Hellenic Telecom Organization S.A. (ADR) (HLTOY)
OTHER OTC:HLTOY
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Hellenic Telecom Organization SA
(OTC:HLTOY)
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Rating:67Neutral
Price Target:
$11.50
â–²(16.04% Upside)
Action:Downgraded
Date:06/07/26
The score is driven primarily by solid underlying profitability and an improving balance sheet, offset by recent revenue contraction and inconsistent free-cash-flow performance. Valuation is supportive (moderate P/E and ~4% yield), but near-term technical momentum is weak.
Positive Factors
High Profitability Margins
Sustained high gross and EBITDA margins indicate durable operating efficiency and pricing power in core fixed/mobile services. These margins support internal funding for network investment and dividends, insulating earnings from cyclical revenue swings over months.
Negative Factors
Revenue Contraction
Sustained top-line decline is a structural risk for a telco reliant on subscription volumes and ARPU expansion. Falling revenue can erode scale economics, pressure margins and cash generation, and force either higher prices (risking churn) or cost cuts that impair growth capability.
Read all positive and negative factors
Positive Factors
Negative Factors
High Profitability Margins
Sustained high gross and EBITDA margins indicate durable operating efficiency and pricing power in core fixed/mobile services. These margins support internal funding for network investment and dividends, insulating earnings from cyclical revenue swings over months.
Read all positive factors
Hellenic Telecom Organization SA (HLTOY) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$8.28B
Dividend Yield4.81%
Average Volume (3M)26.00
Price to Earnings (P/E)11.5
Beta (1Y)0.18
Revenue Growth7.05%
EPS Growth9.47%
CountryUS
Employees9,831
SectorCommunication Services
Sector Strength97
IndustryTelecommunications Services
Share Statistics
EPS (TTM)0.35
Shares Outstanding807,706,240
10 Day Avg. Volume0
30 Day Avg. Volume26
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 Cap0.95
Enterprise Value/Revenue2.21
Enterprise Value/Gross Profit3.31
Enterprise Value/Ebitda4.81
Forecast
1Y Price TargetN/A
Price Target UpsideN/A
Rating ConsensusN/A
Number of Analyst Covering0
EPS Forecast (FY)0.96
Revenue Forecast (FY)$4.08B
Hellenic Telecom Organization SA Business Overview & Revenue Model
Company Description
Hellenic Telecommunications Organization S.A., together with its subsidiaries, provides telecommunications and related services to businesses and individuals primarily in Greece and Romania. It operates through OTE, COSMOTE Group, and Other segmen...
How the Company Makes Money
OTE primarily makes money by selling recurring subscription and usage-based telecommunications services, complemented by equipment sales and ICT/system-integration work for business customers. Key revenue streams typically include: (1) Mobile serv...
Hellenic Telecom Organization SA Earnings Call Summary
Earnings Call Date:Feb 26, 2026
(Q4-2025)
| % Change Since: |
Next Earnings Date:Jul 29, 2026
Earnings Call Sentiment Positive
Overall the call presents a predominantly positive picture: strong operational execution across FTTH, mobile, pay-TV and ICT drove record FTTH additions, robust mobile momentum, higher network utilization, double-digit ICT growth and improving EBITDA and free cash flow. Management has enhanced shareholder returns (22% dividend increase and larger buybacks) and achieved sustainability milestones. Main negatives are structural declines in some wholesale revenues, higher operating and capital intensity associated with network rollout, dependence on one-off tax benefits for headline FCF, and external uncertainties (spectrum timing and competitive/market risks). On balance the positives (broad-based growth, cash generation and shareholder returns) outweigh the negatives.Positive Updates
Record FTTH Customer Additions and Penetration
Q4 net FTTH additions of 58,000 (record), bringing total FTTH customers to 567,000; retail FTTH now 24% of total broadband base vs 17% a year ago; homes passed reached 2.1 million with a target of 2.4 million by 2026; network utilization up to 34%.
Negative Updates
Wholesale Revenue Declines and Structural Headwinds
Wholesale revenues declined by 5% in the quarter; national wholesale revenues fell by roughly EUR 15m in the year; international near-zero margin wholesale is phasing out with an estimated revenue impact of ~EUR 170m in 2026 and ~EUR 130m in 2027 (management notes no EBITDA impact for that phasing out).
Read all updates
Q4-2025 Updates
Positive
Negative
Record FTTH Customer Additions and Penetration
Q4 net FTTH additions of 58,000 (record), bringing total FTTH customers to 567,000; retail FTTH now 24% of total broadband base vs 17% a year ago; homes passed reached 2.1 million with a target of 2.4 million by 2026; network utilization up to 34%.
Read all positive updates
Company Guidance
OTE guided to accelerate EBITDA growth to ~3% in 2026 (vs ~2.1% in 2025; Q4 adjusted EBITDA after leases +2.3%) while keeping 2026 CapEx around €600m (Q4 CapEx €174.5m; FY2025 CapEx €612m, +~9% YoY). Management expects 2026 free cash flow after leases of ≈€750m (driven by a one‑off Romania tax benefit of ~€130m plus ~€40–50m lower tax prepayments), with underlying organic FCF of €570–580m; the 2025 shareholder remuneration package totals €532m (dividends €355m or €0.8777/share and €177m buybacks, +22% and +16% vs 2024) and the company targets distributing virtually 100% of prior‑year FCF. Operational targets supporting the outlook include 2.4m FTTH homes passed by 2026 (2.1m at YE‑2025), a FTTH base of 567k with Q4 net adds of 58k (retail FTTH = 24% of broadband base vs 17% a year ago; network utilization 34%), FWA c.55k subscribers (management noted continued uptake >65k), wholesale net adds 135k in 2025 (vs 60k in 2024), Q4 Mobile service revenue +5.2% with postpaid base +7.2% and +60k Q4 postpaid adds (postpaid 43% vs 40% YoY), 5G device penetration 42.2% (vs 33.5% in 2024), 5G coverage >99% (5G+ ~78%) and average monthly data per user 18.3 GB (+30% YoY).Hellenic Telecom Organization SA Financial Statement Overview
Summary
Income Statement
74
Positive
Balance Sheet
70
Positive
Cash Flow
63
Positive
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 3.57B | 3.33B | 3.59B | 3.47B | 3.46B | 3.37B |
| Gross Profit | 2.38B | 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 | 492.54M | 481.32M | 478.80M | 531.70M | 388.60M | 557.60M |
Balance Sheet | ||||||
| Total Assets | 5.20B | 5.10B | 5.00B | 4.94B | 5.00B | 5.22B |
| Cash, Cash Equivalents and Short-Term Investments | 558.28M | 527.68M | 472.90M | 469.50M | 594.90M | 636.30M |
| Total Debt | 1.06B | 1.06B | 1.10B | 1.09B | 1.31B | 1.41B |
| Total Liabilities | 2.98B | 2.99B | 3.03B | 2.99B | 3.15B | 3.24B |
| Stockholders Equity | 2.22B | 2.11B | 1.96B | 1.94B | 1.85B | 1.97B |
Cash Flow | ||||||
| Free Cash Flow | 513.93M | 551.73M | 502.50M | 573.70M | 677.70M | 638.20M |
| Operating Cash Flow | 1.12B | 1.14B | 1.10B | 1.20B | 1.32B | 1.22B |
| Investing Cash Flow | -562.20M | -557.97M | -584.10M | -604.80M | -638.50M | -435.50M |
| Financing Cash Flow | -558.45M | -528.58M | -515.30M | -716.30M | -721.40M | -746.50M |
Hellenic Telecom Organization SA Technical Analysis
Neutral
9.91
Price Trends
10.54
Negative
10.16
Positive
9.88
Positive
Market Momentum
-0.01
Positive
38.82
Neutral
0.82
Positive
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For HLTOY, the sentiment is Neutral. The current price of 9.91 is below the 20-day moving average (MA) of 10.72, below the 50-day MA of 10.54, and above the 200-day MA of 9.88, indicating a neutral trend. The MACD of -0.01 indicates Positive momentum. The RSI at 38.82 is Neutral, neither overbought nor oversold. The STOCH value of 0.82 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral 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 |
|---|---|---|---|---|---|---|---|
70 Outperform | $20.44B | 16.53 | 9.28% | 5.03% | 10.34% | 17.26% | |
67 Neutral | $8.28B | 11.47 | 30.42% | 4.81% | 7.05% | 9.47% | |
66 Neutral | $8.38B | 9.72 | 8.77% | 4.13% | 13.45% | 148.36% | |
62 Neutral | $14.46B | 60.70 | 3.00% | 5.02% | -7.08% | -73.85% | |
60 Neutral | $48.67B | 4.58 | -11.27% | 4.14% | 2.83% | -41.78% | |
59 Neutral | $4.98B | 12.42 | 7.27% | 5.57% | 18.57% | 5.36% |
* Communication Services Sector Average
HLTOY
Hellenic Telecom Organization SA
10.47
0.96
10.06%
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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.