GTMEY - Globe Telecom: Still Cheap With Concerns Over Third Operator Priced In
Elevator Pitch
I maintain my "Bullish" rating on Philippines-listed Globe Telecom (OTCPK:GTMEY) (OTCPK:GTMEF) [GLO:PM]. Globe Telecom is still cheap trading at mid single-digit forward EV/EBITDA, with concerns regarding the third operator priced in. Moreover, Dito Telecommunity's commercial launch plans could be potentially delayed with a standstill for the tower sharing initiative, and the difficulty of constructing a few thousand new sites in a short period of time.
Globe Telecom is one of the two existing telecommunications companies operating as part of a duopoly in the Philippines. The other telecommunications company is