WOOD Flash – Mobile TeleSystems: 1Q21 – 3% beat on OIBDA, over 4% yoy 2021E OIBDA growth guidance reiterated
MTS reported its 1Q21 results today (18 May). The company reported OIBDA of RUB 55.4bn, up 7% yoy, and 3% above both our estimate and the consensus. The operating result was supported by the services revenues (a +RUB 2.1bn yoy contribution to the OIBDA) and MTS Bank (+RUB 1.3bn OIBDA yoy), but harmed by the COVID-19 pandemic, as reflected in the dropping roaming revenues (a -RUB 1.2bn yoy impact on the OIBDA, due to the reduced international travel). The 3% beat vs. our forecast was driven mainly by lower-than-expected opex: the cost of services stood at RUB 30.4bn (5% below our estimate), the SG&A cost at RUB 21.5bn (3% below our assumptions), and the other operating expenses at RUB 1.4bn (32% below our forecast).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.
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.