ENTEL (Neutral, TP: CLP3,150, -0.3%) Entel - Better Chilean Wireless optics (though market still tough); reinvesting in Fixed
Entel reported Q4s yesterday after the close. Revenue and EBITDA came in 6-7% (when removing revenue linked to the fibre sale) though this was partly driven by handset sales. Wireless service trends also beat in Chile, and were optically impressive, though in reality enjoyed a much easier comp (Q4 22); we’re not convinced the fundamentals are getting any better and we note price increases for 2024 have yet to be committed to.Empresa Nacional de Telecomunicaciones is engaged in the provision of telecommunication services. Services provided include local, domestic and international long-distance calls, international direct dialing, international directory assistance, international business toll-free service, mobile maritime service via satellite, video conference, international telephone cards, bank credit cards, collect calls, television and radio transmission services, and private corporate networks through a digital network offering voice, data, fax, image and internet services.
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