is held investor day in Romania yesterday, where it presented its mid-term targets for 2009. Revenues are expected to exceed USD 1bn and EBITDA to exceed USD 400m. also revised its guidance for 2007 revenue from USD 760-790m range to USD 795-820m range and 2007 EBITDA from USD 280-306m to USD 285-305m. provided also its segmental guidance for each country in 2007. In the Czech Republic management expects revenues of USD 273m and EBITDA USD 151m, in Slovakia, revenues should reach USD 108m and EBITDA USD 38m, in Romania revenues should reach USD 200m with EBITDA of USD 87m, in Ukraine the revenues are expected in the range USD 115-125m, in Slovenia USD 62m revenues and least but not last Croatia with USD 35m revenues.
Our view:
We see mid term targets of 2009 broadly in line with our expectation on the revenues as well as EBITDA line. In the segmental breakdown of 2007 guidance, we see mostly positive news from our perspective as most of the mentioned figures are above our forecasts, with the exception of Czech EBITDA, which is 6.5% below our estimate and Slovenian revenues, which are 9% below our forecast. Although the Czech EBITDA for 2007 is expected below our expectation, it will be in our view compensated by operations in other countries and our full year 2007 EBITDA estimate lies in the upper part of the indicated range. Overall we see these new neutral as we believe the consensus corresponds to the indicated guidance.