WOOD Flash – GEVORKYAN: 1Q24 – strong set of results, with EBITDA up 24% yoy, 17% above our estimate
On 15 May, GEVORKYAN reported better-than-expected results, with EBITDA of EUR 7.3m (+24% yoy), a 17% beat vs. our estimate of EUR 6.2m. The revenues were up by 31% yoy, at EUR 24.2m, a 10% beat vs. our expectations. Management has reiterated its guidance for 2024E but, if the 2Q24E results are above the company’s plan, it could upgrade its guidance. In 1Q24, GEVORKYAN delivered an EBITDA margin of 30%, 2ppts higher than we anticipated. For 2024E, we are more conservative on the operating profitability and we expect a 28% EBITDA margin, while the company is guiding for 30%. If delivered successfully, this could create some upside for our forecast. The company is trading at 9.3x EV/EBITDA, on our 2024E estimate. We view the strong set of 1Q24 results as positive and we expect a positive market reaction. We reiterate our BUY rating on the stock.
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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