OTE (Hellenic Telecoms) | More-for-more
In our new note, we present the latest trends in both Greece and Romania, arguing that the evolution of headline pricing in H2’17 coupled with upcoming price increases in Q2’18 are likely to underpin healthy growth in Greek revenues and profitability. On that basis, we expect 2018 to mark the turning point for OTE’s group adj. EBITDA after 10 years of declines. In terms of valuation, we argue that the stock deserves to trade at par with EU telcos given the return to operating profit growth, the rising shareholder returns (7% in 2019 from 4.5% in 2018) and the scope for future re-leveraging.
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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