Magyar Telekom confirmed at BUY, TP HUF 510 - Spectrum auctions out of the way, pay-out mix in focus
We confirm our BUY recommendation while increasing the TP to HUF 510 from HUF 427Investment visibility has improved following the two key spectrum assignments
We reckon with a broadly similar mix of shareholder remuneration over the next three years as proposed for payout from FY 20 profit
MTEL is trading at a 24%/11% discount to CEE peers on EV/EBITDA 21e and PER 21e respectively
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.).
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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