WOOD Flash – Kcell: strong 3Q20 results, with adjusted EBITDA up 14% yoy
Kcell has reported strong 3Q20 results, with its top line growing 14% yoy, to KZT 46.8bn (1% above our estimate), and adjusted EBITDA up 14% yoy, to KZT 20.5bn (8% above our estimate). The top-line growth was driven by handset sales, which were up 124% yoy, to KZT 11.0bn (boosted by the lifting of the quarantine and the tight restrictions on offices and store operations in 3Q20), which offset the 1% yoy decline in services revenues, to KZT 35.8bn (on customers outflow mainly). The ARPU increased by only 6% yoy vs. 5% yoy growth in 2Q20 and the 19% yoy expansion in 1Q20. We note that the pandemic caused a decline in top-up payments, harmed roaming revenues, and decelerated the upselling to more expensive tariffs in 2-3Q20.
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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