olivLaw · European equity research
EuroTeleSites AG ETS.VI
Austria · Wiener Börse · ISIN AT000000ETS9 · Vertical: Listed companies from Austria
EuroTeleSites AG operates passive telecom infrastructure, leasing space on towers and radio sites in six countries across Central and South-Eastern Europe, with revenue of 280.153 mn EUR in fiscal 2025. It matters because its role as host for 5G networks depends heavily on a single anchor client, A1 Group.
At the close of 04 Nov 2026, EuroTeleSites AG (ETS.VI) stock was 4.37 EUR (+0.00% on the day), with market capitalisation 730.3 m EUR, P/E 21.8 on diluted EPS of 0.20 EUR over the last 12 months, beta 0.22, 52-week range 4.25–4.87 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)
- 44.4
- weak (30–45)
- Bollinger (20, 2)
- 4.27 – 4.60
- in the lower half of the band · %B 0.31 · band width 7.4%
- SMA 50 / 200
- 4.46 / 4.52
- downtrend (price < SMA50 < SMA200)
- MACD (12, 26, 9)
- -0.00 / 0.00
- MACD below 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 | −4.0% | −1.5% | −2.5 pp | — |
| 3 months | −2.9% | −5.3% | +2.4 pp | — |
| 6 months | −7.6% | +4.7% | −12.3 pp | — |
| Year to date | −4.6% | +6.0% | −10.6 pp | — |
| 1 year | −9.5% | +8.2% | −17.7 pp | +4.9% |
| 3 years | +26.7% | +47.2% | −20.5 pp | +3.6% |
| 5 years | unavailable | +41.8% | unavailable | — |
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 0 percentile of its own 2-quarter history (min 22.9, median 24.5, max 26.1; quarters with earnings only).
Fiscal years
| Fiscal year | 2024 | 2025 |
|---|---|---|
| Revenue | 270.2 m | 280.2 m |
| Revenue YoY | unavailable | +3.7% |
| Net income | 29.7 m | 33.4 m |
| Net income YoY | unavailable | +12.7% |
| Diluted EPS | 0.18 | 0.20 |
| Diluted EPS YoY | unavailable | +11.1% |
| net % | 11.0% | 11.9% |
| Free cash flow | unavailable | unavailable |
Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 43.2 m EUR
- Financial debt
- 677.1 m EUR
- Net debt
- 633.8 m EUR
- Equity
- 413.9 m EUR
- Total assets
- 2.1 bn EUR
- Debt / equity
- 1.64x
- Current ratio
- 0.25x
- ROE
- 8.8%
- ROA
- 1.6%
- FCF margin
- unavailable
Financial statements (source on every figure)
Revenue and net income (EUR)
Margins
Income statement · EUR
| Line | 2024 | 2025 | Source (latest year) |
|---|---|---|---|
| Revenue | 270.2 m | 280.2 m | esef· 07 Apr 2026verified |
| Cost of revenue | 42.9 m | 40.9 m | esef· 07 Apr 2026verified |
| Gross profit | 227.3 m ≈ | 239.3 m ≈ | esef· 07 Apr 2026derived |
| Operating income | 227.3 m | 239.3 m | esef· 07 Apr 2026verified |
| Depreciation & amortisation | 60.6 m | 71.0 m | esef· 07 Apr 2026verified |
| EBITDA | 287.9 m ≈ | 310.3 m ≈ | esef· 07 Apr 2026derived |
| Interest expense | 70.5 m | 61.0 m | esef· 07 Apr 2026verified |
| Pre-tax income | 35.6 m | 43.5 m | esef· 07 Apr 2026verified |
| Income tax | 5.9 m | 10.1 m | esef· 07 Apr 2026verified |
| Net income | 29.7 m | 33.4 m | esef· 07 Apr 2026verified |
| Diluted EPS | 0.18 | 0.20 | esef· 07 Apr 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Revenue − Cost of revenue; Operating income + Depreciation & amortisation.
Balance sheet · EUR
| Line | 2024 | 2025 | Source (latest year) |
|---|---|---|---|
| Cash | 22.0 m | 43.2 m | esef· 07 Apr 2026verified |
| Receivables | 8.1 m | 7.7 m | esef· 07 Apr 2026verified |
| Current assets | 68.5 m | 96.5 m | esef· 07 Apr 2026verified |
| Property, plant & equipment, net | 1.4 bn | 1.4 bn | esef· 07 Apr 2026verified |
| Goodwill | 209.1 m | 209.1 m | esef· 07 Apr 2026verified |
| Intangibles (excl. goodwill) | 1.6 m | 2.1 m | esef· 07 Apr 2026verified |
| Total assets | 2.1 bn | 2.1 bn | esef· 07 Apr 2026verified |
| Accounts payable | 55.1 m | 57.3 m | esef· 07 Apr 2026verified |
| Long-term debt | 966.0 m | 677.1 m | esef· 07 Apr 2026verified |
| Current liabilities | 126.5 m | 389.1 m | esef· 07 Apr 2026verified |
| Equity | 342.9 m | 413.9 m | esef· 07 Apr 2026verified |
| Shares outstanding at year end | 164.7 m | 167.1 m | esef· 07 Apr 2026derived |
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
- score weight coverage: 58.3% of at least 60%
A scoring methodology on indicators and valuation, not investment advice.
Closing price
04 Nov 2026Source: olivLaw, closing series
Market cap: 730.3 m EUR
Key indicators
Coverage and freshness
Score by group
58% · 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: 2.26 – 7.56 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/EBITDA3.22 – 7.56 (Mid 7.05)5 companies used · median multiple 5.8x · quartiles 3.8x – 6.1xFAA.VI, FKA.VI, PYT.VI, SEM.VI, VER.VI
- Peers: P/E2.26 – 3.98 (Mid 3.27)24 companies used · median multiple 16.4x · quartiles 11.3x – 19.9x1AST.VI, ACAG.VI, AMAG.VI, ANDR.VI, BMAG.VI, CPI.VI, DOC.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, TKA.VI, VER.VI, VOE.VI, WIE.VI
- Dividend discount (DDM)unavailable · the company pays no dividend: a dividend model needs an explicit initiation assumption
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: score weight coverage: 58.3% of at least 60%
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | 15.7% | 80 (vs peers) | 18% |
| Net margin · Quality | 11.9% | 85 (vs peers) | 11% |
| FCF conversion · Quality | unavailable | unavailable | — |
| Revenue CAGR 3Y · Growth | unavailable | unavailable | — |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | 2.0x | 0 (vs peers) | 18% |
| Interest coverage · Balance sheet | 3.9x | 37 (on a fixed band) | 11% |
| Current ratio · Balance sheet | 0.2x | 0 (on a fixed band) | 7% |
| P/E (TTM) · Valuation | 21.9x | 31 (vs peers) | 18% |
| EV/EBITDA · Valuation | 4.4x | 60 (vs peers) | 18% |
| 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 sheet11/100 · 3/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality82/100 · 2/3 factors with a value
- Returns· partialunavailable · 0/2 factors with a value
- Valuation45/100 · 2/3 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
EuroTeleSites AG (ETS.VI). Latest full fiscal year: 2025; data up to 2025-12-31.
Figures computed from the financial statements: revenue 280.2 m EUR in 2025; YoY growth 3.7%; net margin 11.9%; ROE 8.8%; net debt/EBITDA 2.0x.
The estimated value range is 2.74–5.77 EUR per share (median of 2 methods, agreement: low); assumptions are illustrative. Against the central value of 5.16 EUR, the price of 4.37 EUR leaves a potential of 18.1% (value / price − 1) and a margin of safety of 15.3% (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 (score weight coverage: 58.3% of at least 60%).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- ROIC: 15.7%
- Net margin: 11.9%
What contradicts it
- Net debt / EBITDA: 2.0x
- Current ratio: 0.2x
- The valuation methods diverge
Not assessed (insufficient data or a ratio without meaning): FCF conversion, Revenue CAGR 3Y, EPS CAGR 3Y, 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 | 35.4 bn | 23.3 | 8.9% | 6.3% | −7.2% | +52% / +85% |
| VER.VIVerbund AG | 24.1 bn | 16.2 | 14.7% | 18.6% | −2.8% | +9% / −21% |
| STR.VIStrabag Se | 11.9 bn | 12.9 | 17.2% | 4.9% | +7.4% | +33% / +171% |
| ANDR.VIAndritz AG | 8.0 bn | 17.6 | 19.3% | 5.8% | −5.2% | +32% / +65% |
| VOE.VIvoestalpine AG | 7.2 bn | 17.1 | 5.7% | 2.8% | −4.3% | +13% / +62% |
| EVN.VIEvn AG | 5.4 bn | 12.4 | 6.9% | 14.6% | +3.8% | +14% / +12% |
| ATS.VIAT & S Austria Technologie & Systemtechnik Aktiengesellschaft | 3.0 bn | — | -2.4% | -1.4% | +12.7% | +301% / +428% |
| 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% | +0% / −17% |
| POST.VIÖsterreichische Post Aktiengesellschaft | 2.2 bn | 16.3 | 18.3% | 4.3% | −2.6% | +5% / +2% |
| WIE.VIWienerberger AG | 1.9 bn | 11.5 | 5.9% | 3.6% | +1.2% | −41% / −33% |
| LNZ.VILenzing Aktiengesellschaft | 1.7 bn | — | -11.8% | -5.2% | −2.3% | −51% / −67% |
| MMK.VIMayr-Melnhof Karton Aktiengesellschaft | 1.3 bn | 17.5 | 3.6% | 1.9% | −4.8% | −19% / −40% |
| POS.VIPorr AG | 1.2 bn | 10.8 | 12.9% | 1.8% | +1.7% | +6% / +168% |
| AMAG.VIAMAG Austria Metall AG | 1.1 bn | 33.6 | 4.7% | 2.3% | +2.1% | +35% / +20% |
| BMAG.VIPIERER Mobility AG | 1.1 bn | 1.8 | 638.9% | 58.9% | −46.3% | +86% / −47% |
| FQT.VIFrequentis AG | 830.6 m | 29.5 | 15.5% | 4.9% | +20.8% | −9% / +122% |
| ETS.VIEuroTeleSites AG | 730.3 m | 21.9 | 8.8% | 11.9% | +3.7% | −7% / +31% |
| AGR.VIAGRANA Beteiligungs-Aktiengesellschaft | 729.2 m | — | -3.6% | -1.2% | −7.9% | −2% / −14% |
| FACC.VIFacc AG | 607.0 m | 28.7 | 9.1% | 2.2% | +11.3% | +23% / +129% |
| ROS.VIRosenbauer International AG | 600.7 m | 12.1 | 17.4% | 3.5% | +9.4% | +37% / +107% |
| 1AST.VIASTA Energy Solutions AG | 515.6 m | 17.1 | 42.3% | 4.3% | +8.3% | unavailable / unavailable |
| SBO.VISbo AG | 451.1 m | 19.1 | 5.2% | 5.2% | −18.8% | +4% / −31% |
| SEM.VISemperit Aktiengesellschaft Holding | 380.1 m | 905.0 | 0.1% | 0.1% | −2.1% | +40% / +28% |
| ACAG.VIAustriacard Holdings AG | 348.9 m | 25.7 | 11.4% | 4.1% | −8.2% | +77% / +65% |
1- and 3-year price returns: for ETS.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
Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.
Estimated price (EUR)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | 2.56 Total return -41% · Per year -41% | 4.53 Total return 4% · Per year 4% | 6.83 Total return 56% · Per year 56% |
| 3 years | 2.45 Total return -44% · Per year -18% | 4.87 Total return 12% · Per year 4% | 8.07 Total return 85% · Per year 23% |
| 5 years | 2.34 Total return -47% · Per year -12% | 5.24 Total return 20% · Per year 4% | 9.53 Total return 118% · Per year 17% |
- Exit P/E± 1.22
- Net margin± 0.85
- Annual revenue growth± 0.71
- Annual dilution± 0.07
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
EuroTeleSites AG operates passive telecom infrastructure, leasing space on towers and radio sites in six countries across Central and South-Eastern Europe, with revenue of 280.153 mn EUR in fiscal 2025 1. It matters because its role as host for 5G networks depends heavily on a single anchor client, A1 Group 1.
SWOT
Strengths
- Recurring revenue from long-term lease contracts, with a Master Lease Agreement structure that gives visibility 1.
- Presence in several Central and South-Eastern European countries, with infrastructure described as robust for digital transformation 1.
- Annual indexation of rents to inflation, which supports real revenues 1.
Weaknesses
Opportunities
Risks
- Client concentrationhigh
Dependence on a small number of clients, particularly A1 Group, could affect revenue and cash flow if demand falls 1.
- Debt refinancinghigh
Refinancing a bond maturing in November 2026 and keeping the investment-grade rating depend on capital market conditions 1.
- Ground rent costsmedium
Renewing many land lease contracts at the same time could require large advance payments and could reduce operating cash flow 1.
- Inflation and construction costsmedium
Inflation above the indexation caps or rising construction costs could reduce operating margins 1.
- Cyber and system riskslow
System failures, cyber attacks or human error could disrupt operations and cause financial losses 1.
Investment thesis
What would need to be true (bull case)
- If the 5G rollout and rising data use continue, demand for new sites and upgrades could support revenue growth over the medium term 1.
- Long-term contracts and indexation to inflation could provide a relatively predictable revenue base 1.
- If refinancing succeeds on favourable terms, debt could be reduced gradually from positive cash flow 1.
What would break the thesis
What to watch
- Revenue development against the guided growth for fiscal 20262026
- Progress on refinancing the bond maturing in November 20262026
- Delivery of the construction programme of more than 400 new sites and the CAPEX to revenue ratio2026
- Trend in the tenancy ratio and the number of third-party tenantsnext 10-K
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
EuroTeleSites AG, headquartered in Vienna, offers passive infrastructure services under the common brand EuroTeleSites in Austria, Bulgaria, Croatia, Slovenia, Serbia and North Macedonia 1. Revenue comes mainly from long-term lease contracts for radio sites with A1 Group and other mobile network operators 1. The shares have been listed on the Vienna Stock Exchange since September 2023 1.
Activities include managing space for operators' active equipment, maintaining buildings, air conditioning, security systems and power supply, and upgrading passive infrastructure to new technologies such as 5G 1. The company also builds new sites at customer request and bears the cost of aircraft warning lights 1.
The shareholder structure is concentrated: América Móvil holds more than half of the capital and the Republic of Austria, through ÖBAG, a significant stake, with the syndicate agreement and ÖBAG veto rights shaping governance 1.
Segments
Radio site leasing
Tenant revenues, i.e. rental income, amounted to 276.450 mn EUR in fiscal 2025 and make up nearly all of group revenue 1. The segment is supported by Master Lease Agreements with A1 Group, concluded for an indefinite period 1.
Other services and income
Other operating income and recharged costs, included in the figures above, are marginal compared with rents but could grow if the group re-invoices expenses to A1 Group 1.
Market context
Demand for telecom services is growing, and the number of European tower companies has increased, intensifying competition for mobile operators and putting pressure on hosting prices 1. Growth depends on the tenancy ratio, that is the number of tenants per tower 1.
Markets in Central and South-Eastern Europe are sensitive to national roaming and network sharing agreements, which could limit demand for new towers 1.
Trends
- 5G rollout and rising data usetailwind
According to management, the extension of 5G across all markets and growing data consumption support demand for new sites and upgrades 1.
- Rent indexation to inflationmixed
Lease contracts are indexed annually to inflation, up to a cap of 3% per year under the MLAs, which protects revenues in periods of moderate inflation 1.
- Network sharing and national roamingheadwind
Active sharing and national roaming arrangements could reduce the need to build new towers and could limit leasing opportunities 1.
- Refinancing and cost of debtheadwind
The company took on significant debt and must refinance a bond maturing in November 2026; higher interest rates could increase financing costs 1.
Competitive position
The company competes with other tower operators and with mobile operators that could build their own infrastructure or small cells and indoor solutions 1. Competitive pressure shows up in hosting prices and in efforts to raise the tenancy ratio 1.
The analysed source gives no quantitative comparison with peers or market shares, so the assessment of competitive position remains qualitative 1.
- European tower companies (not named in source)
The source refers generally to a growing number of European tower companies without naming them 1.
- Mobile operators building their own infrastructure
The risk that some operators build their own towers or small solutions is cited as extra pressure 1.
- Satellite internet providers
Satellite technologies are cited as a factor that could reduce dependence on towers 1.
- Other tenants of the same infrastructure
The source names no individual competitors; it notes only the risk that some operators stop leasing space after mergers 1.
News & filings
In the press
No news in our archive over the last 180 days.
Annual reports (ESEF)
- Annual report 202507 Apr 2026
- Annual report 202415 Apr 2025
Sources
- [1] Annual report, fiscal year ended 2025-12-31 (ESEF) · SEC / EuroTeleSites AG · 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.