GO internet (GO)

Business description

GO internet provides internet and telephone services using 4G wireless technology. The service is currently offered in the Emilia-Romagna and Marche regions of Italy, where GO has an exclusive right of use for 42MHz in the 3.5GHz frequency band (4G).

Stock data

Market cap.€18.4m
Last close€1.73
High / Low (52 weeks)€1.8 / €1.2
Stock market listingMI
Forecast net debt (€m)0
Forecast gearing ratio (%)0

Price performance

Relative *(3.8)(7.4)(18.9)

* % Relative to local index

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Company news

GO internet SpA (GO) Jumped 0.52% on Sep 24

Sun, 24 Sep 2017 12:22:30 GMT

GO internet SpA (GO) Rise 1.16% on Sep 1

Fri, 01 Sep 2017 13:29:38 GMT

GO internet SpA (GO) Dipped -0.35% on Sep 5

Tue, 05 Sep 2017 13:07:30 GMT

GO internet SpA (GO) Plunges -0.79% on Sep 14

Thu, 14 Sep 2017 13:52:30 GMT

GO internet SpA (GO) Is Yet to See Trading Action on Sep 19

Tue, 19 Sep 2017 07:18:45 GMT

Investment summary

Following last October’s €4m funding round, GO is re-accelerating the rate at which it implements its network and, after a period of softer growth in subscribers, we expect subscriber momentum to pick up later this year. Customer numbers in June were 40.5k (+16% y-o-y), tracking our expectations with the FTTH segment in Perugia starting well. The shares trade at a significant discount to our base case DCF (€2.8/share) and investors should also take into account potential valuation implications attached to GO’s spectrum ownership in light of emerging 5G standards. With 3.5GHz now earmarked for 5G services, GO’s spectrum could be used for a wider service offering in the longer term and may put it in focus for operators looking to secure 5G capacity.

Last updated on 06/09/2017

Y/E Dec Revenue (€m) EBITDA (€m) PBT (€m) EPS (fd) (c) P/E (x) P/CF (x)
2015A 5.3 2.0 0.3 3.82 45.4 6.8
2016A 6.4 2.5 0.5 3.66 47.4 3.2
2017E 7.7 3.2 0.5 3.21 54.0 4.3
2018E 9.6 4.5 1.3 8.23 21.1 3.6

Last updated on 25/08/2017

Latest research

Back on track

Update | Technology | 04/04/2017

Rights issue for accelerated network roll-out

Outlook | Technology | 10/10/2016

Treading water

Update | Technology | 24/03/2016

GOing for more growth

Outlook | Technology | 17/12/2015

LTE network a GO-GO!

Update | Technology | 25/09/2015

3.5GHz buzz

Update | Technology | 12/03/2015

Italian 4G wireless broadband provider

Initiation | Technology | 13/10/2014

Latest video

Executive Interview - GO internet

Industry outlook

The Italian broadband market is relatively underpenetrated and with no cable alternative to incumbent TI, opportunities exist for niche providers. GO internet, with its low-cost wireless service, is targeting the one million 'mobile-only' homes in the Emilia-Romagna and Marche regions of Italy that are increasingly opting to relinquish their expensive fixed-line services.

Last updated on 06/09/2017

Key management

Giuseppe Colaiacovo, Chairman
Alessandro Frizzoni , CEO
Alessandro Ronchi, FD
Flavio Ubaldi, COO

Company address

Via degli Artigiani 27
Piazza Bernini
Gubbio (PG)
+39 348 643 1609
View website