Cyfrowy Polsat: Good KPI momentum
We keep CPS at a BUY and lift our FV to PLN 32 (from PLN 29) on the back of positive KPI and an announced price lift, which should have positive effect on its ARPU and EBITDA in the long term. Thus, we lifted our 20E/21E EBITDA forecasts by 3%/3%. CPS’ long-term fundamental investment story is still the most attractive among the Polish telcos we cover thanks to CPS’ attractive services value chain. CPS’ story remains unchanged with a focus on product bundling through flagship product SmartDOM, which has a positive ARPU impact and reduces churn. Its just announced decision to join rest of the telcos in a price lift at the beginning of 2020 makes its LT ARPU story look even more attractive. Higher capex on the network rollout and IT slightly burdens FCF to ca. PLN 1.2bn, according to CPS guidance, although it still remains robust. CPS is ready for the 5G auction capex without hampering 20E DPS PLN 0.93, DY 3.4%.
Haitong is the first international Chinese investment bank and our goal is to be the primary channel for capital flows into and out of China. During 2015 the Senior Management Team in London was expanded significantly to focus on this objective and to provide a full-service cross-asset markets business coupled with sector-focused investment banking. We work closely with our world-wide network of offices to bring a true depth of understanding to all client situations.
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