الوعب
02-06-2009, 01:27 PM
كريديت سويس يعيد تقيم سهم كيوتل ويرفع تقديره للسعر العادل لسهمها إلى 153 ريال
Equity Research analysis
QATAR TELECOM
ISIN: QA0007227737 in QAR (QTEL QD)
Recommendation BUY
Last closing price 125.10
Target price 153.00
Stop/loss 80.00
Dividend 2009E 11.00
Dividend yield 2009E (%) 8.8
EPS 2009E 22.77
EPS 2010E 26.19
P/E 2009E 5.5
P/E 2010E 4.8
Market cap (m) 18348 (QAR)
Robust growth in customer base provides a good
foundation for growth
FY 2008 results showed Qtel bottom-line grew 36% YoY to
QAR 2,277 m on robust top-line growth, despite considerable
net loss on foreign currency exchange and impairment
loss on intangibles & AFS investments together with rising
general and administrative expenses. The company’s revenue
registered growth of 93% to reach QAR 20.3 bn. This increase
was primarily led by a growing customer base and
increased ARPUs, particularly from Iraq and Indonesia. Despite
declining blended ARPUs, a rising customer base and
revenue from Qatar, Oman, Kuwait, Tunisia and Algeria also
partly supported revenues. In line with the company’s aggressive
expansion strategy, total customer base jumped
over three-fold to 57.52 m. Going forward, we expect Qtel
to continue to expand abroad aggressively, but also diversify
its business model, hence we remain positive on Qtel. And
re-iterate our BUY rating with a price target of QAR 153 per
share.
Valuations look attractive, trading at a discount, we
maintain our BUY rating
With a P/E 2009E of 5.5, Qtel’s trades on a 15% discount
to peers. We feel this is unjustified given Qtel’s monopoly
status, branding and acquisitions. In addition a dividend yield
of over 8% is higher than most peers. In line with other
stocks in our coverage from the Gulf we have decreased the
risk premium to reflect the changing sentiment in the financial
markets. Our HOLT-DCF model produces a price target
of QAR 153 per share. Hence we maintain our BUY rating.
البيع والشراء
QATAR TELECOM (QTEL QD)
Company Rating Date
BUY 02/06/2009
BUY 25/11/2008
BUY 02/04/2008
شراء فقط
Equity Research analysis
QATAR TELECOM
ISIN: QA0007227737 in QAR (QTEL QD)
Recommendation BUY
Last closing price 125.10
Target price 153.00
Stop/loss 80.00
Dividend 2009E 11.00
Dividend yield 2009E (%) 8.8
EPS 2009E 22.77
EPS 2010E 26.19
P/E 2009E 5.5
P/E 2010E 4.8
Market cap (m) 18348 (QAR)
Robust growth in customer base provides a good
foundation for growth
FY 2008 results showed Qtel bottom-line grew 36% YoY to
QAR 2,277 m on robust top-line growth, despite considerable
net loss on foreign currency exchange and impairment
loss on intangibles & AFS investments together with rising
general and administrative expenses. The company’s revenue
registered growth of 93% to reach QAR 20.3 bn. This increase
was primarily led by a growing customer base and
increased ARPUs, particularly from Iraq and Indonesia. Despite
declining blended ARPUs, a rising customer base and
revenue from Qatar, Oman, Kuwait, Tunisia and Algeria also
partly supported revenues. In line with the company’s aggressive
expansion strategy, total customer base jumped
over three-fold to 57.52 m. Going forward, we expect Qtel
to continue to expand abroad aggressively, but also diversify
its business model, hence we remain positive on Qtel. And
re-iterate our BUY rating with a price target of QAR 153 per
share.
Valuations look attractive, trading at a discount, we
maintain our BUY rating
With a P/E 2009E of 5.5, Qtel’s trades on a 15% discount
to peers. We feel this is unjustified given Qtel’s monopoly
status, branding and acquisitions. In addition a dividend yield
of over 8% is higher than most peers. In line with other
stocks in our coverage from the Gulf we have decreased the
risk premium to reflect the changing sentiment in the financial
markets. Our HOLT-DCF model produces a price target
of QAR 153 per share. Hence we maintain our BUY rating.
البيع والشراء
QATAR TELECOM (QTEL QD)
Company Rating Date
BUY 02/06/2009
BUY 25/11/2008
BUY 02/04/2008
شراء فقط