Report

Hrvatski Telekom Q3 22 - Reported figures mixed, guidance confirmed (neutral)

-Strong post-paid customer base growth made up for the weaker pre-paid segment
-Double-digit growth of handset sales, system solutions and other fixed revenues
-Margins deteriorate on higher material expenses and depreciation
-FY 2022 guidance confirmed
-We rate the figures neutral to slightly positive for the share price development
Underlying
Hrvatski Telekom dd

Provider
Raiffeisen Bank International AG - Institutional Equity
Raiffeisen Bank International AG - Institutional Equity

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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