Nice results, beats on all lines, guidance unchanged
Summary:
- MTEL beat the consensus in all lines. EBITDA +1%, EBIT +3%, profit +38% compared to the consensus. MTEL experienced this time some unrealized gains on CC IRS swaps, excluding that profit still would beat consensus though only at ca. 5%
- Guidance on EBITDA increase remained unchanged, implying that MTEL should increase Q4 EBITDA by 5% - feasible by cutting fix cost such as marketing cost we believe
- COVID – effect: 9M EBITDA flat, 9M profit fall by 15% thanks to some unrealized FX losses in Q1, therefore we see barely any effect from COVID pandemic, yet share price is down 20% YTD in HUF terms.
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.
Unfortunately, this report is not available for the investor type or country you selected.
Browse all ResearchPool reportsReport is subscription only.
Thank you, your report is ready.
Thank you, your report is ready.