Magyar Telekom confirmed at HOLD, TP HUF 490 - Strong operating results overshadowed by uncertainty
We tweak our operating assumptions ahead of 4Q 19e reporting on February 18. Expecting solid operating figures in the last quarter of the year we increase our FY 19e estimates for the top line from HUF 659 bn to HUF 667 bn (+1.3%) and for EBITDA from HUF 215.3 bn to HUF 219.7 bn (+2.1%). Our DPS forecasts of HUF 27 for pay-outs out of 2019e and 2020e profits remain unchanged. We adjust the 12-m TP to HUF 490 from HUF 485 and we confirm our HOLD recommendation.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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