WOOD Flash – Telecom Egypt: 2Q23 results review – EBITDA up 30% yoy, 7% above the consensus
Today (14 August), Telecom Egypt (ETEL) reported solid 2Q23 results, with its revenues growing 29% yoy, to EGP 14.18bn (in line with our estimate and 7% above the consensus), its EBITDA up 30% yoy, to EGP 5.82bn (4% below our estimates, 7% above the consensus), and net profit of EGP 2.88bn (up 19% yoy, in line with our estimate, but 10% above the consensus). We see the results as slightly positive, due to the beat on all the major lines vs. the consensus.Telecom Egypt is a telecommunications provider in Egypt and is engaged in the provision of fixed-line services in the Middle East. Co. offers a fixed line and retail telecommunications services and provides wholesale telecommunications services. Co. provides retail telecommunication services including access, local, long distance and international voice, internet and data, and other services. Co. also provides wholesale services including broadband capacity leasing to ISPs, and national and international interconnection services. Co.'s internet and data services include the provision of internet broadband access data transmission services and leased lines.
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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