文档介绍：EQUITIES
S
October 2017
By: Hervé Drouet, Christopher Recouso, Eric Chang, Ziyad Joosub and Ronny Berger https://
EEMEA & LatAm s
Call of Duty: ROIC matters
ROIC declines are faster in LatAm
than EEMEA and we expect a
rebound in EEMEA first due to
better data isation, lower
capital intensity and FX tailwind
ROIC/ vs EV/IC a better
gauge of performance. In general,
EEMEA telcos offer higher ROIC/
s for a cheaper EV/IC spread
than LatAm peers
We prefer EEMEA telcos to LatAm.
We have a Buy rating on TCELL,
MFON, VEON, GTH and Magyar
Telekom. We have a Reduce rating
on Oi and TIM Participações
Disclaimer & Disclosures: This report must be read with the disclosures and the analyst
certifications in the Disclosure appendix, and with the Disclaimer, which forms part of it
EQUITIES ● S
October 2017
Contents
Executive Summary 2 LatAm s 87
America Movil (AMXL MM) 88
ROIC: Five conclusions 8 Entel (ENTEL CI) 91
Grupo Televisa (TLEVICPO MM) 93
More ROIC erosion in LatAm than
in EEMEA 12 Megacable (MEGACPO MM) 96
(MIC SS) 98
ROIC trends vs market Oi (OiBR3 BZ) 101
expectations 25 TIM Participações (TIMP3 BZ) 103
Telefonica Brasil (VIVT4 BZ) 105
Companies section 33
Disclosure appendix 109
EEMEA s 35
Etisalat (ETISALAT UH) 36 Disclaimer 112
GTH (GTHE EY) 39
Magyar Telekom (MTELEKOM HB) 42
Megafon (MFON MM) 44
Mobily (EEC AB) 46
MTN (MTN SJ) 48
MTS (MTSS RX) 50
O2 CZ (TELEC CP) 52
Ooredoo (ORDS QD) 54
Orange Polska (OPL PW) 57
(RTKM RX) 59
STC (STC AB) 61
Telkom (TKG SJ) 64
Turk Telekom (TTKOM TI) 67
Turkcell (TCELL TI) 69
Veon (VIP US) 71
Viva Kuwait (VIVA KK) 73
(VOD SJ) 75
Vodafone Qatar (VFQS QD) 78
Zain Group (ZAIN KK) 80
Zain KSA (ZAINKSA AB) 84
1
EQUITIES ● S
October 2017
Executive Summary
Why ROIC matters
MiFID II – Research
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