MTS 4Q 19 - Generous cash distribution may support the share price
MTS met its FY 19 targets and provided quite a neutral guidance for FY 20e. The company said it may consider distribution on top of the regular RUB 28 dividends (9.8% yield).Russia: mobile service revenues grew by 3.3% yoy in 4Q 19 and by 2.4% yoy in FY 19. The acceleration in 4Q 19 came from the rationalisation of the competitive environment and easing regulatory headwinds. Dynamics in other Russian businesses were as follows: Fixed-line revenue: -1.5% yoy in 4Q 19 and -0.5% yoy in FY 19, Integration: flat yoy in 4Q 19 and +40% in FY 19, Digital (e-tickets and eSports): 20% yoy in 4Q 19 and +15% yoy in FY 19, Bank: +44% yoy in 4Q 19 and +32% yoy in FY 19 on a pro forma basis, sales of goods: flat yoy both in 4Q and FY 19. Overall, Russian revenue grew by 3.9% yoy in 4Q 19 and by 5.5% yoy in FY 19 and OIBDA by 0.5% yoy in 4Q 19 and by 3.7% yoy in FY 19.
CPI Card Group is a holding company. Through its subsidiaries, the company is a provider of Financial Payment Card solutions. The company defines Financial Payment Cards as credit, debit and Prepaid Debit Cards issued on the networks of the Payment Card Brands and Interac. The company defines Prepaid Debit Cards as debit cards issued on the networks of the Payment Card Brands. The company's business consists of the following reportable segments: U.S. Debit and Credit, which primarily produces Financial Payment Cards and provides integrated card services to card-issuing banks in the U.S.; and U.S. Prepaid Debit, which primarily provides integrated card services to Prepaid Debit Card issuers in the U.S.
MACOM Technology Solutions Holdings is a holding company. Through its subsidiaries, the company is a provider of analog semiconductor solutions that enable internet applications, the cloud connected apps economy and the networked battlefield across the radio frequency (RF), microwave, millimeterwave and lightwave spectrum. The company's primary markets are: Telecom, which includes carrier infrastructure like long-haul/metro, 5G and fiber-to-the-X/passive optical network; Data Centers, enabled by a portfolio of analog ICs and photonic components for high speed optical module consumers; and Industrial and Defense, which includes military and commercial radar, RF jammers, electronic and countermeasures.
Mobile Telesystems is a provider of mobile cellular communications services in the Russian Federation, Ukraine, Uzbekistan and Turkmenistan to consumers and corporate customers, employing technology based primarily on Global System for Mobile Communications (GSM). Co. had a mobile subscriber base of around 102.5 million (77.3 million in Russia, 20.4 million in Ukraine, 2.1 million in Turkmenistan, 1.6 million in Uzbekistan and 1.1 million in Armenia). In addition to standard voice services, Co. provides improved services, including voice mail, short message service, general packet radio service, and various SMS- and GPRS-based information and entertainment services.
The Institutional Equity Research team of Raiffeisen Bank International AG covers 85 stocks from Austria, Central & Eastern Europe with sell-side research and thus levers our local broker status with excellent company relationships. For corporates in Austria, CEE and Western Europe, we offer co-sponsored research, which includes research coverage and marketing activities to investors. Additionally, through our Spotlight Research product we also shed light on leading European small and micro-caps, seeking greater visibility with investors.
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