Chorus shares seen as overvalued as its client base continues to shrink

Tue, 03 Jul 2018

By Margreet Dietz July 3 (BusinessDesk) - Shares of Chorus are overvalued because the telecommunications network operator’s overall connections continue to decline, Morningstar analyst Brian Han wrote in a bearish note. "We concede challenges facing no-moat Chorus (connections, UFB-building, execution with the cost-cut programme) pale in comparison to those facing retail-facing telecoms on both sides of the Tasman," Han wrote in the July 2 note. "However, they are risks nevertheless and we believe not reflected in the current stock...

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