WOOD Flash – HansaMatrix: sees supply disruptions running into 2H21E
The key takeaway from HansaMatrix’s 4Q20 numbers and the discussion on the 2021E outlook is that the supply bottlenecks seen in 4Q are likely to remain an issue into the second half of the year, with negative implications for our FY21E numbers. In particular, constraints are also affecting the deliveries of data network infrastructure equipment, which we had expected to provide c.40% of the top-line growth, when demand is quite strong otherwise. Our impression is that the orders remain firm, but deliveries may run into the first part of 2022E. The deliveries of LightSpace headsets – a key piece of the mid-term equity story – also being affected, in our view, are a short-term setback; while the real impact on the top and bottom lines – new manufacturing revenues and losses from associates becoming gains – is rather a story for 2023/24E.
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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