Technology

Report by Smart Insider

Seven insiders combined to purchase €5.1m worth of stock from April 26th-May 5th at prices ranging from €164-€185. The buyers include four directors, two senior divisional officers and the CEO. Smart Insider ranked this stock +1 on 15th Nov 2022, based on a similar cluster of buying at slightly higher prices (€170-€200). The stock traded as high as €273 in early Feb but has since declined steadily to its current level, below where they ranked it in Nov. It is encouraging to see another solid cluster of buying and so Smart Insider are renewing their +1 rank.

Technology

Report by ALEZOR Research

Alejandro Acosta initiates coverage with a Buy rating despite decreasing Covid support activity and issues with the moderation team in Colombia. Remediation efforts for the unfavourable working conditions will also impact operating margin. Alejandro always places a strong emphasis on earnings quality. While he finds no major red flags at TEP, he implements meaningful adjustments to reported debt and the cash flow statement. He believes €595m is a good estimate for the Group’s FCFF. WACC stands at 7% (+8% short-term growth moving towards a LT growth rate of +3%). This results in an equity value of €274.