MTS/Rostelecom: 4Q21/2021 results review; Taking recommendations UNDER REVIEW

MTS reported IFRS results for 4Q21 and 2021 that matched the consensus and brought no surprises. The company delivered on its FY21 guidance of high single-digit growth (8% YoY actual) in revenues and at least 6% growth in OIBDA (6.6% YoY actual). The numbers for 4Q21 came in strong across the board in terms of revenues, while OIBDA took a hit in the FinTech segment (MTS Bank), mostly due to accelerated accrual of reserves. 
Rostelecom posted 4Q21/2021 financial results that came in 1% above the consensus on revenues and 2% above on OIBDA. Digital services and fixed broadband were the major revenue drivers, while the mobile segment demonstrated solid growth, albeit slower compared to previous quarters. Other services showed negative dynamics due to the high-base effect from 4Q20.