Cyfrowy Polsat 4Q 19 - Operating results in line with expectations
EBITDA of PLN 1,062 was in line with our forecast, but we note that other operating profit of PLN 19 mn (up from PLN 6 mn in 4Q 18) slightly inflated the reported figure.Key P&L items: When comparing major revenue items, we were a notch more bullish as regards retail revenues that grew by only 0.6% yoy (vs. 0.7% yoy in 3Q 19 and our est. of 1.1% growth) but wholesale (flat yoy at PLN 927 mn) and sales of equipment (+12% yoy to PLN 445 mn) were in line with estimates. On the cost side we highlight slowing growth of content costs (already high base in 4Q 19) with costs 8% higher yoy to PLN 457 mn after more than 20% yoy dynamics earlier this year, but in line with expectations. The company surprised us positively with lower other cost (PLN 64 mn vs. our est. of PLN 70 mn) and higher other operating profit (PLN 19 mn vs. our est. of PLN 3 mn).
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.
The Institutional Equity Research team consists of roughly 15 analysts, both in Vienna and the CEE countries. Our analysts provide long-standing sector expertise in tandem with profound local market know how and a sectoral approach across the entire region.
Unfortunately, this report is not available for the investor type or country you selected.
Browse all ResearchPool reportsReport is subscription only.
Thank you, your report is ready.
Thank you, your report is ready.