Research, Charts & Company Announcements
Research Tree provides access to ongoing research coverage, media content and regulatory news on TELEKOM AUSTRIA AG. We currently have 9 research reports from 1 professional analysts.
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TELEKOM AUSTRIA AG
TELEKOM AUSTRIA AG
Increase in net income driven by a tax benefit
31 Jan 17
The company reported final 2016 results. In Q4 16, revenues declined 0.7% to €1,098m. The gross margin declined from 53.6% to 52.2% and the EBIT margin plummeted from 11.2% to 4.8%. EBIT dropped 57.7% to €2.4m mainly due to higher selling, general & administrative expenses. Net profit, however, increased 28.7% to €100.5m due to a tax benefit of €90m. This tax benefit was mainly related to the recognition of higher deferred tax assets on tax losses. Management is expecting higher tax results in the future within the Austrian tax group. In the financial year 2016, revenues increased 2.1% to €4.2bn. The increase was mainly driven by higher equipment revenues which jumped 15.2% to €450.2m. EBIT declined 14.9% to €486.7m and the EBIT margin from 13.9% to 11.6%. EBITDA declined 1.2% to €1.35bn. The negative roaming effect impacted EBITDA by €38m in 2016. The net income as reported increased 5.2% to €413.2m (including interest expenses for hybrid owners 5.5%). The increase was driven by a total tax benefit of €53.5m. Earnings before taxes dropped 13.7% to €359.7m.
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.
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.
FY 2016 results confirm further strong delivery
21 Mar 17
Gamma’s FY 2016 revenues, Adjusted EBITDA and Adjusted EPS numbers were a touch ahead of our estimates. We make small upward adjustments to forecasts for all three years of our forecast horizon reflecting that performance. Gamma is capitalising on its position as a nimble player in an attractive marketplace. It made strong progress in 2016 as Voice over IP technology drove uptake of SIP Trunking and Hosted PBX services - both areas where Gamma has strong platforms. In addition, data services reflected Gamma’s investment in its network, channel partner numbers increased again and the indirect business accordingly showed strong revenue growth. The Direct Business also produced good growth and won some significant new contracts. The outlook statement is ’enthusiastic’ about the current year and comments that the Board ‘remains open to suitable M&A opportunities and areas for strategic capital investment’. Overall, an optimistic picture, in our view.
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.
Panmure Morning Note 18-07-2016
18 Jul 16
We look for an in-line set of H1s from Spirent; this follows the Q1 beat. Look for good cash generation, good performance in the Networks division, ‘spotty’ at Wireless division, regionally growth in APAC offset by North America and EMEA customers who are “slow to release budgets”. Spirent should reaffirm the FY outlook – but will flag currency. Whilst the macro backdrop remains fragile, in truth Spirent is a story of getting its house in order and achieving better sales execution. We reiterate that our general investment view (Buy when others are frightened) has captured the zeitgeist and shares have performed well this year. That said there are some neat big picture drivers; 5G remains a prize being dangled as are the opportunities in IoT, high-speed data centre and driverless cars – indeed these should ensure that the shares pick up some Arm-related enthusiasm. Spirent enjoys an attractive valuation (2016E EV/Sales 1.1x, 7.0x EV/EBITDA) relative to sector peers (see table) despite sporting similar operating KPIs (see table). Our target price is 120p. Buy
Panmure Morning Note 13-06-2016
13 Jun 16
More news on 5G means a favourable read-across for the key 5G ‘name’ – Spirent. Today the Dutch Ministry of Economic Affairs has gathered 10 partner organisations together to run a 5G test in North Groningen – tests to be carried out at the end of the year. This is favourable for Spirent as it illustrates that 5G is getting closer and with it raises the possibilities of earlier revenue opportunities for Spirent. Short term is good for share sentiment. We retain our Buy.
Signs of recovery after a difficult 2016
08 Mar 17
As flagged by the recent trading update, group FY 2016 revenue slipped 7% YoY to $90.4m; 43% ($38.5m) of this came from Telecoms, which saw the majority of the decline in revenue as the legacy copper-based equipment sales continue to be wound down. The Bio-Medical division sales slipped just 2% YoY to $51.6m; a poor year from sterilization being compensated for by growth in diagnostics. While gross margins remained firm in both divisions (40% and 25% respectively), both slipped into operating loss; a hefty $2.2m from Telecoms (due to the loss of revenue from contracts) and $0.3m from Bio-Medical; however, the $2.5m operating loss was covered by an exceptional $3m profit on sale of a property. That sale helped cash; $1m received from operations was offset by $6m capex but cash from the sale of assets lifted BATM’s net cash from $21m to a welcome $23m at the year end.