Eurobank Equities restated a “Hold” recommendation for OTE shares with a target price of 17.1 euros, estimating that the results of the third quarter were mixed, with mobile telephony appearing strong, compensating for revenue losses from fixed telephony, while free cash flow was absorbed by the dividend payment.
Rising inflation is hitting its business, but heavy investments in high-speed broadband and 5G have helped the company cushion the impact.
2% increase in net profits
OTE, 46% owned by Deutsche Telekom, reported a 2% rise in third-quarter net profit to 162 million euros, thanks to increased mobile revenue.
The group expects single-digit growth in earnings before interest, taxes, depreciation and amortization (EBITDA) and has maintained its cash flow target of around €600m this year.
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