New Street Research - OTE (OTE) OTE (Neutral, TP: €21, +52%) Q4 23: Much better SR trends but weak FCF and implied EBITDA guidance

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New Street Research

Russell Waller

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OTE (Neutral, TP: €21, +52%) Q4 23: Much better SR trends but weak FCF and implied EBITDA guidance

OTE has reported a slightly mixed set of results; revenue is c3% ahead of consensus expectations ex an ICT one-off in Romania, and SR trends have rebounded strongly in Greece, but EBITDAaL is only in-line and 2024 FCF guidance is a bit weak. Revenue trends should continue to be impressive in 2024, but implied EBITDA guidance suggests that won’t drop through to EBITDA.

22/02/2024 1 EN

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Russell Waller

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OTE (Neutral, TP: €21, +52%) Q4 23: Much better SR trends but weak FCF and implied EBITDA guidance

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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