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Ich halte Teliasonera für einen guten Deutsche Telekom Ersatz.

Während sich Telekom in Griechenland eingekauft hat, scheint Teliasonera langsam in Osteueropa zu expandieren.

Während Telekom 4G noch testet, ist es im Norden schon im Einsatz.

Bei der Dividende hat Telekom kurzfristig wohl noch ein paar Vorteile, mittelfristig wird die Dividende vermutlich nicht zu halten sein.

Im 3-Jahreschart überzeugen beide Werte nicht.
In den letzten 12 Monaten waren die Schweden besser als die Deutschen.
Das letzte Quartalsergebnis ist besser ausgefallen, als von manchen Analysten erwartet.
Die Dividende bei Teliasonera wird auch angehoben.

In den letzten 6 Monaten hätte man, mit dem Schwedischen Papier knapp 10% mehr verdient als bei der Telekom.
Bin über den Ärger mit Turkcell hierauf gestossen und habe mir heute mal ein paar zugelegt.

Immer gut, Themen von zwei Seiten zu beobachten...
Antwort auf Beitrag Nr.: 41.816.819 von R-BgO am 20.07.11 15:18:25Turkcell cut to ‘sell’ level at Goldman

Monday, May 16, 2011
ISTANBUL - Bloomberg
Turkcell, Turkey’s largest mobile-phone operator, was downgraded by The Goldman Sachs Group Monday for “slim chance for a sustainable turnaround” and disputes among its shareholders.

The rating on Turkcell, owned by Scandinavian telecoms operator TeliaSonera, Russian Altimo and Turkey’s Çukurova Holding, was cut to “sell” level from “neutral” by Goldman Sachs analyst Alexander Balakhnin, the investment bank said in an e-mailed report.

TeliaSonera and Altimo are embroiled in a struggle with Çukurova over how Turkcell is run. The two companies blocked a shareholders’ dividend at the annual general meeting in April after chairman Colin Williams refused to discuss board changes and government officials backed him. TeliaSonera and Altimo want Williams dismissed.

“News flow on intensifying competition in Turkey and signs of aggressive marketing activity will likely be negative for the stock,” Balakhnin said. “Moreover as the Turkish macro situation remains challenging, weak statistics as well as a start of tightening would add additional pressure on Turkcell shares.”

“Evolution of the shareholder disputes add to the level of uncertainty and negative tension,” the analyst wrote. “Mobile competition in Turkey remains highly unstable with all three operators fighting for market share. We see a slim chance for a sustainable turnaround of Turkcell’s business, as the company will likely need to sacrifice profitability for market share retention.”

Goldman expects Turkcell to post a margin of earnings before interest, tax, depreciation and amortization, or Ebitda, of 31.9 percent in 2011 with higher capital expenditure spending, the report said. Turkcell’s Ebitda was 32.7 percent in 2010, according to information on its website.
mehr Background:

Turkey’s Turkcell In Big Dispute with TeliaSonera of Scandinavia

A key official from Çukurova Holding — the only Turkish shareholder of Turkey’s largest GSM operator, Turkcell İletişim Hizmetleri A.Ş. — has said the company’s foreign partners, Scandinavian TeliaSonera and Russian Altimo, are actually trying to prevent Turkcell’s expansion into Africa as they seek to take over control of the company.

Speaking to Today’s Zaman on condition of anonymity, the official argued that the two foreign companies have embarked on a persistent campaign “based on lies” to reshape the company’s board of directors so as to impact ownership of Turkcell and, subsequently, its decision-making mechanisms. “We were going to purchase GSM operating licenses in 24 African nations and let the company fly. The [Turkish exporters] companies are going there. Turkish Airlines [THY] is going to grow on the continent. And we were going to take the mobile phone operating business.

We were going to become number one in Africa. Even the worth of the services we would outsource was going to be millions of dollars. They simply do not want us to enter Africa,” the official said.

TeliaSonera has a 37.1 percent stake as the main shareholder of Turkcell İletişim Hizmetleri A.Ş., but it cannot control the company because a special purpose company, Turkcell Holding A.Ş., holds 51 percent of Turkcell İletişim. A total of 53 percent of Turkcell Holding is owned by a Çukurova-Altimo partnership and 47 percent by TeliaSonera. Çukurova and Altimo each hold about 13 percent of Turkcell İletişim.

Presently, Turkcell İletişim’s board has seven members, and all three partners are represented by two members each on the board of directors. Mehmet Emin Karamehmet, the founder of Turkcell İletişim and chairman of Çukurova, stepped down in February of last year as Turkcell İletişim’s board chairman after almost 17 years and was replaced by Colin Williams, who has served as an independent board member since May 2006.

What TeliaSonera and Altimo are reportedly trying to do is increase the number of members on the company’s board of directors from seven to nine and the number of independent members there from one to three. Turkey’s ruling Justice and Development Party (AK Party) government, however, seems to have sided with preserving the present member distribution on the board of directors of the country’s largest mobile phone operator.

In October of last year, the company’s non-Turkish partners were disappointed as a related decision could not be made because commissioners from the Industry and Trade Ministry did not participate in a congress. It is now certain that the upcoming congress on April 21 will host heated debates and tactical wars between the three partners as to who will have the ultimate say over the company’s future plans.

Tricks over independent members

The Çukurova Holding official who spoke to Today’s Zaman drew attention to another dimension of the present board members’ dispute. He says the company’s foreign partners are seeking to take control of the company through people who they say will be independent. “Julian Horn-Smith, whom they proposed as an independent member, is also on the board of directors of our competitor Vodafone. He is also a paid consultant at Altimo’s umbrella holding Alfa. How on the earth is he independent? Can such a person be accepted? They lie without being ashamed of it,” Today’s Zaman’s source said.

When asked why Turkcell’s foreign partners are also striving to replace Williams with someone else, the same official said: “We are curious about that, too. They would [like to] sue the guy. He brought the general congress agenda to be discussed by the board three times; yet, the members did not make any request to increase their number of colleagues. What else should Williams do?”

On the particular issue of the claim raised by TeliaSonera’s CEO Lars Nyberg that Çukurova sold the same shares to both TeliaSonera and Altimo, the official insisted that this claim is untrue and that those shares were sold only to Altimo and that TeliaSonera did not make any payment for them. “In order for Nyberg to say ‘they sold,’ he also has to explain how much he paid for those shares. Did you sign the deal? No. We went [to offer those shares to TeliaSonera] twice before we sold them to the Russians. We told them that we hadn’t yet taken any money from the Russians and that they [the TeliaSonera] could buy those shares. They did not respond to us within 60 days and we sold those shares to the Russians because we had to [under those circumstances.] From our point of view, they are doing 50 or more tricks at the same time. We are fed up with all this,” the official said.

The same official also raised allegations of corruption against TeliaSonera in remarks to Today’s Zaman. He claimed that TeliaSonera has embezzled millions of dollars of Turkcell’s revenue, causing financial losses for its shareholders in Turkey and the US since the company’s shares are traded on both the İstanbul Stock Exchange (İMKB) and the New York Stock Exchange (NYSE).

In his explanation of the allegation, the Scandinavian joint venture caused Kcell — a Kazakh mobile phone operator owned by Fintur Holdings, a TeliaSonera-Turkcell partnership company — to make less profit than it could have made otherwise by forging fake bills that stated the Kazakh company had purchased services from the Swedish telecommunications giant Ericsson, though in fact it did not. “Every time we ask them why they did not pay any dividends to shareholders, they say the company had outstanding debts. Now we understand how its money used to evaporate. They embezzled the very money we and small shareholders were entitled to. We will bring this up at the [April 21] congress,” the official said.

15 April 2011
An arbitration tribunal of the International Chamber of Commerce (ICC) has issued its final award related to a dispute concerning the 2005 Turkcell Holding share purchase agreement between TeliaSonera and Cukurova. The tribunal orders Cukurova to pay damages to TeliaSonera in an amount of USD 932 million, plus interest.

The arbitration tribunal has earlier issued partial awards. The first award was issued in January 2007, stating that a binding share purchase agreement between TeliaSonera and Cukurova was concluded and ordering Cukurova to close the transaction. In a second partial award, issued in July 2009, the arbitration tribunal further stated that Cukurova must deliver all the remaining shares in Turkcell Holding to TeliaSonera for a cash consideration of USD 3.1 billion.

Under the rules of the ICC, which Cukurova has agreed to be bound by, the parties undertake to carry out any award without delay and shall be deemed to have waived their right to any form of recourse.

Cukurova has in no way acted or showed any interest in acting in accordance with its obligations under any of the earlier partial awards. TeliaSonera therefore turned to the arbitration tribunal and requested the tribunal to award damages.

The arbitration tribunal of the ICC has now ordered Cukurova to pay damages to TeliaSonera in an amount of USD 932 million. In addition, the amount awarded shall bear interest from 30 June 2007 until full payment by Cukurova, at the highest rate paid by the Turkish State Banks for one year term deposit accounts in USD.

“The damages and compound interest which have been awarded represent a significant amount of money. Given Cukurova’s total disregard of previous arbitration awards, we will take immediate action to recover damages in countries where Cukurova has assets,” says Cecilia Edström, Senior Vice President and Head of Group Communications.

“In November 2009, we agreed with Altimo to collaborate and align our efforts to resolve all ongoing legal disputes between each of us and Cukurova. The final ICC award and the recent decision by the Court of Appeal of the Eastern Caribbean Supreme Court in favour of Altimo are important steps in the right direction. We will now join forces to implement the award and seek for a speedy resolution of a conflict which has affected Turkcell far too long,” says Cecilia Edström, Senior Vice President and Head of Group Communications.
Background information

TeliaSonera is a founding member and the biggest shareholder in Turkcell. In March 2005, an agreement was announced in which Cukurova agreed to sell all its remaining shares in Turkcell Holding to TeliaSonera for a cash consideration of USD 3.1 billion, which would have increased TeliaSonera’s effective ownership in Turkcell to 64.3 percent. The final award which has now been issued results from an arbitration proceeding in Geneva that TeliaSonera commenced in May 2005 after Cukurova withdrew from the transaction.

TeliaSonera AB discloses the information provided herein pursuant to the Swedish Securities Markets Act and/or the Swedish Financial Instrument Trading Act. The information was submitted for publication at 12 noon, CET on 30 September 2011.
Mein Statement wonach Teliasonera ein guter Ersatz für die Deutsche Telekom sein könnte nehme ich dann wohl besser zurück.
Beiden scheinen ein Problem mit einer Auslandstochter zu haben.
Teliasonera hat seine Zahlen für 2011 veröffentlicht.
Full year
Net sales in local currencies and excluding acquisitions increased 2.6 percent. In reported currency, net sales fell 2.5 percent to SEK 104,354 million (106,979).
Net income attributable to owners of the parent company decreased 13.7 percent to SEK 18,341 million (21,257) and earnings per share to SEK 4.20 (4.73).
Free cash flow decreased to SEK 9,629 million (12,901), mainly due to higher cash CAPEX and lower dividends from associated companies.

The Board of Directors proposes an ordinary dividend of SEK 2.85 per share (2.75), totaling SEK 12.3 billion (12.3), or 68 percent (58) of net income attributable to owners of the parent company.

Man ist wohl mehr oder weniger fair bewertet.

Der Kurs hat auf die Zahlen nicht reagiert.
Ein rückläufiger Gewinn war also eingepreist.

Für das laufende Jahr ist die Gesellschaft vorsichtig optimistisch.

Ich denke, falls Telekommunikationswerte irgendwann mal wieder laufen.
Könnte der hier besser ziehen als eine T-Aktie.

Nächstes Jahr könnte das 4G Geschäft anziehen, und dann erholt sich der Kurs.
Die Zahlen für 2012 sind gekommen.
Nicht weltbewegendes.
Ähnlich wie bei Telekom, man kommt nicht recht vom Fleck.
Im Unterschied zur Telekom ist aber keine Dividendenkürzung geplant.

The TeliaSonera share is listed at the
NASDAQ OMX Stockholm and Helsinki
stock exchanges. In 2012 the share price declined 5.8 percent to SEK 44.06.
During the same period the OMX Stockholm 30 Index rose 11.8 percent and the
STOXX 600 Telecommunications Index declined 10.7 percent.

Man könnte jetzt nachschauen, wie viel Prozent Telekom verloren hat.

Die Dividende bleibt unverändert bei 2,85 SEK ~ 34 cents
Der Gewinn pro Aktie ist gestiegen von 4,2 auf 4,59 SEK

Schweden senkt wohl seine Unternehmenssteuern von 26 auf 22%.
Der Gewinn müsste damit geringfügig steigen.

Vielleicht klappt ja dieses Jahr der Sprung über die 6 Euro Marke.

Quelle: http://annualreports.teliasonera.com/global/download%20cente…

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