WOOD Flash – MMK: 2Q18 financial results – broadly as expected
MMK has just released its 2Q18 financial results. The results were broadly as expected. EBITDA grew 16% qoq (+43% yoy) to USD 650m, 3% ahead of the consensus and our estimate. Net income was up 41% qoq and 33% yoy to USD 392m, 9% ahead of the consensus due to higher EBITDA. FCF nearly doubled qoq to USD 281m, slightly below our USD 294m estimate. The company also recommended a dividend payout of 100% of the FCF (in line with our expectations), which implies a 3.4% yield for the quarter (14.5% annualised). Overall, the results are broadly in line with expectations and should be neutral 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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