WH Ireland talk AdEPT Telecom “Impressive”

WH Ireland Analyst Brendan D’Souza talks about Adept Telecom (LON:ADT) this morning :

“AdEPT Telecom (AdEPT) has this morning released its FY16E trading update (period ending 31 March 2016E), ahead of its final results, which are expected to be published in early July. AdEPT ended FY16 with a far better debt position than WHI forecasted, with net debt at £6.2m (WHI est. £7.9m). Additionally AdEPT’s final dividend of 3.50p/ share is 8% ahead of WHI’s 3.25p forecast and 40% above YoY levels, taking the total dividend for FY16E to 6.5p (+4% versus WHI and +37% YoY). Revenue and EBITDA are in line with WHI’s estimates. FY16E financials include 11 months of trading of Centrix Ltd, which AdEPT acquired on 1 May 2015.

Net debt of £6.2m at the end of FY16E, significantly beat WHI’s £7.9m estimate. This stronger than expected net debt position was even more impressive given the £7m initial cash consideration for Centrix, combined with £0.2m in deferred consideration for Bluecherry Telecom and £0.4m in dividends paid during the year. Revenue is expected to be 30% higher YoY, implying a revenue of c.£28.7m (versus WHI’s £28.9m forecast). Underlying EBITDA is expected to increase by around 33% YoY to c£6.2m (versus WHI’s £6.1m estimate).”

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