We estimate reported cash flow of E440m in 2021 plus a (minimum) special dividend of E100m-E120m from the sale of TR fixed. OTE’s declared remuneration policy implies shareholders will pocket E400m in cash dividends and the rest E150m via buybacks. Adjusted free cash flow will not exceed E540m on our estimates (from E610m in 2020) due to the loss of Romanian EBITDA, partially offset by cost-cutting. Beyond 2021, reported cash flows and ordinary remuneration should rise further to E550m on cost cutting and lower capex. We discount cash flows at 7% and up our 2021 PT to…

With this note we briefly share our views on all the names we cover. We start with our OI picks, followed by Radar and DOI names. We have added several names in our Universe, most of which on a Not Rated (NR) basis.

Valuation: Price Target at…

The Romanian government decided…

Expect minimum…