A good performance for Telekom Austria for the whole year 2021 with an outlook for 2022 which remains solid as revenues should grow by 3% yoy.
However, capex should increase by 15% in 2022, mainly from higher investments in Austria dedicated to fibre build.
So, the group should not increase its dividend for 2021 and 2022 significantly and therefore the current yield offers limited upside. We remain at Add on the stock with a 14% upside.
10 Feb 2022
Has to invest to cover Austria with FTTH
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Has to invest to cover Austria with FTTH
- Published:
10 Feb 2022 -
Author:
Jean-Michel Salvador -
Pages:
3
A good performance for Telekom Austria for the whole year 2021 with an outlook for 2022 which remains solid as revenues should grow by 3% yoy.
However, capex should increase by 15% in 2022, mainly from higher investments in Austria dedicated to fibre build.
So, the group should not increase its dividend for 2021 and 2022 significantly and therefore the current yield offers limited upside. We remain at Add on the stock with a 14% upside.