WOOD Flash – Mobile TeleSystems: 1Q19 results, 2% beat vs. consensus on OIBDA
We see MTS’ 1Q19 results (reported today, 23 May) as positive, due to the beat on EBITDA and net income vs. the Bloomberg consensus, the upgrade in the 2019E EBITDA guidance, and the expected DPS of RUB 28 in 2019E vs. our RUB 26 forecast and the RUB 27 Bloomberg consensus. On the other hand, we note that the beat is of rather low quality, as it was driven partially by the gain on a real estate sale (we do not know its value). Moreover, we see MTS’ KPIs as worrying, especially in terms of mobile customer base evolution in Russia.Mobile Telesystems is a provider of mobile cellular communications services in the Russian Federation, Ukraine, Uzbekistan and Turkmenistan to consumers and corporate customers, employing technology based primarily on Global System for Mobile Communications (GSM). Co. had a mobile subscriber base of around 102.5 million (77.3 million in Russia, 20.4 million in Ukraine, 2.1 million in Turkmenistan, 1.6 million in Uzbekistan and 1.1 million in Armenia). In addition to standard voice services, Co. provides improved services, including voice mail, short message service, general packet radio service, and various SMS- and GPRS-based information and entertainment services.
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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