BHS (BH Securities a.s.)
Czech markets  |  April 09, 2013 13:00:52

PPF is interested to participate in the new auction of LTE, but thinks Conditions


PPF Group today declared that it will participate in the new auction only if the retained real opportunity to actually build the new CR fourth mobile operator. The new auction ended in failure again, without formation 4.operátora, PPF considers it necessary to maintain the basic parameters of the current proposal CTO. In this connection mentions in particular the requirements:

- Allowing two blocks (2x10 MHz) in the 800 MHz band for new entrants.

- Avoiding discrimination against new entrants, namely the guarantee of opportunities for new players to get a comparable amount of spectrum which today have an existing operators.

- The strict requirement for the existing operators to provide 2G and 3G networks, so-called national roaming guarantee plus regulator declared protect new entrants to the margin squeeze (obligation to provide wholesale offer lower prices than retail).

- Ensuring complete anonymity of the auction participants.  

In the absence of maintaining the conditions mentioned in the upcoming auction and also listed auction without undue delay, PPF would not take part in a new auction. It would not allow according PPF real entry to the new operator.

In the context of the report may mention today's events on shares of Telefónica O2, which continue to decline and record lows and the new 9 years already below the 270 CZK. Yesterday was also published statements CFO D.Melcolna that in relation to the exchange rate decline the title said it is negatively affected by the failed auctions LTE, speculation on the future sale of the property of the parent company and regional sentiment, which according to him are all events beyond the Company's control. Hours mentioned auction, due to its length, as a good step. He also mentioned that OIBDA margin is still very healthy with a limited view of erosion this year. Some company revenue decline, but it has other growth as Slovakia or information and communication services for companies and mobile data. Getting frequencies company intends to finance the debt. Whether it be in the form of bonds or bank loan Melcon failed.

The expected dividend yield of today's price decline in the title gets longer the more than 11%, ie at levels that were actually common in recent years.

J.Zendulka

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