Hledat v komentářích
Investiční doporučení
Výsledky společností - ČR
Výsledky společností - Svět
IPO, M&A
Týdenní přehledy
 

Detail - články
TEFO2 - 2Q13 preview (results due on Wed. July 24 B/MKT)

TEFO2 - 2Q13 preview (results due on Wed. July 24 B/MKT)

22.7.2013 17:00
Autor: Tomáš Tomčány, Patria Finance

TEFO2 is due to report 2Q13 figs on Wednesday, July 24 @ 7 am. We expect net income in 2Q13 to drop 11.6% y/y to 1.44 bln. CZK especially due to continuing declines in both fixed and mobile segment. On the other hand lower operating and D&A costs should help mitigate negative trends in company’s operations.

We expect revenues in the fixed line segment to reach 4.99 bln. CZK in 2Q13, lower 5.8% y/y as most of the decline should come from voice retail which should come in 16.8% lower y/y to 1.16 bln. CZK. Fixed broadband continues to face the pressure from wifi and cable internet providers. As a result, we expect revenues from fixed broadband to decline 1.3% y/y to 1.54 bln. CZK

TEFO2 - 2Q13 preview
CZK bln. 2Q12A 2Q13E Patria  2Q13E Cons. y/y Patria y/y Cons.
CZ Fixed business revenues 5,29 4,99 5,00 -5,8% -5,5%
CZ Mobile business revenues 6,24 5,61 5,65 -10,1% -9,6%
Group total revenues 12,75 11,92 11,97 -6,5% -6,2%
OIBDA 4,91 4,56 4,54 -7,1% -7,5%
EBIT 2,09 1,83 1,80 -12,3% -13,7%
Net income 1,63 1,44 1,43 -11,6% -12,1%

 

TEFO2 - 1H13 preview
CZK bln. 1H12A 1H13E Patria  1H13E Cons. y/y Patria y/y Cons.
CZ Fixed business revenues 10,58 9,99 10,01 -5,6% -5,5%
CZ Mobile business revenues 12,35 11,29 11,32 -8,5% -8,3%
Group total revenues 25,22 23,85 23,89 -5,4% -5,3%
OIBDA 9,68 8,66 8,64 -10,6% -10,8%
EBIT 3,99 3,19 3,17 -20,0% -20,7%
Net income 3,25 2,49 2,48 -23,5% -23,8%

 Conference call: Wednesday, July 24, 2013 @ 1 pm CET

Investors will pay more attention to results in the mobile segment as TEFO2 introduced its new unlimited tariffs as of 2Q13. Total mobile segment revenues should decline by some 10.1% which would mark the biggest decline since 2Q11. Revenues from voice services should be lower 9.0% y/y due to the pressure on ARPU stemming from new unlimited voice tariffs. We see ARPU in voice services down 12% y/y. Furthermore, revenues from mobile termination should decline 35.6% to 552 mln. CZK due to MTR cut in Q1. Negative trend in voice services should partly be offset by higher mobile data revenues (up 2.0% y/y) and mobile revenues in Slovakia (+9.8% y/y).

Negative trends in both the fixed and mobile segment should partly be mitigated by lower operating costs (-6.3% y/y). We estimate OIBDA at 4.56 bln. CZK, down 7.1% y/y. This implies OIBDA margin of 38.2%, 0.3 ppt lower y/y. The company is likely to reiterate its rather general outlook for this year of limited margin erosion and capex of less than CZK 6 bln. excluding investments for spectrum license. Regarding the LTE spectrum auction we expect the company to reiterate its negative stance to new auction rules.


Váš názor
Na tomto místě můžete zahájit diskusi. Zatím nebyl zadán žádný názor. Do diskuse mohou přispívat pouze přihlášení uživatelé (Přihlásit). Pokud nemáte účet, na který byste se mohli přihlásit, registrujte se zde.
Aktuální komentáře

Související komentáře
Nejčtenější zprávy dne
Nejčtenější zprávy týdne
Nejdiskutovanější zprávy týdne
Denní kalendář hlavních událostí
Nebyla nalezena žádná data