- Partner Communications Co Ltd (NASDAQ:PTNR) reported third-quarter FY21 revenue growth of 5% year-on-year to $259 million.
- Service Revenues rose 6% Y/Y to $208 million, and Equipment Revenues declined 2% Y/Y to $ 51 million.
- Partner exceeded the 3 million cellular subscribers for the first time in almost a decade and continued to reduce the churn rate to the lowest level since 2011.
- “Partner has more than 200 thousand fiber-optic subscribers from over 660 thousand households in dozens of municipalities around the country that can connect to Partner’s fiber-optic network without delay,” CEO Avi Zvi said.
- “By the end of 2022, Partner expects that approximately one million households will be able to connect and enjoy Partner’s fiber-optic experience across the country,” he added.
- Adjusted EBITDA rose 23% Y/Y to $77 million. EPADS was $0.04.
- Partner generated $69 million in operating cash flow and held $245 million in cash and equivalents. Net debt stood at $205 million.
- Partner looks to issue debentures solely in Israel via a new series of debentures up to NIS 150 million and raising debt through commercial bank loan worth NIS 150 million.
- Price Action: PTNR shares traded higher by 0.50% at $6.08 on the last check Monday.
Morgan Stanley Maintains Equal-Weight on Victoria’s Secret, Raises Price Target to $44
Morgan Stanley analyst Alexandra Steiger maintains Victoria's Secret (NYSE:VSCO) with a Equal-Weight and raises the price target from $43 to $44.
