WOOD Flash – OTE: 3Q23 results review – soft quarter, with 2% yoy adjusted EBITDA drop, in line with expectations
OTE has reported a soft set of 3Q23 results, with sales down 3% yoy, to EUR 881m (in line with our forecast), and an adjusted EBITDA drop of 2% yoy, to EUR 370m (in line with our estimate). We see the results as neutral, as they were fully in line with our expectations on the top-line and adjusted EBITDA lines. The company has also reiterated its FY23E FCF guidance (with slight upside, in our view, due to the EUR 20m reduction in its 2023E adjusted capex guidance). We do not expect any major market reaction.Hellenic Telecommunications Organization is a full-service telecommunications group. Co. provides local, long-distance and international fixed-line telecommunications services in Greece and Romania, and mobile telephony services through its Cosmote subsidiary in Greece, as well as in Albania, Bulgaria, the Former Yugoslav Republic of Macedonia and Romania. Co. also provides internet access services and Internet Protocol (IP) -based telecommunications applications, as well as information technology application development and hosting services using IP technologies. Also, Co. provides several other telecommunications services, including value-added services and public telephone services.
WOOD & Company is the leading investment bank in Emerging Europe. Founded in 1991 and head-quartered in Prague, our footprint spans the region and touches investors around the globe.
A pioneer in Emerging Europe, WOOD executed many of the first CEE equity trades and landmark investment banking transactions. Our electronic trading platform was the first in the region, and remains the best. We are continually expanding our relevance and reach in these ever-evolving markets.
Our equity market share reflects our stature: 7% in Warsaw, 20% in Bucharest, 16% in Hungary, 40% in Prague and 5% in Vienna. Our distribution is unparalleled, with the largest salesforce in the region, servicing a uniquely diverse investor base.
We couple local expertise with a truly international perspective. With offices on the ground in the region, and in key financial hubs such as London and Milano, we are never far from our clients and we remain at the forefront of what’s afoot in the CEE emerging and frontier landscape.
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