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UPDATE 2-Versatel Q1 net loss narrows, tops f'casts
Wed May 4, 2005 08:54 AM BST
By Karl Emerick Hanuska

AMSTERDAM, May 4 (Reuters) - Dutch telecoms company Versatel (VERS.AS: Quote, Profile, Research) , a potential takeover target, reported a narrower net loss for the first quarter that was better than analysts' expectations as the company continued to boost turnover.

"The increase in revenues came from all of our geographical markets and was primarily driven by growth in our IP-VPN business and our residential broadband business," the firm said.

Versatel, which confirmed this week it in was talks with Belgium's Belgacom (BCOM.BR: Quote, Profile, Research) that could lead to a billion-euro bid, said its net loss in the quarter was 2.5 million euros ($3.22 million) versus a loss of 7.2 million a year ago.

It reiterated guidance for 2005 calling for revenues of 720 million to 740 million euros and earnings before interest, tax, depreciation and amortisation (EBITDA) of 110 million to 120 million euros.

A Reuters survey of eight analysts forecast Versatel's first-quarter net loss at an average of 8.8 million euros, in a range of 16.0 million euros to 2.8 million.

"Although DSL customer intake varied across our geographical markets, we successfully managed to grow the revenues by adding new customers and upgrading existing customers," Chief Executive Officer Raj Raithatha said.

"This resulted in an improvement in margins and indicates that the market for broadband services is still strong, with customers looking for higher speed products."

Versatel, rejuvenated after emerging from bankruptcy in 2002, had been expected to report a wider loss on the back of increased market spending.


TRIPLE-PLAY SERVICES

In March, the operator said it would spend 170 million euros this year promoting soccer-centred triple-play services, which consist of video, Internet and telephony offerings.

Versatel, also engaged in rebranding its consumer business Zon into Versatel, said costs related to triple-play services would hit EBITDA in coming quarters.

"We expect that EBITDA on the quarterly basis will decrease for the rest of the year as we start to incur additional significant expenses for the role out of triple-play services and for the production of Eredivisie (Dutch championship) football and other video content," it said.

Versatel, which does not expect to return to profit before 2007, reported EBITDA of 38.2 million euros in the third quarter, up from 25.4 million a year earlier.

Revenues in the quarter were 177.5 million euros versus 135.5 million a year earlier. The Reuters survey had seen revenues at an average of 173 million euros.

Its shares -- trading at multiples of around 2 times book value versus a sector average of 3.6 -- were only 1 percent higher after the results, but they have surged more than 20 since the first reports of talks with Belgacom last week.

Traders and analysts also said the market was waiting for details about triple-play services and the potential merger.

"The first-quarter figures are strong, but for the share price, the takeover discussions and progress made with triple play are much more important," Rabo Securites said in a note.

AMSTERDAM, May 2 (Reuters) - Dutch telecommunications firm Versatel (VERS.AS: Quote, Profile, Research) on Monday confirmed it was in talks with its main shareholder Talpa and Belgium's Belgacom (BCOM.BR: Quote, Profile, Research) about possible strategic cooperation, including a takeover bid.

Versatel shares jumped about 12 percent to 1.97 euros in early trade on Monday after a jump of over 20 percent on Friday on news reports about a possible bid by the former Belgian monopoly. Belgacom declined to comment.

The rejuvenated Versatel is seen by many investors as a likely takeover target, helping to prop up its shares, and brokers expect a bid battle.

"We believe that the official announcement that Versatel is in talks with Belgacom could be the kick-off of a bidding war. We expect other players will enter in the bidding game," broker Petercam said in a note.

Talpa is the investment vehicle of Big Brother billionaire John de Mol, who sold Endemol with partner Joop van den Ende to Telefonica (TEF.MC: Quote, Profile, Research) . De Mol has a 42 percent stake in Versatel and is also behind new TV broadcaster Tien.

Versatel aims to start television services over ADSL lines and has soccer broadcast rights.

"We believe that a combination of Belgacom and Versatel makes sense as it gives cash-rich Belgacom a presence in Germany and the Netherlands (triple play)," Rabobank said.

"However, there is no firm offer yet and in the take-over process of Cesky (acquired by Telefonica), Belgacom has shown that it is not willing to pay excessive acquisition prices," Rabo added, saying a bid could go up to 2.50 euros per share.

Sweden's Tele2 (TEL2b.ST: Quote, Profile, Research) has also been mentioned in the past as a possible buyer of Versatel, whose market capitalisation stands at around 900 million euros.

Belgian daily De Tijd reported on Friday that Belgacom, the dominant telecom operator in Belgium, was looking to buy Versatel, quoting industry sources.

On Saturday, the same paper said Dutch-Belgian upstart telecoms firm Scarlet was also interested in Versatel.

"There is Versatel's confirmation of talks with the Belgians but there is also talk of Scarlet possibly interfering. Those are nice speculative reports," trader Lex Bouwmeester at Delta Lloyd Securities said on Monday.

Versatel shares declined 17.3 percent over the year to date, after a 16 percent rise over the past 6 months.

RESULTS ON WEDNESDAY

Versatel is expected to report a wider first-quarter loss on Wednesday as it cranks up marketing spending.

According to a Reuters survey of 8 analysts, Versatel is seen reporting a consensus net loss of 8.8 million euros ($11.4 million) versus 7.3 million euros a year ago. Sales are seen rising 28 percent to 173 million euros.

Versatel, which had set a conservative spending plan since emerging from bankruptcy in 2002, announced a new expensive drive to attract new clients after winning rights to broadcast Dutch soccer.

When it reported full-year results, the operator said it would spend 170 million euros this year to promote soccer-centred triple-play services, which consist of video, Internet and telephony offerings.

Se esta noticia se confirmar, alguem que perceba deste assunto pode opinar até que valores a Versatel pode ir?


pvk

Fiquei sem acesso,
poderia alguém postar cofres,SFF.

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UPDATE 1-Versatel surges over 20 pct on takeover report
Fri Apr 29, 2005 08:43 AM BST
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(Updates with share price, adds asset manager comment)
AMSTERDAM, April 29 (Reuters) - Shares in Dutch telecoms company Versatel surged more than 20 percent on Friday after a report said Belgacom was set to buy the group.

By 0726, the shares were up 21.3 percent at 1.82 euros, their highest since early March, and traded volumes already were more than twice the stock's daily average.

Belgian daily De Tijd reported that Belgian dominant telecom operator Belgacom is looking to buy Versatel and quoted industry sources and sources close to the company.

Versatel declined comment.

The operator has a market capitalisation of more than 930 million euros.

"A takeover by Belgacom would make sense," trader Lex Bouwmeester at Dutch broker Delta Lloyd Securities said.

"Belgacom has a lot of cash and not so very long ago their attempt to acquire a Czech company has failed," he added.

Asset manager Rene Bastiaenen at broker Eureffect said Belgacom's interest in Versatel would not be illogical.

"There are changes in the telecoms markets, with companies offering telephony through the Internet for instance and that's one area Versatel is looking at," he said.