Research (Česká spořitelna)
Czech markets  |  March 11, 2013 10:40:58

CTO decision PPF delayed entry into the mobile market, investment costs were underestimated CTO decision to cancel the ongoing auction of frequencies for 4G network last week is all about delaying the possible accession of the Czech PPF mobile market. If not completed auction to the record date for dividend payment (around October 10) and the dividend of CZK 30 per share from last year's profit should not be affected. However paused auction indicates that the price for the high frequencies. Our current assumption is based on a price of € 0.55 / MHz / capita in the 800 MHz band, the auction suggested price of 1 € / MHz / population (compared in Germany it was € 0.70). Our current estimate of capital expenditure expected to CZK 2 billion, while the average bid exceeds CZK 5 billion.Therefore, even if the prices were at such high frequencies, so our estimate proves to be too low. We are not too sure about the sustainability of dividends in the amount of CZK 30 per share if the price for the high frequencies. In addition, we expect that the PPF will participate restart the auction. As a result, we see significant risks for Telefónica Czech Republic in the next 3-9 months.

Vera Sutedja, CFA

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