WOOD Flash – NLMK: 4Q18 – EBITDA in line with consensus (-17% qoq), FCF down only 21% qoq, less than we expected
NLMK released its 4Q18 financial results this morning (7 February). EBITDA fell 17% qoq (1% below the consensus) and net income by 21% (6% below the consensus), although both were close to our estimates. FCF fell 21% qoq due to lower EBITDA and higher capex (up 37% qoq, to USD 250m), but this was much higher than we had expected, due to a USD 46m working capital release (we had expected a large working capital build-up, given the usual seasonal trends). This was in line with the consensus expectations and should get a neutral share price reaction, 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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