DB 德银：欧洲电信行业常规报告

DB：In need of positive vibes

165页　01.29 　　　英文 1.56M

Table of Contents
Key recommendations ...................................................................... 4
View on valuation.............................................................................. 5
FY consensus vs DB estimates ....................................................... 12
Sector drivers: review..................................................................... 15
Cash: how much/what for? ............................................................ 17
M&A monitor ................................................................................... 19
Earnings momentum....................................................................... 20
Government influence..................................................................... 21
Operator specifics ........................................................................... 22
3Q 2006 results reactions................................................................ 33
3Q 2006 results calendar................................................................. 39
Belgacom.......................................................................................... 40
BT Group PLC................................................................................... 42
Cosmote ........................................................................................... 44
Deutsche Telekom........................................................................... 52
Elisa Corporation ............................................................................. 67
France Telecom................................................................................ 72
Fastweb............................................................................................ 74
Iliad Group ....................................................................................... 79
KPN ................................................................................................... 81
Mobistar ........................................................................................... 83
OTE ................................................................................................... 85
Portugal Telecom............................................................................. 93
Telecom Italia................................................................................. 102
Telefónica....................................................................................... 108
Telekom Austria............................................................................. 131
Telenet Group Holding NV ........................................................... 136
Telenor ASA ................................................................................... 138
TeliaSonera .................................................................................... 148
Vodafone Group Plc ...................................................................... 156