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2018/02/26 / Erste Group Research

Credit Report | Telekom Austria

Telekom Austria (Baa2 positiv /BBB positiv) konnte ihre Kreditkennzahlen seit dem Peak in 2013 stetig verbessern. Die Entschuldungsdauer wurde von 3,2 Jahren in 2013 auf 1,7 Jahre in 2017deutlich reduziert. Die Zinsdeckung verbesserte sich von 5,9x auf 14,7x. Das Gearing sank seit 2013 ebenfalls kontinuierlich und erreichte 79,4% in 2017.

Im GJ 2017 stärkte die TKA ihre Position mit M&A-Aktivitäten weiter (u.a. in Weißrussland und Kroatien).

Telekom Austria erzielte 2017 wieder einen positiven FCF nach Dividenden (laut Erste Group Research Definition) in Höhe von EUR 237,5 Mio. (2016: 304,7 Mio.). Die Kündigung der einzigen Hybridanleihe am ersten Call-Termin (1.2.2018) untermauert die Verbesserung der Bilanzstruktur.

Das Management erwartet für 2018 ein Umsatzwachstum von 1-2% J/J. Die CAPEX werden bei rd. EUR 750 Mio. prognostiziert.
Wir erachten TKA-Anleihen im Peer-Group-Vergleich derzeit als relativ teuer.

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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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