WOOD Flash – Fintel Energija: 1H20 review – solid results, despite slightly lower than expected production
Fintel reported its 1H20 results on Friday (14 August). The results were slightly weaker than our expectations, mainly on lower generation volumes, leading to lower revenues and a lower EBITDA margin. We note that our full-year estimates do not reflect the lower FiT income, due to the government’s COVID-19 measures; the income difference will be received later. Moreover, Fintel will receive the full tariff in the second part of the year, assuming no government intervention in pricing, while the COVID-19-related regulations have frozen loan repayments until September. We remain BUYers of Fintel, which we see as one of the best bets, on the back of the slow, but inevitable, power transformation in the overlooked, western Balkans region.
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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