WOOD Flash – Kcell: 1Q21 results – adjusted EBITDA up 23% yoy, 3% above our expectations
Kcell has reported strong 1Q21 results, with its top line growing 10% yoy, to KZT 44.0bn (1% below our estimate), and its adjusted EBITDA up 23% yoy, to KZT 19.4bn (3% above our estimate). The top-line growth was driven mainly by handset sales, which increased by 51% yoy, to KZT 8.2bn (boosted by demand for devices enabling remote working/education). Service revenues increased by 3% yoy, to KZT 35.8bn, on ARPU expansion of 4% yoy (vs. 8% yoy growth in 4Q20).
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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