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Magyar Telekom

Magyar Telekom's Cash & Cash Equivalents remain unchanged yoy at HUF mil in 1Q2016

By Helgi Library - October 12, 2020

Magyar Telekom's total assets reached HUF 1,171,980 mil at the end of 1Q2016, up 0.256% compared to the previous year. ...

Magyar Telekom's Cash & Cash Equivalents remain unchanged yoy at HUF mil in 1Q2016

By Helgi Library - October 12, 2020

Magyar Telekom's total assets reached HUF 1,171,980 mil at the end of 1Q2016, up 0.256% compared to the previous year. ...

Magyar Telekom's Cash & Cash Equivalents rose 20.1% yoy to HUF 17,558 mil in 2015

By Helgi Library - April 2, 2020

Magyar Telekom's total assets reached HUF 1,207,020 mil at the end of 2015, up 1.36% compared to the previous year. ...

Profit Statement 2013 2014 2015
Sales HUF mil 637,521 626,447 656,342
Gross Profit HUF mil 401,051 400,090 406,965
EBITDA HUF mil 179,462 181,224 187,301
EBIT HUF mil 74,721 80,574 73,517
Financing Cost HUF mil 31,560 28,397 28,176
Pre-Tax Profit HUF mil 43,161 52,172 45,341
Net Profit HUF mil 23,460 38,611 27,715
Dividends HUF mil 8,008 6,691 ...
Balance Sheet 2013 2014 2015
Total Assets HUF mil 1,091,250 1,190,780 1,207,020
Non-Current Assets HUF mil 897,307 992,879 996,846
Current Assets HUF mil 193,941 210,178 197,897
Working Capital HUF mil 45,641 47,654 35,245
Shareholders' Equity HUF mil 489,576 524,398 544,931
Liabilities HUF mil 601,672 666,378 662,093
Total Debt HUF mil 424,478 480,482 438,003
Net Debt HUF mil 409,845 465,857 420,445
Ratios 2013 2014 2015
ROE % 4.64 7.62 5.18
ROCE % 2.60 3.89 2.67
Gross Margin % 62.9 63.9 62.0
EBITDA Margin % 28.2 28.9 28.5
EBIT Margin % 11.7 12.9 11.2
Net Margin % 3.68 6.16 4.22
Net Debt/EBITDA 2.28 2.57 2.24
Net Debt/Equity 0.837 0.888 0.772
Cost of Financing % 8.24 6.28 6.14
Valuation 2013 2014 2015
Market Capitalisation USD mil 1,518 1,348 1,477
Enterprise Value (EV) USD mil 3,420 3,130 2,943
Number Of Shares mil 1,042 1,042 1,042
Share Price HUF 314 338 406
EV/EBITDA 4.26 4.12 4.31
EV/Sales 1.20 1.19 1.23
Price/Earnings (P/E) 14.0 9.12 15.3
Price/Book Value (P/BV) 0.669 0.672 0.777
Dividend Yield % 2.45 1.90 ...

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summary Unit 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015
income statement                                      
Sales HUF mil                         643,989 609,579 597,617 607,128 637,521    
Gross Profit HUF mil                         483,413 452,152 436,570 413,150 401,051    
EBIT HUF mil                         147,133 112,094 63,167 87,921 74,721    
Net Profit HUF mil                         77,618 64,378 -7,457 36,859 23,460    
ROE %                         12.9 10.7 -1.30 6.84 4.64    
EBIT Margin %                         22.8 18.4 10.6 14.5 11.7    
Net Margin %                         12.1 10.6 -1.25 6.07 3.68    
Employees                         10,828 10,258 10,111 11,653 10,357    
balance sheet                                      
Total Assets HUF mil                         1,166,380 1,109,010 1,098,030 1,057,840 1,091,250    
Non-Current Assets HUF mil                         917,011 908,432 877,632 841,921 897,307    
Current Assets HUF mil                         249,366 200,574 220,396 215,923 193,941    
Shareholders' Equity HUF mil                         605,420 594,712 556,091 522,083 489,576    
Liabilities HUF mil                         560,957 514,294 541,937 535,761 601,672    
Non-Current Liabilities HUF mil                         322,634 267,477 286,547 300,854 294,449    
Current Liabilities HUF mil                         238,323 246,817 255,390 234,907 307,223    
Net Debt/EBITDA                         1.36 1.58 1.71 1.67 2.28    
Net Debt/Equity                         0.561 0.567 0.604 0.625 0.837    
Cost of Financing % ...                       9.71 6.54 6.59 7.00 8.24    
cash flow                                      
Total Cash From Operations HUF mil ... ... ...                   193,795 164,670 168,781 145,227 131,612    
Total Cash From Investing HUF mil ... ... ...                   -130,299 -52,848 -77,752 -72,875 -106,049    
Total Cash From Financing HUF mil ... ... ...                   -95,906 -130,251 -92,419 -71,592 -26,141    
Net Change In Cash HUF mil ... ... ...                   -32,410 -18,429 -1,390 760 -578    
valuation                                      
Market Capitalisation USD mil ... ...                     4,048 2,583 2,228 1,770 1,518    
Number Of Shares mil ... ...                     1,041 1,041 1,042 1,042 1,042    
Share Price HUF ... ...                     732 516 519 375 314    
Earnings Per Share (EPS) HUF ... ...                     74.5 61.8 -7.15 35.4 22.5    
Book Value Per Share HUF ... ...                     581 571 533 501 470    
Dividend Per Share HUF ... ...                     50.0 50.1 62.0 63.4 7.68   ...
Price/Earnings (P/E) ... ...                     9.82 8.35 -72.5 10.6 14.0    
Price/Book Value (P/BV) ... ...                     1.26 0.903 0.973 0.749 0.669    
Dividend Yield % ... ...                     6.83 9.70 11.9 16.9 2.45   ...
Earnings Per Share Growth % ... ... ...                   -16.5 -17.1 -112 -594 -36.4    
Book Value Per Share Growth % ... ... ...                   0.846 -1.77 -6.59 -6.12 -6.23    
income statement Unit 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015
income statement                                      
Sales HUF mil                         643,989 609,579 597,617 607,128 637,521    
Cost of Goods & Services HUF mil                         160,576 157,427 161,047 193,978 236,470    
Gross Profit HUF mil                         483,413 452,152 436,570 413,150 401,051    
Staff Cost HUF mil                         101,918 93,884 91,823 94,084 96,691    
Other Cost HUF mil                         132,442 145,302 148,665 124,248 124,898    
EBITDA HUF mil                         249,053 212,966 196,082 194,818 179,462    
Depreciation HUF mil                         101,920 100,872 132,915 106,897 104,741    
EBIT HUF mil                         147,133 112,094 63,167 87,921 74,721    
Financing Cost HUF mil                         37,533 23,784 23,184 24,218 31,560    
Extraordinary Cost HUF mil                         -4,611 4,356 9,266 4,380 0    
Pre-Tax Profit HUF mil                         114,211 83,954 30,717 59,323 43,161    
Tax HUF mil                         20,958 6,583 27,538 13,468 14,306    
Minorities HUF mil                         15,635 12,993 10,636 8,996 5,395    
Net Profit HUF mil                         77,618 64,378 -7,457 36,859 23,460    
Dividends HUF mil ...                       52,065 52,118 64,626 66,104 8,008   ...
growth rates                                      
Total Revenue Growth % ...                       -4.32 -5.34 -1.96 1.59 5.01    
Operating Cost Growth % ...                       -1.16 2.06 0.544 -9.21 1.49    
EBITDA Growth % ...                       -7.20 -14.5 -7.93 -0.645 -7.88    
EBIT Growth % ...                       -9.32 -23.8 -43.6 39.2 -15.0    
Pre-Tax Profit Growth % ...                       -14.3 -26.5 -63.4 93.1 -27.2    
Net Profit Growth % ...                       -16.5 -17.1 -112 -594 -36.4    
ratios                                      
ROE %                         12.9 10.7 -1.30 6.84 4.64    
ROCE % ...                       8.30 6.86 -0.812 4.19 2.60    
Gross Margin %                         75.1 74.2 73.1 68.0 62.9    
EBITDA Margin %                         38.7 34.9 32.8 32.1 28.2    
EBIT Margin %                         22.8 18.4 10.6 14.5 11.7    
Net Margin %                         12.1 10.6 -1.25 6.07 3.68    
Payout Ratio % ...                       67.1 81.0 -867 179 34.1   ...
Cost of Financing % ...                       9.71 6.54 6.59 7.00 8.24    
Net Debt/EBITDA                         1.36 1.58 1.71 1.67 2.28    
balance sheet Unit 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015
balance sheet                                      
Non-Current Assets HUF mil                         917,011 908,432 877,632 841,921 897,307    
Property, Plant & Equipment HUF mil ... ...                     550,745 549,752 536,224 510,962 493,619    
Intangible Assets HUF mil ... ... ... ... ...               335,615 332,993 308,313 311,066 381,199    
Goodwill HUF mil ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... 217,709 217,895    
Current Assets HUF mil                         249,366 200,574 220,396 215,923 193,941    
Inventories HUF mil                         9,788 9,592 9,904 12,400 12,478    
Receivables HUF mil                         100,524 106,732 113,350 121,362 136,712    
Cash & Cash Equivalents HUF mil                         34,270 15,841 14,451 15,211 14,633    
Total Assets HUF mil                         1,166,380 1,109,010 1,098,030 1,057,840 1,091,250    
Shareholders' Equity HUF mil                         605,420 594,712 556,091 522,083 489,576    
Of Which Minority Interest HUF mil                         66,940 63,200 68,076 59,027 52,108    
Liabilities HUF mil                         560,957 514,294 541,937 535,761 601,672    
Non-Current Liabilities HUF mil                         322,634 267,477 286,547 300,854 294,449    
Long-Term Debt HUF mil                         266,998 234,164 230,166 265,784 265,736    
Deferred Tax Liabilities HUF mil ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... 22,428 19,075    
Current Liabilities HUF mil                         238,323 246,817 255,390 234,907 307,223    
Short-Term Debt HUF mil                         106,905 118,855 120,020 75,685 158,742    
Trade Payables HUF mil                         85,874 88,613 101,119 115,723 103,549    
Provisions HUF mil     ... ... ... ... ... ... ... ... ... ... ... ... ... 5,668 4,076    
Equity And Liabilities HUF mil                         1,166,380 1,109,010 1,098,030 1,057,840 1,091,250    
growth rates                                      
Total Asset Growth % ...                       -0.212 -4.92 -0.990 -3.66 3.16    
Shareholders' Equity Growth % ...                       0.846 -1.77 -6.49 -6.12 -6.23    
Net Debt Growth % ...                       2.21 -0.723 -0.428 -2.82 25.6    
Total Debt Growth % ...                       -6.28 -5.59 -0.803 -2.49 24.3    
ratios                                      
Total Debt HUF mil                         373,903 353,019 350,186 341,469 424,478    
Net Debt HUF mil                         339,633 337,178 335,735 326,258 409,845    
Working Capital HUF mil                         24,438 27,711 22,135 18,039 45,641    
Capital Employed HUF mil                         941,449 936,143 899,767 859,960 942,948    
Net Debt/Equity                         0.561 0.567 0.604 0.625 0.837    
Cost of Financing % ...                       9.71 6.54 6.59 7.00 8.24    
cash flow Unit 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015
cash flow                                      
Net Profit HUF mil                         77,618 64,378 -7,457 36,859 23,460    
Depreciation HUF mil                         101,920 100,872 132,915 106,897 104,741    
Non-Cash Items HUF mil ... ... ...                   24,543 2,693 37,747 -2,625 31,013    
Change in Working Capital HUF mil ...                       -10,286 -3,273 5,576 4,096 -27,602    
Total Cash From Operations HUF mil ... ... ...                   193,795 164,670 168,781 145,227 131,612    
Capital Expenditures HUF mil ... ... ...                   -110,228 -87,300 -80,074 -96,614 -146,122    
Other Investments HUF mil ... ... ...                   -20,071 34,452 2,322 23,739 40,073    
Total Cash From Investing HUF mil ... ... ...                   -130,299 -52,848 -77,752 -72,875 -106,049    
Dividends Paid HUF mil ...                       -52,065 -52,118 -64,626 -66,104 -8,008   ...
Issuance Of Debt HUF mil ...                       -25,058 -20,884 -2,833 -8,717 83,009    
Total Cash From Financing HUF mil ... ... ...                   -95,906 -130,251 -92,419 -71,592 -26,141    
Net Change In Cash HUF mil ... ... ...                   -32,410 -18,429 -1,390 760 -578    
ratios                                      
Days Sales Outstanding days                         57.0 63.9 69.2 73.0 78.3    
Days Sales Of Inventory days                         22.2 22.2 22.4 23.3 19.3    
Days Payable Outstanding days                         195 205 229 218 160    
Cash Conversion Cycle days                         -116 -119 -138 -121 -62.3    
Cash Earnings HUF mil                         179,538 165,250 125,458 143,756 128,201    
Cash Earnings Per Share HUF ... ...                     172 159 120 138 123    
Price/Cash Earnings (P/CE) ... ...                     4.25 3.25 4.31 2.72 2.55    
Free Cash Flow HUF mil ... ... ...                   63,496 111,822 91,029 72,352 25,563    
Free Cash Flow Yield % ... ... ...                   7.77 20.8 20.3 18.2 7.53    
other data Unit 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015
other data                                      
ROA %                         6.65 5.66 -0.676 3.42 2.18    
Gross Margin %                         75.1 74.2 73.1 68.0 62.9    
Employees                         10,828 10,258 10,111 11,653 10,357    
Cost Per Employee USD per month                         3,884 3,665 3,763 2,990 3,478    
Cost Per Employee (Local Currency) HUF per month                         784,371 762,689 756,791 672,817 777,984    
Staff Cost (As % Of Total Cost) %                         20.5 18.9 17.2 18.1 17.2    
Effective Tax Rate %                         18.4 7.84 89.7 22.7 33.1    
Enterprise Value (EV) USD mil ... ...                     5,852 4,204 3,611 3,247 3,420    
EV/EBITDA ... ...                     4.75 4.11 3.70 3.75 4.26    
EV/Capital Employed ... ...                     1.17 0.934 0.974 0.834 0.782    
EV/Sales ... ...                     1.84 1.44 1.22 1.20 1.20    
EV/EBIT ... ...                     8.03 7.80 11.5 8.31 10.2    
Capital Expenditures (As % of Sales) % ... ... ...                   17.1 14.3 13.4 15.9 22.9    
Sales from Fixed-Lines HUF mil ... ... ...                   274,080 249,633 236,038 222,421 214,015    
Sales from Mobiles HUF mil ... ... ...                   325,996 315,173 308,518 304,965 312,312    
Total Clients mil                         10.00 9.98 10.4 10.4 10.5    
Clients - Fixed-Lines Total mil                         2.29 2.10 2.08 2.00 1.83    
Clients - Fixed-Lines in Hungary mil                         1.74 1.59 1.60 1.54 1.43    
Clients - Fixed-Lines in Macedonia mil ... ... ... ... ...               0.372 0.343 0.311 0.291 0.249    
Clients - Fixed-Lines in Montenegro mil ... ... ... ... ... ... ... ...         0.177 0.172 0.168 0.166 0.152    
Clients - Broadband Total mil ... ... ...                   0.779 0.882 0.984 1.04 1.11    
Clients - Broadband in Hungary mil ... ... ...                   0.596 0.663 0.744 0.785 0.832    
Clients - Broadband in Macedonia mil ... ... ... ... ... ... ...           0.128 0.151 0.161 0.172 0.186    
Clients - Broadband in Montenegro mil ... ... ... ... ... ... ... ...         0.055 0.069 0.078 0.082 0.089    
Clients - Mobiles Total mil                         6.26 6.18 6.48 6.36 6.48    
Clients - Mobiles in Hungary mil                         4.34 4.42 4.82 4.84 4.89    
Clients - Mobiles in Macedonia mil ... ... ... ... ...               1.38 1.30 1.26 1.18 1.20    
Clients - Mobiles in Montenegro mil ... ... ... ... ... ... ... ...         0.531 0.464 0.402 0.340 0.396    
Clients - TV Total mil ... ... ...                   0.674 0.819 0.886 0.955 1.03    
Clients - TV in Hungary mil ... ... ...                   0.630 0.749 0.797 0.835 0.888    
Clients - TV in Macedonia mil ... ... ... ... ... ... ... ... ... ... ...   0.014 0.030 0.040 0.066 0.088    
Clients - TV in Montenegro mil ... ... ... ... ... ... ... ... ... ... ...   0.030 0.040 0.049 0.054 0.059    
ARPU Total HUF per month ... ...                     5,330 5,085 4,879 4,867 5,107    
ARPU - Fixed-Lines HUF per month ... ... ...                   9,472 9,474 9,399 9,074 9,304    
ARPU - Mobiles HUF per month ... ... ...                   4,248 4,225 4,062 3,958 4,055    
Market share in Hungary - Mobiles % ... ... ... ... ...               45.9 47.8 45.0 45.9 46.3 ... ...
Market share in Hungary - Broadband % ... ... ... ... ... ... ... ... ... ... ...   58.2 62.9 48.7 45.8 45.2 ... ...
Market Share in Macedonia - Mobiles % ... ... ... ... ... ... ...           56.4 51.3 50.0 48.0 47.5    
Market Share in Macedonia - Broadband % ... ... ... ... ... ... ... ... ... ... ...   83.0 84.0 83.0 82.6 51.4    
Market Share in Montenegro - Mobiles % ... ... ... ... ... ... ... ...         36.7 37.0 34.7 34.3 35.5    
Market Share in Montenegro - Broadband % ... ... ... ... ... ... ... ... ... ... ... ... ... ... 85.0 82.9 81.8    

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Feb 2014
Company Report
Feb 2014
Statistical Dossier

Magyar Telekom's Cash & Cash Equivalents rose 20.1% yoy to HUF 17,558 mil in 2015

By Helgi Library - April 2, 2020

Magyar Telekom's total assets reached HUF 1,207,020 mil at the end of 2015, up 1.36% compared to the previous year. Current assets amounted to HUF 197,897 mil, or 16.4% of total assets while cash stood at HUF 17,558 mil at the end of 2015. ...

More News

Magyar Telekom Nyrt is the largest Hungarian telecommunications company. The former monopolist (until 2005 known as MATÁV) is now a subsidiary of Deutsche Telekom. In line with the Company's expansion stategy, its business is divided into geographical segments: Hungary, Macedonia and Montenegro. Having more than 10 mil clients, Magyar Telekom Group provides a wide range of telecommunications services such as mobile and fixed line telecommunications, television distribution and Internet connections and energy retail services to residential and small businesses customers mainly under the T-Mobile and T-Home brands. In 2012, the Group employed 11,653 persons. Germany's T-Mobile holds a 59.2% stake in the Company

Finance

Magyar Telekom has been growing its sales by a year on average in the last 5 years. EBITDA has fallen on average by 2.54% a year during that time to total of HUF 187,301 mil in 2015, or 28.5% of sales. That’s compared to 30.1% average margin seen in last five years.

The company netted HUF 27,715 mil in 2015 implying ROE of 5.18% and ROCE of 2.67%. Again, the average figures were 4.60% and 2.51%, respectively when looking at the previous 5 years.

Magyar Telekom’s net debt amounted to HUF 420,445 mil at the end of 2015, or 0.772 of equity. When compared to EBITDA, net debt was 2.24x, up when compared to average of 2.10x seen in the last 5 years.

Valuation

Magyar Telekom stock traded at HUF 406 per share at the end of 2015 resulting in a market capitalization of USD 1,477 mil. Over the previous five years, stock price fell by 21.3% or -4.68% a year on average. The closing price put stock at a 12-month trailing EV/EBITDA of 4.31x and price to earnings (PE) of 15.3x as of 2015.

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