olivLaw · European equity research
Telekom Austria Aktiengesellschaft TKA.VI
Austria · Wiener Börse · ISIN AT0000720008 · Vertical: Listed companies from Austria
Telekom Austria (A1 Group) is a telecommunications operator active in Austria and six other countries, offering mobile, fixed and ICT services to consumers and businesses. For fiscal 2026 the group expects revenue growth of 2 % to 3 %, in a tough competitive environment in Austria and with continued investment in fibre and 5G. The company remains controlled by América Móvil, which held 60.9 % of shares at the end of 2025.
At the close of 05 Nov 2026, Telekom Austria Aktiengesellschaft (TKA.VI) stock was 8.74 EUR (+0.34% on the day), with P/E 9.5 on diluted EPS of 0.92 EUR over the last 12 months, dividend yield 4.58%, beta 0.30, 52-week range 8.43–10.50 EUR.
Data as of · AI analysis dated · Source: ESEF annual reports and closing prices, computed by olivLaw.
Price history
Loading chart…
Technical reading
- RSI (14)
- 47.3
- neutral
- Bollinger (20, 2)
- 8.38 – 8.79
- in the upper half of the band · %B 0.87 · band width 4.8%
- SMA 50 / 200
- 9.26 / 9.57
- downtrend (price < SMA50 < SMA200)
- MACD (12, 26, 9)
- -0.17 / -0.23
- MACD above signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | EURO STOXX 50 | vs EURO STOXX 50 | Vertical median | |
|---|---|---|---|---|
| 1 month | −1.4% | −0.6% | −0.7 pp | — |
| 3 months | −14.5% | −4.2% | −10.3 pp | — |
| 6 months | −11.4% | +4.3% | −15.8 pp | — |
| Year to date | −2.9% | +7.5% | −10.4 pp | — |
| 1 year | −2.9% | +9.9% | −12.8 pp | +5.6% |
| 3 years | +30.6% | +49.8% | −19.2 pp | +3.6% |
| 5 years | +38.2% | +42.8% | −4.6 pp | — |
Price returns, dividends excluded.
Quarterly results
ESEF annual reports carry no quarters: the results are annual (below).
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Today's P/E sits at the 67 percentile of its own 3-quarter history (min 7.9, median 8.5, max 9.8; quarters with earnings only).
Fiscal years
| Fiscal year | 2023 | 2024 | 2025 |
|---|---|---|---|
| Revenue | 5.3 bn | 5.4 bn | 5.6 bn |
| Revenue YoY | unavailable | +3.1% | +3.0% |
| Net income | 645.2 m | 625.9 m | 612.1 m |
| Net income YoY | unavailable | −3.0% | −2.2% |
| Diluted EPS | 0.97 | 0.94 | 0.92 |
| Diluted EPS YoY | unavailable | −3.1% | −2.1% |
| net % | 12.3% | 11.6% | 11.0% |
| Free cash flow | unavailable | unavailable | unavailable |
Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 361.7 m EUR
- Financial debt
- 0 EUR
- Net debt
- -361.7 m EUR
- Equity
- 5.4 bn EUR
- Total assets
- 10.2 bn EUR
- Debt / equity
- 0.00x
- Current ratio
- 0.83x
- ROE
- 11.8%
- ROA
- 6.1%
- FCF margin
- unavailable
Financial statements (source on every figure)
Revenue and net income (EUR)
Margins
Income statement · EUR
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Revenue | 5.3 bn | 5.4 bn | 5.6 bn | esef· 18 Mar 2026verified |
| Operating income | 910.8 m | 861.4 m | 851.7 m | esef· 18 Mar 2026verified |
| Depreciation & amortisation | 795.7 m | 825.2 m | 853.6 m | esef· 18 Mar 2026verified |
| EBITDA | 1.7 bn ≈ | 1.7 bn ≈ | 1.7 bn ≈ | esef· 18 Mar 2026derived |
| Pre-tax income | 821.2 m | 763.1 m | 775.6 m | esef· 18 Mar 2026verified |
| Income tax | 175.3 m | 136.6 m | 162.8 m | esef· 18 Mar 2026verified |
| Net income | 645.2 m | 625.9 m | 612.1 m | esef· 18 Mar 2026verified |
| Diluted EPS | 0.97 | 0.94 | 0.92 | esef· 18 Mar 2026verified |
| Dividend per share | — | 0.36 | 0.40 | esef· 18 Mar 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating income + Depreciation & amortisation.
Balance sheet · EUR
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Cash | 168.5 m | 367.0 m | 361.7 m | esef· 18 Mar 2026verified |
| Receivables | 843.1 m | 949.6 m | 1.0 bn | esef· 18 Mar 2026verified |
| Inventories | 104.5 m | 101.8 m | 119.3 m | esef· 18 Mar 2026verified |
| Current assets | 1.5 bn | 1.8 bn | 2.3 bn | esef· 18 Mar 2026verified |
| Property, plant & equipment, net | 3.0 bn | 3.1 bn | 3.2 bn | esef· 18 Mar 2026verified |
| Goodwill | 1.1 bn | 1.1 bn | 1.1 bn | esef· 18 Mar 2026verified |
| Intangibles (excl. goodwill) | 1.7 bn | 1.6 bn | 1.5 bn | esef· 18 Mar 2026verified |
| Total assets | 9.6 bn | 9.9 bn | 10.2 bn | esef· 18 Mar 2026verified |
| Accounts payable | 927.0 m | 967.0 m | 1.0 bn | esef· 18 Mar 2026verified |
| Long-term debt | 747.9 m | 748.6 m | 0 | esef· 18 Mar 2026verified |
| Current liabilities | 1.8 bn | 1.9 bn | 2.8 bn | esef· 18 Mar 2026verified |
| Total liabilities | 5.0 bn | 4.9 bn | 4.9 bn | esef· 18 Mar 2026verified |
| Equity | 4.6 bn | 5.0 bn | 5.4 bn | esef· 18 Mar 2026verified |
Cash flow · EUR
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
1 indicators that do not apply to the sector.
Valuation
olivLaw classification
- indicators available: 5 of at least 6
- score weight coverage: 41.7% of at least 60%
A scoring methodology on indicators and valuation, not investment advice.
Closing price
05 Nov 2026Source: olivLaw, closing series
Market cap: unavailable
Key indicators
Coverage and freshness
Score by group
42% · Insufficient data
Estimated value range
The combined range = the median of the valid methods' low, central and high values; it is not a probability interval and does not cover every result. Envelope of all methods: 5.44 – 20.46 EUR.
Valuation assumptions are editorial choices, not measured; beta is not measured.
Method ranges (EUR per share)
— — Mid · ▏ Price
Valuation methods
- DCF (discounted cash flow)unavailable · input data missing
- Peers: EV/EBITDAunavailable · input data missing
- Peers: P/E10.88 – 20.46 (Mid 15.72)24 companies used · median multiple 17.1x · quartiles 11.8x – 22.2x1AST.VI, ACAG.VI, AMAG.VI, ANDR.VI, BMAG.VI, CPI.VI, DOC.VI, ETS.VI, EVN.VI, FAA.VI, FACC.VI, FQT.VI, MMK.VI, OMV.VI, POS.VI, POST.VI, PYT.VI, ROS.VI, SBO.VI, STR.VI, SWUT.VI, VER.VI, VOE.VI, WIE.VI
- Dividend discount (DDM)5.44 – 7.42 (Mid 6.28)
Assumptions (illustrative, editorial)
- Risk-free rate
- 3.0%
- Equity risk premium
- 5.5%
- Beta (default)
- 1.00
- Cost of equity
- 8.5%
- Terminal growth
- 2.0%
Factor scorecard
Insufficient data
Minimum-evidence gate: indicators available: 5 of at least 6; score weight coverage: 41.7% of at least 60%
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | 13.0% | 60 (vs peers) | 25% |
| Net margin · Quality | 11.0% | 79 (vs peers) | 15% |
| FCF conversion · Quality | unavailable | unavailable | — |
| Revenue CAGR 3Y · Growth | unavailable | unavailable | — |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | -0.2x | 67 (vs peers) | 25% |
| Interest coverage · Balance sheet | unavailable | unavailable | — |
| Current ratio · Balance sheet | 0.8x | 2 (on a fixed band) | 10% |
| P/E (TTM) · Valuation | 9.5x | 85 (vs peers) | 25% |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | unavailable | unavailable | — |
| Shareholder yield (distributions) · Returns | unavailable | unavailable | — |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet48/100 · 2/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality67/100 · 2/3 factors with a value
- Returns· partialunavailable · 0/2 factors with a value
- Valuation· partial85/100 · 1/3 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
Telekom Austria Aktiengesellschaft (TKA.VI). Latest full fiscal year: 2025; data up to 2025-12-31.
Figures computed from the financial statements: revenue 5.6 bn EUR in 2025; YoY growth 3.0%; net margin 11.0%; ROE 11.8%; net debt/EBITDA -0.2x.
The estimated value range is 8.16–13.94 EUR per share (median of 2 methods, agreement: low); assumptions are illustrative. Against the central value of 11.00 EUR, the price of 8.74 EUR leaves a potential of 25.8% (value / price − 1) and a margin of safety of 20.5% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
Insufficient data for a verdict (indicators available: 5 of at least 6; score weight coverage: 41.7% of at least 60%).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- Net margin: 11.0%
- P/E (TTM): 9.5x
What contradicts it
- Current ratio: 0.8x
- The valuation methods diverge
Not assessed (insufficient data or a ratio without meaning): FCF conversion, Revenue CAGR 3Y, EPS CAGR 3Y, Interest coverage, EV/EBITDA, FCF yield, Shareholder yield (distributions), Payout ratio (FCF).
Versus the vertical median
Listed companies from Austria · same country · compared with 39 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| OMV.VIOmv Aktiengesellschaft | 35.6 bn | 23.4 | 8.9% | 6.3% | −7.2% | +53% / +86% |
| VER.VIVerbund AG | 26.2 bn | 17.6 | 14.7% | 18.6% | −2.8% | +19% / −14% |
| STR.VIStrabag Se | 11.7 bn | 12.8 | 17.2% | 4.9% | +7.4% | +32% / +168% |
| ANDR.VIAndritz AG | 8.1 bn | 17.7 | 19.3% | 5.8% | −5.2% | +33% / +66% |
| VOE.VIvoestalpine AG | 7.1 bn | 17.0 | 5.7% | 2.8% | −4.3% | +12% / +61% |
| EVN.VIEvn AG | 5.5 bn | 12.5 | 6.9% | 14.6% | +3.8% | +15% / +14% |
| ATS.VIAT & S Austria Technologie & Systemtechnik Aktiengesellschaft | 2.5 bn | — | -2.4% | -1.4% | +12.7% | +238% / +346% |
| DOC.VIDO & CO Aktiengesellschaft | 2.4 bn | 22.2 | 24.0% | 4.3% | +7.1% | +12% / +70% |
| CPI.VICPI Europe AG | 2.2 bn | 4.2 | 12.2% | 68.2% | −6.7% | +1% / −17% |
| POST.VIÖsterreichische Post Aktiengesellschaft | 2.2 bn | 16.4 | 18.3% | 4.3% | −2.6% | +6% / +2% |
| WIE.VIWienerberger AG | 1.9 bn | 11.7 | 5.9% | 3.6% | +1.2% | −40% / −32% |
| LNZ.VILenzing Aktiengesellschaft | 1.8 bn | — | -11.8% | -5.2% | −2.3% | −48% / −65% |
| MMK.VIMayr-Melnhof Karton Aktiengesellschaft | 1.3 bn | 17.1 | 3.6% | 1.9% | −4.8% | −21% / −41% |
| POS.VIPorr AG | 1.2 bn | 10.7 | 12.9% | 1.8% | +1.7% | +6% / +167% |
| AMAG.VIAMAG Austria Metall AG | 1.1 bn | 33.4 | 4.7% | 2.3% | +2.1% | +34% / +19% |
| BMAG.VIPIERER Mobility AG | 1.1 bn | 1.8 | 638.9% | 58.9% | −46.3% | +85% / −47% |
| FQT.VIFrequentis AG | 790.7 m | 28.1 | 15.5% | 4.9% | +20.8% | −14% / +111% |
| ETS.VIEuroTeleSites AG | 745.4 m | 22.3 | 8.8% | 11.9% | +3.7% | −6% / +34% |
| AGR.VIAGRANA Beteiligungs-Aktiengesellschaft | 722.9 m | — | -3.6% | -1.2% | −7.9% | −3% / −15% |
| FACC.VIFacc AG | 602.4 m | 28.4 | 9.1% | 2.2% | +11.3% | +22% / +127% |
| ROS.VIRosenbauer International AG | 591.1 m | 11.9 | 17.4% | 3.5% | +9.4% | +35% / +104% |
| 1AST.VIASTA Energy Solutions AG | 467.7 m | 15.5 | 42.3% | 4.3% | +8.3% | unavailable / unavailable |
| SBO.VISbo AG | 456.6 m | 19.4 | 5.2% | 5.2% | −18.8% | +5% / −30% |
| SEM.VISemperit Aktiengesellschaft Holding | 379.1 m | 902.5 | 0.1% | 0.1% | −2.1% | +39% / +28% |
| ACAG.VIAustriacard Holdings AG | 347.8 m | 25.6 | 11.4% | 4.1% | −8.2% | +76% / +65% |
1- and 3-year price returns: for TKA.VI from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Scenarios are not available. input data missing
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
In brief
Telekom Austria (A1 Group) is a telecommunications operator active in Austria and six other countries, offering mobile, fixed and ICT services to consumers and businesses. For fiscal 2026 the group expects revenue growth of 2 % to 3 %, in a tough competitive environment in Austria and with continued investment in fibre and 5G. The company remains controlled by América Móvil, which held 60.9 % of shares at the end of 2025.
SWOT
Strengths
- Diversified geographic presence across Austria and several other countries, reducing reliance on a single market.
- Support from the majority shareholder and the Austrian state, with a long-term voting agreement extended for ten years.
- Clear investment strategy in fibre and 5G, backed by an investment package agreed with shareholders.
Weaknesses
- Dependence on voice revenues, which continue to decline and weigh on traditional revenue.
- Exposure to the Belarusian market, where the local currency could depreciate against the euro.
- Litigation with consumer organisations over contract clauses, with outcomes still uncertain.
Opportunities
- Rising demand for connectivity and ICT solutions aimed at companies, a segment with room to expand.
- Upselling in consumer mobile, which could generate additional revenue from the existing base.
- Expansion of fibre optic and 5G networks, which could improve the competitive position over the long term.
Threats
- Competition from satellite internet providers that do not depend on local infrastructure.
- Price pressure in a difficult competitive environment, especially in Austria.
- Changes in regulation on artificial intelligence and supply chains that could raise costs.
Risks
- Litigation over contract clauseshigh
Proceedings with consumer protection organisations about indexation and one-off fees could have a significant effect on results if the final decision were unfavourable to the company.
- Satellite competitionmedium
Connectivity alternatives without local infrastructure could lead to lower prices and fewer customers in existing markets.
- Network outagesmedium
Natural disasters, technical failures or third-party interference could affect service availability and lead to operational interruptions.
- Information securitymedium
Cyber attacks on critical infrastructure could generate operational and reputational losses.
- Artificial intelligence regulationlow
New requirements on artificial intelligence could mean existing investments do not meet future standards, while late adaptation could bring competitive disadvantages.
Investment thesis
What would need to be true (bull case)
- If mobile upselling and ICT demand from companies hold up, revenue growth could remain positive even in a difficult environment.
- Shareholder support and a fibre investment package could accelerate network modernisation and strengthen the long-term competitive position.
- Geographic diversification could cushion pressure from a single market, especially if international markets keep growing.
What would break the thesis
- If voice revenues keep falling faster than data segments grow, total growth could stay below expectations.
- If satellite alternatives win customers in existing markets, price pressure could erode margins.
- If the supreme court rules for the claimants in the clause disputes, costs could rise significantly.
What to watch
- Revenue growth guidance and the trend in voice revenuesQ1 2027
- Supreme court decision on the contract clauses challenged by consumer organisations2026
- Results of spectrum auctions in Austria (2,300 MHz new and 2,600 MHz extension)2026
- Proposed dividend for fiscal 2025 and approval at the annual general meeting2026
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
The business
A1 Group is a telecommunications group operating in Austria and six other countries, and through A1 Digital it is also present in Germany, Switzerland and, since 2025, Spain. The group presents its geographic diversification as an advantage in managing risk, with local operating units handling market-specific risks and central steering at holding level. Shares are listed on the Vienna Stock Exchange and the company is headquartered in Vienna 1.
The shareholder structure is concentrated: América Móvil B.V. holds 60.9 % of shares, the Republic of Austria via ÖBAG holds 28.4 %, and the rest is free float, including treasury and employee shares 1. A syndicate agreement between ÖBAG and América Móvil, extended by ten years in February 2023, governs the exercise of voting rights and includes a 1 billion euro investment package for fibre network expansion in Austria 1.
For 2026 the group expects the main growth drivers to be upselling in consumer mobile, demand for connectivity and ICT solutions from business customers, and growth in fixed-line in international markets. On the other side, revenues from voice services and lower interconnection income continue to decline 1. CAPEX before spectrum is estimated at about 750 million euros, focused on fibre and 5G networks 1.
Segments
Austrian operations
In Austria the group expects a competitive environment that remains difficult and a slow economic recovery. Mobile upselling and demand for ICT solutions for companies are the main growth sources, while voice revenues decline 1.
International markets
In international markets revenue growth is the main driver of the group, and the fixed-line segment contributes to this momentum. The Belarusian rouble against the euro is a sensitivity factor, with the group anticipating depreciation in 2026 1.
Market context
The telecommunications market in Austria and in the group's other countries is mature, and growth depends on fibre and 5G network expansion, connectivity services for companies and pricing policies. The group also flags alternatives such as satellite internet, which do not depend on local infrastructure and can attract new competitors, with pressure on prices and customer numbers 1.
Regulatory pressure and litigation with consumer protection organisations form part of the market backdrop. Indexation clauses and one-off fees are subject to proceedings, and their outcome could have significant financial effects if the supreme court were to rule in favour of the claimants 1.
Trends
- Rising demand for business connectivitytailwind
Demand for connectivity and ICT solutions from companies supports service revenues and diversifies the group's revenue base.
- Fibre and 5G expansiontailwind
Investment in fibre optic and 5G networks, in Austria and internationally, could support service quality and revenues over the medium term.
- Decline of voice servicesheadwind
Revenues from voice services and interconnection are declining, creating constant pressure on traditional revenue streams.
- Satellite connectivity alternativesmixed
Satellite internet could reduce dependence on local infrastructure and attract new competitors, especially if they operate under lighter regulation.
Competitive position
The group describes a difficult competitive environment in Austria, where price pressure and competitors that may operate under different regulatory obligations distort market conditions. Alternatives without local infrastructure, such as satellite, lower entry barriers 1.
In international markets competition depends on the country and the type of service, and the company responds through partnerships and cooperation to strengthen its position, closely monitoring technological and regulatory developments 1.
- Satellite internet providers
New entrants offering connectivity without local infrastructure, identified by the company as a strategic risk to market structure.
- Local mobile and fixed operators
Traditional competitors in the markets where the group operates, with pressure on prices and the customer base.
- ICT providers for companies
Companies competing in connectivity and ICT services for business customers.
- Operators under different regulation
Providers that may face different regulatory obligations, creating competitive imbalances in the same market.
News & filings
In the press
No news in our archive over the last 180 days.
Annual reports (ESEF)
- Annual report 202518 Mar 2026
- Annual report 202415 Apr 2025
Sources
- [1] Annual report, fiscal year ended 2025-12-31 (ESEF) · SEC / Telekom Austria Aktiengesellschaft · 31 Dec 2025
Figures computed by olivLaw from ESEF annual reports and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.