Professional
Added to YB: 2025-12-08
Pitch date: 2025-12-02
ZEG.L [neutral]
Zegona Communications plc
-7.82%
current return
Author Info
Norbury Capital manages a concentrated Europe-focused investment fund, focused on entrepreneurial small and midcap companies. Sign up for the newsletter.
Company Info
Zegona Communications plc provides integrated telecommunications services in Spain. The company offers broadband, mobile, TV, voice, data, and other value-added products and services.
Market Cap
GBP 12.8B
Pitch Price
GBP 14.70
Price Target
N/A
Dividend
N/A
EV/EBITDA
11.38
P/E
-175.12
EV/Sales
5.81
Sector
Diversified Telecommunication Services
Category
turnaround
Norbury Capital Portfolio Holding: Zegona Communications plc
ZEG.L (holding update): H1 results strong, €1.8bn fiberco sale complete, pref share redemption cuts shares 69%. Trading 4.5x EV/EBITDA vs 7.5x peer multiple (Masorange). 13-16% FCF yield too cheap. Catalysts: €300-500M datacenter monetization, RANco JV, Telefonica takeover possible. £200M buyback (~5% mcap). 25% downside vs attractive upside.
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