Research (Investicniweb.cz)
Czech markets  |  November 08, 2012 17:45:38

Telefonica expects growth, warn of Erste (lower recommendation and target price)



Erste Group provides recommendations to the Czech Republic Telefonica's shares from "hold" to "reduce" and reduces the annual target price from 390 CZK to 360 CZK.

Telefónica - overview and current investment recommendation

One of the main stories in the shares of investment companies was stable payout to shareholders. "We expect the decline from 47.8 in 2011 CZK (40 CZK + dividend expected redemptions of shares in terms of CZK 7.8) to CZK 35 this year and next year," said Vera Sutedja of Vienna, Erste Group.

The reasons are declining free cash flow and higher capital expenditures for the upcoming auction of frequencies. These lead to declining net cash. "We expect to increase leverage, but not enough to sustain the payment to shareholders at the same level year on year," says an analyst from Erste.

To learn more about the new analysis on shares of Telefónica CR found on the web Investment

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    Telefóniku růst nečeká, varují z Erste (nižší doporučení a cílová cena)

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