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Hellenic Telecom Organization SA
(OTC:HLTOY)
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Rating:74Outperform
Price Target:
$13.00
â–²(13.04% Upside)
Action:Reiterated
Date:07/31/26
The score is primarily supported by strong profitability/returns with manageable leverage, reinforced by a positive earnings-call outlook with reiterated guidance and improving operating metrics. It is moderated by weaker cash conversion and top-line softness, while valuation is supportive (moderate P/E and ~5% yield) and technicals show a constructive trend above key moving averages.
Positive Factors
Fiber and mobile customer growth
Strong FTTH additions, rising postpaid penetration and higher ARPU deepen customer relationships and support recurring connectivity revenue. Continued fiber rollout and 5G adoption can strengthen OTE’s network position and improve retention over the next several years.
Negative Factors
International transit revenue phase-out
Although the business carries zero margin, its deliberate wind-down creates a sustained reported-revenue headwind. The effect may obscure underlying growth and makes near-term top-line expansion dependent on successfully scaling other businesses.
Read all positive and negative factors
Positive Factors
Negative Factors
Fiber and mobile customer growth
Strong FTTH additions, rising postpaid penetration and higher ARPU deepen customer relationships and support recurring connectivity revenue. Continued fiber rollout and 5G adoption can strengthen OTE’s network position and improve retention over the next several years.
Read all positive factors
Hellenic Telecom Organization SA (HLTOY) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$8.90B
Dividend Yield5.02%
Average Volume (3M)966.00
Price to Earnings (P/E)11.5
Beta (1Y)0.13
Revenue Growth4.53%
EPS Growth35.64%
CountryUS
Employees8,827
SectorCommunication Services
Sector Strength97
IndustryTelecommunications Services
Share Statistics
EPS (TTM)0.34
Shares Outstanding788,108,000
10 Day Avg. Volume1,856
30 Day Avg. Volume966
Financial Highlights & Ratios
PEG Ratio-0.58
Price to Book (P/B)6.36
Price to Sales (P/S)4.03
P/FCF Ratio24.31
Enterprise Value/Market Cap<0.01
Enterprise Value/Revenue<0.01
Enterprise Value/Gross Profit<0.01
Enterprise Value/Ebitda<0.01
Forecast
1Y Price TargetN/A
Price Target UpsideN/A
Rating ConsensusN/A
Number of Analyst Covering0
EPS Forecast (FY)0.95
Revenue Forecast (FY)$3.93B
Hellenic Telecom Organization SA Business Overview & Revenue Model
Company Description
Hellenic Telecommunications Organization S.A. (HLTOY) is a prominent telecommunications conglomerate that, through its subsidiaries, delivers a broad spectrum of communication and associated solutions. These services are provided to both residenti...
How the Company Makes Money
OTE generates revenue primarily by selling telecommunications and related digital services to consumers and enterprises. Key revenue streams include (1) mobile services (voice, messaging, and mobile data plans, including postpaid and prepaid offer...
Hellenic Telecom Organization SA Earnings Call Summary
Earnings Call Date:Jul 29, 2026
(Q2-2026)
| % Change Since: |
Next Earnings Date:Oct 30, 2026
Earnings Call Sentiment Positive
The call presents a largely positive operational and financial picture: strong, diversified revenue growth (adjusted +8%), record FTTH and postpaid net additions, robust ICT momentum with large contract wins, improved EBITDA margin (40.1%), S&P upgrade to A-, and maintained CapEx and cash-flow guidance. Headwinds are meaningful but manageable: an announced EUR60m quarterly hit from winding down 0-margin international transit, competitive risks from expanding FTTH (and a potential PPC-Vodafone JV), normalization of RRF-driven ICT revenues in H2, and timing-dependent realization of cost/transformation benefits. Overall, the strength across multiple growth pillars and clear plans to offset known pressures support a constructive outlook.Positive Updates
Consolidated Revenue Growth (adjusted)
Total revenues, adjusting for the planned phase-out of the international wholesale business (0 margin), increased by 8% year-on-year, driven by system solutions, mobile growth and resilient fixed retail.
Negative Updates
Planned Phase-Out of International Wholesale Transit
The deliberate wind-down of 0-margin international wholesale transit weighed on revenues by ~EUR60m in the quarter and will continue to reduce reported revenues through 2026 and into early 2027.
Read all updates
Q2-2026 Updates
Positive
Negative
Consolidated Revenue Growth (adjusted)
Total revenues, adjusting for the planned phase-out of the international wholesale business (0 margin), increased by 8% year-on-year, driven by system solutions, mobile growth and resilient fixed retail.
Read all positive updates
Company Guidance
The management reiterated its 2026 guidance while quantifying key metrics: total revenues (adjusted for the zero‑margin international transit phase‑out) grew 8% YoY in Q2, mobile service revenues +2.3% and fixed retail service revenues +1.4%; adjusted EBITDA after leases rose 3% in the quarter with margin at 40.1% and the company remains on track for its full‑year EBITDA growth target of ~3%; Q2 CapEx was EUR 157m (‑7.7% YoY) with full‑year CapEx guidance of ~EUR 600m; free cash flow after leases was EUR 150m in Q2 (vs EUR 161m a year ago) and management expects reported FCF of ~EUR 750m (adjusted FCF EUR 570–580m); FTTH homes passed are 2.2m aiming for ~2.4m by year‑end with 62,000 FTTH net adds in Q2 taking the FTTH base to 687,000 (29% of broadband) and network utilization to 42%; FWA added 19,000 subs (almost 120,000 total) with 5G WiFi >100,000 customers; mobile postpaid net adds were a record 62,000 (postpaid base +8% YoY), blended ARPU +3%, average data use 21GB (+20% YoY), 5G device penetration 50% and coverage >99% (5G+ ~84%); management also noted a EUR 60m Q2 revenue hit from the phase‑out of international transit that will weigh on revenues through 2026/early 2027 and reiterated confidence in delivering solid full‑year growth and building a strong 2027 pipeline.Hellenic Telecom Organization SA Financial Statement Overview
Summary
Income Statement
78
Positive
Balance Sheet
74
Positive
Cash Flow
66
Positive
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 3.51B | 3.33B | 3.59B | 3.47B | 3.46B | 3.37B |
| Gross Profit | 2.37B | 1.70B | 2.76B | 2.65B | 2.65B | 2.60B |
| EBITDA | 1.64B | 1.37B | 1.42B | 1.40B | 1.39B | 1.43B |
| Net Income | 556.54M | 481.32M | 478.80M | 531.70M | 388.60M | 557.60M |
Balance Sheet | ||||||
| Total Assets | 5.44B | 5.10B | 5.00B | 4.94B | 5.00B | 5.22B |
| Cash, Cash Equivalents and Short-Term Investments | 769.60M | 527.68M | 472.90M | 469.50M | 594.90M | 636.30M |
| Total Debt | 1.16B | 1.06B | 1.10B | 1.09B | 1.31B | 1.41B |
| Total Liabilities | 3.46B | 2.99B | 3.03B | 2.99B | 3.15B | 3.24B |
| Stockholders Equity | 1.98B | 2.11B | 1.96B | 1.94B | 1.85B | 1.97B |
Cash Flow | ||||||
| Free Cash Flow | 503.33M | 551.73M | 502.50M | 573.70M | 677.70M | 638.20M |
| Operating Cash Flow | 1.09B | 1.14B | 1.10B | 1.20B | 1.32B | 1.22B |
| Investing Cash Flow | -551.30M | -557.97M | -584.10M | -604.80M | -638.50M | -435.50M |
| Financing Cash Flow | -437.65M | -528.58M | -515.30M | -716.30M | -721.40M | -746.50M |
Hellenic Telecom Organization SA Technical Analysis
Positive
11.50
Price Trends
11.30
Positive
10.82
Positive
10.14
Positive
Market Momentum
0.06
Positive
53.79
Neutral
46.49
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For HLTOY, the sentiment is Positive. The current price of 11.5 is above the 20-day moving average (MA) of 11.48, above the 50-day MA of 11.30, and above the 200-day MA of 10.14, indicating a bullish trend. The MACD of 0.06 indicates Positive momentum. The RSI at 53.79 is Neutral, neither overbought nor oversold. The STOCH value of 46.49 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for HLTOY.
Hellenic Telecom Organization SA Peers Comparison
UnderperformOutperform
Sector (60)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
76 Outperform | $18.85B | 14.59 | 9.70% | 7.42% | 16.10% | 24.13% | |
74 Outperform | $8.90B | 11.52 | 32.96% | 5.02% | 4.53% | 35.64% | |
69 Neutral | $4.42B | 10.89 | 7.05% | 4.32% | 16.11% | 2.15% | |
66 Neutral | $9.74B | 9.40 | 7.21% | 4.12% | 5.40% | 39.37% | |
61 Neutral | $14.53B | 28.18 | 5.74% | 1.64% | -7.65% | -32.07% | |
60 Neutral | $48.67B | 4.58 | -11.27% | 4.14% | 2.83% | -41.78% |
* Communication Services Sector Average
HLTOY
Hellenic Telecom Organization SA
11.51
2.44
26.83%
KT
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19.79
-0.25
-1.25%
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>-0.01
-0.09%
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Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.