Research (J&T BANKA)
Czech markets  |  February 27, 2013 09:45:31

HC2 results for 4Q without major surprises, dividend of CZK 30

The company published figures for 4Q12 slightly above expectations with a proposal dividend of CZK 30 / share. The reason the results are slightly stronger with longer sales vs. CZK 12.8 billion. eyelets. CZK 12.7 billion. The sales surprised us positively fixed lines, which decreased by 3.6% vs. our eyes. -7.2% Due to higher interconnection charges than screening (vs. 1.2 billion CZK. Eyes. 1.06 billion CZK). But lower than expected cost savings moderated surprise of revenues and OIBDA of CZK 5.09 billion, only slightly surpassed exp. CZK 5.07 bn margin at 39.8% vs.. Ock. 40.2%. The result is then a slightly better net profit of CZK 1.76 billion vs. eyelets. 1.73 billion CZK.

The main report of dividend in the amount of CZK 30 (CZK 20 ordinary dividend of CZK 10 and a reduction of the share premium) per share, which is at the lower end of the expected range of 30-40 CZK / share (our eyes. 30-35 CZK).

We believe that some investors may be disappointing given the amount of dividends and can not be ruled out some selling pressure. On the other hand, we do not believe that this pressure should be large relative to the gross div. yield at current price levels of around 10%. Considerable any pressure below 300 CZK we perceive as suitable for medium-term (2-3 years) position focused on maintaining the current dividend. The outlook for 2013 is expected without quantification and speaks only of "light-year decline 'margins and investment costs under 6 billion CZK (without auction of new licenses), which is less than last year's 6.2 billion CZK.As expected, the company proposes 2% repurchase its own shares.

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