Seeking Alpha

Partner Communications slides PM on Q2 results

  • Shares of Partner Communications (PTNR) are down 1.4% PM following the company's Q2 results.
  • Opex fell 16% Y/Y to $241M, lagging revenue decline of 21% to $312M.
  • Adjusted EBITDA fell 34% Y/Y to $77M. EBITDA margin slid 5% to 25%.
  • FCF of $79M fell 8% Y/Y.
  • Cellular ARPU slid 18% Y/Y to $23. Cellular subscriber base was down 6% Y/Y to 2.92M. Price erosion is attributed by management to "increased competition due to the entry of ... new operators and MVNOS." (PR)
  • PTNR has been under pressure this week as the Syrian situation escalates and after rival Cellcom reported depressed Q2 results last week. The stock is down 14.5% in the last week but remains up 16.5% YTD.
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