Rostelecom 2Q 20 results - Strong results, but likely not translating in higher DPS just yet
Rostelecom reported strong 2Q 20 P&L results, beating the consensus, although free cash flow dynamics were negative due to the working capital effect. The FY 20e revenue and OIBDA growth guidance of above 5% yoy looks conservative at the low end of the range and is likely to be increased. However, the free cash flow dynamics do not suggest DPS above the base level of RUB 5, which corresponds to a 5.1% yield and does not look overly attractive at the current price level.Rostelecom PJSC provides communication services (including local, intra-zone, long-distance domestic and international fixed-line telephone services, mobile services), data transmission, Internet, Pay TV, VPN and data centers services, rent of communication channels and radio communication services in the territory of Russian Federation. Co. operates the main intercity network and the international telecommunications gateways of the Russian Federation, carrying voice and data traffic that originates in its own network and other national and international operators' networks to other national and international operators for termination.
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.
Unfortunately, this report is not available for the investor type or country you selected.
Browse all ResearchPool reportsReport is subscription only.
Thank you, your report is ready.
Thank you, your report is ready.