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Telefónica CR - Key notes from conference call: New tariffs

Telefónica CR - Key notes from conference call: New tariffs

09.05.2013 8:57
Autor: Tomáš Tomčány, Patria Finance

TEFO2 (287 CZK, 0,74%) introduced new tariffs at the beginning of 2Q13. The company is so far seeing higher spenders optimizing by quickly switching to cheaper CZK 750 or CZK 1000 tariffs but on the other hand it is also seeing customers moving to higher tariffs (so far slightly ahead of TEFO2’s internal plans). Final impact on ARPU (average revenue per user) will depend on how far clients will migrate and to which tariffs they will move. By far, 160k customers migrated to new tariffs of total 1.2 mln customers in the residential segment. More value should come from upselling customers to higher tariffs and from operational savings (e.g. lower expenses on retention activities and call centers).

/We think that launching new tariffs was part of a strategy to discourage possible new entrant by migrating especially high value clients to new tariffs. We expect negative impact of new tariffs on ARPU as we expect further customer spending optimization by switching to lower tariffs. Recessionary environment will likely limit up-selling opportunities for some time./

LTE spectrum auction
As expected, the management expressed its negative stance to new criteria set for the LTE auction. They have taken this issue to political authorities here in the CR as well as in Brussels. TEFO2 complains the new rules are discriminatory as ad 1. New player is not required to have any previous experience in carrying telco services, 2. The price for 2x10 MHZ slots in 800MHz allocated for a new player is very low – far below the price the 4th operator was willing to paying in the canceled auction, and particularly ad 3. There is no limit for new entrant while the incumbents have a cap of maximum 2 slots in lucrative 800 MHz, meaning a potential new entrant may bid for another slots in 800 Mhz besides the “guaranteed” 2 slots. It could happen that all slots in 800 MHz will end up in the same hands.

/We consider the auction potentially bringing 4th operator in the market as a main risk for TEFO2’s future profitability and dividend sustainability./

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