|Bid||232.24 x 1200|
|Ask||232.76 x 3100|
|Day's Range||231.01 - 234.51|
|52 Week Range||179.60 - 286.40|
|Beta (3Y Monthly)||0.94|
|PE Ratio (TTM)||31.81|
|Earnings Date||Dec 5, 2019 - Dec 9, 2019|
|Forward Dividend & Yield||7.04 (3.06%)|
|1y Target Est||259.64|
(Bloomberg) -- Helios Towers Ltd. rose 5.7% on its first day of trading after the company raised 288 million pounds ($364 million) in a long-delayed initial public offering that gives investors a foothold in Africa’s fast-growing wireless tower industry.Shares in the company that was backed by billionaire financier George Soros priced at 115 pence apiece, the bottom of the range, before closing at 121.50 pence.After a subdued start to the day, the shares perked up after Chief Executive Officer Kash Pandya’s comments on potentially using some of the proceeds for expansion. Helios is looking to add three new African countries to the five where it currently operates, Pandya said by phone after the initial public offering.Shareholders including Millicom International Cellular SA and Bharti Airtel Ltd. sold down their stakes in the London IPO, with Helios settling for a market valuation of 1.2 billion pounds.Helios has more than 6,800 towers spread across five African countries and the money raised from selling new shares will help it to roll out fourth-generation mobile services and keep pace with soaring mobile data consumption on the continent. It was originally looking to raise as much as $500 million.Read more: Helios CEO says IPO proceeds to be used for expansionHelios went public as many similar offerings are stumbling or being pulled. Two tech IPOs were delayed last week, citing market conditions, and yacht maker Ferretti SpA late on Monday reduced the price range for its upcoming sale.Not everyone is getting shy: special-effects company DNEG Ltd. is exploring selling shares in London to raise 150 million pounds to fund growth, it said Tuesday.Choppy MarketsAfrican and Middle Eastern companies have helped to keep the London IPO market alive, although with mixed results. Airtel Africa Ltd. has lost a third of its value since listing in June.Helios already had to cancel an IPO attempt last year. It was one of three African tower firms that tried to sell stock in London or New York. The most optimistic estimates gave them a potential combined value of $15 billion before choppy markets scuppered the plans and Helios’s two peers went down other routes.The biggest, IHS Towers, decided to raise $1.3 billion via the debt market in two offerings that will close next week. The other, Eaton Towers Ltd., is being bought by American Tower Corp.Following the IPO, Millicom holds a 17% stake in Helios, according to the prospectus. Quantum Strategic Partners Ltd is right behind with a 16.45% stake. Quantum’s investment in Helios is managed by Newlight Partners LP, which was spun off from George Soros’s family office in 2018. The firm is led by Ravi Yadav and David Wassong, who has a seat on Helios’ board.Helios serves carriers including Airtel Africa, MTN Group Ltd. and Vodacom Group Ltd. It’s the only independent tower operator in the Democratic Republic of Congo and Tanzania, has operations in Ghana and launched in South Africa this year.(Updates with trading close and CEO interview.)To contact the reporters on this story: Swetha Gopinath in London at email@example.com;Loni Prinsloo in Johannesburg at firstname.lastname@example.orgTo contact the editors responsible for this story: Rebecca Penty at email@example.com, Thomas Pfeiffer, Kasper ViitaFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
(Bloomberg) -- Ethiopian Prime Minister Abiy Ahmed won the Nobel Peace Prize for his work to end almost two decades of conflict with neighboring Eritrea.Abiy was honored for his “efforts to achieve peace and international cooperation, and in particular for his decisive initiative to resolve the border conflict with neighboring Eritrea,” the Oslo-based Norwegian Nobel Committee said in a statement Friday. It’s the second successive year the prize has gone to an African -- in 2018, Congolese doctor Denis Mukwege was the joint winner of the award for his work against sexual violence.“It is a prize given to Africa, given to Ethiopia and I can imagine how the rest of Africa’s leaders will take it positively to work on peace-building processes in our continent,” Abiy said in an audio recording of the Nobel committee informing him of the award.Abiy, 43, became Africa’s youngest leader when he was appointed prime minister in March 2018. He immediately set about implementing a swathe of economic and political reforms aimed at opening up the economy to increased foreign investment and freeing up the political space for opposition parties.Three months later, he made an historic visit to the Eritrean capital, Asmara, and met President Isaias Afwerki, to close a bloody chapter in the nation’s history: a 1998-2000 border war between the two states claimed as many as 100,000 lives. The nations clashed sporadically over the ensuing years, arming rebel groups in each others’ countries.While the rapprochement persuaded the United Nations to lift decade-old sanctions on Eritrea, there’s been scant progress since then. Four border crossings opened at the time of Abiy’s visit have since been closed without explanation. Territorial demarcations outlines by a 2002 boundary commission -- an initial condition of peace between the two countries -- remain unimplemented.At home, Abiy’s unbanning of Ethiopian opposition and rebel groups, has stoked political fragmentation and long-suppressed rivalries among ethnic communities. That’s led regional groups to intensify calls for more self-determination.Abiy’s changes have also faced growing opposition from anti-government groups and within the ruling party, which has factionalized under his rule. In June, attacks that claimed the lives of five senior government officials highlighted the extent of the challenges facing Abiy.Abiy has also begun implementing measures to attract more foreign investment to Ethiopia, with plans to open up the state-controlled telecommunications and other industries to private investors. That’s piqued the interest of companies including Orange SA, MTN Group Ltd. and Vodafone Group Plc.Ethiopia will be the fastest-growing economy in Africa this year, according to the International Monetary Fund, and globally only Bhutan, Yemen and Brunei will grow faster. The nation’s Eurobonds due December 2024 have returned 13.2% this year, more than the 13% average for sub-Saharan African sovereigns. Only Angola, Cameroon and Congo have offered better returns out of 17 nations on the continent that have sold Eurobonds.Born on Aug. 15, 1976, in the small town of Beshasha in Ethiopia’s Oromia state, Abiy holds masters degrees in business administration and transformational leadership and a PhD in traditional conflict resolution. He’s served as a lieutenant-colonel in the Ethiopian National Defense Force, an acting director of the country’s cyber-security intelligence agency and science and technology minister.Past laureates include former U.S. President Barack Obama and civil rights leader Martin Luther King Jr. The peace prize, along with awards in literature, physics and medicine, was created by Swedish industrialist Alfred Nobel and first awarded in 1901. The economics prize, set to be revealed on Monday, was instituted by the Swedish central bank.(Updates with comment by Abiy in third paragraph)\--With assistance from Sveinung Sleire, Mike Cohen, Rene Vollgraaff and Robert Brand.To contact the reporters on this story: Nizar Manek in Nairobi at firstname.lastname@example.org;Mikael Holter in Oslo at email@example.comTo contact the editors responsible for this story: Jonas Bergman at firstname.lastname@example.org, Paul Richardson, Gordon BellFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
Vail Resorts (MTN) mergers and extensive marketing strategies bode well. However, high operating expenses and weather disruptions are pressing concerns.
(Bloomberg Markets) -- Every month, Ifeyinwa Abel, the secretary of a Pentecostal church in Lagos, spends as much as a quarter of her salary sending money to pay for diabetes drugs to her mother 430 miles away in Abia Ohafia, a small agricultural village.It isn’t easy. First Abel, 35, has to go to a bank branch in Lagos, the country’s commercial hub, and transfer 6,000 naira ($17) into the account of a friend in Ebem Ohafia, another town in Abia state. Then she’s got to pay 2,000 naira to 4,000 naira for her 65-year-old mother, Uche Arua, to get on the back of a motorcycle and ride 8 miles from her village to Ebem Ohafia to pick up the money.At least that’s what happens if this fragile arrangement doesn’t break down. Some months, Abel can’t afford the motorcycle fare; other times, rains make the dirt road impassable. “Sometimes I am unable to send the money, and she stays without the drug, and I am pained,” Abel says, shaken and dabbing her eyes with a handkerchief. “She must get the money and buy her drugs to survive.”Abel’s story would be unusual across much of the rest of sub-Saharan Africa. In a region that accounts for half of the world’s 866 million mobile banking and payment accounts and two-thirds of all money transferred by phone, Nigeria is a laggard. There are an estimated 172 million mobile phones in the country, but it didn’t award a single mobile banking license until July, when it gave one to South Africa’s MTN Group Ltd. Its foot-dragging—encouraged by the traditional banking sector, say industry analysts and telecommunications companies—is blamed for declining financial inclusion in this country of almost 209 million people.Nigeria vies with South Africa as the continent’s largest economy and is its most populous, but it’s a “sleeping giant” in the world of fintech, according to GSMA, a trade body that represents 750 mobile phone operators globally. Across sub-Saharan Africa, the adoption of mobile payments, which incur lower costs than traditional banking, has helped bring financial tools to the masses. Financial inclusion in the region grew by more than 8 percentage points from 2014 to 2017, to an average of 43%, according to World Bank data. In Nigeria the rate dropped almost 4 percentage points, to 39%—far short of the Central Bank of Nigeria target of 80% by 2020.QuickTake: My Phone Is My WalletEven with its new license, MTN doesn’t look much like a bank: It can’t lend money or pay interest. In Kenya, by contrast, Safaricom Ltd. acts much more like one. Part-owned by a unit of Vodafone Plc, it launched its M-pesa app in Kenya in 2007. Today 22 million people, almost half of the population, use M-pesa as a mobile bank—buying groceries, borrowing money, transferring cash. “There’s no excuse for not sending money home because it’s now very easy,” says Kip Ngetichi, a 28-year-old waiter in Nairobi, who, with a few keystrokes, sends money twice a month to his mother 240 miles away in the western town of Kitale.“The way the legislation is written, even now, is very favorable to the banks”Telecommunications companies and analysts say Nigeria is straggling behind its neighbors because its banks successfully campaigned to forestall the introduction of mobile payments. “The banks have been lobbying hard to protect their interests,” says Christophe Meunier, a senior partner at Delta Partners Group, an advisory firm for technology and media companies.The new law, critics say, is hardly a cure-all; indeed, the way it’s structured will likely slow MTN and its rivals in line for licenses—Bharti Airtel, Globacom, and 9Mobile—in their attempts to roll out services. Without the ability to lend or pay interest, mobile operators may struggle to encourage people to keep money in their accounts, says Usoro Usoro, the general manager of mobile financial services for MTN Nigeria. “Mobile money in its delivery is intrinsically a collaboration of multiple industries,” he says. “We haven’t received as much collaboration as required.” As things stand, says Meunier, “the way the legislation is written, even now, is very favorable to the banks.”With 61.5 million subscribers and a network that spans all of Nigeria’s 774 local government jurisdictions, MTN can offer a larger consumer base than any of the nation’s banks. It plans to accredit 500,000 agents just to pay money out to recipients of mobile transfers if they want hard cash. Still, Usoro says, adoption of the technology will be slower than it could have been if regulators had allowed MTN to provide a wider range of financial services, including savings accounts and loans. “For mobile money to make the impact that we’ve seen in other African countries, it needs to be utilized as far more than a simple money-transfer business,” he says.For their part, Nigeria’s banks are adamant that they haven’t intentionally slowed the introduction of mobile money. They blame the country’s low literacy levels and poor financial infrastructure in rural areas. Nigeria’s literacy level is 51%, compared with 79% in Kenya, according to the World Bank. “Financial presence as well as financial literacy is not adequate in rural and remote areas,” says Iphy Onibuje, head of digital banking at Lagos-based Fidelity Bank Plc. Digital transfers only began to be piloted in 2012, she says. To win more business, she adds, the bank is willing to partner with mobile phone companies that have greater reach into rural areas.As inadequate as the new legislation is from the standpoint of the mobile phone companies, their services are hugely in demand and are expected to take off fast as more licenses are granted. The country’s adult population of 111 million—which dwarfs the 64 million in Ethiopia, another major sub-Saharan country where mobile banking has made limited inroads—is a big draw for providers.The presence of two large mobile phone companies that have track records and extensive operations in other countries—MTN and Bharti Airtel Ltd.—will probably accelerate the take-up of services in Nigeria, Meunier says. “MTN and Bharti Airtel will be pushing their platforms, and I think the other two will follow suit,” he says.For Abel, who also often sends home a little extra to pay people to help her mother with plowing and weeding around her plot of land, that can’t come soon enough. “I have heard about mobile money,” she says wistfully. But for her, even now, the idea that you can move money through an app on your phone still seems a distant fantasy.Onu is a reporter in Lagos. Sguazzin is a senior writer in Johannesburg. With Loni Prinsloo and David MalinghaTo contact the authors of this story: Emele Onu in Lagos at email@example.comAntony Sguazzin in Johannesburg at firstname.lastname@example.orgTo contact the editor responsible for this story: Stryker McGuire at email@example.comFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
Anyone interested in Vail Resorts, Inc. (NYSE:MTN) should probably be aware that the Chief Accounting Officer, Ryan...
SEATTLE, Oct. 1, 2019 /PRNewswire/ -- In honor of Helly Hansen and Vail Resorts' longstanding relationship, the two brands have partnered for the 2019-20 winter season to release the first-ever, limited-edition Vail Lifaloft Jacket equipped with a 2019-20 Epic Pass. The Vail Lifaloft Jacket both celebrates and pays tribute to Vail Mountain, located in Colorado's Rocky Mountains, while incorporating Norwegian-based Helly Hansen's unique, high-performance technologies that are trusted in any and all conditions by Vail Resorts' Mountain Professionals.
“When I talk to my team, I don’t talk about being in the hotel business. I talk about being in the social experience business."
Vail Resorts (MTN) fourth-quarter fiscal 2019 results gain from growth in each segment. The company also benefited from the robust performance at Whistler Blackcomb.
(Bloomberg) -- Cell C Pty Ltd. is in advanced talks with MTN Group Ltd. to gain more access to its network as South Africa’s third-biggest mobile-phone company strives to overcome mounting losses and add products such as financial services.An extended roaming deal could be concluded within the next month, Chief Executive Officer Douglas Craigie Stevenson said in an interview. Cell C will gain additional access to MTN’s network in major cities such as Johannesburg and Cape Town.“We are not a tower-owning company, our profits have to come from the services that we are able to offer customers,” said the CEO, who took charge on a permanent basis last month to replace the ousted Jose Dos Santos.Cell C is struggling under 9 billion rand ($596 million) of debt, while full-year losses have ballooned to 8 billion rand from 656 million rand a year earlier. Its management team is in weekly calls with lenders to update them on plans and ensure the company pushes through a re-capitalization by the end of the year.MTN confirmed it’s in discussions with Cell C. “We believe there are still opportunities to pursue, to the benefit of both businesses,” spokeswoman Jacqui O’Sullivan said in an emailed response to questions.Liquidity LifelineA group of local banks have committed to provide temporary liquidity and extended the maturity of 1.2 billion rand of debt that was due to be repaid last month, Cell C said in a presentation on Thursday.South Africa’s telecommunications market is dominated by Johannesburg-based rivals MTN and Vodacom Group Ltd., meaning smaller rivals such as Cell C have struggled. The carrier has come close to collapse on previous occasions, and in 2016 was rescued by a funding plan led by Blue Label Telecoms Ltd.“It’s always been a stressed investment and a company that has not been performance-managed,” said Craigie Stevenson. “Deals were done to fix a funding gap, and did not have thought-out longevity.”Other investments, such in TV-content platform Black, have absorbed cash without generating appropriate returns, the company said.New management is examining all costs and looking to get the most out of Cell C’s assets, Chief Financial Officer Zafar Mahomed said in the same interview. The company wants the bad news out of the way so as to enable the start of a growth plan, he said.Blue Label shares have slumped 45% this year, valuing the group at 2.7 billion rand.(Update with graph and MTN comment in fifth paragraph)To contact the reporter on this story: Loni Prinsloo in Johannesburg at firstname.lastname@example.orgTo contact the editors responsible for this story: Rebecca Penty at email@example.com, John Bowker, Thomas PfeifferFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
Vail Resorts stock runs up after the resort operator reported fiscal 2019 fourth-quarter and full-year guidance that impressed investors.
Vail Resorts (MTN) delivered earnings and revenue surprises of 13.95% and 1.35%, respectively, for the quarter ended July 2019. Do the numbers hold clues to what lies ahead for the stock?
BROOMFIELD, Colo. , Sept. 26, 2019 /PRNewswire/ -- Vail Resorts, Inc. (NYSE: MTN) today reported results for the fourth quarter and fiscal year ended July 31, 2019 and provided its outlook for the fiscal ...
NEW YORK, NY / ACCESSWIRE / September 26, 2019 / Vail Resorts, Inc. (OTCPINK: MTN ) will be discussing their earnings results in their 2019 Fourth Quarter Earnings to be held on September 26, 2019 at 5:00 ...
(Bloomberg) -- A branch of the Sackler family is set to receive more than $100 million from the sale of a ski resort company, offering a rare glimpse into the sprawling fortune of the family at the center of the opioid epidemic.Relatives of the late Raymond Sackler hold a 54% stake in Peak Resorts Inc., which operates 17 ski areas including New York’s Hunter Mountain and Mount Snow in Vermont. Vail Resorts Inc. completed its acquisition of Peak on Tuesday, two months after the deal was announced.The Sacklers own stock and warrants through Delaware-based Cap 1 LLC, which has held a stake since at least 2015, according to regulatory filings. Beneficiaries of the trust that owns Cap 1 include Raymond’s widow Beverly, son Richard and grandson David. They’re among the eight family members accused in state lawsuits of contributing to the nationwide public-health crisis that has killed hundreds of thousands of Americans from overdoses.It’s unclear how much profit the Sacklers reaped from the ski resort deal, because some stock purchases may not have been publicly disclosed. Vail is paying $11 a share for Peak Resorts, a 116% premium over its July 22 closing price. That would value the Sackler stake at $114 million, according to calculations by Bloomberg.Davidson Goldin, a spokesman for portions of the Sackler family, didn’t respond to a request for comment.Purdue BankruptcyHeirs of Raymond and Mortimer Sackler gained notoriety over the past several years as the opioid crisis worsened. Their wealth is founded on drug company Purdue Pharma Inc., maker of the painkiller OxyContin.Purdue filed for bankruptcy this month to settle claims that it pushed sales of the addictive drug. The Chapter 11 filing is designed to short-circuit more than 2,000 lawsuits against Purdue and the Sackler family by the states, cities and counties that have sued to recoup billion of dollars they spent battling opioid addictions and overdoses. Under a settlement proposal, the governments, hospitals and individuals suing Purdue would take ownership from the Sacklers, who have also agreed to pay at least $3 billion and to sell other assets. Such a deal would be expected to raise a total of more than $10 billion.Read more: Purdue opens bankruptcy with vow to investigate Sackler cashOpponents argue Purdue’s plan isn’t enough of a reckoning for the Sacklers, who made billions from the over-prescribing of OxyContin by doctors, spurred by the company’s marketing. The family got more than $4 billion from OxyContin sales from 2008 through 2015, court filings show.The lawsuits describe a web of trusts, holding entities and investment vehicles comprising the Sackler fortune, including Summer Road LLC, a family office run by David A. Sackler that provides investment-management services to Cap 1.Summer Road has also invested in hedge fund strategies and bought an office building in West Palm Beach, Florida, for $6.8 million, the Palm Beach Post reported last week. It also owned 8% of eye-care product developer Ocular Therapeutix Inc. and about 7% of Correvio Pharma Corp. as of June 30, according to its latest 13-F filing.(Updates with deal’s completion in second paragraph.)\--With assistance from Tom Maloney.To contact the reporters on this story: Emma Vickers in New York at firstname.lastname@example.org;Tom Metcalf in London at email@example.comTo contact the editors responsible for this story: Pierre Paulden at firstname.lastname@example.org, Steven Crabill, Peter EichenbaumFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
Vail Resorts Closes its Acquisition of Peak Resorts; Adds 17 U.S. Ski Areas Near Major Metropolitan Areas to Portfolio