Follow the cash
OTE's Q4 results confirmed the strong operating momentum and the stabilising trends in the domestic market. Overall, despite the negative macroeconomic backdrop, OTE managed to keep Greek revenues and underlying EBITDA broadly unchanged in 2015 thanks to strong BB and pay TV take-up. ARPU accretion driven by pay TV, and the stabilisation of its mobile contact subscriber base which offset the modest decilne in mobile APRU. Most importantly, OTE remains consistent in cash generation with mgt anticipating 2016 FCF to remain at 2015 levels (EUR 500m). Although the continuing political and macro uncertainty in Greece warrants a prudent dividend payout policy at his stage, we believe the dividend inflection point has been reached, especially as our EURO.30-0.40 DPS estimates for FY16-19 are comfortably covered by FCF (c3x).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.
Eurobank Equities is a Greek-based firm offering research, sales and trading services to institutional, corporate and private clients. The company is wholly owned by Eurobank, one of the 4 systemic banks in Greece.
Eurobank Equities S.A. offers a comprehensive suite of investment products—including equities, derivatives, bonds, and mutual funds—serving over 15,000 private, corporate, and institutional clients in Greece and internationally.
The firm maintains a dominant position in the Greek capital markets, consistently ranking among the top brokers in terms of market share and is repeatedly recognised in major institutional investor surveys as one of the leading brokers and top Equity Research Providers for Greece.
Its multi-awarded Research Division delivers timely insights and fundamental coverage on almost 40 listed companies—representing over 90% of the ATHEX’s market capitalisation and traded value.
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