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Investing.com - Morgan Stanley initiated coverage on Hellenic Telecommunications Organization (ATH:HTO) with an Overweight rating and a price target of EUR20.00 on Wednesday.
The Greek telecommunications company’s shares have slightly underperformed the sector year-to-date while remaining in-line with peers over the past five years, according to the investment bank’s analysis.
Morgan Stanley notes that HTO trades at a discount to peers on an EV/EBITDA basis, primarily due to its low leverage with 2026 estimated Net Debt/EBITDA of 0.3x compared to the European telecom sector average of 2.4x.
The firm highlights that HTO offers an attractive unlevered free cash flow yield of 8.5% for 2026, exceeding the sector average of 6%, and operates in a Greek market positioned for continued growth compared to Western Europe.
Morgan Stanley forecasts revenue growth of 2.2% and adjusted EBITDAaL growth of 2.7% (CAGR 2024-2030 estimate, excluding Romania) for the company, with potential additional upside from cost-cutting initiatives.
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