Obbligazioni societarie Monitor bond Telecom Europa VI (gennaio - luglio 2009) (1 Viewer)

Imark

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Un articolo non recentissimo su Telekom austria, della quale avevamo già parlato in comparazione con Telefonica circa un mese fa per valutare il diverso impatto sui fatturati della presenza sui mercati emergenti dell'est europa piuttosto che su quelli dell'america latina.

Telekom Austria feels downturn in Q1, cuts outlook
Reuters, Wednesday May 13 2009

* Q1 EBITDA 455 million eur vs Reuters poll 478 million eur
* Also misses expectations for revenue and net profit
* Cuts 2009 revenue outlook but keeps EBITDA guidance
* Sticks to dividend policy
(Adds more details, analyst comment)
By Boris Groendahl

VIENNA, May 13 (Reuters) - Telekom Austria cut its revenue outlook as price cuts and the economic downturn caused a 6 percent decline in first-quarter core earnings, but reassured investors that its profit guidance for the year was intact.

The state-controlled group said 2009 revenue would be "slightly weaker" than previously forecast, but that it would cut costs to offset the shortfall and still expected to meet its profit guidance and make good on its dividend pledge.

Earnings before interest, tax, depreciation and amortisation (EBITDA) were 455 million euros ($620 million) in the March quarter, driven down by a drop in mobile earnings in Austria and Bulgaria, where price cuts due to regulatory price cuts, competition and more cost-conscious clients, led to falling revenue.

Analysts polled by Reuters had predicted EBITDA of 478 million euros on average. Group revenue declined 5 percent and net profit by more than a third, both also missing market expectations.

"The numbers are weak and the question is how credible the guidance is against this backdrop," said Hannes Wittig, telecoms analyst at J.P. Morgan. "I think they can offset some of the revenue shortfall, so the result is still consistent with the outlook -- but it won't be easy."

Telekom Austria has tapped into the emerging markets on the Balkans and in Belarus to make up for its declining domestic business, but is now suffering as the region entered economic decline and clients cut back on mobile phone calls.

Earnings dropped 18 percent in Bulgaria, its biggest eastern asset, partly because clients switched to cheaper products. In Belarus, earnings still grew 15 percent in euro terms, but at a slower rate than last year due to currency devaluation.

The group last year managed to slow down the erosion of its domestic fixed line business, a trend that continued in the first quarter. Revenue still fell 10 percent due to aggressive price cuts, but EBITDA was stable.
Earnings at its domestic mobile business fell due to lower prices, partly cut by regulators, and higher marketing spending.

Spain's Telefonica, whose emerging market exposure is geared to less crisis-ridden Latin America, also on Wednesday beat market expectations with a 10 percent rise in first quarter net profit

Deutsche Telekom and Telecom Italia both took a hit on first-quarter results from the economic slowdown but reassured investors last week on their outlook for the year.

At 0707 GMT, shares in Telekom Austria were down 1 percent at 10.50 euros a share. The stock has risen 2.4 percent this year, making it one of the best performers in the DJ Stoxx Telecoms index.

The shares closed at 10.60 euros on Tuesday, 10 times projected 2010 earnings, compared with the index average of 8.4 times.

Against the sell-off of emerging market assets earlier this year, Telekom Austria stock has held up well partly because of Telekom Austria's promise to pay at least 0.75 euros dividend in the coming years, which the group reiterated on Wednesday. ($1=.7336 Euro) (Reporting by Boris Groendahl; editing by Simon Jessop)
 

steffy1

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L'emittente é interessante, molto ben gestita. Ha tuttavia un problema, in prospettiva: genera il 40% del fatturato in paesi dell'area est europea (Bielorussia, ex jugoslavia, altri balcanici). Ed é una delle aree deputate ad un attacco speculativo che investa le valute di quei paesi che hanno vincoli di cambio con l'euro entro bande di oscillazione (Lettonia, Bulgaria) con un effetto contagio possibile in termini di attacchi speculativi alle altre valute dell'area.

Questo potrebbe creare problemi sotto due profili: 1) contrazione del fatturato denominato in queste valute, generato dalle controllate estere di Telekom Austria; 2) riduzione del fatturato anche in termini assoluti, per effetto di una crisi di consumi ulteriori che genererebbe in quei paesi anche una caduta dei consumi di telefonia (che qui da noi sono considerati consumi base, ma lì sono invece consumi voluttuari).
tu cosa compreresti avessi un po' di soldi da investire? anche per non portare a scadenza e fare trading..
 

Imark

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tu cosa compreresti avessi un po' di soldi da investire? anche per non portare a scadenza e fare trading..
Per fare trading ? Comincerei a guardare a qualche BTP, decennale ma anche di durata inferiore, 6-7 anni... se ne sta parlando nel 3d dedicato... magari aspettando ancora un attimo, ma indirizzandomi di lì... altrimenti i nuovi bond Eni destinati al retail: quello a tasso variabile dovrebbe essere buono ed alcune banche online lo fanno comprare in sottoscrizione (vedi 3d su nuove emissioni destinate al retail).

Qualche CCT 2014 o 2015.
 

qquebec

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Versatel

Scusate, ho trovato questo titolo telefonico tedesco che mi sembra interessante: VERSATEL 15/06/2014. Sapete darmi qualche indicazione sull'emittente e, soprattutto, dirmi dove posso trovare le quotazioni che non riesco a trovare da nessuna parte? :sad:
 

Imark

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Scusate, ho trovato questo titolo telefonico tedesco che mi sembra interessante: VERSATEL 15/06/2014. Sapete darmi qualche indicazione sull'emittente e, soprattutto, dirmi dove posso trovare le quotazioni che non riesco a trovare da nessuna parte? :sad:
Non le trovi perché il titolo è decisamente illiquido, anche sui mercati professionali. Devo dire che non la seguo (le telecom minori non si possono seguire tutte)...

Dalle ultime notizie che vedo, dovrebbe starebbe riuscendo a guadare decorosamente la crisi per ciò che concerne fatturato, EBITDA, free cash flow... non so tuttavia come sia messa in termini di indebitamento...

http://www.telegeography.com/cu/article.php?article_id=28487&email=html

Versatel 1Q revenue, EBITDA down slightly

Versatel Communications has posted its fiscal results for the three months ended 31 March 2009, recording a 1.7% fall in total revenue to EUR182.1 million (USD247.5 million) in line with the expected trend in the residential segment. Adjusted earnings before interest, tax, depreciation and amortisation (EBITDA) for 1Q 2009 totalled EUR45.6 million, compared with EUR47.3 million in the same period of 2008.

The company attributed the 3.6% decrease to the dip in revenue and ongoing price pressure. Versatel generated a positive free cash flow of EUR19.1 million in the first three months of 2009, compared to a negative free cash flow in the first quarter of 2008 of EUR19.6 million. The firm has reaffirmed its forecast of a positive free cash flow of at least EUR40 million for full-year 2009 and based on first quarter market conditions expects annual revenue of at least EUR740 million and adjusted EBITDA of approximately EUR180 million.

In terms of subscribers, Versatel slightly increased the number of residential DSL contracts in the first quarter of 2009 by 3,000, compared with 2008 first quarter net adds of 30,000. At 31 March 2009 the company recorded 712,000 residential customers. Meanwhile, cable customers totalled 160,000 at the end of the period.

The slight growth in DSL customer numbers was not enough to make up for ongoing decline in average revenue per user (ARPU), resulting in residential revenue falling to USD84 million, down 6% on the same period a year earlier. Business segment revenue increased by 0.4% in the first quarter of 2009 to USD49.5 million, thanks to the reorganisation of this sector at the start of 3Q 2008 and wholesale revenue climbed to EUR48.6 million, a 5% improvement compared with the first quarter of the previous year.
 

qquebec

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Non le trovi perché il titolo è decisamente illiquido, anche sui mercati professionali. Devo dire che non la seguo (le telecom minori non si possono seguire tutte)...

Dalle ultime notizie che vedo, dovrebbe starebbe riuscendo a guadare decorosamente la crisi per ciò che concerne fatturato, EBITDA, free cash flow... non so tuttavia come sia messa in termini di indebitamento...

http://www.telegeography.com/cu/article.php?article_id=28487&email=html

Versatel 1Q revenue, EBITDA down slightly

Versatel Communications has posted its fiscal results for the three months ended 31 March 2009, recording a 1.7% fall in total revenue to EUR182.1 million (USD247.5 million) in line with the expected trend in the residential segment. Adjusted earnings before interest, tax, depreciation and amortisation (EBITDA) for 1Q 2009 totalled EUR45.6 million, compared with EUR47.3 million in the same period of 2008.

The company attributed the 3.6% decrease to the dip in revenue and ongoing price pressure. Versatel generated a positive free cash flow of EUR19.1 million in the first three months of 2009, compared to a negative free cash flow in the first quarter of 2008 of EUR19.6 million. The firm has reaffirmed its forecast of a positive free cash flow of at least EUR40 million for full-year 2009 and based on first quarter market conditions expects annual revenue of at least EUR740 million and adjusted EBITDA of approximately EUR180 million.

In terms of subscribers, Versatel slightly increased the number of residential DSL contracts in the first quarter of 2009 by 3,000, compared with 2008 first quarter net adds of 30,000. At 31 March 2009 the company recorded 712,000 residential customers. Meanwhile, cable customers totalled 160,000 at the end of the period.

The slight growth in DSL customer numbers was not enough to make up for ongoing decline in average revenue per user (ARPU), resulting in residential revenue falling to USD84 million, down 6% on the same period a year earlier. Business segment revenue increased by 0.4% in the first quarter of 2009 to USD49.5 million, thanks to the reorganisation of this sector at the start of 3Q 2008 and wholesale revenue climbed to EUR48.6 million, a 5% improvement compared with the first quarter of the previous year.

Grazie mille :up:
Cercherò di vedere se si riesce a capire quanto costa questo bond, anche solo indicativamente, e poi interpello la banca.
 

Imark

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Grazie mille :up:
Cercherò di vedere se si riesce a capire quanto costa questo bond, anche solo indicativamente, e poi interpello la banca.
Vai sul loro sito e controlla l'indebitamento... altrimenti, in alternativa, cerca almeno il rating, e vedi come é messa.... :cool:
 

Imark

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Intanto Wind Hellas, che avevamo preso in esame nella notte dei tempi scartandola anche ai fini dell'inserimento in monitor, e poi tornata in auge per l'amico Magallo che mi avrà chiesto almeno 5-6 volte cosa ne pensassi, ancora ai tempi del FOL, si avvia sulla strada di una probabile ristrutturazione del debito...

WIND Hellas Telecommunications S.A. Downgraded To 'CCC' On Weak First-Quarter 2009 Results; Outlook Negative

-- WIND Hellas' weak first-quarter 2009 results will likely result in reduced liquidity and in a substantial increase of the group's already very high leverage.
-- We are lowering our ratings on WIND Hellas and related entities to 'CCC' from 'B-'.
-- The negative outlook reflects the group's weakening operating performance and liquidity, with an expected substantial reduction in EBITDA in 2009.

PARIS (Standard & Poor's) June 9, 2009--Standard & Poor's Ratings Services said today that it lowered its long-term corporate credit ratings on Greek mobile telecommunications operator WIND Hellas Telecommunications S.A. and related entities to 'CCC' from 'B-' on the group's weak first-quarter results.The outlook is negative.

At the same time, we lowered our debt ratings on the senior secured notes issued by WIND Hellas' wholly owned financial subsidiary Hellas Telecommunications (Luxembourg) V to 'CCC', in line with the corporate credit rating. The recovery rating on the notes is unchanged at '3', indicating our expectation of meaningful (50%-70%) recovery in the event of a payment default.

We also lowered the ratings on Hellas Telecommunications (Luxembourg) III's subordinated notes and Hellas Telecommunications (Luxembourg) II's subordinated notes to 'CC', two notches below the corporate credit rating on the group. The recovery rating on both issues is unchanged at '6', indicating our expectation of negligible (0%-10%) recovery for unsecured creditors in the event of a payment default.

Furthermore, we lowered our rating on Hellas Telecommunications Finance SARL's payment-in-kind (PIK) notes to 'CC'. We also assigned a recovery rating of '6' to the PIK notes.

"The downgrade mainly reflects the group's weak first-quarter 2009 results, which will likely result in reduced liquidity and in a substantial increase of the group's already very high leverage," said Standard & Poor's credit analyst Melvyn Cooke.

"The negative outlook reflects the group's weakening operating performance and liquidity, with an expected substantial reduction in EBITDA in 2009," said Mr. Cooke.

It also reflects Standard & Poor's view that the group's very aggressive capital structure is likely to make it very difficult for the group to raise any form of new financing, as significant deleveraging is unlikely in the face of weak EBITDA growth prospects during that period.
 

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