WOOD Flash – Kcell: 2Q22 – adjusted EBITDA +24% yoy, 9% above our expectations; conservative FY22E guidance
Kcell has reported solid 2Q22 results, with the top line growing 22% yoy, to KZT 56.4bn (7% above our estimate), and the adjusted EBITDA up 24% yoy, to KZT 24.0bn (9% above our estimate). We see the outcome as neutral as, on the one hand, the 2Q22 results are strong (above our expectations) and the KPIs are solid (with a qoq increase in the customer base, yoy ARPU expansion and a churn reduction); while, on the other, the company has presented very conservative FY22E guidance, with 3-4% EBITDA growth, implying an EBITDA decline of 5-7% yoy in 2H22E.
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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