WOOD Flash – MMK: 1Q19 financial results - in line, with a 3.4% dividend yield
MMK released its 1Q19 financial results yesterday morning. EBITDA fell 18% qoq (-21% yoy) to USD 440m, 2.3% above the Interfax consensus. Net income was down 8% qoq (19% yoy) to USD 224m, also 2% above consensus, moving in line with the EBITDA. FCF rose 9% qoq, to USD 260m, on the back of a USD 59m working capital release. MMK declared a dividend of RUB 1.488/share, in line with its recent trend of paying out 100% of FCF. This implies a 3.4% yield, similar to that of Severstal in 1Q19, so MMK has closed the gap to its typically higher-paying competitor in 1Q19, although it still lags NLMK. Overall, the results should be slightly positive for the share price, in our view.
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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