Telekom Austria confirmed at BUY, TP EUR 7.50 - A core pick in a favourable sector
Cheaper than expected multi-spectrum auction: Last month, the Austrian telecom regulator auctioned frequency spectrum in the 700, 1,500 and 2,100 MHz ranges. Total proceeds reached EUR 202 mn and were visibly below our expectations of around EUR 450 mn and even below the minimum price set of EUR 240 mn accounting for discounts granted. Telekom Austria purchased total spectrum for EUR 66 mn, still holding the largest share of spectrum (38%) of all operators (T-Mobile Austria 32%, Hutchison Austria 30%).Telekom Austria is engaged as full service telecommunications providers of long distance, local and wireless services, corporate data communications services as well as internet services and television broadcasting. Co. generates revenues from fixed line services and mobile communication services to individuals, commercial and noncommercial organizations and other national and foreign carriers. To a lesser extent, Co. generates revenue from the sale of mobile communications handsets. Co. also supplies telephones and technical equipment for telephone communications. These activities are conducted primarily in Austria, Croatia, Slovenia, Bulgaria, Serbia, Macedonia and Belarus.
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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