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Czech markets  |  September 28, 2012 21:00:14

Telefónica: Stocks that are still worth keep

Given the decline in estimated loss Erste Group reduces the annual target price of 410 CZK to 390 with recommendation to hold. Lower estimates based primarily on planned price reductions for call termination and worse-than-expected development in the fixed line segment. The short-term catalyst for the payment of a special dividend of CZK 13 per share in November this year. Since this is a direct allocation from equity, payment will not be subject to taxation. Share price should support the ongoing program to purchase its own shares. / Source: MS /

jpg "rel =" lightbox [article_detail] "> Telefónica time series - Investment recommendations

The looming dangers of entering a new market entrants PPF Mobile Services submitted an application to the upcoming auction of frequencies 800/1800/2600 MHz. In the event that their offer was successful, we can expect more competitive in the market.

High expenditure on the purchase frequencies potential investment spending depends largely on how much was bought by Telefónica CR 800 MHz blocks. It is the most valuable spectrum with a significantly higher signal range, which would significantly reduce the expenses on a network.For next year, Erste expected capital expenditure of CZK 2 billion for 800 MHz, 1 block, 4 blocks 1800 MHz and 4 blocks 2600 MHz. If the incremental capital expenditures significantly exceeded CZK 2 billion, the company would need new debt and an estimate of the usual dividend for 2013 in the amount of CZK 27 per share would have been called into question.

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The new entity on the market would mean a serious threat to existing operators. During the next five years might gain market share from 15 to 26%. New players in the mobile market usually offer relatively lower prices as soon as possible in order to increase market share.Given the current relatively high average prices for calls in the Czech Republic and the ongoing sharp decline in prices for call termination should a new player in the market wide scope for price reductions. Additionally, PPF Mobile Services has strong financial support from its parent company. Therefore, when the PPF success at auction can expect a significant impact on the Czech mobile market.

What numbers show Telefónica CR in 2013? Find out more in investment analysis on the web

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