Kcell Joint Stock Company - A strong Q4, raising FY21 forecasts
The recovery from the COVID-19 affected Q2 continued in Q4. Service revenue growth (ex bulk SMS) accelerated to 7.6% y-o-y, resulting in FY20 sales and EBITDA ahead of our forecasts and guidance. This trend is further evidence of an improving market in our view and leads us to raise our FY21 and FY22 adjusted EPS forecasts by 5% and 6% respectively. Kcell grew adjusted EPS by 20% in FY20 despite COVID-19. At $5.80 it trades at an adjusted FY22 P/E of 15x, its lowest rating in a year.
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