OTE (Buy, TP: €18.0, +20%) Q3 24: Solid results, possible exceptional shareholder returns to come
OTE has reported a solid set of Greek results. Romania has missed expectations, but we expect it to be either sold or shut down. We recently upgraded OTE to Buy – HERE – because we thought growth would return to Greece, and this would lead to upgrades. This is not yet fully happening, but we would expect more to come in Q4 once the Voucher scheme is fully operational, and the latest VRS kicks in – the new wholesale deal with NOVA could help as well.
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