Vladimír Urbánek (Kurzy.cz)
Czech markets  |  March 12, 2013 14:46:52

HC2: Ending auctions can be a risk for shares of the company? Important will be the reaction of PPF


CTO last week surprisingly canceled after a few months of the first attempt to sell new frequencies for the new 4G network. From the perspective of shares HC2, which is the only domestic publicly traded company, investors now trying to clarify whether this is actually a positive or perhaps more of a negative signal. Possible points of view are several.

Completion of the sale itself frequencies could be seen for HC2 as positive since de facto possibility of delaying the input of another operator (PPF) on the market, thereby extending the current relatively "clear" and especially given away to a large extent predictable state of the domestic telecommunications market. While CTO declared that přichastá new action as quickly as possible with a slightly altered conditions, but that in itself will take some time, as well as the auction itself, on the implementation of the results not to mention. It is therefore likely that clearly dealt cards in the domestic telecommunications market some time (months maybe even years) still remain, which should operators generally without complications věších allow repeat the results achieved so far and from the resulting dividends.

On the other hand, the high price offered by different operators within the auction itself suggests serious concerns all operators from the input of another strong player in the market, whose work is or might be one of the main risk factors for the future management of individual operators, including"Href =" https://prague-stock.kurzy.cz/akcie/telefonica-o2-1260/ "> TO2. Screwing price is most likely a sign neutralized the efforts of the new players of the game by existing operators as well as the efforts of eminent new player to get to the "lucrative" field, where it is possible to cut a relatively simple way of income for existing operators.

The high cost of new frequencies are also evaluated market favorably compared with the results of similar auctions in other European countries where it has proved much more "rational" approach of the participants. Investors may fear that it could be repeated in case of sale of frequencies for 3G a decade ago, when exorbitant sums actually caused the devaluation of the full potential of new technologies and due to their exorbitant pricing demands of operators also only a minoror limited interest of clients in its use.

The auction but can also mean that the PPF will be even more intensively to find another way to penetrate the domestic telecommunications market. At the beginning of the year, appeared in the press information from unnamed sources about the interest on PPF takeover TO2. Negotiations reportedly broke down at different price perceptions. HC2 but the only telecommunications company in the Czech Republic have publicly traded shares, which may be in this case, her great weakness. PPF is the deliberate pressure on them to influence / improve their bargaining position in any negotiations on the takeover and its price levels. We recall that the shares HC2 is conspicuously a rapid change in the preview for the title within one month of the end of the year 202 fell from a relatively stable price level of around CZK 380-90 310-20 to the level of CZK.Recall also that TO2 last year withdrew from the repurchase market 2% of its shares at an average price of around 385 CZK. Such purchases are usually one of the most important and accurate indicators "appropriate" award title on the market. Company to repurchase its shares invested about 2.5 billion, for the above mentioned price drop its fair valuation seems nadnodnocené 400 mil, which is not insignificant amount that the company could just "throw out the window."
From this point of view can be increased efforts PPF takeover HC2 one of the main risk factors for the development of the share price in the market in spite of the amount of dividends proposed or actual economic results.

Related news:
January 2013 - MfD - interest on PPF HC2 has more psychological level, PPF
- cz/345369-ppf-ma-udajne-zajem-o-to2 / "target = _top data-ctorig =" https://zpravy.kurzy.cz/345369-ppf-ma-udajne-zajem-o-to2/ " reportedly interested in HC2
September 2012 -come up with an aggressive strategy, if successful in the auction free ...
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