FCF generation to remain under pressure until 2H18E on capex and tax burden
The key takeaways from the conference call, we believe, are that capex and FCF should normalise back to the 2015-16 levels only from 2H18E, and that it remains too early for full clarity on the dividend policy, this year’s better-than-expected EUR 0.16/share payout notwithstanding. We maintain our view that the investment case remains solid, but is still missing “that certain something†to get us to pound the table on the name at this point. The 4Q16 numbers and FY17E guidance by themselves are not a trigger for a multiples rerating, in our view. This is still contingent on a more positive view on Greece as a whole, in which case there are other, even cheaper stories to play. We remain HOLDers.Embotelladora Andina is engaged in the production and sale of Coca-Cola products and other beverages. Through its subsidiaries, Co. produces, markets and distributes Coca-Cola trademark beverages and brands licensed from third parties throughout its Chilean, Brazilian and Argentine franchise territories. In addition to the Coca-Cola soft drinks business, through its subsidiaries, Co. produces and distributes fruit juices and other fruit-flavored beverages; manufactures polyethylene terephthalate bottles; distributes non carbonated beverages in Brazil such as herbs, fruit juices, energy drinks, sport drinks and waters, under trademarks owned by The Coca-Cola Company and distributes beer.
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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