WOOD Flash – Kcell: 4Q21 results review – adjusted EBITDA up 8% yoy, 4% above our expectations
Kcell has reported decent 4Q21 results, with the top line growing 13% yoy, to KZT 55.8bn (4% above our estimate), and the adjusted EBITDA up 8% yoy, to KZT 20.8bn (4% above our estimate). We see these results as neutral/slightly positive, and we do not expect any strong market reaction. However, we appreciate the solid KPIs reported by Kcell, with the qoq increase in the customer base, the yoy ARPU expansion and the strong churn reduction.
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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