WOOD Flash – GEVORKYAN: 2Q24 lower than expected, but higher capex and new contracts imply new growth potential
The reported 2Q24 results were materially lower than expected, due to the one-off expenses related to the transfer of the assets from competitors. Adjusted for this, the 2Q24 EBITDA would have been in line with our expectations, and the net profit broadly in line with our estimate. Despite these one-off costs, the company reiterated its 2024E revenue and EBITDA guidance, with its signed, long-term contracts accounting for 97% of its revenues for 2024E as of June 2024. We believe that GEVORKYAN is likely to meet its revenue guidance. On the EBITDA side, this would mean that the company needs to deliver a 2H24E EBITDA margin of 34-35%, the highest in its history for two consecutive quarters. We are more conservative on the EBITDA in 2024E and expect GEVORKYAN to reach a 31% EBITDA margin in 2H24E.
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.