2Q17 results - better, but not good yet; 2H17E still looks promising
Pfleiderer has reported rather disappointing results for 2Q17. Although revenues were broadly in line with market expectations, the EBITDA came in 6%, or EURÂ 2.5m, short of consensus; or 18% if adjusted by a positive one-off of EURÂ 4.4m (EURÂ 6.8m). Compared with 2Q16, the results were stronger by 13% yoy at the EBITDA level, but including one-offs, this dropped by c.EURÂ 1m, despite volumes adding c.EURÂ 11m to revenues. The reason for such weakness was chiefly a rebound in materials prices (glue and other chemicals) which, according to management, decreased EBITDA by EURÂ 8m yoy. In the meantime product prices have still not adapted to that change, decreasing revenues by EURÂ 3m yoy in 2Q17.Pfleiderer Grajewo, through its subsidiaries, engages in the manufacture and veneering of wood and wood-based products, and impregnation of paper in Poland and internationally. Co. is also involved in the manufacture of melamine-faced, raw chipboards, laminated and raw HDF boards, worktops, high-pressure laminates (HPL), MFP panels, finish foils, adhesive resins and other wood and wood-based products; production of materials from wood waste; wholesale of own and third-party products; and generation and distribution of heat.
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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