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Concorde Capital Research: Ukrtelecom raises EBITDA 1.4x qoq in 2Q12

July 26, 2012 | Cbonds

Ukrtelecom (UTLM UK), Ukraine’s incumbent telecom operator, reported USD 412 mln in revenue in 1H12, according to IFRS financials (down 1% compared to the UAS-based 1H11 revenue). EBITDA reached USD 88 mlm (vs. USD 36 mln a year before) and net income amounted to USD 15.6 mln (vs. a 26.9 mln loss a year before). In 2Q12 alone, Ukrtelecom increased sales 1% qoq to USD 207 mln, raised EBITDA by 43% qoq to USD 52 mln and improved net income 22x qoq. The company also decreased its headcount 12% yoy to 61 ths as of end-1H12 and cut workforce expenses 4% yoy.

Alexander Paraschiy, head of research: In our view, the increase in the company’s 2Q bottom line was driven by one-off event – the UEFA football championship cohosted by Ukraine, where Ukrtelecom reportedly directly earned EUR 15 mln. In 3Q12, we expect the company will earn an additional USD 8 mln (on a 10% growth in the flat monthly payment for fixed phones since July 2012), though we see its EBITDA decreasing by up to 20% qoq.

Company: Concorde Capital

Full company nameConcorde Capital
Country of riskUkraine
IndustryFinancial institutions


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