WOOD Flash – Conpet: 3Q20 results – volumes rebound more slowly than expected, but margins remain solid
Conpet reported its 3Q20 results yesterday (12 November), after the market closed. The net income of RON 17.2m (-9% yoy) for the quarter beat our expectations by 9%. The qoq net profit increased by 11%, above our estimates. Revenues were in line with our numbers, flat yoy. While we expected much higher imported volumes qoq and only a slight improvement in domestic volumes, both came in below our expectations (-5% and -20%, respectively). Nonetheless, Conpet beat our EBITDA and net profit estimates by 8% and 9%, respectively.
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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