New Street Research - OTE (OTE) New Street: OTE (Neutral from Buy, TP: €23, +48%) Q3 22: Disappointing set of results - Quick Take

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New Street Research

Russell Waller

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New Street: OTE (Neutral from Buy, TP: €23, +48%) Q3 22: Disappointing set of results - Quick Take

OTE has reported a disappointing set of results: adjusting for two provisions EBITDA is c-1% light vs consensus, and Greek fixed retail trends are materially worse (albeit offset by lower margin ICT revenue), as is mobile SR growth ex roaming.

10/11/2022 1 EN

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OTE

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Russell Waller

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New Street: OTE (Neutral from Buy, TP: €23, +48%) Q3 22: Disappointing set of results - Quick Take

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

Alphabet (GOOGL, Buy, $200 target) All engines firing, but some risk to 2Q Search consensus

AI monetization and how the Search market expands

T-Mobile 1Q25 Results Review & Model Update: Adds in-line; EBITDA strong

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