Vladimír Urbánek (Kurzy.cz)
Czech markets  |  February 26, 2013 08:57:24

TO2 tomorrow will present the results for 4Q and dividend proposal - waiting around profit of CZK 22 per share

Telefónica CR publish its results for 4Q12 on Wednesday (27 2). Total revenues are estimated at CZK 12.6 billion, or a decrease of 6.2%. The decline should record both telephony and mobile and fixed -8.3% -7.2%. Not counting the extra revenue from the sale of assets. OIBDA should record 13.2% decline in lower margin of 40.2%. Net profit should be without last year's deferred tax impact from Slovakia, which causes a 38.2% yoy decline to CZK 1.8 billion.

We expect that the proposal will be crucial to the dividend. We expect 30 to 35 CZK / share, which may be part of the market for negative surprises. However, any negative market reaction to or below the level of CZK 300 we saw this as an opportunity for mid-term dividend players with exp. 10% gross dividend yield. Here, we expect that the company will want to set up a three-year period with a fixed amount of dividend (done so far). Risk is always the result of the auction of new frequencies, but new information to those in the middle will not sound.

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