WOOD Flash – Play Communications: 3Q18 results in line, 2018E guidance maintained, mid-term guidance vague
Play’s 3Q18 results were soft, but in line with expectations; we rate them as neutral. On the other hand, the guidance presented by the company implies considerable uncertainties, in our view, which we see as negative. However, we are looking forward to the strategy presentation today, which we hope will provide some clarification. The company’s mid-term assumptions, presented in the 3Q18 report, lack any comment from management. For now, we are worried about the mid-term capex/sales ratio guidance, which suggests that the capex level might be materially higher than our forecasts (a 11-13% sales capex ratio vs. our 11% forecast), and the unclear timing of EBITDA rebound (the company plans to “grow its medium-term EBITDA incrementally in the 2019-2022 periodâ€).Play Communications SA Formerly known as Play Holdings 2 SARL. Play Communications SA, formerly Play Holdings 2 SARL, is a Luxembourg-based provider of financial investment services. The Company is the owner of mobile operator P4 Sp z o o, that provides a wide range of mobile telecommunications services, including voice, data transmission services, messaging, video service (PLAY NOW), as well as Value Added Services and sales of handsets and other devices, to individual and business subscribers in Poland.
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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