iPoint (iPoint.cz)
Czech markets  |  February 21, 2012 15:57:06

Commercial Bank of Telefonica: The higher the expected intensity of the target and buy-back 2012 (+ list of recommendations)



iPoint.czTelefonica announced last week a little better than expected, and also pleased investors by considering a share buyback. Most important is that the TCR proposed dividend of CZK 40 per share, which for us was a positive surprise. "This step by the company showed us that it is willing in the coming years to maintain the dividend per share above the level of earnings per share. The company can afford it thanks to strong cash flow and virtually zero debt, "says Joseph Dumb from commercial banks in the notes to adjust the target price, which the agency ČEKIA available. "The results of Telefónica CR is still a downward trend last year, consolidated OIBDA year fell by 20% and net profit as much as 29%.This was mainly due to non-recurring items in 2010, but the company recorded a high disposable income in 2011, and this year probably will not be repeated. Therefore, we expect net profit for the year 2012, falling nearly 10%. Shares TCR therefore still not be very attractive in its sector according to the indicators P / E and EV / EBITDA. On the other hand, the share price will likely be supported by high dividend yield and the possible repurchase of shares, "he continued silent. What is the new target, recommendations, many of its own shares this year, according to KB Telefonica will buy and when to enter a position?

Higher goal and the anticipated volume of this buy-back commercial banks, analysts, read on iPOINT

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Komerční banka k Telefónice: Vyšší cíl a předpokládaná intenzita buy back 2012 (+ přehled doporučení)

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