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Hrvatski Telekom d.d. is a Croatia-based provider of telecommunications services. The Company combines the services of fixed and mobile telephony, data transmission, Internet and international communications. The Company is the leading provider of telecommunications services in Croatia, serving more than 1.3 million fixed lines, nearly 2.5 million mobile subscribers and 648,000 broadband connections. Hrvatski Telekom provides telecommunications services, design and construction of telecommunications networks. In addition to the provision of fixed telephony services (fixed-line access and traffic, as well as fixed-network supplementary services), the Group also provides Internet services, including IPTV, data transmission services and GSM and UMTS mobile telephone networks. Hrvatski Telekom is owned by T-Mobile Global Holding.

Finance

Hrvatski Telekom has been growing its sales by a year on average in the last 5 years. EBITDA has fallen on average by 6.8% a year during that time to total of HRK 2,668 mil in 2015, or 38.0% of sales. That’s compared to 42.1% average margin seen in last five years.

The company netted HRK 925 mil in 2015 implying ROE of 8.20% and ROCE of 10.8%. Again, the average figures were 12.8% and 17.5%, respectively when looking at the previous 5 years.

Hrvatski Telekom’s net debt amounted to HRK -3,739 mil at the end of 2015, or -0.326 of equity. When compared to EBITDA, net debt was -1.40x, down when compared to average of -1.14x seen in the last 5 years.

Valuation

Hrvatski Telekom stock traded at HRK 144 per share at the end of 2015 resulting in a market capitalization of USD 1,867 mil. Over the previous five years, stock price fell by 50% or -12.9% a year on average. The closing price put stock at a 12-month trailing EV/EBITDA of 2.84x and price to earnings (PE) of 12.8x as of 2015.