Research, Charts & Company Announcements
Research Tree provides access to ongoing research coverage, media content and regulatory news on TELEKOM AUSTRIA AG. We currently have 8 research reports from 1 professional analysts.
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TELEKOM AUSTRIA AG
TELEKOM AUSTRIA AG
Operating performance not really inspiring
28 Oct 16
In Q3 16, revenues increased 4.7% to €1.07bn. The increase was mainly driven by the strong equipment business. Equipment revenues grew 21.4% to €111.6m. Service revenues increased 3% to €961.6m although the retail roaming tariffs in the EU were abolished as of April 2016. EBITDA excluding extraordinary income of €34.8m remained stable at around €380.4m. The EBITDA margin declined from 37.4% to 35.4%. EBIT excluding extraordinaries also declined by 12.7% to €167.7m. The EBIT margin dropped from 18.7% to 15.6%.
Substantially higher dividend announced!
25 Jul 16
The company reported Q2 16 results. Revenues increased 3.5% to €1.03bn and EBIT declined 4% to €114.5m (estimate: €133.6m). Excluding the currency impact, revenues increased 2.6% and EBIT 4.7%. Based on pro-forma results which include M&A activities, total revenues declined marginally by 0.2% and EBITDA increased 0.7% to €329.3m (excluding the M&A impact +2.9%). The company faced ongoing challenges in the Austrian mobile market (price competition) and Eastern Europe. In addition, the abolishment of retail roaming in the EU as of 30 April, which mainly impacted Austria, overshadowed the operational improvements.
Still a long way to go!
28 Apr 16
Telekom Austria reported Q1 16 results. Revenues declined 2.2% to €1bn. EBIT plummeted by 15.6% to €117.2m and the EBIT margin declined from 13.4% to 11.6% due to negative currency effects mainly in Slowenia (€26m). Net income declined 12.6% from €92.7m to €81m excluding minorities. Including minorities and interest payments to hybrid bond holders, net income dropped 13.6% to €74.7m.
10 Feb 16
The company reported Q4 15 results. Revenues increased 4.5% to €1,076m and EBIT turned from a loss of €39.8m to a profit of €124m. EBITDA including effects from restructuring and impairment tests jumped 99% from €169.5m to €337.4m. Net income reached €84.3m compared to a loss of €48.9m in Q4 14. Average monthly revenue per user declined from €16.5 to €15.8 in Q4 15. In the financial year 2015, revenues remained stable at around €4.0bn (estimate: €4.07bn). The total number of mobile subscribers increased 3.5% to €20.7m. Operating income turned from a loss of €3m to a profit of €574m (estimate: €581m). Net income improved from a loss of €185.4m to a profit of €392.8m. This figure however still includes the interest expenses of around €33.8m to be paid to the hybrid bond holders. In 2014, the company booked impairment charges of around €340.6m in Bulgaria.
Performance stabilises in a volatile FX environment
23 Oct 15
In Q3 15 ending in September, revenues declined 3.5% to €1.01bn. The decline was mainly driven by the international markets where revenues declined 10.3% to €392m. EBITDA dropped 7.5% to €378.7m and EBIT only 5.5% to €189.1m. The EBITDA margin declined from 39% to 37.4% and the EBIT margin from 19.1% to 18.7%. Net income however improved by 7.3% to €137.1m. Revenues in the first nine months declined marginally by 1.2% to €2.95bn. Foreign currency contributed €72.2m negatively to growth. The gross margin dropped from 67.6% to 67%. EBITDA however improved 51.8% to €1.03bn and the EBITDA margin increased from 22.8% to a more normal rate of 35.1%. In the second quarter of 2015, the company faced impairment charges of around €340.5m. The number of subscribers in mobile increased 1.4% (mainly in Bulgaria and the Republic of Serbia) to 20.2m and 10.4% to 2.9m in the fixed-line business mainly driven by the acquisition of Amis in Slovenia. Net income turned from a loss of €155.4m to a profit of €283.1m.
Gentlemen open your wallets
29 Jul 15
The Serbian government is planning to privatise its 58.11% stake in Telekom Serbia. This is another attempt to go public. In 2011, the government had already tried to offer a stake of 51%. Telekom Austria was the last bidder with around €1.1bn which was too low according to the government. The price should have reached at least €1.4bn. Deutsche Telekom sold its stake of 20% via its Greek subsidiary OTE for a total of €400m valuing the company at €2bn.
The Slide Rule
12 Jan 17
What is The Slide Rule? The Slide Rule has been designed to dramatically simplify the identification of the best companies in the UK small/mid-cap sector by making a quantitative assessment of the relative potential of each company. At its core, The Slide Rule aims to identify those companies that create genuine shareholder value through strong returns on capital and solid growth, but also present a value opportunity with the potential tailwind of earnings momentum. Companies are assessed within a Quality, Value, Growth and Momentum (QVGM) framework.
Making Mobiles Better
17 Jan 17
Mobile phones are increasingly the key connection for the modern world. This means that the performance of mobile phones, and their networks, is going to become more critical for all the apps and businesses that rely on them. New technologies such as VR, AR, and AV will need better, more reliable connections to really move into the mainstream. In this thematic piece we attempt to identify some of the most important issues facing mobile phone networks and their users, and start to identify solutions and enablers that will solve these problems and create value by doing so.
N+1 Singer - Morning Song 16-01-2017
16 Jan 17
As the birthplace of Stephenson, Armstrong and Swan, the North East of England has a proud history of industrial and technological innovation. Despite local economic challenges, the region’s industrial heritage lives on through continuing success in high end engineering and technology. The recent takeovers of private equity backed SMD (subsea robotics) and Nomad Digital (wi-fi on the railways) are testament to this. The North East has also emerged as a leader in genetics and genomics with an enviable life sciences and healthcare infrastructure. Against this backdrop, we expect the region to continue to throw up attractive IPO candidates to build on the six new listings in the past three years. We expect 2017 to be far kinder to the existing portfolio of North East plcs than 2016 (a year to forget) with recent management changes one important theme for the new year. Our top picks are Hargreaves Services, Quantum Pharma and Zytronic (all N+1 Singer Corporate clients) and we are Buyers of Northgate and Grainger.
The Cybersecurity Rebellion: “No, I’m Spartacus!”
07 Jun 16
Steve “Woz” Wozniak, infamous co-founder of Apple, was the latest culprit to send shivers across the tech world by claiming Cybersecurity is the greatest threat the world has faced since the atom bomb. Mr Wozniak was alluding to the heightened sense of fear that recent high profile breaches have caused Cybersecurity to be put at the forefront of political, corporate and now it would appear, investor agendas. As the topic gains increasing awareness, it gives rise to a number of companies claiming to be a “thought leader” in the Cybersecurity space, holding the best IP and the best routes to market. With many companies singing from the same loss making hymn sheet it is making it ever difficult to spot the true “Spartacus” from the crowd.
Joy of Techs
21 Nov 16
ICT evolution is driven by technological development as advances are made which both meet and shape customer requirements. Our 2011 note No such thing as a telco described the modern reality in that former ‘telcos’ now deliver varying elements of a range of managed services. We built on this theme last year, exploring in further detail their evolutionary paths, operating fundamentals, and cashflow yield similarities. In the consumer environment, demand for bundles of technology is complemented by demand for content. Across the pond, the mooted combination of AT&T and Time Warner typifies the bundled need of ‘pipe’ and content, since unbundled alternatives such as FaceTime and WhatsApp can be easier and clearer to chat over, and Amazon and Netflix are easier to watch anywhere. In the UK, BT’s defensive actions cover delivery, content and capabilities, acquiring EE yet also buying football rights. While TV was long ago added to triple play to become quad play, voice is now merely an app, and fixed and mobile seen as just dumb pipes: it's the content that will influence consumer choices. Growth of TV and film as well as music and gaming over IP leads to UK small cap opportunities. In context of the drive to maximise value from pipes and access by offering content and data, we look at some amongst the potential tech small cap beneficiaries: Amino*, Keyword Studios, ZOO Digital*, 7digital*, KCOM* and CityFibre*.
29 Nov 16
CityFibre* (CITY): Business parks in the spotlight (CORP) | D4T4 Solutions* (D4T4): Data driven growth (CORP) | Sound Energy (SOU): Badile rig contract signed (BUY) | Patisserie Holdings (CAKE): A decade of revenue and profit growth (BUY) | Acal (ACL): Niche market position underpins potential (BUY) | KCOM* (KCOM): Interims highlight strategic focus (CORP)