Solocal - Very encouraging 4Q16 results
​Ahead of the implementation of its restructuring plan (expected by end of 1Q17), Solocal reported very encouraging 4Q16 results which were above our expectations. Revenue was down by 2% yoy to €210m while EBITDA came up 9% stronger at €58m. In fact, internet revenue growth was strong at +5% yoy and was closer to offset the strong revenue decline (-23%) in print.
Although, Solocal suspended the payment of interests (€32m to be paid in 1Q17 while existing debt no longer pay interest), FCF was limited at €11m. In the fourth quarter,uncertainties surrounding the company were high causing some pressure on working capital. That said, management stated that since....
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