Hrvatski Telekom confirmed at BUY, TP HRK 212 - Resilient profit margins and attractive valuation
EBITDA margin improved in Q1-3 20 despite COVID-19 environment, which prompted us to rise our near-term forecasts5G rollout to boost data usage and enhance ARPU in upcoming years
Hrvatski Telekom trades at a 32% discount to CEE peers on EV/EBITDA 2020e and 2021e
We confirm our BUY recommendation and raise target price to HRK 212 (HRK 204) on lower cost of capital and improved near term margin outlook
The Institutional Equity Research team of Raiffeisen Bank International AG covers 85 stocks from Austria, Central & Eastern Europe with sell-side research and thus levers our local broker status with excellent company relationships. For corporates in Austria, CEE and Western Europe, we offer co-sponsored research, which includes research coverage and marketing activities to investors. Additionally, through our Spotlight Research product we also shed light on leading European small and micro-caps, seeking greater visibility with investors.
The Institutional Equity Research team consists of roughly 15 analysts, both in Vienna and the CEE countries. Our analysts provide long-standing sector expertise in tandem with profound local market know how and a sectoral approach across the entire region.
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