target-price to EUR8.5 from EUR6.6.
It expects OTE to report another tough quarter with both Greek fixed and mobile severely impacted by the government’s austerity measures, according to a report.
UBS forecasts Q4 revenue of EUR1.358bn, down 11% compared with Q4 20009 revenue, while clean EBITDA are expected to amount to EUR442mn, down 12% on year, and margin 32.6%.
UBS estimates that OTE will cut the dividend to EUR0.10 for 2010, down 47% from EUR0.19 in 2009, primarily due to the continued weak economic environment and as cash is used instead for bond refinancing.
source: CAPITAL
