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

Detail - články

Cesky Telecom trades ex-dividend today

25.6.2003 9:30
Autor: 

Beginning today, Cesky Telecom stock trades ex-dividend; the dividend record date is June 27, and the gross dividend to be paid is CZK 57.5 per share.
Correspondingly, we set our ex-dividend target price at CZK 337 per share (vs. our cum-dividend target price of CZK 394-CZK 57.5 per share). Although there is a decent upside potential in the stock from a fundamental point of view, we maintain our accumulate recommendation. Share-overhang concerns will weigh on the stock after KPN sold its 6.5% stake in Cesky Telecom to Credit Suisse First Boston (at CZK 339 per share) earlier this month. The overhang fears mostly concern a possible similar action by Telsource (a 51/49 JV of KPN and Swisscom), which holds 27% of Cesky Telecom.

Separately, O. Felix, the chairman of Cesky Telecom’s board of directors, said the company could save as much as CZK 4 bil. over the next 3-4 years by taking advantage of synergies between Eurotel and Cesky Telecom after the remaining 49% stake in Eurotel, the leading domestic mobile operator, was purchased in early June (the transaction should be completed in Q4 2003). Also, a combined fixed-line and mobile-phone service is likely to be offered (Reuters). Such are some of the reasons why the acquisition of the 49% stake was widely perceived as the superior strategic choice for the dominant fixed-line operator; the materialization of cost and product synergies (the mentioned cost savings are rather ambitious) should provide support for the stock price.

Separately, Cesky Telecom has launched a second bond issue under its bond program (3.5% bonds with maturity in 2008 in a total amount of CZK 6 bil., with an option to increase the aggregate nominal amount to CZK 9 bil. in the course of two years). Cesky Telecom thus continues refinancing its debt portfolio.
Cesky Telecom is also expected to take a euro-denominated syndicated loan in the autumn to finance the USD 1.05 bil. purchase of the 49% stake in Eurotel; the loan would reportedly be due in 2008-09.

Jiří Soustružník

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
ČasUdálost
14:30USA - Empire State Manufacturing index
15:15USA - Průmyslová výroba, m/m