NBK Capital, the research unit of National Bank of Kuwait, said it maintained its fair value estimate for Global Telecom Holding (GTH) at $3.6 per share (+41% upside), with a Buy recommendation.

“GTH announced its 4Q2014 results, with overall operational figures missing both our expectations and the Bloomberg consensus. 4Q2014 revenue declined by 8% YoY to $ 826 million, short of both our $ 819 million forecast (7% lower) and the Bloomberg consensus of $ 795 million (4% lower). EBITDA reached $ 292 million (compared to net EBITDA loss of $ 842 million in 4Q2013) but was 21% short of our $ 369 million forecast and 24% less than the Bloomberg consensus of $ 384 million,” said NBK Capital

The research firm maintained its forecasts for now.

“Overall, we are neutral on the results, given that the operational performance in GTH’s three key subsidiaries did not materially decline, with room for potential improvement,” added the research firm.