Upgraded guidance creates more room for payout
Magyar Telekom has reported solid results for the second quarter and beat marketconsensus estimates. Thanks to the efficient cost reduction and one-off items,
adjusted net profit reached HUF 110bn in the first half of 2025. Such that
management has lifted its full year guidance, expecting ca. 15% EBITDAaL growth
over the year, at least HUF 200bn adjusted net profit and HUF 200bn free cashflow.
Due to the better than expected results, we adjust our forecast for this year while
keeping our long-term assumptions unchanged. We expect adj. net profit will reach
HUF 204.7bn this year, resulting in a total shareholder remuneration of HUF 185. We
keep our BUY recommendation and raise our 12m target price to HUF 2,043.
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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