WOOD Flash – Kcell: 2Q21 – adjusted EBITDA up 20% yoy, 2% above our expectations
Kcell has reported solid 2Q21 results, with its top line growing 19% yoy, to KZT 46.1bn (6% above our estimate) and the adjusted EBITDA up 20% yoy, to KZT 19.4bn (2% above our estimate). The top-line growth was driven by both handset sales, which were up 31% yoy, to KZT 7.8bn (boosted by the demand for devices enabling remote working/education), and service revenues, which increased by 17% yoy, to KZT 38.3bn, on ARPU expansion of 15% yoy (vs. 4% yoy growth in 1Q21).
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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