Although the offer is contrary to Portugal Telecom’s strategy, shareholders have to consider the price offered as it provides an excellent premium, keeping in mind that for the first quarter of 2010, Vivo represented 50% of Portugal Telecom’s total economic value. Considering that Brasilcel has a 59.4% stake in Vivo, the implicit price earning would be approximately of 56.
La mission de l'analyste ECGS est de conseiller l'actionnaire de long terme de Portugal Telecom : en l'absence d'une initiative sécurisant le versement du dividende aux actionnaires de Portugal Telecom , notre analyse conclut à ce stade à refuser l’offre en espérant que Telefonica fera une troisième proposition.