AMX - Telekom Austria: A Prudent Dividend Policy Ensures Long-Term Financial Stability

Introduction

Telekom Austria (TKAGY) (TKMAF) is more than just a phone company serving fixed line and mobile customers in Austria. As I will explain in this article, the company generates in excess of a third of its revenue and EBITDA in European countries that could still be described as ‘emerging’ considering their GDP per capita is between 1/10^th and 1/5^th of the GDP/capita in Austria. The combination of exposure to a mature ‘anchor market’ and emerging economies and the prudent dividend policy which ensures plenty of free cash flow

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