Magyar Telekom 2Q 20 - Figures in line; fibre investments lead to guidance tweak
MTEL delivered a set of operating results that were broadly in line with our and consensus estimates. The top line contracted by 2.2% yoy with modest growth in mobile revenues (+1.3% yoy) and fixed line revenues (+0.8% yoy) more than offset by falling SI/IT revenues, which shrank by 22% yoy (steeper than the 14% decline in 1Q 20). The decline in SI/IT was expected given moderate public spending due to priorities driven by Covid-19. While EBITDA contracted by 1.4% yoy, EBITDA AL (after leases) shrank by 2.5% yoy to HUF 50.19 bn.Magyar Telekom is engaged in the providing fixed line and mobile telecommunication services for public and business customers. Co. provides voice and non-voice (SMS, MMS, internet, data and content provision) within mobile services; voice, data, internet and TV services within fixed line services. In addition, Co. sells equipment needed for using fixed line and mobile services (telephones, tablets, notebooks, TV sets etc.).
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