Over $3 Billion;
- better than analysts' expectations & in line with Rogers' own outlook
2. Wireless Network and Cable Operations Revenue Both up by 7% Helping
Drive Adjusted Operating Profit Growth of 22% and 8%, Respectively;
- Total wireless retail subscribers 8.4M up 8.0% from 7.7M
- Wireless ARPU $63.70 down 1.3% from $64.52
- Total tv cable subscribers 3.9M up 0.3% from 3.8M
- Total internet cable subscritbers 1.60M up 3.1% from 1.55M
- Subscribers growth thanks to bundle sales & promotion effort & looks like Rogers did fairly good during recession
3. Wireless Delivers Strong Subscriber Growth and Reduced Postpaid
Churn While Wireless Data Revenue Growth Accelerates to 46%;
- I-phone & blackberry helps Rogers data revenue boost up. Since there is a 1 to 2 years promotion discount for the new wireless data users, one should expect the revenue will grow stronger in the coming years
4. Cable Drives Continued Margin Expansion and Healthy Growth in Cash
Flow on Slower Subscriber Growth;
- Cost cutting project & outsource did helps, but can Rogers continue to do so
5. Advertising and The Shopping Channel Sales Declines at Media Begin to
Moderate While Sportsnet Delivers Double-Digit Revenue and Adjusted
Operating Profit Growth;
- Rogers expect the revenue to go down 4 to 10% in future. At least, 3q results is better than its own outlook
6. $592 Million of Cash Returned to Shareholders during Quarter with
Share Buybacks and Dividends
- Kind of irrelevant to estimation
Bilibala thinks Rogers stock price is at a discount and a more reasonable price will be in $35.0-$37.0 range.
No comments:
Post a Comment