4Q24 results are slightly weaker than expected
at the operating level. This is probably due to lower trading margins. The
halving of the dividend does not look optimistic at first glance, but it is now
accompanied by share buybacks of the same amount as the dividend.
Colt CZ reported 4Q24 EBITDA of CZK1.6bn (+42% yoy), only slightly (-2.5%) below the
market consensus. This was on revenues of CZK7.4bn (+50% yoy), which
were +7.0% ahead of estimates. The FY results were ahead of Colt's revenue
guidance and closer to the top end of the company's EBITDA target. Colt is
considering a dividend of CZK15, half of last year's CZK30. However, it is also
planning SBB at the same amount as the proposed dividend. Forecasts for this
year point to revenue and EBITDA growth of 12% and 20% respectively.
Autor: Bohumil Trampota