WOOD Flash – Orange Polska: 3Q18 results – 9% beat vs. consensus EBITDA
Orange Polska (OPL) has reported strong 3Q18 results, with a stable top line of PLN 2.8bn under IAS 18 (-0.5% yoy, 0.5% above our expectations), and EBITDA reaching PLN 834m under the IAS 18 standard (up 7.5% yoy, a 3% beat vs. our estimate and an 11% beat vs. the consensus) and PLN 792m under the IFRS 15 standard (a 4% beat vs. our forecast and a 9% beat vs. the consensus). The beat on the EBITDA level results mainly from the gain on properties sales of PLN 93m in the quarter (vs. our PLN 40m forecast and the PLN 3m reported in 3Q17). The adjusted EBITDA, ex. the gain on properties sales, would have been PLN 741m (implying a 4% drop yoy).Orange Polska SA is a supplier of telecommunications services in Poland. Co. provides services, including fixed-line telecommunication services, Integrated Services Digital Network, voice mail, dial-up and fixed access to the Internet and Voice over Internet Protocol. Co. is one of Poland's three DCS 1800 and GSM 900 mobile telecommunications providers. Co. provides also third generation UMTS services. In addition, Co. provides leased lines, radio-communications and other telecommunications value added services, sells telecommunications equipment, produces electronic phone cards and provides data transmission, telephone directories, multimedia services and various Internet 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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