Kcell Joint Stock Company - Resilience and consolidation benefits expected
A change in market structure and strategy has transformed Kcell’s prospects. It delivered a c 80% rise in underlying profits and cash flow in FY19 and a 31% y-o-y rise in adjusted EBIT in Q1. We assume the pace of profit growth slows in the remainder of FY20 as COVID-19 measures and a slump in the oil price affect economic activity. However, beyond FY20 scope for further market consolidation should ensure that healthy profit and cash flow growth resumes.
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