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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.€18.6m
Last close€1.38
High / Low (52 weeks)€1.8 / €1.3
Stock market listingMI
Forecast net debt (€m)1.6
Forecast gearing ratio (%)14

Price performance

Relative *2.78.6(21.8)

* % Relative to local index

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Company news

Investment summary

Go Internet recently announced two major initiatives to further extend its next-generation network capacity in its existing regions of Marche and Emilia Romagna: 1) a frequency sharing agreement with Linkem, which has also taken a 21% stake in the group for €4m, to finance the build of a more powerful 5G network. 2) GO plans to offer, in partnership with Enel Open Fibre, a 1Gbps fibre-to-the-home broadband service to 23 cities in Emilia-Romagna and Marche. Together, these initiatives would add considerable capacity for growth. While the step-up in capital expenditure required for the network build would necessitate the refinancing of €3m of debt facilities, the proposed €4m capital injection by Linkem should enable gearing to remain comfortable; we forecast it peaking in 2020 at 1.2x EBITDA.

Last updated on 29/06/2018

Y/E Dec Revenue (€m) EBITDA (€m) PBT (€m) EPS (fd) (c) P/E (x) P/CF (x)
2016A 6.4 3.0 0.5 34.0 4.1 N/A
2017A 6.6 2.8 (0.2) (12.0) N/A N/A
2018E 7.5 3.0 (0.3) (28.0) N/A N/A
2019E 9.2 3.7 (0.1) (7.0) N/A N/A

Last updated on 20/06/2018

Latest research

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 29/06/2018

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
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