WOOD Flash – Rostelecom: 2Q19 results - strong numbers with 13% yoy OIBDA growth, 5% above consensus
Rostelecom has reported strong 2Q19 numbers, with OIBDA of RUB 27.2bn (+13% yoy, 3% above our forecasts and 5% above consensus) and net income of RUB 4.3bn (+44% yoy, 23% below our forecasts, 8% below consensus).Along with the 2Q19 results, Rostelecom raised its 2019E financial guidance. It now expects sales and OIBDA growth of at least 3% in 2019E (vs. 2.5% previously, and our estimates of 2.7% sales and 4.7% OIBDA growth), and capex in the range of RUB 65-70bn, taking into account RUB 7bn of regulatory capex and excluding the implementation of government programmes (our capex expectation: RUB 71bn in 2019E). Due to the strong beat to OIBDA and higher FY19E guidance, we find the results positive.
Rostelecom PJSC provides communication services (including local, intra-zone, long-distance domestic and international fixed-line telephone services, mobile services), data transmission, Internet, Pay TV, VPN and data centers services, rent of communication channels and radio communication services in the territory of Russian Federation. Co. operates the main intercity network and the international telecommunications gateways of the Russian Federation, carrying voice and data traffic that originates in its own network and other national and international operators' networks to other national and international operators for termination.
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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