Preços dos medicamentos vão "inevitavelmente" subir, avisam as farmacêuticas

[MITROLAS]

Continua a escalada da DTE.
Se não me engano isto cheira a short squeeze!!!

[MITROLAS]

Value Investing: Deutsche Telekom
The european giant of telecommunications (nr 1 in revenue) is under pressure due to the strong competition in domestic market (in this case, Germany). The lost of 1 million wired lines in the first half of this year confirms the difficulty that DT subsidiary, T-Com, had to increase revenue and in the limit, cut the expenses.
The social state, very strong in Germany, makes difficult the employees reduction and the german government, that is the biggest shareholder with more than 34% of the company, keeps the eyes shut to a company with more than 249 thousand workers worldwide which of those are 129 thousand in the wired line network, T-Com.

Although, we think that all these 'bad news' are already incorporated in the stock price and we hardly think that Deutsche Telekom is trading at a level extremely low, let's see:
- ev/ebitda (regarding forecasts for 2006) is at 4,65, beating consecutive yearly lows
- Telefonica's acquisition of O2 was made at an ev/ebitda=10,7
- Belgacom's acquisiton of 25% of Proximus to Vodafone was made at an ev/ebitda=8,7
- Sonae's bid offer to Portugal Telecom is at an ev/ebitda=8,94

In a perpective of "Value Investing" this is undoubtly an unique opportunity. Maybe, that's the reason why the biggest private equity firm, Blackstone Group, has bought to the german state 4,5% of DT at 14 euros in the last days of April. This private equity firm of NY, has for the last years, earned 60% anually.

The weird thing, is that analist now talk about energy stocks and depreciate telecoms. In 4 to 6 years the process of "commoditization" of energy and the strong regulation will show us the same investment opportunities in the energy sector, that now we're getting in telecom sector. Let's wait and see...

Best regards,
Filipe Vasconcelos



http://filipevasconcelos.blogspot.com/