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2022/08/19 / Erste Group Research

Telekom Austria: Fokus liegt weiterhin auf Kostendisziplin

Das TKA-Rating befindet sich sowohl bei Moody’s als auch bei S&P im guten Mittelfeld des Investment Grade-Bereichs und wurde seit 2018 bzw. 2019 nicht mehr verändert. Der Ausblick ist bei beiden Rating-Agenturen stabil und reflektiert die Erwartung einer weiteren Verbesserung der operativen Performance in den nächsten drei Jahren.

TKA zeigte sich während der Pandemie krisenresistent. Auch die Auswirkungen des Krieges in der Ukraine halten sich bis jetzt in Grenzen. Das TKA-Exposure in Weißrussland ist mit knapp 9% vom Konzern-Umsatz (2021) relativ gering.

In den letzten Jahren verbesserte TKA ihre operative Performance deutlich. TKA verfügt über ein stabiles Kreditprofil und starke Cashflow-Generierung. Wichtige Kreditkennzahlen (u.a. Zinsdeckung und Entschuldungsdauer) wurden seit 2019 verbessert und blieben 2021 deutlich besser als im direkten Peer Group-Vergleich.

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General information

AuthorErste Group Research
Product nameCredit News DE
Topic in focusCredits/ Corporate bonds
Economy in focusAustria
Currency in focusEuro
Sector in focus-


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