Hannibalson, how do you define an academically correct valuation? Since most of the valuations use some form of DCF modelling which is then combined with the P/E , I can see this would involve many arbitrary interpretations what the correct "P/E" should be. Who is to say that telecoms P/E in Lithuania should be the same as P/E in the UK or the US in the same industry? In theory, a company is only valuable as somebody is willing to pay for it, and considering TEO has been the largest company in the Nasdaq Baltic by market cap at the time of offer, and one of the most actively traded too, it would be hard to convince that market valuation was irrelevant. I am just asking from a personal perspective, as it would be interesting to read similar case studies.

It was also surprising TEO's offer made it very explicit that the US based investors are ineligible, which probably implies the US law is different in this respect. Again, I don't much about this, but it would certainly be interesting to read more.

The big question is probably whether East Capital employees got some form of direct or indirect bonus tied up with the deal, and who approached who - whether it was East Capital looking for a quick exit without depressing prices, or TeliaSonera actively planning the purchase.

Anyway, I hope TEO remains on the official list, as it has been one of the most stable companies (profit and dividend wise) during 2009 and now.

As tik vieno nesuprantu, kodel EC pardave TEO akcijas? Cia kazkas paslepta ko mes nezinom. Man TEO yra kaip indelis banke, tik cia % didesni. 30% portfelio yra cia. Tikrai labai tikiuosi, kad si akcija liks birzoje ir galesiu vis dasipirkt ir dar ilgai dziaugtis gerai dividendais:-)

Gal kas tiksliai žinot, kada pasieks dividentai mus?

ačiū

tiksliau klausimas , ka pirks EC uz tuos laisvus pinigelius?

Tai visgi kaip manot - įmanomas TEO ir Omnitel jungimas? Ar būtų duotas leidimas tam?

dividendu mokejimo data yra 05.23.

o kam jungt teo su omnitel?

O kodel gi nepasinaudoti LFO praktika, nes be teisingos-neteisingos kainos yra ir TEO noras greičiau pasitraukti.

Nu dabar melsiuos, kad daugiau niekas TEO akciju nebepardavinetu

how do you define an academically correct valuation?

Certainly market price reflects also situation, not only some abstract fair value. If core investor is ignoring value creation (no share buybacks, capital structure is optimized on the TS group level and not in the Baltic subsidiaries etc) then market price is not always a good indicator of value. Sometimes squeeze-out creates an opportunity to ask for it. If some asset is taken away from me against my will then there is (usually) constitutional right to ask for review by court is the compensation determined by controlling shareholder fair and corresponds to company value. Normal assumption is then the company is managed in value creative way. Some possible reference metrics are not comparable with sector averages without normalization first. For excample you can lower P/E with capital reduction. So I would say that "academically correct valuation" is a normalized company valuation with robust forward looking assumptions. I guess DCF is the best way to solve this.

Tam, kad mažint kaštus administracijoje ir kažką daryt su Omnitel vadyba, nes Omnio pardavimai nuo 2004 iki 2011 m. krito nuo 1 mlrd. iki 500 mln. Lt/per metus.

normalu, kad pardavimai krito 50%, kai dieninis tarifas krito nuo 3,3 LITO/min iki 3 ct/min., ar naktinis 1,8 LITO iki 1-2 ct/min.

Na, mobiliojo ryšio kainos ėmė kristi 2001-2002 metais, 2004 jau tik apie 30-40 ct už minutę sukosi, tačiau TELE 2 teritorijos padengimas tada dar silpnas buvo, žmonės vien todėl jais nesinaudojo.

Gal kas skaiciuoja kiek procentu jau pavyko supirkti?
Dziugu, kad siurbimo tempas po truputi mazeja

10 dieną buvo skelbta, kad jau įsigijo 82.71%, arba 642.5 mln akcijų iš 776.8 mln. Per 05-11 - 05-16 YHI nusipirko dar 5.2 mln, bendroje sumoje TS turi 647.7 mln akcijų, arba 83.38%

JD,nebuciau toks tikras,kad ne tik is EC perka TS uzbirziniais sandoriais.

Pravalai, aš esu tikras, kad be EC ir dar poros fondų niekas neturėjo itin stambių kiekių, kad būtų leista daryti užbiržinius sandorius.

JD, VOKIETIJOS birzose tu irgi stebi ZWS judesi.

makleris sako, makleris zino

Kažko Ugniaus nebegirdėti, manau turėjo nemažai prikaupęs.