WOOD Flash – Kcell: 4Q20 – adjusted EBITDA in line with expectations, miss on NI due to one-offs
We see Kcell’s 4Q20 results, reported this morning (8 February), as neutral and we do not expect any major market reaction. The operating results were strong (adjusted EBITDA up 24% yoy), but in line with expectations, while the company recorded some material one-offs, causing a miss on the bottom line. On the other hand, we see the 2021E guidance, assuming high single-digit growth in sales and EBITDA, as positive. We also note the positive trends in the KPIs: the company recorded 6% ARPU expansion and a mobile subscriber base expansion 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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