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MarketScreener Homepage  >  Equities  >  Euronext Lisbonne  >  NOS, SGPS, S.A.    NOS   PTZON0AM0006

NOS, SGPS, S.A.

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Vodafone may shun Portugal 5G auction unless 'illegal' rules are changed

10/15/2020 | 10:52am EST

LISBON (Reuters) - Vodafone may shun Portugal's planned auction of 5G frequency licences unless the regulator changes its proposed rules, which Vodafone Cluster Europe CEO labelled on Thursday as illegal and discriminatory against established players.

The regulator ANACOM, which hopes to relaunch the auction this month after delays due to the coronavirus pandemic, has reserved a preferential spectrum in the 900 MHz and 1,800 Mhz bands for new entrants, with a 25% discount on the final auction price.

Serpil Timuray told Reuters that Vodafone, which invested 1.6 billion euros ($1.9 billion) in Portugal in the last six years, would also have to reconsider plans to establish a pan-European research and development centre in Portugal if the regulator followed through with the auction rules.

"We believe this proposal spectrum design is illegal on both Portuguese and EU law," Timuray said.

She said the new entrants would have no obligations to invest in the infrastructure nationwide and this burden would be supported by the existing players.

In addition, long-time market players such as Altice, Vodafone and NOS would have to share their infrastructure and offer national roaming to the new entrants' customers, which Timuray said was "completely unacceptable."

She said Vodafone had already asked the European Commission to investigate this illegal state aid. "There is significant and unjustified discrimination against long-standing operators and we are obliged to reconsider all of our options in Portugal, including bidding for less spectrum or not bidding, if the auction is so flawed," Timuray said.

In a written statement, ANACOM rejected any discrimination and said that the planned measures "aim to generate a positive impact on competition and end users, creating conditions so that new and diversified operations can appear in the market."

The regulator said it was still analysing feedback received during the public consultation phase and there was still no final decision on the regulation.

ANACOM aims to allocate the licences by January or February. Several spectrum lots will be auctioned in 700 MHz, 900 MHz, 1800 MHz, 2.1 GHz, 2.6 GHz and 3.6 GHz bands and the government expects to raise at least 238 million euros. Timuray also said that reserving lots for new entrants would increase the cost of the rollout and reduce the appetite to invest, which would go against the government's objectives.

(By Sergio Goncalves, editing by Andrei Khalip and Jane Merriman)

By Sergio Goncalves


© Reuters 2020
Stocks mentioned in the article
ChangeLast1st jan.
ALTICE EUROPE N.V. -0.79% 4.435 Delayed Quote.-22.98%
NOS, SGPS, S.A. 2.70% 2.9 Delayed Quote.-41.25%
VODAFONE GROUP PLC 1.46% 124.048 Delayed Quote.-16.88%
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Financials
Sales 2020 1 420 M 1 683 M 1 683 M
Net income 2020 79,0 M 93,6 M 93,6 M
Net Debt 2020 1 226 M 1 453 M 1 453 M
P/E ratio 2020 13,6x
Yield 2020 10,7%
Capitalization 1 446 M 1 708 M 1 713 M
EV / Sales 2020 1,88x
EV / Sales 2021 1,84x
Nbr of Employees 2 543
Free-Float 39,9%
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NOS, SGPS, S.A. Technical Analysis Chart | NOS | PTZON0AM0006 | MarketScreener
Technical analysis trends NOS, SGPS, S.A.
Short TermMid-TermLong Term
TrendsBearishBearishBearish
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus OUTPERFORM
Number of Analysts 14
Average target price 4,54 €
Last Close Price 2,82 €
Spread / Highest target 141%
Spread / Average Target 61,0%
Spread / Lowest Target 6,38%
EPS Revisions
Managers
NameTitle
Miguel Nuno Santos Almeida Chief Executive Officer & Executive Director
Jorge de Brito Pereira Chairman
José Pedro Faria Pereira da Costa Chief Financial Officer, Executive Director & VP
António Domingues Non-Executive Director
Joaquim Francisco Alves Ferreira de Oliveira Non-Executive Director
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1st jan.Capitalization (M$)
NOS, SGPS, S.A.-41.25%1 708
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