WSE Q1 net profit below consensus. Plans 10 IPOs this year

Warsaw Stock Exchange, had a PLN 27.7 million net profit in Q1 2017, up from PLN 25.5 million y/y and below PLN 31.1 million expected. The revenue stood at PLN 91 million, up from PLN 81 million y/y, while EBITDA was up from PLN 41.1 million last year, to PLN 46.8 million. According to the bourse management, the result did not beat the expectations due to a one-off increased payment of back taxes. WSE is working on several IPOs for the remainder of the year, with one Belarus IPO “almost a lock,” and a few Ukrainian ones in the pipeline as well.