Cellcom: A Substantial Upside With Nearly All Risks Priced In
Mon, May 23, 1:32 PM
- Cellcom Israel (NYSE:CEL) is up 2.8% in U.S. trading after Q1 results where its net income more than doubled, though service sales declined.
- EBITDA of 238M shekels (about $63M) was up 21.4% Y/Y (up 5.3% excluding a one-time expense). EBITDA margin grew to 23.3% from 18.5%. There was "continued erosion" in service revenues, though national roaming and TV services revenues grew.
- Revenue breakout: Service revenues, 774M shekels (559M cellular, 264M fixed-line, -49M adjustments); Equipment revenues, 248M shekels (219M cellular, 29M fixed-line).
- It added about 11,000 Cellcom TV households to bring that total to 75,000; cellular subscriber base was about 2.813M at quarter's end.
- Free cash flow grew 17.3% to 149M shekels.
- Press Release
Mon, May 23, 4:22 AM
Tue, Mar. 15, 9:27 AM
- Cellcom Israel (NYSE:CEL) beat revenue expectations in its Q4 report despite a falloff of 8% overall.
- Service revenues declined 9.3%, mitigated slightly by equipment sales. EBITDA, though, dropped more than 20% to NIS 225M (about $58M) but beat an expected NIS 222M.
- Revenue breakout: Cellcom service, NIS 592M; Netvision service, NIS 205M; Cellcom equipment, NIS 232M; Netvision equipment, 57M.
- It added about 3,000 net cellular subscribers for the quarter, but amid intense competition, cellular subs fell about 4.4% Y/Y to 2.835M.
- Cellular churn rate was 11.1%, down from the previous 11.5%. Average revenue per user was NIS 63 (about $16), down from the previous NIS 67.8 (about $17.40). The full-year monthly ARPU was NIS 65, down from a previous NIS 72.
- Updated 9:33 a.m.: Shares have come out of the open up 1.7%.
- Conference call to come at 10 a.m. ET.
- Press Release
Tue, Mar. 15, 3:37 AM
Nov. 17, 2015, 9:51 AM
- Cellcom Israel (CEL +0.4%) is up slightly following Q3 results where earnings beat expectations though revenue came in a bit light of consensus.
- Revenue of 1.03B shekels fell nearly 10% and missed an expected 1.06B shekels, while EPS of NIS 0.40 was solidly above an expected NIS 0.26. EBITDA of NIS 235M was in line.
- Revenue breakout (including Netvision): Service revenues, NIS 789M; Equipment revenues, NIS 243M. Netvision revenues overall were NIS 238M vs. NIS 833M for Cellcom and subsidiaries.
- Cellular subscribers dipped 5.9% to 2.83M; churn rate fell to 10.1%, from 11% a year ago. Monthly cellular ARPU was 66 shekels, down 6.5% from the prior year's 70.6 shekels.
- Conference call link
Nov. 17, 2015, 5:30 AM
- Cellcom Israel (NYSE:CEL): Q3 EPS of $0.10
- Revenue of $263M (-9.6% Y/Y)
Aug. 13, 2015, 11:03 AM
- Cellcom Israel (NYSE:CEL) is up 1.6% after a Q2 report where it beat expectations on top and bottom lines though revenues dropped again amid a price-competitive Israeli wireless market.
- EPS came to NIS 0.29 on revenues of NIS 1.04B, beating an expected NIS 1.037B. EBITDA (adjusted) came in at NIS 241M, vs. an expected NIS 211M.
- Revenue by segment: Service revenues, NIS 786M (down 14.8%); Equipment Revenues, NIS 254M (up 8.1%).
- Cellular subscribers came to 2.848M, down from a year-ago 3.029M, though churn fell to 10.2% from the prior year's 11.1%. Monthly cellular ARPU was NIS 65.5 (about $17.25), down 13.1%.
Aug. 13, 2015, 5:47 AM
- Cellcom Israel (NYSE:CEL): Q2 EPS of $0.03
- Revenue of $276M (-18.1% Y/Y)
May 20, 2015, 11:38 AM
- Partner Communications (NASDAQ:PTNR) is trading down 1.3% after Q1 profits fell 52% Y/Y and missed expectations.
- Total revenues declined 4% as a slide in service revenues was partly offset by higher equipment sales. Breakouts: Service revenues of NIS 759M ($191M), down 13%; Equipment revenues of NIS 295M ($74M), up 30%.
- Cost of revenues was also up 2% as gross profit fell 27%.
- Hot competition in Israel's telecom industry continues taking a toll: The company ended the quarter with 2.77M subscribers, a drop of 162K. Churn was up to 12.7% from Q4's 11.5%. Cellular ARPU was NIS 69, down 3% sequentially.
- Free cash flow fell 86% to NIS 21M (about $5M), mainly due to increased capex along with EBITDA reduction.
- Related stocks: Cellcom (NYSE:CEL) down 1.5%; Bezeq (OTCPK:BZQIY) down 0.2%.
May 14, 2015, 1:23 PM
- Cellcom Israel (NYSE:CEL) is trading down 2.6% after Q1 earnings slid 77%, due in part to an extraordinary charge for voluntary retirement program.
- But even without that charge, earnings fell 55%. Net income of NIS26M (about $7M) was down from the prior NIS114M ($29M). Revenues (about U.S. $267M) dipped more than 6% Y/Y as competition in the Israel wireless market continues to run hot.
- EBITDA was NIS196M ($49M); excluding a one-time expense of NIS30M, EBITDA would be NIS226M ($57M). EBITDA margin was 18.5%, down from 30.1%.
- Revenue by segment: Service revenues, NIS800M; Equipment revenues, NIS262M.
- Cellular subscriber base was 2.885M at quarter's end.
- Free cash flow of NIS127M ($32M), down 65% Y/Y.
- Peer Partner Communications (NASDAQ:PTNR), which frequently moves in concert with Cellcom, is down 5%.
- Previously: Cellcom launching triple-play package in competitive Israel (May. 13 2015)
May 14, 2015, 4:34 AM
- Cellcom Israel (NYSE:CEL): Q1 EPS of NIS0.25
- Revenue of NIS1.06B (-6.2% Y/Y)
Mar. 16, 2015, 8:51 AM
- Cellcom (NYSE:CEL) is up 3% premarket after beating revenue expectations in Q4 and growing net income nearly 23% Y/Y in 2014.
- EBITDA of NIS 282M ($73M; down 15.8%) missed an expected NIS 315M. Operating income declined 22.9% to NIS 131M ($34M). Total revenue of NIS 1.14B beat an expected NIS 1.1B.
- 2014 revenue by segment: Services, NIS 3.565B ($917M, down 10.5%); Equipment, NIS 1.005B ($258M, up 6.7%).
- At year's end, about 2.967M cell subscribers (net decline of about 43K in Q4 and decline of 125K Y/Y). Cellular churn rate of 11.5% in Q4, up frrom 9.9%, and of 44% for 2014, up from 36.8% the prior year.
- The company will take a one-time charge of about NIS 30M along with entering the TV field for the first time (Cellcom launched "Cellcom TV" over-the-top services at the end of 2014; it expects 20K customers by the end of Q1.)
- Cellcom declined to issue a dividend for Q4 "given the intensified competition."
- Conference call at 10 a.m. ET.
Mar. 16, 2015, 6:01 AM
- Cellcom Israel (NYSE:CEL): Q4 EPS of $0.13
- Revenue of $293M (-5.8% Y/Y)
- Shares +3.03% PM.
Nov. 12, 2014, 7:04 AM
- Cellcom Israel (NYSE:CEL): Q3 EPS of $0.28
- Revenue of $309M (-6.7% Y/Y)
Aug. 11, 2014, 6:28 AM
- Cellcom Israel (NYSE:CEL): Q2 EPS of $0.23
- Revenue of $337M (-6.3% Y/Y)
Cellcom Israel Ltd. engages in the provision of cellular communications services. It offers cellular and landline telephony; roaming, internet, and fax services; text and multimedia messaging services; cellular content and data services; technical support; account information; and... More
Industry: Wireless Communications
Country: United States
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