Transelectrica - Results exceeded budgeted numbers in ‘18 - Instant Earnings Comment from Concorde Ltd. [Hungary]

Transelectrica - Instant Earnings Comment

Under revision

Target price (12M): Under revision

 

• Transelectrica posted 4Q/FY18 results today, before the bell. The Company reported a net loss of RON 8mn in Q4, totalling at RON 89mn in FY18, up by 216% YoY compared to FY17. Total revenue, excluding the balancing market, amounted to RON 481mn in 4Q, up by 13% YoY partly driven by higher transmitted quantity and higher tariffs.  In 2018, revenues totalled at RON 2.72bn, down by 11% YoY on significantly lower financially neutral balancing market revenues and lower average tariff. Operating profit rose 54% YoY to RON 105mn in 2018 vs RON 68mn in 2017 due to a 13% decrease in the total operational costs (amortisement included) that compensated an 11% drop in operational revenues. (Slightly POS)
• Recommendation: We hold our recommendation on under revision.

 

 

Gabor Bukta
analyst

CONCORDE SECURITIES LTD.

Alkotás Point
50 Alkotás street, H-1123 Budapest.
Phone: | Mobile:
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MEMBER OF THE CONCORDE GROUP

 

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