RCS 3Q17 - Good results despite lower mobile customer net adds in Romania
Romanian cable & telecom operator RCS & RDS reported good 3Q17 results. Revenue was up by 8.4% yoy to €230m while EBITDA came in 9.2% stronger at €74m, i.e. a 32.1% margin (+30bps yoy). Growth in Romania, the company's main market, representing c.70% of total revenue, slowed to 4.4% yoy vs. +12% in 1H17. RCS argues that it made less effort than usual to increase sales in mobile but plans to resume a more aggressive commercial strategy in the future with no more precise guidance. Indeed, handset sales as well as mobile customer net adds (+19k qoq) were significantly lower than in previous quarters (+76k in 2Q17 and +109k in 3Q16) and, although remaining stronger than those of Telekom (-47k qoq), stood well below those of Orange (+224k qoq) and Vodafone (+136k qoq).
Spread Research is France's first Rating Agency, registered by ESMA (European Securities and Markets Authority) and a leading European Independent Credit Research firm, founded in 2004 and based in Lyon, France. Our experienced team offer key research services using a wide range of investment strategies and research methodologies for the High Yield, Emerging Markets, Convertibles and Loan Markets.
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.