Orange Polska cut to HOLD, TP PLN 8.0 - New strategy seems fully valued
We cut our recommendation to HOLD from BUY while decreasing the TP to PLN 8.0 from PLN 8.2.In our view the current market valuation takes into account the medium-term guidance provided by the company on June 28.
After the completion of the FiberCo project (closing expected still in August) we expect management to start focussing on considering various options for its tower infrastructure.
The market is still awaiting news on the 5G auction, which we expect to only be announced once the governments policy on cybersecurity is finalized.
Orange Polska SA is a supplier of telecommunications services in Poland. Co. provides services, including fixed-line telecommunication services, Integrated Services Digital Network, voice mail, dial-up and fixed access to the Internet and Voice over Internet Protocol. Co. is one of Poland's three DCS 1800 and GSM 900 mobile telecommunications providers. Co. provides also third generation UMTS services. In addition, Co. provides leased lines, radio-communications and other telecommunications value added services, sells telecommunications equipment, produces electronic phone cards and provides data transmission, telephone directories, multimedia services and various Internet services.
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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