WOOD Flash – NLMK: 4Q19 results – EBITDA in line, but large beat in FCF and dividends (3.9% quarterly yield)
NLMK published its 4Q19 financial results this morning (12 February), with EBITDA of USD 480m, in line with our estimate, but 4% above the consensus and down 27% qoq. FCF of USD 338m was up 36% qoq and 59% above our estimate (79% above the Bloomberg consensus), due to a large USD 334m working capital release.
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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