BETA SEC: OTE announced a good set of results broadly in line with our and consensus estimates

25.02.2016 10:51

OTE announced a good set of results broadly in line with our and consensus estimates. Key issues:

  • Stronger Greek operations on ICT projects, OTEtv (+33k) and ADSL additions (+48k)
  • FCF at €507m bringing net debt (€0.9bn) to adj. EBITDA at 0.6x.
  • Financials up by 13% on bond buyback expenses.
  • Adjusted FY 2015 net income at 240.3m (-24% y-o-y)
  • Dividend 0.10 per share
The following table summarises results vs our estimates:
ΗΤΟ
2014
2015 (Α)
Δ
2015
Δ
2014
2015 (Α)
Δ
TURNOVER (m eur)
FY
FY
y-o-y
FY ’15 Ε
Act. vs Est.
4Q
4Q
y-o-y
OTE
1,512
1,536
1.6%
1,520
1.1%
392 412 5.2%
COSMOTE 1,755 1,750 -0.3% 1,721 1.7% 443 461 4.0%
ROMTELECOM 609 602 -1.2% 592 1.6% 151 159 5.3%
OTHER 456 475 4.1% 475 -0.1% 140 134 -4.1%
ELIMΙNATIONS -414 -459 10.9% -420 9.3% -111 -129 15.9%
GROUP       3,918         3,903   -0.38%       3,888   0.38%       1,015         1,037   2.23%
                   
EBITDA (m eur)     y-o-y   Act. vs Est.     y-o-y
OTE 599 618 3.2% 617 0.2% 166 168 1.0%
COSMOTE 595 546 -8.2% 544 0.4% 140 129 -8.1%
ROMTELECOM 160 118 -26.0% 107 10.7% 42 38 -9.5%
OTHER 68 67 -0.7% 67 0.6% 23 23 0.0%
GROUP       1,422         1,343   -5.54%       1,335   0.60%          371            357   -3.69%
                   
EBITDA Mrg (%)     y-o-y   Act. vs Est.     y-o-y
OTE 39.6%  40.2%  +61 bps  40.6%  +36 bps  42.4%  40.7%  -169 bps 
COSMOTE 33.9%  31.2%  -270 bps  31.6%  +40 bps  31.6%  27.9%  -369 bps 
ROMTELECOM 26.3%  19.7%  -658 bps  18.1%  -160 bps  27.7%  23.8%  -391 bps 
OTHER 14.9%  14.2%  -69 bps  14.1%  -10 bps  16.4%  17.1%  +71 bps 
GROUP 36.3%  34.4%  -188 bps  34.3%  -7 bps  36.5%  34.4%  -212 bps 
Group Net Income (eur) 267.4 151.9 -43.2%  169.0 -10.1%  73.2 36.8 -49.7% 
Net Mrg 6.83% 3.89% -293 bps  4.35% +45 bps  7.21% 3.55% -367 bps 
Group Net Income (adj) 317.3 240.3 -24.3%  225.3 6.7%  93.5 72.3 -22.7% 
Adj. Net Mrg 8.10% 6.16% -194 bps  5.79% 1737.28% 9.21% 6.97% -224 bps 

 

 

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