Hrvatski Telekom dd

  • TickerHT-R-A
  • ISINHRHT00RA0005
  • ExchangeZagreb Stock Exchange
  • SectorFixed Line Telecommunications
  • CountryCroatia
Tea Pevec
  • Tea Pevec
HT-R-A Hrvatski Teleko... (Telecommunications)

Hrvatski Telekom: Operating profitability in line with our estimates

In 2Q consumer spending and ultimately sales of mobile devices improved further so HT Group’s H1 2021 increased by 3.4%. These results still include Optima Telekom contribution that will not be evidenced in H2 as deconsolidation of Optima due to sale of company will take place. Quarterly mobile revenue growth accelerated to 9.7% YoY (vs. 6.0% YoY in Q1) driven by solid commercial momentum, especially on the post-paid side and higher handset sales. Slightly lower prepaid was offset by increase...

Ana Turudic
  • Ana Turudic
HT-R-A Hrvatski Teleko... (Telecommunications)

Hrvatski Telekom Q2 2021 - Good performance of both mobile and fixed r...

- Strong yoy recovery of mobile revenues - Fixed revenues up on higher customer base in both Broadband and TV segment - EBITDA margin yoy up and above expectations - We rate the reported figures as positive

Tea Pevec
  • Tea Pevec
HT-R-A Hrvatski Teleko... (Telecommunications)

Hrvatski Telekom: Plenty of cash with nowhere to go but back to shareh...

We update our coverage of the HT Group with a Buy recommendation and a price target of HRK214.0 per share. According to 2021 projections, this translates into 5.0x EV/EBITDA. There are several reasons behind our view: * Despite declining top line HT will continue to hold a dominant position in Croatia while sustaining profit margins. * Ensured dividend pay-out coupled with pick-up in share buyback results in above average yield. * Excess cash could potentially be paid out as divide...

Tea Pevec
  • Tea Pevec
HT-R-A Hrvatski Teleko... (Telecommunications)

Hrvatski Telekom: Q1 21 – A solid quarter but profitability hurt by hi...

HT Group’s revenue in Q1 2021 increased 3.2% YoY, driven by the stronger performance on mobile (HRK 46m or +6.0%) and fixed revenue (HRK 12m or +1.5%), with partially lower System Solutions revenue (HRK 3m or -1.6%) due to different phasing of System Solutions projects. Mobile revenue was driven by growth in Croatia where higher handset sales and strong postpaid, as customers reacted positively to the new portfolio launched in the second half of 2020, offsetting contraction of prepaid caused ...

Ana Turudic
  • Ana Turudic
HT-R-A Hrvatski Teleko... (Telecommunications)

Hrvatski Telekom Q1 21 - Strong top line, but elevated depreciation we...

Strong top line supported by good performance of mobile business, notably handset sales Depreciation hike due to substantial CAPEX in past years, EBIT nosedived We expect neutral to slightly positive market reaction on the figures

Tea Pevec
  • Tea Pevec
HT-R-A Hrvatski Teleko... (Telecommunications)

Hrvatski Telekom: Operating profitability in line with our estimates

In 2Q consumer spending and ultimately sales of mobile devices improved further so HT Group’s H1 2021 increased by 3.4%. These results still include Optima Telekom contribution that will not be evidenced in H2 as deconsolidation of Optima due to sale of company will take place. Quarterly mobile revenue growth accelerated to 9.7% YoY (vs. 6.0% YoY in Q1) driven by solid commercial momentum, especially on the post-paid side and higher handset sales. Slightly lower prepaid was offset by increase...

Ana Turudic
  • Ana Turudic
HT-R-A Hrvatski Teleko... (Telecommunications)

Hrvatski Telekom Q2 2021 - Good performance of both mobile and fixed r...

- Strong yoy recovery of mobile revenues - Fixed revenues up on higher customer base in both Broadband and TV segment - EBITDA margin yoy up and above expectations - We rate the reported figures as positive

Tea Pevec
  • Tea Pevec
HT-R-A Hrvatski Teleko... (Telecommunications)

Hrvatski Telekom: Plenty of cash with nowhere to go but back to shareh...

We update our coverage of the HT Group with a Buy recommendation and a price target of HRK214.0 per share. According to 2021 projections, this translates into 5.0x EV/EBITDA. There are several reasons behind our view: * Despite declining top line HT will continue to hold a dominant position in Croatia while sustaining profit margins. * Ensured dividend pay-out coupled with pick-up in share buyback results in above average yield. * Excess cash could potentially be paid out as divide...

Tea Pevec
  • Tea Pevec
HT-R-A Hrvatski Teleko... (Telecommunications)

Hrvatski Telekom: Q1 21 – A solid quarter but profitability hurt by hi...

HT Group’s revenue in Q1 2021 increased 3.2% YoY, driven by the stronger performance on mobile (HRK 46m or +6.0%) and fixed revenue (HRK 12m or +1.5%), with partially lower System Solutions revenue (HRK 3m or -1.6%) due to different phasing of System Solutions projects. Mobile revenue was driven by growth in Croatia where higher handset sales and strong postpaid, as customers reacted positively to the new portfolio launched in the second half of 2020, offsetting contraction of prepaid caused ...

Ana Turudic
  • Ana Turudic
HT-R-A Hrvatski Teleko... (Telecommunications)

Hrvatski Telekom Q1 21 - Strong top line, but elevated depreciation we...

Strong top line supported by good performance of mobile business, notably handset sales Depreciation hike due to substantial CAPEX in past years, EBIT nosedived We expect neutral to slightly positive market reaction on the figures

Tea Pevec
  • Tea Pevec
HT-R-A Hrvatski Teleko... (Telecommunications)

Hrvatski Telekom: Operating profitability in line with our estimates

In 2Q consumer spending and ultimately sales of mobile devices improved further so HT Group’s H1 2021 increased by 3.4%. These results still include Optima Telekom contribution that will not be evidenced in H2 as deconsolidation of Optima due to sale of company will take place. Quarterly mobile revenue growth accelerated to 9.7% YoY (vs. 6.0% YoY in Q1) driven by solid commercial momentum, especially on the post-paid side and higher handset sales. Slightly lower prepaid was offset by increase...

Ana Turudic
  • Ana Turudic
HT-R-A Hrvatski Teleko... (Telecommunications)

Hrvatski Telekom Q2 2021 - Good performance of both mobile and fixed r...

- Strong yoy recovery of mobile revenues - Fixed revenues up on higher customer base in both Broadband and TV segment - EBITDA margin yoy up and above expectations - We rate the reported figures as positive

Tea Pevec
  • Tea Pevec
HT-R-A Hrvatski Teleko... (Telecommunications)

Hrvatski Telekom: Plenty of cash with nowhere to go but back to shareh...

We update our coverage of the HT Group with a Buy recommendation and a price target of HRK214.0 per share. According to 2021 projections, this translates into 5.0x EV/EBITDA. There are several reasons behind our view: * Despite declining top line HT will continue to hold a dominant position in Croatia while sustaining profit margins. * Ensured dividend pay-out coupled with pick-up in share buyback results in above average yield. * Excess cash could potentially be paid out as divide...

Tea Pevec
  • Tea Pevec
HT-R-A Hrvatski Teleko... (Telecommunications)

Hrvatski Telekom: Q1 21 – A solid quarter but profitability hurt by hi...

HT Group’s revenue in Q1 2021 increased 3.2% YoY, driven by the stronger performance on mobile (HRK 46m or +6.0%) and fixed revenue (HRK 12m or +1.5%), with partially lower System Solutions revenue (HRK 3m or -1.6%) due to different phasing of System Solutions projects. Mobile revenue was driven by growth in Croatia where higher handset sales and strong postpaid, as customers reacted positively to the new portfolio launched in the second half of 2020, offsetting contraction of prepaid caused ...

Ana Turudic
  • Ana Turudic
HT-R-A Hrvatski Teleko... (Telecommunications)

Hrvatski Telekom Q1 21 - Strong top line, but elevated depreciation we...

Strong top line supported by good performance of mobile business, notably handset sales Depreciation hike due to substantial CAPEX in past years, EBIT nosedived We expect neutral to slightly positive market reaction on the figures

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