【出版时间及名称】：2009年11月欧洲电信行业研究报告
        【作者】：德意志银行
        【文件格式】：PDF
        【页数】：54
        【目录或简介】：
Table of Contents
Executive summary ........................................................................... 3
Outlook: Despite valid concerns, dividends are sustainable .....................................................3
Valuation: Buy Telefonica O2 CzR and TPSA; Hold Magyar Telekom........................................5
Risks ........................................................................................................................................7
Relative valuation ......................................................................................................................8
Business environment and trends ................................................... 9
Unsurprisingly, shareholder distribution is the main appeal......................................................9
Peers with distinct differences ...............................................................................................10
Weakness in fixed line to persist ............................................................................................11
Broadband business: a platform for the future .......................................................................13
Mobile no longer a growth driver, but should recover in 2H10...............................................16
EBITDA margins: TPSA falling behind while Magyar catching up ...........................................18
Dividends should be sustainable.............................................................................................19
Macroeconomic and regulatory overview..................................... 20
Regulatory overview ...............................................................................................................20
Macroeconomic review ..........................................................................................................22
Telekomunikacja Polska.................................................................. 26
Telefonica O2 CzR............................................................................ 34
Magyar Telekom.............................................................................. 42