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:70Outperform
Price Target:
$11.00
â–²(11.00% Upside)
Action:ReiteratedDate:03/18/26
The score is driven primarily by solid financial quality (strong cash generation and improving leverage) and a generally positive outlook from management. These are tempered by recent top-line pressure, capital intensity/one-off support to near-term FCF, and a valuation that looks demanding despite a strong dividend.
Positive Factors
Strong cash generation
Consistent high operating cash flow and a re-acceleration of free cash flow in 2025 indicate durable cash-generation capacity. This supports investment in networks, dividend/buyback policy and deleveraging, giving the company resilience through cyclical or competitive pressure.
Negative Factors
Recent revenue decline
A material revenue decline in 2025 highlights vulnerability in top-line growth and suggests maturation in core markets. If sustained, revenue weakness would pressure margins, cash conversion and the company’s ability to fund elevated capex without relying on balance-sheet moves or one-offs.
Read all positive and negative factors
Positive Factors
Negative Factors
Strong cash generation
Consistent high operating cash flow and a re-acceleration of free cash flow in 2025 indicate durable cash-generation capacity. This supports investment in networks, dividend/buyback policy and deleveraging, giving the company resilience through cyclical or competitive pressure.
Read all positive factors
Hellenic Telecom Organization SA (HLTOY) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$7.60B
Dividend Yield4.81%
Average Volume (3M)26.00
Price to Earnings (P/E)27.9
Beta (1Y)0.15
Revenue Growth0.74%
EPS Growth5.97%
CountryUS
Employees9,831
SectorCommunication Services
Sector Strength97
IndustryTelecommunications Services
Share Statistics
EPS (TTM)0.38
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 Cap0.97
Enterprise Value/Revenue2.07
Enterprise Value/Gross Profit2.87
Enterprise Value/Ebitda5.26
Forecast
1Y Price TargetN/A
Price Target UpsideN/A
Rating ConsensusN/A
Number of Analyst Covering0
EPS Forecast (FY)0.97
Revenue Forecast (FY)$4.10B
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:May 20, 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
68
Positive
Balance Sheet
74
Positive
Cash Flow
77
Positive
| Breakdown | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 3.33B | 3.59B | 3.47B | 3.46B | 3.37B |
| Gross Profit | 1.70B | 2.76B | 2.65B | 2.65B | 2.60B |
| EBITDA | 1.37B | 1.42B | 1.40B | 1.39B | 1.43B |
| Net Income | 481.32M | 478.80M | 531.70M | 388.60M | 557.60M |
Balance Sheet | |||||
| Total Assets | 5.10B | 5.00B | 4.94B | 5.00B | 5.22B |
| Cash, Cash Equivalents and Short-Term Investments | 527.68M | 472.90M | 469.50M | 594.90M | 636.30M |
| Total Debt | 1.06B | 1.10B | 1.09B | 1.31B | 1.41B |
| Total Liabilities | 2.99B | 3.03B | 2.99B | 3.15B | 3.24B |
| Stockholders Equity | 2.11B | 1.96B | 1.94B | 1.85B | 1.97B |
Cash Flow | |||||
| Free Cash Flow | 551.73M | 502.50M | 573.70M | 677.70M | 638.20M |
| Operating Cash Flow | 1.14B | 1.10B | 1.20B | 1.32B | 1.22B |
| Investing Cash Flow | -557.97M | -584.10M | -604.80M | -638.50M | -435.50M |
| Financing Cash Flow | -528.58M | -515.30M | -716.30M | -721.40M | -746.50M |
Hellenic Telecom Organization SA Technical Analysis
Negative
9.91
Price Trends
9.80
Negative
9.79
Negative
9.53
Positive
Market Momentum
-0.06
Positive
43.77
Neutral
3.64
Positive
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For HLTOY, the sentiment is Negative. The current price of 9.91 is above the 20-day moving average (MA) of 9.89, above the 50-day MA of 9.80, and above the 200-day MA of 9.53, indicating a neutral trend. The MACD of -0.06 indicates Positive momentum. The RSI at 43.77 is Neutral, neither overbought nor oversold. The STOCH value of 3.64 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative 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 |
|---|---|---|---|---|---|---|---|
72 Outperform | $5.34B | 10.60 | 7.24% | 5.57% | 19.02% | 9.26% | |
70 Outperform | $7.60B | 27.86 | 31.40% | 4.81% | 0.74% | 5.97% | |
70 Outperform | $24.87B | 17.32 | 9.03% | 5.03% | -3.16% | 4.70% | |
63 Neutral | $9.29B | 12.98 | 10.06% | 4.13% | 0.63% | -21.51% | |
60 Neutral | $48.67B | 4.58 | -11.27% | 4.14% | 2.83% | -41.78% | |
57 Neutral | $10.45B | 27.39 | 3.37% | 5.02% | -8.16% | -52.52% |
* Communication Services Sector Average
HLTOY
Hellenic Telecom Organization SA
9.58
1.70
21.51%
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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.