Χρηματοοικονομική ανάλυση και κόστος κεφαλαίου: η περίπτωση του Οργανισμού Τηλεπικοινωνιών Ελλάδος

Πετράτος, Απόστολος - Εφραίμ Ν.

Master Thesis

Author

Πετράτος, Απόστολος - Εφραίμ Ν.

Date

2012-10-03

Abstract

The present thesis aims first a financial analysis for the period 2006 to 2010 and second a cost of capital calculation in the financial years 2007 and 2010 of the Societe Anonyme Hellenic Telecommunications Organization (OTE SA). To do this, the thesis starts with a literature review concerning financial analysis and cost of capital. Then, it proceeds to a top - down analysis: (a) macroeconomic environment both international and domestic, (b) OTE presentation and (c) company analysis which refers to financial statement analysis using statistical, ratios and cash flow analysis. International economy analysis concluded that after 2006 the world economy declined, culminating in 2009, when the global GDP showed a remarkable drop due to the global financial crisis. The other macroeconomic indicators, which were studied, followed similar course as the GDP. Since the last quarter of 2009 the first international trends of stabilization and gradual recovery were appeared, something that became more obvious in the next year. The Greek economy was influenced by the international economic environment and declined too. Domestic economic indicators deteriorated significantly especially from 2008, a key factor that contributed to this was the high fiscal deficit which was constantly increasing. Key ratios and the cash flow statements showed that OTE apart from the year 2006, is a company with poor performance, liquidity problems and constantly declining profits due mainly to the Greek deep economic crisis. In addition, a high - level consolidation, a significant burden of debt and the non-compliance to the principles of financing are emerged. The main sources of funding are loans and the reserves.