1H17 financial results – leverage down to 2x and dividend reinstated at GBp 23/share
EVRAZ reported its 1H17 financial results this morning. EBITDA of USD 1,152m was in line with the consensus and net income was only USD53m, 90% below the consensus due to several non-cash one offs, which should be overlooked by the market, in our view. FCF of USD 192m (our definition excluding cash from the recent spin-offs) was 7% lower than the USD 207m we expected, due to the EBITDA, which was c.USD 50m below our forecast (set before the weaker-than-expected trading results).
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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