WOOD Flash – MMK: 3Q18 financial results – 5% ahead of consensus EBITDA, 4.4% quarterly dividend yield
MMK has just released its 3Q18 financial results. EBITDA grew 3% qoq (+26% yoy) to USD 671m, 5% ahead of the consensus and 3% above our estimate. Net income was up 2% qoq and 45% yoy, to USD 400m, 8% ahead of the consensus due to the higher EBITDA. FCF rose 29% qoq, to USD 362m, slightly above our USD 326m estimate. The company also recommended a dividend payout of 100% of the FCF (in line with our expectations), which implies a 4.4% yield for the quarter, and 9.7% for 9M18. Overall, the results are slightly above expectations and should be 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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