Telekom Austria Q1 22 - Robust trends trigger earnings beat, guidance confirmed
Prolonged solid operating trends trigger earnings beat especially driven by higher than expected EBITDA contributions of CEE subsidiariesRevenue guidance of close to +3% and a targeted increase of the EBITDA margin was confirmed what we rate as positive
Strong operating performance in Belarus (Q1 22 EBITDA margin of 48%), sanctions being no immediate threat to business continuity
Further deleveraging with net debt/EBITDA incl. leases down to 1.5x
We rate the results release and reiteration of the guidance as positive
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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