Report
Bram Buring, CFA

WOOD Flash – Alkaloid: 1Q24 numbers a strong start to the year

Alkaloid reported another solid set of results in 1Q24, albeit with the yoy comparison on some lines coloured by the reclassification of cost from below to above the operating line. This quarter, the business caught a tailwind from cephalosporin antibiotic sales in Ukraine (the first quarter is typically strong for all antibiotics), but also from recent investments in its Western European markets. Keeping in mind seasonality, the company is well on track to meet its FY24E revenues growth target of c.15% (in EUR terms) and net profit growth of 10% yoy. In the ytd, the stock has returned 15% – including the gross dividend of MKD 540/share (net dividend MKD 486/share) from the 2023E earnings – vs. 18% for the MBI Index as a whole.
Underlying
Alkaloid AD Skopje

Provider
Wood and Company
Wood and Company

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.

Analysts
Bram Buring, CFA

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