2. Telecom Corp of New Zealand (NZT) provides telecom services in News Zealand and Australia. In May 2009, Telecom launched WCDMA mobile network, which Telecom Retail and Gen-i market as the XT mobile network.
The XT mobile network has in excess of one million customers, representing around 51% of it's total mobile base and 77% of mobile revenue.
Paul Reynolds, Telecom's CEO, said, "We now expect full year Capex to be within the $900 million to $930 million range for the FY11 financial year, down from the $950 million to $1 billion indicated previously. In addition, we have also introduced Capex guidance for FY12, indicating that capex for that period will be no more than $750 million. Guidance for FY13 has been withdrawn." The reduction in capex is significant as these are multi-year investments and the company expects to bring its capex-to-sales ratio closer to international peers.The company guided 2011 EBITDA to range from $1.72 billion to $1.78 billion and raised 2012 guidance by $20 million to $80 million. Adjusted net earnings for 2012 are pegged between $300 million and $340 million. The stock is trading at 12.6 times its estimated 2010 earnings with a potential upside of 27% over the next one year.
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