Vladimír Urbánek (Kurzy.cz)
World markets  |  December 14, 2012 11:55:39

CFO France T: Shares and cash flow estimates are undervalued

France Telecom CFO Gervais Pellissier, commented on the development of the company's stock in the sense that the current price does not reflect correctly the firm's ability to generate free cash flows. According to Pellissier the capital markets in this respect too pessimistic and underestimate the ability of the company in this regard.

France Telecom shares this year are the worst part of the CAC 40 index with a decrease of 30% compared to the growth of the index by 15%. The pan-European telecoms index 23členného Bloomberg T. France is the third worst title. FT Shares are under pressure this year mainly due to lower tariffs, which started aggressively discounted entry operator Iliad to the French market. Investors then began to worry about the ability of FT to maintain cash flows. The decline contributed to a reduction of the future outlook for dividends.

According to Pellissier company ended the first half with net debt at 31.2 mld.EUR and intends to review and possibly reduce your portfolio, so to be able to finance any further suitable acquisitions. FT considering a takeover of some assets in Spain and Morocco.

Company management wants to focus primarily on offering packages for connection to high-speed 4G network and high-speed fiber optic network in order to promote the overall growth of income.

Pellissier further stated that in his opinion, the company has been all bad news for you. In his opinion, the company will be able to properly monetize the increasing consumption data and demand for high-speed transmission.
Operating cash flow should begin to grow again in 2014. This year should reach level 8 mld.EUR and next year, then drop to 7 mld.EUR.

Leadership FT said that for this year and next year for sure worth at least 80 cents per share in both years. Last year it was 1.4 euros. Current dividend yield at 16% is almost double the European averages.
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