 2 TPG Telecom Limited and its controlled entities Annual report For the year ended 31 July 2016 Contents Page Chairman’s letter 3 Directors’ report 5 Lead auditor’s independence declaration 34 Consolidated income statement 35 Consolidated statement of comprehensive income 36 Consolidated statement of financial position 37 Consolidated statement of changes in equity 38 Consolidated statement of cash flows 39 Notes to the consolidated financial statements 40 Directors’ declaration 91 Independent auditor’s report 92 ASX additional information 94 3 TPG Telecom Limited and its controlled entities Chairman’s letter For the year ended 31 July 2016 Dear Shareholders On behalf of the Board of Directors, I am pleased to present to you the TPG Telecom Limited Annual Report for the financial year ended 31 July 2016 (“FY16”). Financial Performance FY16 was another successful year for the Group. Continued organic growth and the integration of iiNet into the business have resulted in further increases in revenue, profits and dividends for shareholders. FY16 represents the eighth consecutive year that this has been the case. A detailed review of the Group’s operating and financial performance for the year is provided in the Operating and Financial Review section of the Directors’ Report starting on page 7 of this Annual Report, and set out below are some of the key financial highlights and earnings attributable to shareholders from the year. FY16 FY15 Movement Revenue ($m) 2,387.8 1,270.6 +88% EBITDA ($m) 849.4 484.5 +75% NPAT ($m) 379.6 224.1 +69% EPS (cents/share) 45.3 28.2 +61% Dividends (cents/share) 14.5 11.5 +26% iiNet Acquisition At the beginning of FY16 we completed the acquisition of iiNet and consequently there has been significant focus during the year on integrating the businesses to improve the efficiency of the combined organisation.
    [Show full text]
  • Amaga 2020 Individual.Pdf
    Tax invoice Membership category Payment details ABN 83 048 139 955 Membership Form Regular (Loyalty) Concession* (Loyalty) Membership Fee $ (inc of GST) (inc of GST) + Networks $ Individual □ $180 ($162) □ $90 ($81) + Donation* $ Your information Individual (existing Total Payable $ New member ICOM members only) □ $171 ($153) □ $86 ($76.50) □ Australian Museums and Galleries Association AMaGA Membership Card * Donations over $2.00 are tax deductible. □ Renewing member Individual employed by a member - Australian Museums and Galleries Association □ $144 ($144**) Member number (if known) AMaGA □ Membership Card institution Individual employed Payment method AMaGA by a member Please email or post your completed form for payment □ Please send me a new membership card □ $144 ($144**) - Member Number institution (existing New members will automatically get sent a card. Expiry processing. Your receipt and membership card or sticker will be Member Name AMaGA is a partner to ICOM members only) Renewing members will receive a sticker with your Australian AMaGA Museums ICOM Australia. and Galleries If found, please return to Association PO Box 24, Deakin West receipt/invoice to attach to your current card. Member ACT 2600 issued when payment has been processed. * Concession rates available to retired, full-time students, pensioners, unemployed Member Number Expiry Member Name and volunteers Australian AMaGA is a partner to Museums ICOM Australia. and Galleries If found, please return to Association PO Box 24, Deakin West Member ACT 2600 made payable to Australian Museums and Galleries Association ** Discounts are capped at 20% □ Cheque Title □ Mr □ Miss □ Ms □ Mrs □ Dr □ Name Loyalty Discount Members of more than five consecutive years can claim a 10% loyalty Credit Card (Visa or Mastercard only) discount on their membership.
    [Show full text]
  • Mobile Email GAS WOOD GAS COOK ELEC COOK PAC's ELEC HEAT
    CDEFG H I JKLMNOP GAS ELEC Phone No Fax No: Mobile Email GAS WOOD PAC's ELEC HEAT SPLIT 1 Suburb State P/code COOK COOK 2 3 Orange NSW 2800 02 6361 3533 02 6369 1644 [email protected] aaaa 4 Canterbury NSW 2193 02 9789 8888 02 9718 7096 [email protected] a aaaa 5 Medlow Bath NSW 2780 02 4782 7272 02 4782 7272 0417 669 789 [email protected] aaa 6 Armidale NSW 2350 02 6771 1008 02 6771 1008 N/A aa 7 Ocean Shores NSW 2483 02 6680 1988 02 6680 1977 0413 029 797 [email protected] aaaa 8 Kempsey NSW 2440 02 6562 6981 02 6562 6024 0427 205 878 [email protected] a 9 Kirrawee NSW 2232 02 9521 5577 02 9545 2083 0411 446 060 [email protected] a 10 Bangalow NSW 2479 02 6687 1722 02 6687 2684 [email protected] a 11 Campbelltown NSW 2560 02 4625 3902 02 4625 3902 [email protected] aa 12 Bowral NSW 2576 02 4861 6210 02 4861 6212 0408 421 863 N/A aa 13 Coffs Harbour NSW 2450 02 6652 5087 02 6651 2273 [email protected] aa 14 Orange NSW 2800 02 6361 4816 02 6361 3576 [email protected] aa 15 Leeton NSW 2705 02 6953 5664 02 6953 5660 0408 280 037 [email protected] aa a a 16 Forbes NSW 2871 02 6851 1339 02 6852 2339 0418 255 893 [email protected] aa 17 East Ballina NSW 2470 02 6687 5934 02 6687 5934 0432 673 955 [email protected] a aaaa 18 Taree NSW 2430 02 6551 2783 0419 248 838 [email protected] aa 19 Brookvale NSW 2100 02 9905 8666 02 9905 7299 [email protected] aa a 20 Tamworth NSW 2340 02 6765 3235 02 6765 2378 [email protected] aa 21 Adamstown NSW 2289 02 4952 3860 02 4952 3860 [email protected] a 22 Richmond NSW 2753 02 4578 4584 02 4578 9398 [email protected] aa a 23 Orange NSW 2800 02 6361 0617 02 6361 0687 0417 201 161 [email protected] a 24 Batemans Bay NSW 2536 02 4472 5661 02 4472 5193 0412 904 503 [email protected] aa 25 Junee NSW 2663 02 6924 1764 0408 128 220 [email protected] a 26 Cooma NSW 2630 02 6452 5818 02 6452 6365 [email protected] aa 27 St.
    [Show full text]
  • Telstra Corporate Communications
    Telstra Corporation Limited and controlled entities Contents - Business Description and Financial Statements SEC Item(1) Page No. Exchange Rates. 2 Item 1 Description of Business . 3 - Overview . 3 - Strategy . 4 - Competitive and regulatory environment. 5 - Organisation. 6 - Marketing and customer service. 8 - Products and services . 10 - Pay television . 18 - International investments . 18 - Networks and systems. 19 - Sydney 2000 Olympics. 26 - Jindalee Operational Radar Network. 26 - Employees . 26 - Competition . 27 - Regulation . 32 Item 2 Description of Property . 47 Item 3 Legal Proceedings . 48 Item 4 Control of Registrant . 50 - Distribution of shares . 50 - Twenty largest shareholders . 51 - Relationship with the Commonwealth of Australia . 51 Item 5 Nature of the Trading Market . 54 Item 6 Exchange Controls and Other Limitations Affecting Security Holders . 56 Item 7 Taxation . 61 Item 8 Selected Financial Data. 65 Statistical Data . 67 Item 9 Management’s Discussion and Analysis of Financial Condition and Results of Operations . 68 Item 9A Quantitative and Qualitative Disclosures about Market Risk . 99 Item 10 Directors and Officers of Registrant . 102 Corporate Governance . 107 Item 11 Compensation of Directors and Officers. 111 - Emoluments for Board Members and Senior Executives. 112 Item 16 Use of Proceeds. 114 Directors’ Report . 115 Items 18 & 19(2) Financial Statements . 121 Directors’ Declaration. 213 Independent Audit Reports . 214 Occupational Health and Safety . 216 Freedom of Information . 218 Glossary . 220 Five Year Financial Summary . 224 (1) This document includes the disclosure requirements of the US Securities and Exchange Commission and will be lodged with the SEC as an Annual Report on Form 20-F. This column lists the item numbers required in Form 20-F and included in this report.
    [Show full text]
  • 2012 Annual Report
    Telecommunications Industry Ombudsman TELECOMMUNICATIONS INDUSTRY OMBUDSMAN 2012 ANNUAL REPORT PREPARING FOR THE FUTURE CONTENTS ABOUT US 1 COMPLAINT STATISTICS 16 ENGAGEMENT 32 About the TIO 1 Dashboard 16 Awareness of TIO services 32 Ombudsman’s message 2 New Complaints by quarter 16 Resilient Consumers 32 New Complaints v. concilations TIO Talks 32 Board Chairman’s message 3 and investigations 16 First online annual report 32 Council Chairman’s message 4 New complaints by consumer type 16 Accessibility 32 New complaints by service type 17 A new website 32 Board and Council in 2011-12 5 Conciliations and Investigations Community engagement 33 Board members in 2011-12 5 by service type 17 Council members in 2011-12 8 Top 7 issues in new complaints 17 Industry engagement 34 Trends overview 18 Account management model 34 Ombudsman roadshow 34 PERFORMANCE 11 Complaints about the “big three” service providers 18 MNews 34 Conciliation 11 Complaints about mobile phone Our membership 34 services 18 Live transfers 11 Government and regulation 34 Small business complaints 19 Conciliation snapshot 11 Highlights 34 Increase in enquiries 19 List of submissions 35 Timeliness 12 Geographical trends 20 Consumer satisfaction Australia wide 20 ORGANISATION 36 with TIO services 12 Victoria 21 Feedback about the TIO 12 South Australia 21 Staff overview 36 Amendments to the Australian Capital Territory 22 New teams 36 TIO Constitution 13 New South Wales 22 TIO organisational structure 36 Queensland 23 Wellness program 36 Monetary limits 13 Western Australia
    [Show full text]
  • Vocus-Annualreport-30062015
    Vocus Communications Limited Appendix 4E Preliminary final report 1. Company details Name of entity: Vocus Communications Limited ABN: 96 084 115 499 Reporting period: For the year ended 30 June 2015 Previous period: For the year ended 30 June 2014 2. Results for announcement to the market $'000 Revenues from ordinary activities up 62.3% to 149,799 Underlying EBITDA * up 56.4% to 51,570 Profit from ordinary activities after tax attributable to the owners of Vocus Communications Limited up 53.6% to 19,850 Profit for the year attributable to the owners of Vocus Communications Limited up 53.6% to 19,850 Underlying NPAT ** up 33.6% to 18,149 2015 2014 Cents Cents Basic earnings per share 19.31 15.86 Diluted earnings per share 18.56 15.30 Underlying diluted earnings per share *** 16.97 16.08 Dividends Franked Amount per amount per security security Cents Cents Final dividend for the year ended 30 June 2014 paid on 23 September 2014 1.0 1.0 Interim dividend for the year ending 30 June 2015 paid on 18 March 2015 1.2 1.2 Special dividend for the year ended 30 June 2015 paid on 8 July 2015 5.1 5.1 A special dividend, as declared in the half-year financial report on 20 February 2015, of 5.10 cents per Vocus share was paid to shareholders on 8 July 2015 following implementation of the Scheme of Arrangement with Amcom Telecommunications Limited. The special dividend was paid to those shareholders who were on the register on 29 June 2015.
    [Show full text]
  • Annual Report 2006
    Telecommunications Industry Ombudsman 2006 Annual Report The TIO team. Front row: Simon Cleary, Deputy Ombudsman; Phillip Carruthers, Company Secretary; John Pinnock, Ombudsman; Astra Taurins, Personal Assistant to the Ombudsman. Second row: Christina Dietmann, Sandra Krischan, Maria Chapman, Denise Cassidy, James Sumner. Third row: Tony Dooley, Chris Rathbone, Lindsay Whelan, Nadia Tracy, Sue Nelson, Richard Murphy. Fourth row: Travis Bull, Stephen Kinna, Carl Dunmore, Michelle Iscaro, Wylie Burchall, Kate Gladman. Fifth row: Phil Waren, David Brockman, Karen Price, Marcel Khallouf, Olivia MacPherson, Melissa Purcell, Guy D’Astoli. Sixth row: Sangeeta D’souza, Renuka Senanayake, Lee Herath-Perera, Andrea Ingram, Danny Whelan, Chris Baldock, Silvia Superina, Jed Salmon. Seventh row: Bernie Wise, Debra Lusty, Alison Hollins, Kate Eadie, Chris Jensen, Kalma Rathouski, Shobini Mahendra, Katherine Szekfy, Brad Crammond. Eighth row: Lorenzo Capodiferro, David Stephens, Tindikai Munyawarara, Jimmy Nagasaputra, Andrew Sawle, Monica Clements, Gillian McKenzie, Elaine Collier, Sasha Rudakov. Last row: Patricia Rayner, Marianne Bois, Chris Garrity, Daniela Ruiz, Phillip Money, Kayla Thomas, Marianna Panopoulos, Tanya Erdos, Byron Thompson, Simon McKenzie. How to make a complaint Before lodging a complaint with the TIO you should: • try to solve the problem with your telephone company or Internet service provider • try to get the name of the person you spoke to at the company • gather any papers relevant to the complaint, such as contracts, bills or copies of correspondence (please do not send original documents to the TIO). The TIO recommends that complainants: • pay any undisputed portions of bills • keep copies of any payment transactions relating to the complaint • be prepared to write to the TIO with details of the complaint.
    [Show full text]
  • Capital Raising Presentation 4 July 2012
    Capital Raising Presentation 4 July 2012 1 Vocus Communications Overview Leading independent provider of wholesale and corporate telecommunications services in Australia and New Zealand, including: • International internet (45% of Group revenue)(1) • Voice (21% of Group revenue)(1) • Data Centre and Cloud Services (18% of Group revenue)(1) • Fibre and Ethernet (14% of Group revenue)(1) Strong industry fundamentals and continued investment in network and sales force driving organic growth Growth from successful acquisition and integration of 3 businesses since listing • Acquisitions of E3 Networks (Sydney and Melbourne) and PerthIX (Perth) created a successful national data centre business • Acquisition of Digital River Networks’ dark fibre assets formed base for rapidly expanding fibre services • Recently completed acquisition of Maxnet Limited, New Zealand based data centre operator and cloud provider Focus on differentiated customer service proposition and expanded product offering, along with strategic acquisitions, has resulted in customer growth from 103 in March 2010 to 363 in March 2012 Underlying EBITDA growth of ~132% from June 2010 to $16 – 16.5 million in June 2012 (based on low-end of guidance) (1) Estimated contribution for FY12 2 Capital Raising Overview • Vocus is launching an underwritten institutional placement of 9.15 million shares (15% of issued capital) to raise approximately $14.9m (“placement”) • The placement is being offered at a fixed price of $1.63 per share − 15.5 % discount to the share price on 3 July
    [Show full text]
  • Peering in Australia
    Peering in Australia Stephen Baxter Co-Founder/Technical Director PIPE Networks About PIPE Networks Founded December 2001, trading May 2002, founded by ex ISP industry people Australia’s Largest Peering Point Operator, professional staff, SLA available Profitable, ASX listed company, sound proven business model Distributed, multi-site peering point, no one point of failure Over 80 ISPs/carriers peering with over 200 connections at 14 sites in 6 states Major sources of Australian content on-net – ABC, Hostworks, Webcentral All 10G metro networks – Australia’s fastest, largest Metro Ethernet Network Peering in Australia What is different about Australia Country Density (pop/km 2) 1. Telstra 2. Transmission Singapore 17,684 Hong Kong (PRC) 6,317 3. IP pricing Korea 491 4. DSL take up China 136 USA 30 5. Very large – not many people Iceland 2 Australia 2 How can we ever expect to get bandwidth speeds greater than what long range copper provides taking into account these basic facts. Peering in Australia Peering in Australia – last millennium 1. ISP Community 2. Community Run Peering efforts 3. ACCC Action 4. Gang of Four 5. Barriers to proper peering 6. MLPA strong Peering in Australia Peering in Australia – last millennium ISP Community 600+ Strong Strong regionally focused ISPs Terrestrial IP - $0.19/MB (equiv $30,000/Mb/month @ 50% utilisation) Some consolidation Satellite IP - $15,000 – needed outbound tail DSL just started – Telstra Flexstream ISP virtualisation started to occur late 1990’s Peering in Australia Peering in Australia – last millennium Community Run Peering Efforts SAIX, VIX, SIX, BIX, WAIX and others from time to time Ausbone – poor execution doomed a good idea Strong exchanges survive and grow Peering in Australia Peering in Australia – last millennium ACCC Action Competition Notice Regulatory equivalent of a thermonuclear device Terrestrial IP now $0.10/MB (equiv $15,000/Mb/month @ 50% The device failed to detonate utilisation) – 400G plan from OPTUS.
    [Show full text]
  • 13569 SP Telemedia Explanatory Statement
    THIS IS AN IMPORTANT DOCUMENT AND REQUIRES YOUR ATTENTION You should carefully read this document. If you are in any doubt as to how to deal with it, please consult your financial or other professional adviser. SP TELEMEDIA LIMITED ABN 46 093 058 069 Explanatory Statement and Notice of Meeting Date: 7 April 2008 Time: 10.00am Location: Level 1, 160 Pitt Street Mall, Sydney. In this document you will find: 1. A letter from the Chairman outlining the proposed resolutions to be considered at the For personal use only General Meeting and a recommendation as to how you should vote. 2. An explanatory statement containing an explanation of, and information about, the proposed resolutions to be considered at the meeting and information to explain the resolutions. 3. Notice of General Meeting. 4. Proxy Form. CONVERGED COMMUNICATIONS For personal use only Chairman’s Letter Dear Shareholder The board of SP Telemedia Limited (Company or SP Telemedia) has convened a general meeting of shareholders to be held on 7 April 2008 to obtain shareholder approval of a number of resolutions of major importance to the Company and its shareholders arising from the Company’s proposed acquisition of TPG Holdings Limited (TPG). Further details of the proposed acquisition, including an independent expert’s report on the proposed acquisition, are contained in the enclosed explanatory statement. The Directors expect significant benefits and opportunities will arise from the proposed transaction and unanimously recommend that shareholders vote in favour of the resolutions set out in the accompanying notice of meeting. Background Following the sale of NBN Enterprises Limited in May 2007, the Board of SP Telemedia has been examining potential mergers or acquisitions which would complement the existing SP Telemedia business.
    [Show full text]
  • The Broadband Challenge: ‘Get Big Or Get Out’ Interview with Michael Malone
    INDUSTRY IDENTITIES THE BROADBAND CHALLENGE: ‘GET BIG OR GET OUT’ INTERVIEW WITH MICHAEL MALONE Liz Fell Michael Malone is the managing director and chief executive officer of iiNet Limited, the third largest Internet service provider of broadband services with approximately 860,000 customers nationwide. Malone co-founded Western Australia-based iiNet in 1993, steered its transition to a public company in 1999, and acquired a bunch of ISPs to provide the economies of scale needed to offer services through the national broadband network. His most recent purchases in 2011 were South Australian-based Internode Pty Ltd and TransACT Capital Communications Pty Ltd based in Canberra. Malone has served as president of the Western Australia Internet Association (1996- 2002), as chairman and a board member of .au Domain Administration Ltd (1999-2003), and currently sits on the board of Scitech Discovery Centre Ltd. He is a member of the Australian Institute of Management and the Australian Institute of Company Directors, holds a Bachelor of Science and a Diploma of Education from the University of Western Australia, and was one of the founders in 1994 of Electronic Frontiers Association Australia. Freelance communications journalist, Liz Fell, interviewed Malone for the TJA in late April at iiNet's Sydney office in the CBD. The interview text has been lightly edited. TJA: Can I start by asking you to elaborate on that catchy phrase you have used in interviews with journalists, namely, ‘Get big or get out.’ Malone: Yes. This is going back a few years now, but I had seen it happen before with dial- up.
    [Show full text]