Sky Deutschland May Forecast 2014 Ebitda Down ~25%: Commerzbank
Sky Deutschland expected to guide the market ~25% lower regarding 2014 Ebitda amid start of Vodafone’s SNAP platform and too-high ARPU expectations, Commerzbank says in note.
- Commerzbank says 4Q results, due Feb. 6, expected to be “rather subdued”
- While subscriber gains likely to accelerate due to shift of DT customers in 2H, this seems already taken fully into account
- Doesn’t see any positive catalysts for the stock in S/T
- Reiterates hold
- 12 buys, 9 holds, 7 sells; avg. PT EU7.6 implies upside of 5.7%: data compiled by Bloomberg
- Shares up as much as 0.7% today; down 10% since start of Jan., up 94% in 2014
- NOTE: Co. said Nov. 5 3Q Ebitda rose 19% to EU29.2m, said expects FY 2013 Ebitda to be positive, to grow strongly thereafter
- NOTE: Current estimates have 2014 Ebitda at EU116.7m:
