Cesky Telecom will release its 9M IAS consolidated results today at 3 p.m. CET. Our forecasts and a comment are in the attached file. Reuters’s consensus is slightly above our own forecasts: the consensus for 9M revenues is CZK 41.6 bil. (vs. our CZK 41.2 bil. forecast), for EBITDA, CZK 19.54 bil. (vs. our CZK 19.39 bil. forecast), and, for net income, CZK 3.93 bil. (vs. our CZK 3.81 bil. forecast). Both our and the consensus forecast imply a rather poor performance (falling EBITDA, falling net income) in 9M and particularly in Q3; this makes us believe that the actual performance would have to be truly bad to have a major negative impact on the stock.
(Ondrej Datka)