WOOD Flash – Arena Hospitality Group: 3Q20 – COVID-19 fears strike at the peak of the season
Arena’s 3Q20 earnings have come in weaker than we expected in late-May, despite the promising start in July, as first the Netherlands and, later, neighbouring Austria and Slovenia issued COVID-19 travel warnings for Croatia in mid-August, i.e., the peak of the summer season. Despite this, profitability surprised on the upside again (EBITDA margin 37.4% vs. 31.4%), demonstrating that, at least on the level of issues that management can control, the company is adapting to the difficult situation, 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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