strong set of 1Q17 results, with 6% beat on EBITDA and 64% beat on NI
Overall, we see CPS’ results as positive and today’s market reaction as justified. We like the positive dynamics at the EBITDA level for the third quarter in a row, thanks to both top-line evolution and cost control. The company delivered strong, 10% yoy growth (vs. 2.4% yoy in 4Q16 and 2.9% in 3Q16), beating both our numbers and consensus by c.6%. We also like the strong LTM FCF of almost PLN 2.0bn vs. our 2017E forecast of PLN 1.7bn and that the company managed to deleverage to 2.88x ND/EBITDA this quarter vs. 3.06x as at end-2016. We reiterate that good operational momentum, the FCF surge and deleveraging, allowing more room for dividend payouts, were the main thesis of our recent BUY recommendation and these are materialising.  (Please see the following report for details: CEE_Telecoms_CPS_MTEL_OPL_Update_26Apr2017.pdf, (2 MB).)
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.
Unfortunately, this report is not available for the investor type or country you selected.
Browse all ResearchPool reportsReport is subscription only.
Thank you, your report is ready.
Thank you, your report is ready.