1Q17 results – EBITDA 3% ahead, net income 7% behind consensus, FCF higher than expected
NLMK has reported its 1Q17 financial results, which were 3% ahead of the consensus at the EBITDA level (USDÂ 618m), but 7% lower at the net income level due to higher D&A and FX losses. FCF was up 14% qoq, despite a large build-up of working capital (similar to SVST last week), due to much lower capex than we had expected (USDÂ 96m vs. our assumption of USDÂ 175m, assuming that annual capex guidance of USDÂ 700m would be split evenly throughout the year). This suggests that capex should accelerate later in the year, so we would not consider it a major positive. Overall, it should be neutral for the stock, in our view.
WOOD & Company is the leading investment bank in Emerging Europe. Founded in 1991 and head-quartered in Prague, our footprint spans the region and touches investors around the globe.
A pioneer in Emerging Europe, WOOD executed many of the first CEE equity trades and landmark investment banking transactions. Our electronic trading platform was the first in the region, and remains the best. We are continually expanding our relevance and reach in these ever-evolving markets.
Our equity market share reflects our stature: 7% in Warsaw, 20% in Bucharest, 16% in Hungary, 40% in Prague and 5% in Vienna. Our distribution is unparalleled, with the largest salesforce in the region, servicing a uniquely diverse investor base.
We couple local expertise with a truly international perspective. With offices on the ground in the region, and in key financial hubs such as London and Milano, we are never far from our clients and we remain at the forefront of what’s afoot in the CEE emerging and frontier landscape.
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