WOOD Flash – Severstal: 3Q18 results – in line at the EBITDA level, better-than-expected FCF and a high dividend
Severstal has just reported its 3Q18 financial results. The results were in line with the consensus (1% above) at the EBITDA level, but 11% behind on net income due to FX and losses on financial instruments, which we believe should not be taken negatively by the market. FCF fell 20% qoq due to the 12% qoq EBITDA decline and a 5% qoq increase in capex. This was 6% ahead of our expectations, as capex continues to trend well below the full-year guidance levels. Much of this was expected by the consensus, but we see it as positive for the share price, due mainly to the high dividend announced after the close last night.
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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