CNU is a NZ based fixed line communications infrastructure business which has a projected 12-month yield of 4.5% but investors need to be conscious that this can be a volatile beast at times. Unfortunately the business has experienced a drop in revenue due to the worrisome combination of weaker market conditions plus increased competition from other fibre and wireless network businesses. The $6-7 area feels about fair value but it’s not exciting to MM at this stage of its evolution.
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MM is neutral CNU
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