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FTE.N

ISIN: US35177Q1058
SEDOL: 2108236

Rating:

HOLD

Target Price:

21.24 USD

Investment Horizon:

6 to 12 months
29th Apr 2009 View Report   Download

1Q 09 News Alert

France Telecom’s (FT) preliminary results for 1Q 09 were in line with our estimates. As the company’s 1Q 09 results were in line with our estimates, and the current price supports a BUY rating we do not anticipate a change in our common stock rating. We will reassess the common stock rating for FT in the coming weeks. Although we expect a negative currency impact on the ADR over the next 6-12 months as the current price supports a HOLD we reiterate our HOLD rating for the ADR....

18th Mar 2009 View Report   Download

4Q 08 & FY 2008 Update Report

Since the majority of the company’s revenue are from mature market economies, we expect the deteriorating economic conditions in these markets to negatively impact top line resulting from declining net-additions in the UK and Spain. Furthermore, we expect ARPU in these countries to decline over the next two years, which is expected to negatively impact PCS UK and PCS Spain revenues. However, we expect PCS France and PCS Poland revenues to increase marginally…

4th Mar 2009 View Report   Download

4Q 08 News Alert

Revenue, EBITDA, adjusted1 operating income and adjusted net income were all in line with our estimates for FY 2008. Going forward, we expect the company to register marginal growth driven by an increase in revenues from Personal Communication Services (PCS) and Home Communication Services (HCS). In addition, we expect its EBITDA margin to benefit from an anticipated decline in personnel costs....

17th Nov 2008 View Report   Download

3Q 08 Update Report

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France Telecom (FT) reported 0.3% y-o-y revenue growth in 3Q 08, in line with our estimate, mainly due to growth from the Personal Communication Services (PCS) business, further supported by growth in the Home Communication Services (HCS). However, EBITDA margin declined due to increased commercial expenses. Going forward, we expect top-line to be driven by growth in ADSL and Mobile customers....

30th Oct 2008 View Report   Download

3Q 08 News Alert

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France Telecom’s (FT) preliminary results for 3Q 08 were in line with our estimates. We expect Personal Communications Services (PCS) to drive FT’s revenues, supported by growth in revenues from the PCS Poland and PCS France segments. In addition, we expect Home Communication Services (HCS) revenues to post modest growth, going forward. In light of these factors and since the company’s 3Q 08 results were in line with our estimates…