MAGYAR TELEKOM TÁVKÖZLÉSI NYILVÁNOSAN MÜKÖDÖ RÉSZVÉNYTÁRSASÁG

Financials Magyar Telekom Távközlési Nyilvánosan Müködö Részvénytársaság

Equities

MTELEKOM

HU0000073507

Integrated Telecommunications Services

End-of-day quote Budapest S.E. Other stock markets 23:00:00 28/04/2024 BST			5-day change	1st Jan Change
923 ^HUF	+2.78%		-1.60%	+35.34%

04-16	Magyar Telekom Távközlési Nyilvánosan Müködö Részvénytársaság Approves Dividend for 2023, Payable on May 8, 2024	CI
04-16	Magyar Telekom Távközlési Nyilvánosan Müködö Részvénytársaság Elects Deloitte Auditing and Consulting Ltd. as Statutory Auditor	CI

Valuation

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	461,122	392,884	420,043	326,363	634,111	860,977	-	-
Enterprise Value (EV) ¹	810,479	810,317	892,929	803,281	1,064,751	1,297,351	1,264,732	1,202,777
P/E ratio	11.2 x	9.21 x	7.03 x	5.25 x	8.15 x	7.46 x	5.87 x	4.96 x
Yield	4.48%	5.26%	3.65%	-	6.55%	7.73%	11.3%	14.1%
Capitalization / Revenue	0.69 x	0.58 x	0.6 x	0.44 x	0.75 x	0.93 x	0.9 x	0.88 x
EV / Revenue	1.22 x	1.2 x	1.28 x	1.08 x	1.25 x	1.4 x	1.32 x	1.23 x
EV / EBITDA	3.67 x	3.59 x	3.71 x	3.24 x	3.71 x	3.96 x	3.38 x	3.05 x
EV / FCF	16.3 x	-16.7 x	10.6 x	10.8 x	12.3 x	12.1 x	8.67 x	7.97 x
FCF Yield	6.15%	-6%	9.39%	9.28%	8.13%	8.25%	11.5%	12.5%
Price to Book	0.77 x	0.65 x	0.63 x	0.47 x	0.92 x	1.06 x	1.02 x	0.9 x
Nbr of stocks (in thousands)	1,033,906	1,033,906	1,020,760	962,723	929,781	929,781	-	-
Reference price ²	446.0	380.0	411.5	339.0	682.0	926.0	926.0	926.0
Announcement Date	18/02/20	25/02/21	24/02/22	23/02/23	22/02/24	-	-	-

¹HUF in Million²HUF

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	666,653	673,048	700,120	746,669	849,372	924,582	960,739	980,212
EBITDA ¹	220,562	225,882	240,771	247,946	287,164	327,851	374,433	394,915
EBIT ¹	83,180	84,824	92,809	109,178	147,996	195,212	233,034	233,988
Operating Margin	12.48%	12.6%	13.26%	14.62%	17.42%	21.11%	24.26%	23.87%
Earnings before Tax (EBT) ¹	59,145	60,912	79,113	84,395	103,956	152,276	195,124	224,926
Net income ¹	41,157	42,364	58,997	62,954	78,951	116,733	148,812	165,214
Net margin	6.17%	6.29%	8.43%	8.43%	9.3%	12.63%	15.49%	16.85%
EPS ²	39.81	41.25	58.56	64.53	83.73	124.0	157.7	186.8
Free Cash Flow ¹	49,848	-48,606	83,864	74,546	86,516	106,998	145,889	150,918
FCF margin	7.48%	-7.22%	11.98%	9.98%	10.19%	11.57%	15.19%	15.4%
FCF Conversion (EBITDA)	22.6%	-	34.83%	30.07%	30.13%	32.64%	38.96%	38.22%
FCF Conversion (Net income)	121.12%	-	142.15%	118.41%	109.58%	91.66%	98.04%	91.35%
Dividend per Share ²	20.00	20.00	15.00	-	44.70	71.54	104.2	130.3
Announcement Date	18/02/20	25/02/21	24/02/22	23/02/23	22/02/24	-	-	-

¹HUF in Million²HUF

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December	2021 Q3	2021 Q4	2022 Q1	2022 Q2	2022 Q3	2022 Q4	2023 Q1	2023 Q2	2023 Q3	2023 Q4	2024 Q1
Net sales ¹	178,088	193,592	175,864	184,234	190,915	199,203	195,870	208,090	216,225	229,187	216,937
EBITDA ¹	66,373	64,931	62,146	57,905	65,196	62,699	58,029	75,921	80,452	72,762	74,051
EBIT ¹	29,482	25,666	26,777	22,686	31,306	28,409	24,447	41,025	45,714	36,810	41,840
Operating Margin	16.55%	13.26%	15.23%	12.31%	16.4%	14.26%	12.48%	19.72%	21.14%	16.06%	19.29%
Earnings before Tax (EBT) ¹	-	-	-	-	-	-	15,792	29,033	30,374	-	32,015
Net income ¹	19,325	18,718	18,453	10,570	17,062	16,869	10,519	22,258	22,947	23,227	25,560
Net margin	10.85%	9.67%	10.49%	5.74%	8.94%	8.47%	5.37%	10.7%	10.61%	10.13%	11.78%
EPS ²	-	-	-	-	-	-	-	-	-	-	28.00
Dividend per Share	-	-	-	-	-	-	-	-	-	-	-
Announcement Date	10/11/21	24/02/22	12/05/22	10/08/22	09/11/22	23/02/23	10/05/23	09/08/23	09/11/23	22/02/24	-

¹HUF in Million²HUF

Estimates

Balance Sheet Analysis

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	349,357	417,433	472,886	476,918	430,640	436,374	403,754	341,800
Net Cash position ¹	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	1.584 x	1.848 x	1.964 x	1.923 x	1.5 x	1.331 x	1.078 x	0.8655 x
Free Cash Flow ¹	49,848	-48,606	83,864	74,546	86,516	106,998	145,889	150,918
ROE (net income / shareholders' equity)	6.99%	6.97%	9.28%	9.36%	11.2%	14.6%	17.2%	18.9%
ROA (Net income/ Total Assets)	3.45%	3.29%	4.29%	4.41%	5.39%	7.65%	9.85%	11%
Assets ¹	1,192,438	1,289,380	1,375,221	1,428,545	1,463,831	1,525,918	1,510,783	1,501,942
Book Value Per Share ²	577.0	581.0	655.0	719.0	745.0	873.0	910.0	1,032
Cash Flow per Share	157.0	181.0	193.0	203.0	-	-	-	-
Capex ¹	112,520	234,561	110,906	121,217	100,115	146,926	149,806	157,796
Capex / Sales	16.88%	34.85%	15.84%	16.23%	11.79%	15.89%	15.59%	16.1%
Announcement Date	18/02/20	25/02/21	24/02/22	23/02/23	22/02/24	-	-	-

¹HUF in Million²HUF

Estimates

EPS & Dividend

Year-on-year evolution of the PER

Year-on-year evolution of the Yield

Change in Enterprise Value/EBITDA

Ratings for Magyar Telekom Távközlési Nyilvánosan Müködö Részvénytársaság

Trading Rating

Investor Rating

ESG Refinitiv

A-

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

BUY

Number of Analysts

Last Close Price

926 HUF

Average target price

930.8 HUF

Spread / Average Target

+0.52%

Consensus

EPS Revisions

Estimates Revisions

Quarterly revenue - Rate of surprise

Company calendar

Sector Other Integrated Telecommunications Services

	1st Jan change	Capi.
MAGYAR TELEKOM TÁVKÖZLÉSI NYILVÁNOSAN MÜKÖDÖ RÉSZVÉNYTÁRSASÁG	+35.34%	2.35B
CHINA MOBILE LIMITED	+7.87%	195B
VERIZON COMMUNICATIONS	+4.75%	169B
DEUTSCHE TELEKOM AG	-1.20%	116B
NIPPON TELEGRAPH AND TELEPHONE CORPORATION	-1.16%	90.26B
CHINA TELECOM CORPORATION LIMITED	+15.51%	71.66B
AMÉRICA MÓVIL, S.A.B. DE C.V.	+5.15%	58.89B
SAUDI TELECOM COMPANY	-6.81%	50.58B
EMIRATES TELECOMMUNICATIONS GROUP COMPANY	-13.44%	40.25B
CHARTER COMMUNICATIONS, INC.	-34.15%	35.71B

Other Integrated Telecommunications Services