New Street Research - OTE (OTE) New Street: Hellenic Telecom (OTE): Buy, TP: €21, +30% Good IRR and business protection, but flat s/holder returns for 2022

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New Street Research

Russell Waller

New Street: Hellenic Telecom (OTE): Buy, TP: €21, +30% Good IRR and business protection, but flat s/holder returns for 2022

OTE has announced that it will expand and accelerate its FTTH roll to reach 3m homes and businesses by 2027 (inc 350-400k of subsidized UFBB homes). This is a doubling from the 1.5m long-term target (1m by 2024/2025).

20/12/2021 2 EN

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OTE

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New Street Research

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Pan European Telecom Services and Cable

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Analysts

Russell Waller

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OTE has reported a good set of Greek results. Romania has missed expectations, but we expect it to be either sold or shut down in H2 of this year. We recently upgraded OTE to Buy – HERE – because we thought growth would return to Greece, and this would lead to upgrades.

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New Street: Hellenic Telecom (OTE): Buy, TP: €21, +30% Good IRR and business protection, but flat s/holder returns for 2022

OTE (Buy, TP: €18.0, +20%) Q3 24: Solid results, possible exceptional shareholder returns to come

EU TELECOMS REFRESH: Can the outperformance continue?

OTE (Buy, TP: €18.5, +15%) Q2 24: Greece beats expectations

Comcast Post-1Q25 Model Update

CMCSA: Quick thoughts following the call 1Q25

MasOrange (Equal Weight) Q1 25: Continued synergy delivery; FibreCo on track

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