New Risk • Jun 17
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 12% per year for the foreseeable future. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are expected to decline, then in most cases the share price will decline over time as well. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risks Interest payments are not well covered by earnings (1.4x net interest cover). Share price has been highly volatile over the past 3 months (7.8% average weekly change). Earnings are forecast to decline by an average of 12% per year for the foreseeable future. Valuation Update With 7 Day Price Move • Jun 11
Investor sentiment improves as stock rises 18% After last week's 18% share price gain to AR$4,755, the stock trades at a trailing P/E ratio of 29.4x. Average forward P/E is 11x in the Telecom industry in South America. Total returns to shareholders of 680% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at AR$4,788 per share. Buy Or Sell Opportunity • May 31
Now 26% overvalued after recent price rise Over the last 90 days, the stock has risen 31% to AR$4,328. The fair value is estimated to be AR$3,440, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 30% over the last 3 years. Meanwhile, the company has become profitable. Revenue is forecast to grow by 19% in 2 years. Earnings are forecast to grow by 102% in the next 2 years. Valuation Update With 7 Day Price Move • May 28
Investor sentiment improves as stock rises 19% After last week's 19% share price gain to AR$4,155, the stock trades at a trailing P/E ratio of 25.7x. Average forward P/E is 11x in the Telecom industry in South America. Total returns to shareholders of 776% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at AR$2,768 per share. New Risk • May 14
New major risk - Financial position The company's interest payments are not well covered by earnings. Net interest cover: 1.5x This is considered a major risk. If the company is unable to fund interest repayments on its debt through profits, it may be forced into reducing its debt burden through selling assets, undertaking a potentially costly capital raising or even into bankruptcy in the worst case scenario. Currently, the following risks have been identified for the company: Major Risks Interest payments are not well covered by earnings (1.5x net interest cover). Earnings are forecast to decline by an average of 12% per year for the foreseeable future. Buy Or Sell Opportunity • May 14
Now 21% overvalued after recent price rise Over the last 90 days, the stock has risen 9.9% to AR$3,660. The fair value is estimated to be AR$3,028, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 26% over the last 3 years. Meanwhile, the company has become profitable. Revenue is forecast to grow by 16% in 2 years. Earnings are forecast to decline by 9.6% in the next 2 years. Aankondiging • May 07
Telecom Argentina S.A. to Report Q1, 2026 Results on May 11, 2026 Telecom Argentina S.A. announced that they will report Q1, 2026 results at 5:00 PM, Argentina Standard Time on May 11, 2026 Reported Earnings • Mar 12
Full year 2025 earnings released: AR$78.94 loss per share (vs AR$573 profit in FY 2024) Full year 2025 results: AR$78.94 loss per share (down from AR$573 profit in FY 2024). Revenue: AR$8.33t (up 65% from FY 2024). Net loss: AR$170.0b (down 114% from profit in FY 2024). Revenue is forecast to grow 10.0% p.a. on average during the next 2 years, compared to a 6.9% growth forecast for the Telecom industry in South America. Over the last 3 years on average, earnings per share has increased by 57% per year but the company’s share price has increased by 113% per year, which means it is tracking significantly ahead of earnings growth. Aankondiging • Mar 11
Telecom Argentina S.A., Annual General Meeting, Apr 29, 2026 Telecom Argentina S.A., Annual General Meeting, Apr 29, 2026. Location: the registered office of general hornos, 690 ground floor autonomous, buenos aires Argentina Aankondiging • Mar 05
Telecom Argentina S.A. to Report Q4, 2025 Results on Mar 10, 2026 Telecom Argentina S.A. announced that they will report Q4, 2025 results on Mar 10, 2026 New Risk • Feb 18
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Argentinean stocks, typically moving 6.6% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. This is currently the only risk that has been identified for the company. Aankondiging • Feb 12
Telecom Argentina S.A. has completed a Follow-on Equity Offering in the amount of $45.163621 million. Telecom Argentina S.A. has completed a Follow-on Equity Offering in the amount of $45.163621 million.
Security Name: American Depositary Shares
Security Type: Depositary Receipt (Common Stock)
Securities Offered: 4,050,549
Price\Range: $11.15 Buy Or Sell Opportunity • Jan 14
Now 22% undervalued Over the last 90 days, the stock has risen 45% to AR$3,315. The fair value is estimated to be AR$4,262, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 19% over the last 3 years. Meanwhile, the company became loss making. Reported Earnings • Nov 14
Third quarter 2025 earnings released: AR$93.03 loss per share (vs AR$7.60 loss in 3Q 2024) Third quarter 2025 results: AR$93.03 loss per share (further deteriorated from AR$7.60 loss in 3Q 2024). Revenue: AR$2.07t (up 110% from 3Q 2024). Net loss: AR$200.4b (loss widened AR$184.0b from 3Q 2024). Revenue is forecast to grow 22% p.a. on average during the next 3 years, compared to a 8.9% growth forecast for the Telecom industry in South America. Over the last 3 years on average, earnings per share has increased by 60% per year but the company’s share price has increased by 139% per year, which means it is tracking significantly ahead of earnings growth. Aankondiging • Nov 04
Telecom Argentina S.A. to Report Q3, 2025 Results on Nov 10, 2025 Telecom Argentina S.A. announced that they will report Q3, 2025 results on Nov 10, 2025 New Risk • Sep 08
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Argentinean stocks, typically moving 7.2% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. This is currently the only risk that has been identified for the company. Reported Earnings • Aug 14
Second quarter 2025 earnings released: AR$82.75 loss per share (vs AR$35.35 profit in 2Q 2024) Second quarter 2025 results: AR$82.75 loss per share (down from AR$35.35 profit in 2Q 2024). Revenue: AR$1.91t (up 60% from 2Q 2024). Net loss: AR$178.2b (down 334% from profit in 2Q 2024). Revenue is forecast to grow 18% p.a. on average during the next 3 years, compared to a 7.8% growth forecast for the Telecom industry in South America. Over the last 3 years on average, earnings per share has increased by 68% per year but the company’s share price has increased by 112% per year, which means it is tracking significantly ahead of earnings growth. Aankondiging • Aug 05
Telecom Argentina S.A. to Report Q2, 2025 Results on Aug 11, 2025 Telecom Argentina S.A. announced that they will report Q2, 2025 results at 5:00 PM, Argentina Standard Time on Aug 11, 2025 New Risk • May 15
New major risk - Financial position The company's interest payments are not well covered by earnings. Net interest cover: 0.1x This is considered a major risk. If the company is unable to fund interest repayments on its debt through profits, it may be forced into reducing its debt burden through selling assets, undertaking a potentially costly capital raising or even into bankruptcy in the worst case scenario. Currently, the following risks have been identified for the company: Major Risks Interest payments are not well covered by earnings (0.1x net interest cover). Earnings are forecast to decline by an average of 22% per year for the foreseeable future. Minor Risk Profit margins are more than 30% lower than last year (1.2% net profit margin). Reported Earnings • May 15
First quarter 2025 earnings released: EPS: AR$41.35 (vs AR$487 in 1Q 2024) First quarter 2025 results: EPS: AR$41.35 (down from AR$487 in 1Q 2024). Revenue: AR$1.36t (up 28% from 1Q 2024). Net income: AR$89.1b (down 92% from 1Q 2024). Profit margin: 6.5% (down from 98% in 1Q 2024). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 11% p.a. on average during the next 3 years, compared to a 6.8% growth forecast for the Telecom industry in South America. Over the last 3 years on average, earnings per share has increased by 72% per year but the company’s share price has increased by 128% per year, which means it is tracking significantly ahead of earnings growth. Aankondiging • May 08
Telecom Argentina S.A. to Report Q1, 2025 Results on May 12, 2025 Telecom Argentina S.A. announced that they will report Q1, 2025 results on May 12, 2025 Valuation Update With 7 Day Price Move • Apr 11
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to AR$3,000, the stock trades at a trailing P/E ratio of 6.4x. Average forward P/E is 13x in the Telecom industry in South America. Total returns to shareholders of 1,148% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at AR$1,219 per share. Aankondiging • Mar 03
Telecom Argentina S.A., Annual General Meeting, Apr 01, 2025 Telecom Argentina S.A., Annual General Meeting, Apr 01, 2025. Location: the registered office of general hornos, 690 ground floor autonomous, buenos aires Argentina Reported Earnings • Mar 02
Full year 2024 earnings released: EPS: AR$470 (vs AR$120 loss in FY 2023) Full year 2024 results: EPS: AR$470 (up from AR$120 loss in FY 2023). Revenue: AR$4.14t (up 101% from FY 2023). Net income: AR$1.01t (up AR$1.27t from FY 2023). Profit margin: 25% (up from net loss in FY 2023). The move to profitability was driven by higher revenue. Revenue is forecast to grow 3.3% p.a. on average during the next 2 years, compared to a 10% growth forecast for the Telecom industry in South America. Over the last 3 years on average, earnings per share has increased by 74% per year but the company’s share price has increased by 136% per year, which means it is tracking significantly ahead of earnings growth. Aankondiging • Feb 28
Telecom Argentina S.A. to Report Q4, 2024 Results on Feb 27, 2025 Telecom Argentina S.A. announced that they will report Q4, 2024 results on Feb 27, 2025 Aankondiging • Feb 26
Telecom Argentina S.A. (BASE:TECO2) acquired 99.99% stake in Telefónica Móviles Argentina S.A. from Telefónica Hispanoamerica S.A. for $1.3 billion. Telecom Argentina S.A. (BASE:TECO2) acquired 99.99% stake in Telefónica Móviles Argentina S.A. from Telefónica Hispanoamerica S.A. for $1.3 billion on February 24, 2025. A cash consideration of $1.25 billion will be paid by Telecom Argentina S.A. As part of consideration, $1.25 billion is paid towards common equity of Telefónica Móviles Argentina S.A. Telecom Argentina acquired 86,460,983,849 ordinary shares of Telefónica Móviles Argentina S.A., representing 99.999625% of its capital. The total consideration involved in this transaction was $1,245 (including a net cash position held by the acquired company) million and which was financed through two loans for a total amount of $1,170 million from A Syndicated Loan granted by Banco Bilbao Vizcaya Argentaria S.A., Deutsche Bank Ag, London Branch and Banco Santander, S.A and A Bilateral Loan granted by Industrial and Commercial Bank of China (Argentina) S.A.U. The transaction valued at $1,245 million is part of the Group's strategy to reduce its exposure to the region and continue operating in a sustainable manner to build value for its shareholders. The signing and closing of the transaction took place simultaneously.
Banco Bilbao Vizcaya Argentaria S.A has acted as financial advisor to the Company for the purchase of the stake of Telefónica Móviles Argentina S.A.
Telecom Argentina S.A. (BASE:TECO2) completed the acquisition of 99.99% stake in Telefónica Móviles Argentina S.A. from Telefónica Hispanoamerica S.A. on February 24, 2025. Valuation Update With 7 Day Price Move • Feb 24
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to AR$2,925, the stock trades at a trailing P/E ratio of 14.7x. Average forward P/E is 14x in the Telecom industry in South America. Total returns to shareholders of 1,241% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at AR$1,384 per share. Aankondiging • Feb 13
Telecom Argentina S.A. Announces It Was Notified of the Complaint Filed in the Proceedings Before the National First Instance Court in Commercial Matters No. 8, Secretary No. 15 Telecom Argentina S.A. announced that the Company was notified of a complaint filed in the abovementioned proceedings before the National First Instance Court in Commercial Matters No. 8, Secretary No. 15. The action brought by Proconsumer seeks, mainly, that Telecom: 1) cease its alleged breach of the conditions, modalities, and other circumstances under which the services it offers have been offered, advertised, and/or agreed upon, particularly the “recording content” service provided through the Flow platform, in alleged violation of sections 7 and 9 of the Argentine Consumer Defense Law (“LDC”); 2) cease offering consumers services on its digital platform whose information is allegedly not provided in a true, clear, and detailed manner (section 4 of the LDC and sections 1100 and 1107 of the Argentine Civil and Commercial Code); 3) cease charging customers sums of money for the abovementioned services; and 4) reimburse the sums of money to the customers who contracted and paid for the aforementioned Flow services for the period of five years prior to the filing of this complaint and until the effective cessation of the alleged conduct. The Company, with the assistance of its legal counsel, will defend its interests within the framework of this action. Reported Earnings • Nov 12
Third quarter 2024 earnings released: AR$7.60 loss per share (vs AR$14.07 profit in 3Q 2023) Third quarter 2024 results: AR$7.60 loss per share (down from AR$14.07 profit in 3Q 2023). Revenue: AR$983.1b (up 195% from 3Q 2023). Net loss: AR$16.4b (down 154% from profit in 3Q 2023). Revenue is forecast to grow 22% p.a. on average during the next 3 years, compared to a 9.8% growth forecast for the Telecom industry in South America. Over the last 3 years on average, earnings per share has increased by 39% per year but the company’s share price has increased by 123% per year, which means it is tracking significantly ahead of earnings growth. Valuation Update With 7 Day Price Move • Nov 05
Investor sentiment improves as stock rises 19% After last week's 19% share price gain to AR$2,375, the stock trades at a trailing P/E ratio of 11.3x. Average forward P/E is 13x in the Telecom industry in South America. Total returns to shareholders of 952% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at AR$995 per share. Aankondiging • Nov 05
Telecom Argentina S.A. to Report Q3, 2024 Results on Nov 07, 2024 Telecom Argentina S.A. announced that they will report Q3, 2024 results on Nov 07, 2024 Reported Earnings • Aug 16
Second quarter 2024 earnings released: EPS: AR$25.36 (vs AR$7.73 in 2Q 2023) Second quarter 2024 results: EPS: AR$25.36 (up from AR$7.73 in 2Q 2023). Revenue: AR$856.1b (up 98% from 2Q 2023). Net income: AR$54.6b (up 228% from 2Q 2023). Profit margin: 6.4% (up from 3.9% in 2Q 2023). The increase in margin was driven by higher revenue. Revenue is forecast to grow 17% p.a. on average during the next 3 years, compared to a 7.8% growth forecast for the Telecom industry in South America. Over the last 3 years on average, earnings per share has increased by 8% per year but the company’s share price has increased by 116% per year, which means it is tracking significantly ahead of earnings growth. Aankondiging • Aug 07
Telecom Argentina S.A. to Report Q2, 2024 Results on Aug 12, 2024 Telecom Argentina S.A. announced that they will report Q2, 2024 results on Aug 12, 2024 Valuation Update With 7 Day Price Move • Jul 18
Investor sentiment deteriorates as stock falls 16% After last week's 16% share price decline to AR$1,730, the stock trades at a trailing P/E ratio of 12.1x. Average forward P/E is 15x in the Telecom industry in South America. Total returns to shareholders of 851% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at AR$1,500 per share. New Risk • May 17
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 67% per year for the foreseeable future. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are expected to decline, then in most cases the share price will decline over time as well. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risk Earnings are forecast to decline by an average of 67% per year for the foreseeable future. Minor Risk High level of debt (50% net debt to equity). Aankondiging • May 05
Telecom Argentina S.A. to Report Q1, 2024 Results on May 08, 2024 Telecom Argentina S.A. announced that they will report Q1, 2024 results on May 08, 2024 Aankondiging • Mar 22
Telecom Argentina S.A., Annual General Meeting, Apr 25, 2024 Telecom Argentina S.A., Annual General Meeting, Apr 25, 2024, at 14:00 Coordinated Universal Time. Location: General Hornos N 690, Ground Floor, City of Buenos Aires Buenos Aries Argentina Agenda: To discuss, among other items, the accounting documentation corresponding to the fiscal year ended December 31, 2023; to Consider the performance of Members of the Board of Directors and Members of the Supervisory Committee who have served during Fiscal Year 2023; to Consider the compensation for the Members of the Board of Directors (allocated amount: AR$ 889,453,418) for the fiscal year ended December 31, 2023, which reported a computable loss according to the terms of the CNV Rules; and to discuss other matters. Reported Earnings • Mar 13
Full year 2023 earnings released: AR$120 loss per share (vs AR$96.50 loss in FY 2022) Full year 2023 results: AR$120 loss per share (further deteriorated from AR$96.50 loss in FY 2022). Revenue: AR$2.06t (up 182% from FY 2022). Net loss: AR$257.7b (loss widened 24% from FY 2022). Revenue is forecast to grow 16% p.a. on average during the next 3 years, compared to a 6.0% growth forecast for the Telecom industry in South America. Over the last 3 years on average, earnings per share has fallen by 41% per year but the company’s share price has increased by 103% per year, which means it is well ahead of earnings. Valuation Update With 7 Day Price Move • Mar 08
Investor sentiment deteriorates as stock falls 16% After last week's 16% share price decline to AR$1,338, the stock trades at a trailing P/E ratio of 10.8x. Average forward P/E is 11x in the Telecom industry in South America. Total returns to shareholders of 683% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at AR$577 per share. Aankondiging • Mar 06
Telecom Argentina S.A. to Report Q4, 2023 Results on Mar 11, 2024 Telecom Argentina S.A. announced that they will report Q4, 2023 results on Mar 11, 2024 Valuation Update With 7 Day Price Move • Feb 08
Investor sentiment deteriorates as stock falls 15% After last week's 15% share price decline to AR$1,733, the stock trades at a trailing P/E ratio of 14x. Average forward P/E is 9x in the Telecom industry in South America. Total returns to shareholders of 789% over the past three years. Aankondiging • Feb 06
Telecom Argentina S.A. Announces Resignation of Luciano Nicolás Giménez as Alternate Member of the Supervisory Committee Telecom Argentina S.A. announced that the company received the resignation letter from the alternate member of the supervisory committee Luciano Nicolás Giménez, effective as of February 5, 2024, due to personal reasons. Valuation Update With 7 Day Price Move • Jan 21
Investor sentiment improves as stock rises 27% After last week's 27% share price gain to AR$1,933, the stock trades at a trailing P/E ratio of 15.6x. Average forward P/E is 10x in the Telecom industry in South America. Total returns to shareholders of 886% over the past three years. Valuation Update With 7 Day Price Move • Jan 05
Investor sentiment improves as stock rises 19% After last week's 19% share price gain to AR$1,647, the stock trades at a trailing P/E ratio of 13.3x. Average forward P/E is 10x in the Telecom industry in South America. Total returns to shareholders of 724% over the past three years. New Risk • Dec 20
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 7.3% per year for the foreseeable future. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are expected to decline, then in most cases the share price will decline over time as well. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (17% average weekly change). Earnings are forecast to decline by an average of 7.3% per year for the foreseeable future. Minor Risks High level of debt (48% net debt to equity). Large one-off items impacting financial results. Valuation Update With 7 Day Price Move • Nov 22
Investor sentiment improves as stock rises 45% After last week's 45% share price gain to AR$1,341, the stock trades at a trailing P/E ratio of 10.8x. Average forward P/E is 10x in the Telecom industry in South America. Total returns to shareholders of 475% over the past three years. New Risk • Nov 22
New major risk - Share price stability The company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of Argentinean stocks, typically moving 16% a week. This is considered a major risk. Share price volatility increases the risk of potential losses in the short-term as the stock tends to have larger drops in price more frequently than other stocks. It may also indicate the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. Currently, the following risks have been identified for the company: Major Risk Share price has been highly volatile over the past 3 months (16% average weekly change). Minor Risks High level of debt (48% net debt to equity). Large one-off items impacting financial results. Reported Earnings • Nov 11
Third quarter 2023 earnings released: EPS: AR$14.07 (vs AR$94.26 loss in 3Q 2022) Third quarter 2023 results: EPS: AR$14.07 (up from AR$94.26 loss in 3Q 2022). Revenue: AR$333.4b (up 125% from 3Q 2022). Net income: AR$30.3b (up AR$233.3b from 3Q 2022). Profit margin: 9.1% (up from net loss in 3Q 2022). Revenue is forecast to grow 37% p.a. on average during the next 3 years, compared to a 11% growth forecast for the Telecom industry in South America. Over the last 3 years on average, earnings per share has fallen by 28% per year but the company’s share price has increased by 69% per year, which means it is well ahead of earnings. Aankondiging • Nov 04
Telecom Argentina S.A. to Report Q3, 2023 Results on Nov 09, 2023 Telecom Argentina S.A. announced that they will report Q3, 2023 results on Nov 09, 2023 Reported Earnings • Aug 11
Second quarter 2023 earnings released: EPS: AR$1.61 (vs AR$4.89 in 2Q 2022) Second quarter 2023 results: EPS: AR$1.61 (down from AR$4.89 in 2Q 2022). Revenue: AR$251.4b (up 36% from 2Q 2022). Net income: AR$3.47b (down 67% from 2Q 2022). Profit margin: 1.4% (down from 5.7% in 2Q 2022). Revenue is forecast to grow 35% p.a. on average during the next 3 years, compared to a 11% growth forecast for the Telecom industry in South America. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 146 percentage points per year, which is a significant difference in performance. Reported Earnings • May 11
First quarter 2023 earnings released: EPS: AR$12.89 (vs AR$12.81 in 1Q 2022) First quarter 2023 results: EPS: AR$12.89 (up from AR$12.81 in 1Q 2022). Revenue: AR$214.8b (up 56% from 1Q 2022). Net income: AR$27.8b (flat on 1Q 2022). Profit margin: 13% (down from 20% in 1Q 2022). Revenue is forecast to grow 34% p.a. on average during the next 3 years, compared to a 10.0% growth forecast for the Telecom industry in South America. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 143 percentage points per year, which is a significant difference in performance. Aankondiging • May 04
Telecom Argentina S.A. to Report Q1, 2023 Results on May 09, 2023 Telecom Argentina S.A. announced that they will report Q1, 2023 results on May 09, 2023 Reported Earnings • Mar 12
Full year 2022 earnings released: EPS: AR$370 (vs AR$4.02 in FY 2021) Full year 2022 results: EPS: AR$370 (up from AR$4.02 in FY 2021). Revenue: AR$729.2b (up 71% from FY 2021). Net income: AR$796.3b (up AR$787.7b from FY 2021). Revenue is forecast to grow 16% p.a. on average during the next 3 years, compared to a 8.2% growth forecast for the Telecom industry in South America. Over the last 3 years on average, earnings per share has increased by 114% per year but the company’s share price has only increased by 26% per year, which means it is significantly lagging earnings growth. Aankondiging • Feb 14
Telecom Argentina S.A. Announces Demise of Germán Horacio Vidal, Member of Board of Directors, Member of the Audit Committee and Executive Committee Telecom Argentina S.A. informed that on February 11, 2023, Engr. Germán Horacio Vidal, member of Telecom Argentina’s Board of Directors and member of the Company’s Audit Committee and Executive Committee, passed away. Aankondiging • Nov 18
Sebastian Bardengo Submits His Resignation as Member of the Board of Directors and Member of the Executive Committee Telecom Argentina S.A Telecom Argentina S.A. received a letter from Mr. Sebastian Bardengo addressed to the Chairman of the Board of Directors notifying that, due to personal reasons, he submits his resignation as member of the Board of Directors and member of the Executive Committee of Telecom Argentina effective as from midnight December 31, 2022. Board Change • Nov 16
Less than half of directors are independent Following the recent departure of a director, there are only 4 independent directors on the board. The company's board is composed of: 4 independent directors. 7 non-independent directors. Independent Director Eduardo de Pedro was the last independent director to join the board, commencing their role in 2020. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Reported Earnings • Nov 11
Third quarter 2022 earnings released: AR$94.26 loss per share (vs AR$1.18 profit in 3Q 2021) Third quarter 2022 results: AR$94.26 loss per share (down from AR$1.18 profit in 3Q 2021). Revenue: AR$148.2b (up 54% from 3Q 2021). Net loss: AR$203.0b (down AR$205.6b from profit in 3Q 2021). Revenue is forecast to grow 24% p.a. on average during the next 3 years, compared to a 9.7% growth forecast for the Telecom industry in South America. Over the last 3 years on average, earnings per share has fallen by 54% per year but the company’s share price has increased by 24% per year, which means it is well ahead of earnings. Aankondiging • Nov 04
Telecom Argentina S.A. to Report Q3, 2022 Results on Nov 09, 2022 Telecom Argentina S.A. announced that they will report Q3, 2022 results on Nov 09, 2022 Major Estimate Revision • Aug 19
Consensus EPS estimates fall by 13% The consensus outlook for earnings per share (EPS) in 2022 has deteriorated. 2022 revenue forecast decreased from AR$518.3b to AR$504.0b. EPS estimate also fell from AR$7.04 per share to AR$6.09 per share. Net income forecast to shrink 67% next year vs 50% growth forecast for Telecom industry in Argentina . Consensus price target up from AR$275 to AR$325. Share price rose 2.7% to AR$271 over the past week. Reported Earnings • Aug 11
Second quarter 2022 earnings: EPS and revenues miss analyst expectations Second quarter 2022 results: EPS: AR$1.70 (up from AR$5.52 loss in 2Q 2021). Revenue: AR$126.9b (up 21% from 2Q 2021). Net income: AR$3.66b (up AR$15.6b from 2Q 2021). Profit margin: 2.9% (up from net loss in 2Q 2021). Revenue missed analyst estimates by 2.2%. Earnings per share (EPS) also missed analyst estimates by 100%. Over the next year, revenue is forecast to grow 27%, compared to a 10% growth forecast for the industry in Argentina. Over the last 3 years on average, earnings per share has increased by 65% per year but the company’s share price has only increased by 25% per year, which means it is significantly lagging earnings growth. Aankondiging • Aug 03
Telecom Argentina S.A. to Report Q2, 2022 Results on Aug 09, 2022 Telecom Argentina S.A. announced that they will report Q2, 2022 results on Aug 09, 2022 Valuation Update With 7 Day Price Move • Jul 27
Investor sentiment improved over the past week After last week's 17% share price gain to AR$283, the stock trades at a forward P/E ratio of 57x. Average forward P/E is 8x in the Telecom industry in South America. Total returns to shareholders of 103% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at AR$357 per share. Aankondiging • Jun 03
Telecom Argentina S.A. (BASE:TECO2) acquired Negocios y Servicios S.A. Telecom Argentina S.A. (BASE:TECO2) acquired Negocios y Servicios S.A on June 1, 2022.
Telecom Argentina S.A. (BASE:TECO2) completed the acquisition of Negocios y Servicios S.A on June 1, 2022. Major Estimate Revision • May 21
Consensus EPS estimates have been upgraded. The consensus outlook for earnings per share (EPS) in 2022 has improved. 2022 revenue forecast increased from AR$466.6b to AR$512.5b. Forecast to become profitable, with EPS estimate increasing from -AR$1.78 to AR$7.04 per share. Telecom industry in Argentina expected to see average net income growth of 24% next year. Consensus price target of AR$275 unchanged from last update. Share price fell 2.6% to AR$215 over the past week. Reported Earnings • May 13
First quarter 2022 earnings released: EPS: AR$10.92 (vs AR$4.51 in 1Q 2021) First quarter 2022 results: EPS: AR$10.92 (up from AR$4.51 in 1Q 2021). Revenue: AR$117.4b (up 28% from 1Q 2021). Net income: AR$23.5b (up 143% from 1Q 2021). Profit margin: 20% (up from 11% in 1Q 2021). Over the next year, revenue is forecast to grow 13%, compared to a 9.1% growth forecast for the industry in Argentina. Over the last 3 years on average, earnings per share has increased by 23% per year but the company’s share price has only increased by 17% per year, which means it is significantly lagging earnings growth. Board Change • Apr 27
Less than half of directors are independent Following the recent departure of a director, there are only 4 independent directors on the board. The company's board is composed of: 4 independent directors. 7 non-independent directors. Independent Director Eduardo de Pedro was the last independent director to join the board, commencing their role in 2020. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Major Estimate Revision • Apr 14
Consensus forecasts updated The consensus outlook for 2022 has been updated. 2022 revenue forecast fell from AR$510.4b to AR$438.2b. EPS estimate unchanged from -AR$1.78 per share at last update. Telecom industry in Argentina expected to see average net income growth of 103% next year. Consensus price target of AR$275 unchanged from last update. Share price was steady at AR$240 over the past week. Reported Earnings • Mar 11
Full year 2021 earnings: EPS in line with expectations, revenues disappoint Full year 2021 results: EPS: AR$251 (up from AR$2.65 loss in FY 2020). Revenue: AR$425.5b (up 41% from FY 2020). Net income: AR$541.4b (up AR$547.1b from FY 2020). Revenue missed analyst estimates by 1.3%. Over the next year, revenue is expected to shrink by 5.4% compared to a 16% growth forecast for the industry in Argentina. Over the last 3 years on average, earnings per share has increased by 141% per year but the company’s share price has only increased by 18% per year, which means it is significantly lagging earnings growth. Aankondiging • Mar 04
Telecom Argentina S.A. to Report Q4, 2021 Results on Mar 09, 2022 Telecom Argentina S.A. announced that they will report Q4, 2021 results on Mar 09, 2022 Reported Earnings • Nov 12
Third quarter 2021 earnings released: EPS AR$1.10 (vs AR$1.64 loss in 3Q 2020) The company reported a strong third quarter result with improved earnings, revenues and profit margins. Third quarter 2021 results: Revenue: AR$113.0b (up 69% from 3Q 2020). Net income: AR$2.36b (up AR$5.89b from 3Q 2020). Profit margin: 2.1% (up from net loss in 3Q 2020). The move to profitability was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 38% per year but the company’s share price has increased by 23% per year, which means it is well ahead of earnings. Reported Earnings • Aug 08
Second quarter 2021 earnings released: AR$4.99 loss per share (vs AR$0.38 loss in 2Q 2020) The company reported a soft second quarter result with increased losses and weaker control over costs, although revenues improved. Second quarter 2021 results: Revenue: AR$97.5b (up 30% from 2Q 2020). Net loss: AR$10.7b (loss widened AR$9.94b from 2Q 2020). Over the last 3 years on average, earnings per share has fallen by 55% per year but the company’s share price has increased by 22% per year, which means it is well ahead of earnings. Reported Earnings • May 19
First quarter 2021 earnings released: EPS AR$4.06 (vs AR$1.69 in 1Q 2020) The company reported a decent first quarter result with improved earnings and profit margins, although revenues were weaker. First quarter 2021 results: Revenue: AR$82.5b (down 7.8% from 1Q 2020). Net income: AR$8.74b (up 140% from 1Q 2020). Profit margin: 11% (up from 4.1% in 1Q 2020). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 82 percentage points per year, which is a significant difference in performance. Aankondiging • May 15
Telecom Argentina S.A. Announces Three Month Periods Ended March 31, 2021 Telecom Argentina S.A. announced three month periods ended March 31, 2021. For the period the company reported Impairment of fixed assets was ARS 73 million compared to ARS 97 million a year ago. Reported Earnings • Mar 11
Full year 2020 earnings released: AR$2.65 loss per share (vs AR$2.04 loss in FY 2019) The company reported a mediocre full year result with increased losses, although control over costs was stable and revenues improved. Full year 2020 results: Revenue: AR$301.6b (up 27% from FY 2019). Net loss: AR$5.72b (loss widened 30% from FY 2019). Over the last 3 years on average, earnings per share has fallen by 78% per year but the company’s share price has increased by 8% per year, which means it is well ahead of earnings. Aankondiging • Feb 27
Telecom Argentina S.A. to Report Q4, 2020 Results on Mar 09, 2021 Telecom Argentina S.A. announced that they will report Q4, 2020 results After-Market on Mar 09, 2021 Is New 90 Day High Low • Feb 20
New 90-day low: AR$180 The company is down 17% from its price of AR$216 on 20 November 2020. The Argentinean market is down 4.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Telecom industry, which is down 5.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is AR$153 per share. Aankondiging • Feb 02
Telecom Argentina S.A. Announces Notice of Rejection of Preliminary Injunction in the Case Telecom Argentina S.A. a/EN-Enacom and other re. Preliminary Injunction (Autonomous)” (Docket CAF N° 12,881/2020) Telecom Argentina S.A. announced that on Friday January 29th the Company was served with notice of the rejection of a preliminary injunction requested by the Company in the abovementioned case pending before the Federal Contentious Administrative Court acting in the judicial recess period, by means of which injunction the Company had requested the suspension of articles 1,2 3, 4 and 5 of Decree 690/20, as it considers they are in violation of the National Constitution and the provisions of article 30 of the Inter-American Convention on Human Rights. The preliminary injunction was rejected by the Federal Judge Walter Lara Correa as he considered that, in his opinion, the two conditions for the granting of said measure were not met, since the absence of one (condition) prevents the granting [of the requested injunction]. The Company, assisted by its legal counsel, will adopt all necessary legal actions to protect its rights. Is New 90 Day High Low • Jan 04
New 90-day low: AR$187 The company is down 11% from its price of AR$211 on 06 October 2020. The Argentinean market is up 9.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Telecom industry, which is up 3.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is AR$151 per share. Valuation Update With 7 Day Price Move • Dec 23
Investor sentiment deteriorated over the past week After last week's 15% share price decline to AR$197, the stock is trading at a trailing P/E ratio of 36.5x, down from the previous P/E ratio of 43x. This compares to an average P/E of 26x in the Telecom industry in South America. Total returns to shareholders over the past year are 18%. Price Target Changed • Nov 28
Price target raised to AR$203 Up from AR$178, the current price target is an average from 6 analysts. The new target price is 15% below the current share price of AR$239. As of last close, the stock is up 56% over the past year. Analyst Estimate Surprise Post Earnings • Nov 14
Revenue and earnings miss expectations Revenue missed analyst estimates by 2.7%. Earnings per share (EPS) were also behind analyst expectations. Over the next year, revenue is forecast to grow 30%, compared to a 7.5% growth forecast for the Telecom industry in Argentina. Reported Earnings • Nov 11
Third quarter 2020 earnings released: AR$1.57 loss per share The company reported a solid third quarter result with reduced losses and improved revenues and control over expenses. Third quarter 2020 results: Revenue: AR$77.1b (up 45% from 3Q 2019). Net loss: AR$3.39b (loss narrowed 83% from 3Q 2019). Aankondiging • Nov 05
Telecom Argentina S.A. to Report Nine Months, 2020 Results on Nov 09, 2020 Telecom Argentina S.A. announced that they will report nine months, 2020 results on Nov 09, 2020 Is New 90 Day High Low • Oct 15
New 90-day high: AR$238 The company is up 10.0% from its price of AR$217 on 17 July 2020. The Argentinean market is up 3.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Telecom industry, which is up 1.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is AR$175 per share. Aankondiging • Aug 13
Telecom Argentina S.A. to Report First Half, 2020 Results on Aug 14, 2020 Telecom Argentina S.A. announced that they will report first half, 2020 results on Aug 14, 2020 
