Magyar Telekom - Inflation Clause Is A Game Changer For MTEL
Inflation clause is a game changer for MTEL
- We update our model after the strong second quarter results and as a result we increase our Target price by 40 per share to HUF 480 per share and we lift our recommendation to BUY. Our latest report was titled as “Bullish case delayed by a few years” since then mgmt. has introduced in inflation clause which is a game changer for MTEL, in our view.
We believe risk profile of holding MTEL has become asymmetric, the stars are aligned to BUY MTEL – here are our reasons:
Magyar Telekom is engaged in the providing fixed line and mobile telecommunication services for public and business customers. Co. provides voice and non-voice (SMS, MMS, internet, data and content provision) within mobile services; voice, data, internet and TV services within fixed line services. In addition, Co. sells equipment needed for using fixed line and mobile services (telephones, tablets, notebooks, TV sets etc.).
Concorde Securities Ltd. is Hungary’s leading independent company engaged in investment banking activities. It provides its clients with integrated financial services, including securities trading, research, corporate financing advisory, capital market transactions, wealth management and investment advisory. The operational management of the company is the responsibility of the CEO, while the owners/managers (who control one-third of the company through their shares and options) are in charge of its strategic governance. Concorde Securities Ltd. is a member of the Budapest, Frankfurt, Warsaw and Bucharest stock exchanges, as well as of the Hungarian Association of Investment Service Providers.
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