New Street: OTE (Buy): Recent CFO meeting feedback
We recently hosted a call with OTE CFO, Babis Mazarakis. We continue to think that OTE has one of the more interesting stories to tell in Europe, and with a possible c13% 2021 total yield (c8% dividend and buyback plus c5% probable special), and the cheapest EV/FCF multiple in the sector (13.5x 2021 EV/FCF), we think the risk-reward is very attractive.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.
Provided by our team of experienced analysts, our work is idea driven, based on independence of thought, sector expertise, and firmly focussed on fundamentals and valuation.
New Street Research is an independent, partner-owned, research firm specialising in equity and debt research. Our equity research embraces the following sectors:
- Pan European Telecom Services and Cable
- US Telecoms, Cable, Satellite and Towers
- Global Emerging Market Telecoms
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We provide debt research on:
- Pan European Telecom Services and Cable
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