{"id":68730,"date":"2026-03-04T11:59:22","date_gmt":"2026-03-04T14:59:22","guid":{"rendered":"https:\/\/safras.com.br\/es\/?p=68730"},"modified":"2026-03-04T11:59:22","modified_gmt":"2026-03-04T14:59:22","slug":"fusion-telecom-telefonica","status":"publish","type":"post","link":"https:\/\/safras.com.br\/es\/fusion-telecom-telefonica\/","title":{"rendered":"Telecom: BTG proyecta un salto del 36% tras la fusi\u00f3n con Telef\u00f3nica"},"content":{"rendered":"

Los analistas de BTG Pactual<\/b> emitieron un informe optimista sobre el futuro de Telecom Argentina<\/b> tras la absorci\u00f3n de Telef\u00f3nica Argentina<\/b><\/a>. La entidad financiera estableci\u00f3 un precio objetivo de US$ 15,00 por ADR<\/b>, lo que representa un potencial de retorno del 36%<\/b> respecto a su cotizaci\u00f3n actual, fundamentado en las sinergias y el dominio de mercado que alcanzar\u00e1 la nueva entidad.<\/p>\n

Dominio de mercado y \u00abremedios\u00bb regulatorios<\/h2>\n

La fusi\u00f3n, anunciada originalmente en 2025, se encuentra en sus etapas finales de revisi\u00f3n. Tras superar una suspensi\u00f3n preventiva, se espera que la aprobaci\u00f3n definitiva se concrete en este primer semestre de 2026 bajo condiciones moderadas:<\/p>\n

    \n
  • \n

    Concentraci\u00f3n:<\/b> La entidad combinada alcanzar\u00eda una cuota del 61% en telefon\u00eda m\u00f3vil<\/b> y del 69% en red fija<\/b>.<\/p>\n<\/li>\n

  • \n

    Condiciones (Remedios):<\/b> Las autoridades de competencia exigir\u00edan la desinversi\u00f3n de clientes<\/b> en \u00e1reas geogr\u00e1ficas espec\u00edficas para evitar situaciones de monopolio absoluto.<\/p>\n<\/li>\n

  • \n

    Infraestructura:<\/b> La transacci\u00f3n unir\u00e1 la red fija m\u00e1s r\u00e1pida del pa\u00eds con la red m\u00f3vil de mayor cobertura, consolidando un esquema de duopolio que mejorar\u00e1 los fundamentos econ\u00f3micos del sector.<\/p>\n<\/li>\n<\/ul>\n

    Proyecciones financieras y eficiencia (2027-2028)<\/h2>\n

    BTG Pactual destaca que la escala de la nueva compa\u00f1\u00eda permitir\u00e1 optimizar inversiones y reducir dr\u00e1sticamente el abandono de clientes (churn<\/i>):<\/p>\n

      \n
    1. \n

      M\u00e1rgenes EBITDA:<\/b> Se proyecta que alcancen el 37% para 2028<\/b>, impulsados por la reducci\u00f3n de costos operativos y la optimizaci\u00f3n del Capex.<\/p>\n<\/li>\n

    2. \n

      Crecimiento en D\u00f3lares:<\/b> El EBITDA presenta una tasa de crecimiento anual compuesto (CAGR<\/b>) estimada del 11%<\/b> para los pr\u00f3ximos tres a\u00f1os.<\/p>\n<\/li>\n

    3. \n

      Despliegue de 5G:<\/b> Aunque la inversi\u00f3n en capital (Capex) subir\u00e1 al 19% de los ingresos<\/b> en 2027 para la expansi\u00f3n de la red 5G, la generaci\u00f3n de flujo de caja operativo seguir\u00e1 en expansi\u00f3n.<\/p>\n<\/li>\n

    4. \n

      Oportunidad de Compra:<\/b> Actualmente, la acci\u00f3n cotiza con descuento frente a sus pares de la regi\u00f3n, lo que representa un punto de entrada atractivo antes de que se formalice la creaci\u00f3n de valor por la fusi\u00f3n.<\/p>\n<\/li>\n<\/ol>\n","protected":false},"excerpt":{"rendered":"

      Los analistas de BTG Pactual emitieron un informe optimista sobre el futuro de Telecom Argentina tras la absorci\u00f3n de Telef\u00f3nica Argentina. La entidad financiera estableci\u00f3 un precio objetivo de US$ 15,00 por ADR, lo que representa un potencial de retorno del 36% respecto a su cotizaci\u00f3n actual, fundamentado en las sinergias y el dominio de […]<\/p>\n","protected":false},"author":13,"featured_media":68731,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[399,444],"tags":[446,768],"commodity":[],"class_list":["post-68730","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-empresas","category-noticias-financieras","tag-btg","tag-telecom"],"acf":[],"yoast_head":"\nTelecom: BTG proyecta un salto del 36% tras la fusi\u00f3n con Telef\u00f3nica - SAFRAS & Mercado<\/title>\n<meta name=\"description\" content=\"BTG Pactual estima un precio de US$ 15 por ADR para Telecom Argentina. 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