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.
Research is the backbone of Eurobank Equities' platform, with a team of 4 professionals committed to generating actionable investment ideas by providing timely research products. We are committed to offering value-added services to clients by filtering market noise and providing insights on the multiple sectors that we cover. Our universe includes 26 - large, medium and small cap - companies whose market capitalization amounts to 80-85% of the total market capitalization of the Athens Stock Exchange. Our research team also maintains the capacity to generate ad-hoc research for micro-cap listed companies.
Our team has consistently gained recognition among institutional investors for its quality research, having ranked No. 1 team in Greece at the Extel Surveys of 2013-2016 and 2018. We have also been named Leading Brokerage Firm in Greece over 2014-2016 and in 2018.
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