WOOD Flash – DP Eurasia: trading update
DP Eurasia released a solid trading update today (23 January). The sales data were above our estimates for 2017E (+3% vs. our estimate for system sales, which is a combination of own stores and franchisee revenues). Just like in 1H17, the company was able to generate positive lfls in both markets in 2H17: Turkey generated FY lfls of +10%, and Russia +29%. The store rollout (+76 stores) was higher than our estimate (+69 stores) and the company closed 2017 with 643 stores (522 in Turkey and 121 in Russia). We expect a positive trading impact today. Although the numbers are broadly in line with our estimates, we see it as positive that the company: i) reported a higher-than-guided store rollout in Russia; ii) opened its first stores in Russia outside Moscow; and iii) also added 14 franchise stores in Russia in 2H17, and 18 in the whole of 2017, above our expectations.
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.
Unfortunately, this report is not available for the investor type or country you selected.
Browse all ResearchPool reportsReport is subscription only.
Thank you, your report is ready.
Thank you, your report is ready.