Search Follow us

GO internet (GO)

Business description

GO internet provides fixed broadband internet and telephone services using 4G and 5G wireless technology in the Emilia-Romagna and Marche regions of Italy, where it has exclusive right of use for 42MHz in the 3.5GHz frequency band. In partnership with Enel Open Fiber, GO is developing a 1Gbps fibre-to-the-home service.

Stock data

Market cap.€23m
Last close€1.17
High / Low (52 weeks)€1.4 / €0.9
Stock market listingMI
Forecast net debt (€m)2.4
Forecast gearing ratio (%)22

Price performance

Relative *13.0(6.6)5.5

* % Relative to local index

Other companies in sector Show

1Spatial 7digital Group
accesso Technology Group ADVA Optical Networking
Advanced Computer Software Group Advanced Micro Devices
AIXTRON Aladdin Blockchain Technologies
Algomizer All for One Steeb AG
Allocate Software Allot Communications
Alpha and Omega Semiconductor Alphapoint Technology Inc
Amazon Amino Technologies
ANADIGICS appScatter
Arria NLG artec technologies
AsiaCell AT&S Austria Technologie & Systemtechnik
Beta Systems Bigblu Broadband
Blancco Technology Group blinkx
Blue Prism blur Group
Boku Brady
Bulletproof Group Carclo
Catapult Group International Celltick Technologies
CENIT CentralNic
Cerillion CityFibre Infrastructure Holdings
Claranova Cliq Digital
CML Microsystems CoAssets
Codere Comptel
Covata Craneware
Cypress Semiconductor DATAGROUP
DDD Group Dillistone Group
door2door dotDigital
DSP Group e2v technologies
Eagle Eye Eckoh
Elmos Semiconductor EMIS
Emulex Endace
EnWave Corporation Epipoli
eServGlobal Esker
Evolving Systems EVR Holdings PLC
Expert System Facebook
Featurespace FFastFill
FinTech Group First Derivatives
First Sensor Focus Solutions Group
Foresight Autonomous Holdings Forward Industries
FreeAgent Freelancer
Fusionex International Games Workshop Group
Gamma Communications GB Group
GBST Holdings GeoOp
GetBusy GFT
Globo Greek Organization of Football Prognostics
GVC Holdings Himax Technologies
Hrvatski Telekom ifa systems
ikeGPS Group Infinera
Inmarsat Innovation Group
InVision IQE
IT Competence Group IXYS
Jenoptik K3 Business Technology
Kainos Kalibrate Technologies
Kape Technologies Keywords Studios
Learning Technologies Group LRAD Corporation
Magix Manpower Software
Manx Telecom Manz
Max 21 Maxima Holdings
Medicsight Mensch & Maschine Software
Mercia Technologies Micro Focus International
Micron Technology Migme
Mobile ecosystems Mobotix
Monitise Montage Technology
Morse mVISE
My Net Fone Mynaric
Nano Dimension Nanoco Group
nearmap Nemetschek
Netcall NetCents
NetDimensions Netflix
Nexus Management NFON
O2Micro International OMG
OmniVision Technologies Orion Health Group
Osirium Technologies Outsourcery
Panorama Synergy Pantaflix
Patsystems Paysafe Group
Pebble Beach Systems Group Pelatro
Pericom Semiconductor Phitek
Piteco PLX Technology
Pointer Telocation Pricer
Prodware PSI
Pure Wafer QSC
Quartix Holdings Real Estate Investar Group
REALTECH Redflex Holdings
Redstone Reed Elsevier
Reply SpA
Rex Bionics Rheinmetall
SCISYS Group Secunet
Seeing Machines Sepura
Serko Seven Principles
Siemens Sigma Designs
Silicom Silicon Image
SimiGon SinnerSchrader
SITO Mobile SLI Systems
Smartpay Holdings SNP Schneider-Neureither & Partner
Software AG Solera
Solutions 30 Spansion
Spirent Communications SQS Software Quality Systems AG
Stadium Group StatPro Group
STEMMER IMAGING Store Electronic Systems
Straker Translations SuperCom
Synchronica Taptica
Technology sector TerraNet
Texas Instruments The NAGA Group
Thin Film Electronics Thoughtonomy
Tikit Group Toumaz
Track Group TXT e-solutions
TZ Limited Ubisense Group
UMT United Mobility Technology United Power Technology
VASCO Data Security Vectron Systems
Virtual Piggy Vista Group International
Vitec Vizrt
VMob Group WANdisco
Webinar Wincor Nixdorf
WorkPlace Systems International XP Power
Xploite Xplore Technologies Corp

Company news

Investment summary

GO looks to be on track to raise up to €5.0m via its current rights issue of 6.2m shares. Network sharing partner Linkem has participated fully, paying in €1.1m and Go Internet has already paid the €2.7m frequency extension fee to the Italian government (due end January) which extends its 5G frequencies to end-2029. The group now plans to accelerate its 5G strategy to more rapidly roll out its high speed 5G and LTE services and shut WiMax by the end of 2020. The massive increase in service speeds should boost subscriber growth and reduce churn, improving earnings. Recent 5G frequency auctions in Italy resulted in much higher than expected sale prices of €1.69bn for frequencies in the 3.4-3.6GHz spectrum range. We calculate an implied value of €51m for GO’s 42MHz of 3.5GHz spectrum frequencies based on the agreement to extend to 2029. Adjusted for group debt and the €2.7m extension fee, this values the frequencies at €3.45 per share.

Last updated on 01/02/2019

Y/E Dec Revenue (€m) EBITDA (€m) PBT (€m) EPS (c) P/E (x) P/CF (x)
2016A 6.4 3.0 0.5 34.0 3.4 N/A
2017A 6.6 2.8 (0.2) (12.0) N/A N/A
2018E 6.8 2.7 (0.7) (39.0) N/A N/A
2019E 7.9 3.1 (0.5) (33.0) N/A N/A

Last updated on 29/01/2019

Latest research

Full speed ahead on 5G

Update | Technology | 12/12/2018

Adding fibre and 5G capacity

Outlook | Technology | 08/05/2018

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 under-penetrated 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 01/02/2019

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