Play confirmed at BUY, TP PLN 41.0 - Ready for 5G
We confirm our BUY recommendation owing to expected growth of ARPU, further savings on domestic roaming and lower capex forecast related to the upcoming 3.4-3.8 GHz auction. We increase our 2020-2021e EBITDA estimates from PLN 2.47 bn to PLN 2.51 bn and from PLN2.51bn to PLN 2.57 bn, respectively. Also, we have trimmed our 5G auction capex forecast from PLN 1 bn to PLN 0.8 bn and see chances for an even lower figure if the proposed auction rules do not change. Consequently, we increase our target price from PLN 33.5 to PLN 41.0.Play Communications SA Formerly known as Play Holdings 2 SARL. Play Communications SA, formerly Play Holdings 2 SARL, is a Luxembourg-based provider of financial investment services. The Company is the owner of mobile operator P4 Sp z o o, that provides a wide range of mobile telecommunications services, including voice, data transmission services, messaging, video service (PLAY NOW), as well as Value Added Services and sales of handsets and other devices, to individual and business subscribers in Poland.
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.
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