Telekom Austria Q4 21 - Capex ramp up follows strong demand for telco services
-Solid operating trends continued; EBITDA adj. slightly above RBI and consensus forecasts-Net profit significantly below expectations on higher income taxes (effective tax rate of 69%)
-Guided increases of the FY 22 EBITDA margin as a clear positive. Expecting top line growth of around 3%, the margin wording points to EBITDA adj. of at least around EUR 1,850 mn being slightly above RBI and current consensus expectations
-Capex ramp up (guided at +15% yoy pointing to >EUR 1 bn) in FY 22 is above expectations
-Stronger deleveraging to net debt/EBITDA (incl. leases) of 1.7x
-We highlight the continued encouraging operating trends confirming our outlined positive investment case. On the positive we point to a slightly better than expected Q4 result and FY 22 guidance as well as the strong deleveraging while the guided rise in capex compensates some of the positive take
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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