WOOD Flash – Kalekim: 2Q23 results – strong beat
Kalekim announced its 2Q23 results yesterday (9 May) and posted net earnings of TRY 229m, +108% yoy. The reported net earnings were in line with our estimate; however, they beat the consensus estimates by 31%. We saw strong operating results, which were better than both our and consensus expectations.We believe that Kalekim should emerge as a medium-to-long term beneficiary of the post-earthquake reconstruction efforts, thanks to its prominent position in the building materials market and its geographic presence in the earthquake-hit region. Furthermore, we also anticipate that the recent earthquake will accelerate the undertaking of urban regeneration projects, especially in Istanbul, given the earthquake risks. On top of the existing secular housing demand, the urban regeneration projects should result in strong multi-year demand for Kalekim’s products. We see Kalekim as a solid growth play, with a strongly cash-generative business model and an unlevered balance sheet. For details, please see our report, released on 13 April.
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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