1Q results – beat on net income
MOL has once again reported a set of quarterly results that illustrates that its business model is working as it should, in our view. MOL is benefitting from: the strong margin environment; better upstream prices, particularly gas; cost management; and its consumer services strategy. We remain BUYers of the stock. EBITDA hit its highest level for a first quarter since 2013, when Brent oil prices were USD 113/barrel, thanks to all-time high first quarter results in both downstream and consumer services (retail). The results highlight the resilience of MOL’s integrated model, as well as the success of its upstream cost cutting and retail investments. We see MOL’s 1Q17 as a good signal of future strong results.Molinos Juan Semino is engaged in the manufacture and marketing of wheat products, the export of grains and their by-products, and livestock production. In addition, Co. through its subsidiary is engaged in the cultivation of olive trees.
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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