VIVACOM - 2Q16 RESULTS
Vivacom, the largest Bulgarian telecom operator, reported 2Q16 results characterized by a strong decline in EBITDA (14.7% excluding recently acquired Nurts) and slightly revised down its guidance for FY16.
That said, the topline remained well oriented (+2.2% yoy excluding Nurts). In mobile (57% of total revenue) Vivacom continued to outperform its peers with 52k customers net adds in 2Q (-21k for Telenor and -54k for Mtel) and 106k on a LTM basis. In fixed (38% of revenue), the company continued to suffer from the ongoing structural fixed voice to mobile substitution but did well on the broadband front, gaining market shares over the #1 Mtel.
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