iPoint (iPoint.cz)
Czech markets  |  July 30, 2012 09:54:18

KB's Telefonica: Downgrade by two degrees, a lower target and dividend outlook (+ list of recommendations)



iPoint.czTelefonica last week released the results for the second quarter of this year. Numbers evaluate the market mostly neutral, now it is your turn to expert village: With the first povýsledkovým reports for Czech telecom end of the week came in Commercial Bank. It reduces the target price and downgraduje title by two degrees. "Shares of Telefonica Czech Republic are based on the major multiples such as P / E and EV / EBITDA, compared with competitors continue to be very expensive.

Investors, however, appreciate the high dividends and zero debt company, "says Joseph Dumb from commercial banks in the analysis by the Agency ČEKIA available. Among the positive factors include a stable share dividend or share repurchase, which, however, seems to take place over a longer timeframe than investors might have expected. "Originally, we hypothesized that this effect (share repurchase notes. Red.) Will operate until September because the company planned to complete the purchase of two percent of the shares at the end of Q3 12 or a little later. The newly announced TCR but that purchase will be completed to the rather late. TCR would in the coming months to buy shares at lower volumes than in June and July, "said Dumb. What are the parameters of the new report and what is the outlook for dividends analysts KB Telefónica?

Telefonica: Lower target, downgrade and expected dividends in 2015 by commercial banks, to read iPOINT

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KB k Telefónice: Downgrade o dva stupně, nižší cíl a dividendový výhled (+ přehled doporučení)

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