WOOD Flash – MMK: 1Q20 – solid results, but no interim dividends, until COVID-19 crisis is over
MMK released solid 1Q20 financial results this morning (29 April). Its EBITDA rose 32% qoq (+0.5% yoy), to USD 442m, 5% above the consensus. However, the FCF fell 60% qoq, to USD 110m, despite the rising EBITDA, due to a USD 141m build up in working capital. This was more than double our forecast and 11% above the consensus, due to lower capex. However, MMK announced that, in response to COVID-19, to strengthen its balance sheet and liquidity, the company will not discuss interim 2020 dividends until the autumn at least, when “the crisis resolves and business activity on MMK Group's key sales markets resumesâ€. Management is also reducing the previous USD 900m capex guidance by 20% and implementing cost-cutting measures in response to the crisis.
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.
Unfortunately, this report is not available for the investor type or country you selected.
Browse all ResearchPool reportsReport is subscription only.
Thank you, your report is ready.
Thank you, your report is ready.