Management reiterates its guidance over FCFE (adjusted for spectrum) >E500m in 2015E; This is the reason we keep our OI rating on the name; we cut our EBITDA estimates for 2015-2016 by 3.0%-4.5% to account for the weak mobile and fixed Romanian businesses. OTE should exit the latter in our view (instead of increasing its stake). Greek fixed line performance is an oasis – will stay that way if GDP keeps Q1 2015 rate (+0.3% yoy in real terms) for the remaining of the year. Greek sovereign instability clouds our visibility but current valuation at 3.9x EBITDA 2015E is not demanding. Shares should re-rate upon Greece striking an agreement with creditors…contact@researchgreece.com

OTE shares dropped below E10 in the first trading sessions of August -an ideal price level for investors to build a position. On a risk/reward basis OTE screens much better than other stocks in our universe. We upgrade our rating to OI with a new -higher-PT of E14.5 (was E13.7) after shifting our valuation to 2015; boost comes from OTE’s strong cash generation capacity (>E1/sh p.a) and makes our OI argument: FCF yield of 10-12% in 2015-16E…to access this report contact@researchgreece.com

We raise our 2014-2016 EBITDA estimates by 10-15% mainly on cost cutting; combined with a lower discount rate for the fixed line business we up our target price to E13.7; shares are up by 35% in the last three months. Is there any further upside from here? See our report attached (18 pages)… to access this report  contact@researchgreece.com

Q3 results came in line with our estimates. Cost-cutting continues to compensate for top line weakness (macro, MTR cuts). We fine-tune our 2013-2016 numbers; roll forward our valuation by one year; raise our PT to E8.0/share and reiterate our DOI rating. Cost-cutting is priced in. Top-line is not and this is what OTE needs…to access this report  contact@researchgreece.com

Results out on Nov 7. Group sales at E1bn and EBITDA at E380m. Last year’s VRS (overall 1,809 fewer employees at end-2012) should help fixed EBITDA margin cling on 36%, which means +15% more EBITDA yoy at E135m. This is more than welcome but it cannot serve as an indefinite/sustainable strategy… to access this report  contact@researchgreece.com