New Street Research - Hellenic Telecommunications Organization SA (HTO) OTE (Buy, TP: €20.3, +38%) Q4 24: Mixed results but 2025 trends should be better

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New Street Research

Russell Waller

EUR 9523.00 For Business Accounts Only

OTE (Buy, TP: €20.3, +38%) Q4 24: Mixed results but 2025 trends should be better

OTE has reported a slightly mixed set of Greek results. SR trends are a bit disappointing this quarter, but EBITDA trends are solid. We expect SR trends to improve in 2025 once the Voucher scheme is fully operational, and mobile price increases are put through; another VRS will then help to support EBITDA.

26/02/2025 1 EN

Underlying

Hellenic Telecommunications Organization SA

Hellenic Telecommunications Organization is a full-service telecommunications group. Co. provides local, long-distance and international fixed-line telecommunications services in Greece and Romania, and mobile telephony services through its Cosmote subsidiary in Greece, as well as in Albania, Bulgaria, the Former Yugoslav Republic of Macedonia and Romania. Co. also provides internet access services and Internet Protocol (IP) -based telecommunications applications, as well as information technology application development and hosting services using IP technologies. Also, Co. provides several other telecommunications services, including value-added services and public telephone services.

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GRS260333000 Greece

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New Street Research

Provided by our team of experienced analysts, our work is idea driven, based on independence of thought, sector expertise, and firmly focussed on fundamentals and valuation.

New Street Research is an independent, partner-owned, research firm specialising in equity and debt research. Our equity research embraces the following sectors:

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Analysts

Russell Waller

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WOOD Flash – OTE: 4Q24 results review – 2% yoy adjusted EBITDA growth, in line with expectations; bottom line harmed by one-off

OTE has reported an uninspiring set of 4Q24 results, with the revenues down 3% yoy, to EUR 905m (4% below our forecast), and the adjusted EBITDA up 2% yoy, to EUR 365m (in line with our estimate), due to a Greek segment expansion, paired with a flat yoy Romanian segment operating result. Along with the 4Q24 results, OTE also published its guidance for 2025E. We see the 4Q24 results and the 2025E guidance as neutral, as the 4Q24 EBITDA and the financial outlook are in line with our expectations. We note that the miss on the bottom line was driven by a one-off.

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OTE (Buy, TP: €20.3, +38%) Q4 24: Mixed results but 2025 trends should be better

WOOD Flash – OTE: 4Q24 results review – 2% yoy adjusted EBITDA growth, in line with expectations; bottom line harmed by one-off

WOOD Daily: MCOVB SS; HU Macro; EME Strategy – MSCI; ADNOCDRI UH; HTO GA; TLV RO

Altice France (SFR) (Most Preferred) Altice France reaches agreement with its creditors – we are below consensus for value of equity stake

Cellnex (Neutral, €31, -9%) Q4 24: Strong EBITDA quarter, but core growth outlook still modest

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