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Talk Talk Fundamentals (TALK)

Credit Suisse Outperform 311.30 310.30 300.00 300.00 Reiterates

Chart doesn't look very inspiring. Full year preliminary results Thursday.

Left an optimistic limit buy on spreads @ 292.0

Nice spike, chart improving?

Preliminary Results

Preliminary results for the 12 months to 31 March 2014 (FY14)

· Over 1m TV customers at 12 May 2014; fastest growing TV business in the UK
· One of the fastest growing B2B telecom operators in the UK; FY Corporate revenues +5.6%
· 6th consecutive quarter of net adds growth (+10,000) delivers on-net base of over 4m
· 5th consecutive quarter of y-o-y revenue growth (+4.9%) delivers full year growth of 3.4%
· H2 EBITDA margin up 650bps to 15.5% (H1 9.0%); FY margin 12.3% (FY13: 17.4%)
· Dividend per share 12.0p (+15.4%) in line with commitment
· On track to deliver 4% CAGR in revenue and 25% EBITDA margin by FY17
FY14 Financial Highlights
· Total revenue up 3.4% to £1,727m (FY13: £1,670m); H2 +5.0% vs H1 +1.8%
· Corporate revenue up 5.6% to £340m (FY13: £322m): H2 +9.9% vs H1 +1.3%
· Headline EBITDA £213m (FY13: £290m) after £112m of incremental investment in growth
· Headline Earnings Per Share 6.8p (FY13: 14.9p); Statutory Earnings per Share 3.1p (FY13: 11.3p)
· Dividend Per Share 12.0p (FY13: 10.4p)
Q4 Operating Highlights
· Total revenue up 4.9% year-on-year to £448m (Q3 FY14: £436m)
· On-net revenue up 7.2% year-on-year to £327m (Q3 FY14: £320m)
· On-Net ARPU up 2.1% year-on-year to £26.93 (Q3 FY14: £26.79)
· Corporate revenue up 11.0% year-on-year to £91m (Q3 FY14: £87m)
· On-net net adds 25,000 (Q3 FY14: +107,000 including 84,000 Post Office customers)
· Accelerating TV growth; 185,000 TV customers added, taking FY14 closing base to 917,000
· On-net churn reduced to 1.5% (Q3 FY14: 1.6%)

Dido Harding, Chief Executive of TalkTalk commented:
I am delighted to report our first full year of revenue growth since demerger demonstrating that our strategy for growth is delivering. We have built a TV business with over one million customers in just 18 months - a quarter of our total customer base. We continue to grow faster than all the other UK TV operators put together and are confident that in time, all our customers will take TV. Our focus on data products for businesses is also delivering very strong growth and as a result, TalkTalk Business is one of the fastest growing B2B telecom operators in the UK.
Following investment in the first half, we delivered a sharp rebound in profitability in the second half combined with accelerating revenue growth. We are on track to deliver our financial targets by FY17, and are increasingly excited about the longer term growth opportunities beyond. As a result we are committing to another year of growing the dividend by no less than 15% in FY15.

Stop to entry for risk free trade.

Espirito Santo Execution Noble Buy 292.20 - 395.00 Reiterates

LATEST BROKER VIEWS

Date Broker New target Recomm.
16 May Barclays... 350.00 Overweight
15 May Credit Suisse 300.00 Outperform
15 May Espirito... 395.00 Buy
6 May Berenberg 220.00 Hold
2 May Berenberg 220.00 Hold
30 Apr Jefferies... 260.00 Hold
22 Apr Berenberg 220.00 Sell
22 Apr Nomura 330.00 Buy
17 Apr JP Morgan... 360.00 Overweight
16 Apr Barclays... 350.00 Overweight
Broker Recommendations for TalkTalk Telecom Group
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Creeping up nicely dc, moved my stop to 302.0 to lock in + 10

Had a go this morning to crack resistance @ 325.0

Moved stop to 316.0 to lock in + 24

Stop to 320.0 to lock in + 28

Breakout on the cards.

Will watch and use the 24 hour rule for confirmation before buying.

Fingers crossed gf, MACD looks a tad overbought but we live in hope.

Yep your right about MACD Chris so lets get a momentum chart up and see if its still got positive ADX........

ohh yep very nice look at the strength of the green and blue lines on ADX plus on the chart itself its riding on the 10 day EMA.

Momentum indicator hasnt caught up with the chart but its a lagger anyway.

Look at the increase in volume aswel.

Ill still give it the cofirmation rule but fingers up from me.

Trying again to break out albeit on low volume.

There is the breakout, find out tom how solid.

Noticed on the news this morning that BT are to hike their charges. Putting talk back on the radar, may have a dabble on Tuesday on watch list.

Similar chart, looks just as promising as TALK to be honest, place your bets :0)

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Limit buy triggered this morn @ 302.95 initial target 320.0 (spread bet).

Unless Talk gets a wriggle on pretty sharpish, looks like I chose the wrong stock, should have gone long BT. :0)