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Research Detail

2016/07/01 / Erste Group Research

TA konnte die Entschuldungsdauer (Nettoverschuldung / bereinigtes EBITDA) im vergangenen Geschäftsjahr weiter reduzieren. Diese lag Ende 2015 bei 1,9x (2014: 2,1x). Somit verfügt TA über den niedrigsten Wert innerhalb der vergleichbaren Unternehmen.

Das Investment Grade Rating von TA wurde von S&P zuletzt am 25. Mai 2016 bestätigt. Die zunehmend besseren Kreditkennzahlen wurden als Grund genannt. Laut Unternehmen entspricht der Verschuldungsgrad dem Ratingziel und bietet umfangreichen finanziellen Spielraum für Investitionen und M&A.

Der Ausblick der Gruppe für das GJ 2016 bleibt unverändert. Für das Gesamtjahr erwartet Telekom Austria rund 1% Umsatzwachstum. Das Investitionsbudget sollte laut Management bei ca. EUR 750 Mio. liegen.

Elena Statelov, CIIA
+43 (0)5 0100 19641

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General information

AuthorErste Group Research
Product nameCredit News DE
Topic in focusCredits/ Corporate bonds
Economy in focusAustria, CEE, Eurozone
Currency in focusEuro
Sector in focusTelecommunications


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