2H16 – smokin' hot results driven by Czech smokers, but smoking ban coming in May 2017
Philip Morris CR (TABAK) has reported a strong set of 2H16 figures. The top line came in at CZK 6,054m, up 5.2% yoy and beating the consensus by 3.1%. EBITDA was CZK 2,145m, with EBITDA margin expansion of 400bps to 35.4%. PMCR reported CZK 1,449m in net profit, beating the consensus by 16%. Management has proposed a dividend of CZK 1,000/share, ahead of the consensus DPS of CZK 935, implying a dividend yield of 7.49%, ranking it the third-best dividend payer in our Czech coverage space.
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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