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Telkom SA SOC Limited Updates On FY 2013 Earnings Guidance

Tuesday, 11 Jun 2013 01:05am EDT 

Telkom SA SOC Limited announced that with reference to the earlier announcement dated April 8, 2013 whereby shareholders were advised that the results to be reported on next would differ by at least 20% from those of the previous corresponding period. The Board has completed review and has taken a decision to impair the carrying value of assets by ZAR12 billion. After the impairment the net asset value (NAV) per share is cR34. The impairment charge is a non-cash item and it will not impact the significant cash flow (EBITDA), which the Group generates from operations. It is akin to an accelerated depreciation charge, which has no impact on Telkom’s strong cash position, low indebtedness and ability to fund capital program from own resources. Basic earnings per share from continuing operations however has been adversely impacted by the non-cash impairment charge and is therefore expected to be 2.229 cents per share(cps) to 2.343cps lower than the previous corresponding period for fiscal 2013. The non-cash impairment charge is excluded from headline earnings per share from continuing operations, which is expected to be between 232cps and 244cps lower than the previous corresponding period. The decline in headline earnings is largely as a result of the cost of voluntary severance packages of approximately ZAR430 million and a provision of approximately ZAR592 million for the Competition Tribunal fines and other legal matters. 

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19 Dec 2014