Stifel Nicolaus Says Sell-Off in NII Holdings (NIHD) Presents a Buying Opportunity
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Stifel Nicolaus says sell-off in NII Holdings (NASDAQ: NIHD) presents an ideal buying opportunity.
NIHD sold off materially yesterday, following widespread speculation and a competitor's note suggesting lower net subscriber additions in Mexico for 3Q07. Stifel believes that lower expectations for Mexican net adds is likely warranted, given the impact of four major tropical storms causing the company to delay several new market launches and lose multiple selling days throughout wide areas of the country as a result.
Stifel says, "The market remains far too myopically focused on the latest quarterly forecasts and whispers. A miss of 10k-15k nets in Mexico should not cause a company with 4 million consolidated subscribers, to lose 10% of its enterprise value in three days. We believe that NIHD remains one of the most compelling long-term growth stories in the telecom universe today, and very few companies will see the multi-year growth of operating margins and free cash flow."
Also, Stifel said the lowering of expectations for the company in Mexico for the quarter is a positive development, and the sell-off as completely overdone and investors should be buyers of this company right now.
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