WOOD Flash – Mobile TeleSystems: 2Q20 results – a decent quarter, with OIBDA up 1% yoy, 7% above consensus
MTS reported its 2Q20 results today (19 August), with OIBDA of RUB 51.6bn, up 1% yoy, in line with our estimate, but 7% above the consensus. The operating result was supported by services revenues (which added RUB 1.8bn yoy to the OIBDA result) and retail network costs optimisation (a RUB 1.7bn yoy contribution to the OIBDA), but harmed by the COVID-19 pandemic, reflected in the dropping roaming revenues (a -RUB 1.9bn yoy impact on the OIBDA, due to the sharply reduced international travel) and MTS Bank’s operating results (a -RUB 2.2bn yoy impact on the OIBDA, on loan impairment provisions).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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