Jumbo S.A.

Jumbo is a trading company based in Greece. Co.'s main operation is retail sale of toys, baby items, seasonal items, decoration items, books and stationery. A part of its operations is wholesale of toys and similar items to third parties. Co. and its subsidiaries have four geographical segments: Greece, Cyprus, Bulgaria and Romania. At June 30 2015, Co. operated 72 stores in Greece, Cyprus, Bulgaria and in Romania and the on line store e-jumbo.
  • TickerBELA
  • ISINGRS282183003
  • SectorLeisure Goods
  • CountryGreece
Research Team

WOOD Daily: YNDX US; HC CY; DOM PW; BELA GA; WIZZ LN; CGEO LN; CPS PW; PGE PW; CEE Telecoms

HEADLINES: • Yandex: yes, Beru (stays BUY) • Hellenic Bank: all you need is capital (stays BUY) • Dom Development: 2Q trading update POSITIVE • Jumbo: 1H20 sales down 17% yoy to EUR 279m • Wizz Air: carries more passengers than Ryanair in June NEUTRAL • Georgia Capital: GHG share exchange offer declared unconditional as to acceptances NEUTRAL • Cyfrowy Polsat: secures antimonopoly regulator approval to purchase Interia NEUTRAL • PGE: miners demanding Zloczew mine be built • CEE telecoms: Telenor splits retail and infrastructure business NEUTRAL • Short News (ATRS, AFLT)

Research Team

The Rear-View Mirror – EME markets: Equity returns mixed as rebound forces weaken

EME Equity Market – June 2020 Market performance – in June, Turkish equities performed the best (+7.7%), while Hungary was the weakest (-2.2%). Following its rebound in the past couple of months, the MSCI EM Europe Index declined in June, losing 1.8% in EUR terms and 0.6% in local currency terms. Turkish equities were the best performers, with the ISE30 Index +7.7%, followed by Prague’s PX Index (+3.5%), and the WIG20 (+2.3%). After its good run in May, the Romanian BET lost 0.3% in June, while the Russian MOEX was down 2%. Greek equities declined 2.1%, while the worst-performing index was the...

Research Team

WOOD Daily: BELA GA; ENA PW; MAVI TI; ENG PW; PL Banks; PLY PW; PGN PW; OPAP GA

HEADLINES: • Jumbo: self-fulfilling prophecy (upgraded to BUY) • Enea: 1Q20 preliminary results beat expectations POSITIVE • Mavi: 1Q20 - weak, as expected NEUTRAL • Energa: 1Q20 EBITDA in line with expectations • Polish banks: mulling over changes in credit holiday legislation • Play Communications: announces changes in mobile tariffs POSITIVE • PGNiG: to invest PLN 4bn in renewables • OPAP: 1Q20E preview - witnessing the effects of COVID-19 (due out today, after the close)

Fani Tzioukalia ...
  • Lukasz Wachelko, CFA

Jumbo: Self-fulfilling prophecy (upgraded to BUY)

The Consumer Discretionary sector is under severe pressure, as companies face store closures and deteriorating consumer appetites. Among the (relative) winners, we see Jumbo as one of the players that should be able to weather the storm, due to: 1) its strong balance sheet 2) the defensive nature of its business as a discounter; and 3) its proven track record. However, we have lowered our 2020E estimates and expected store rollout, as Jumbo is not immune to the impact of COVID-19. We do believe that it is well-prepared to absorb the hit and survive the crisis without any major scars. We have u...

Stamatios Draziotis CFA

G.RE.CO. (Greek Gaming, Retail & Consumer) | Greek consumer: positioning in the post COVID-19 world

Investment thesis – In our new GRECO edition we lower our estimates for our Greek consumer-related coverage universe, factoring in the slightly longer period of lockdown (until mid to end May in most cases) than previously assumed by our numbers (end April) which will lead to a >40% yoy decline in H1’20 EBIT. Most importantly, we reflect a more cautious outlook for H2’20, now envisaging a “swoosh”-shaped recovery as ongoing govt-imposed restrictions and social distancing weigh on consumer spending. We argue that the main debate relates to the pace of recovery and extent of normalization in 20...

Jumbo SA: 1 director sold

A director at Jumbo SA sold 5,000 shares at 16.101EUR and the significance rating of the trade was 56/100. Is that information sufficient for you to make an investment decision? This report gives details of those trades and adds context and analysis to them such that you can judge whether these trading decisions are ones worth following. Included in the report is a detailed share price chart which plots discretionary trades by all the company's directors over the last two years clearly showing Close periods where trading activity is restricted under listing rules. The names of board member...

Fani Tzioukalia ...
  • Lukasz Wachelko, CFA

Jumbo: Self-fulfilling prophecy (upgraded to BUY)

The Consumer Discretionary sector is under severe pressure, as companies face store closures and deteriorating consumer appetites. Among the (relative) winners, we see Jumbo as one of the players that should be able to weather the storm, due to: 1) its strong balance sheet 2) the defensive nature of its business as a discounter; and 3) its proven track record. However, we have lowered our 2020E estimates and expected store rollout, as Jumbo is not immune to the impact of COVID-19. We do believe that it is well-prepared to absorb the hit and survive the crisis without any major scars. We have u...

Stamatios Draziotis CFA

G.RE.CO. (Greek Gaming, Retail & Consumer) | Greek consumer: positioning in the post COVID-19 world

Investment thesis – In our new GRECO edition we lower our estimates for our Greek consumer-related coverage universe, factoring in the slightly longer period of lockdown (until mid to end May in most cases) than previously assumed by our numbers (end April) which will lead to a >40% yoy decline in H1’20 EBIT. Most importantly, we reflect a more cautious outlook for H2’20, now envisaging a “swoosh”-shaped recovery as ongoing govt-imposed restrictions and social distancing weigh on consumer spending. We argue that the main debate relates to the pace of recovery and extent of normalization in 20...

UOB
John Cheong Ming Chern ...
  • Joohijit Kaur Jaztar Singh

Jumbo Group (JUMBO SP) - 1HFY20: Expect drag from COVID 19 to continue; Weaker 2HFY20 ahead

Jumbo’s reported 1HFY20 earnings of S$2.1m (-71.5% yoy). The earnings decline was attributed to lower revenue (-13%) and gross profit margin (-1.6ppt) due to the COVID- 19 impact. With the two-month long circuit breaker, approx 60% of Jumbo’s outlets are temporarily closed and experiencing lower sales volumes for remaining outlets that are opened. Additionally, a post-circuit breaker recovery would likely be more gradual; thus, we expect 2HFY20 revenue to remain weak. Maintain HOLD with target price of S$0.23. Entry price: S$0.20.

UOB
John Cheong Ming Chern ...
  • Joohijit Kaur Jaztar Singh
  • K Ajith
  • Lucas Teng Yao Yang

Singapore Daily - Monday, May 18, 2020

KEY HIGHLIGHTS Results Japfa (JAP SP/BUY/S$0.635/Target: S$0.98): 1Q20: Strong beat and positive outlook for two out of three segments. Singapore Airlines (SIA SP/BUY/S$3.90/Target: S$4.35): 4QFY20: At critical crossroads, but negatives fully priced in. Upgrade to BUY. Thai Beverage (THBEV SP/BUY/S$0.67/Target: S$0.78): 2QFY20: Laying the path to recovery. Upgrade to BUY. Update ST Engineering (STE SP/HOLD/S$3.27/Target: S$3.50): 1Q20 quarterly update: Cautions that both aerospace and electronics sectors would be impacted. Small/Mid Cap Highlights Jumbo Group (JUMBO SP/BUY/S$0.25/Target: S$...

Research Team

The Rear-View Mirror – EME markets: Markets rebound from March’s meltdown, all indices in the black

EME Equity Market – April 2020 Market performance – in contrast to March, all indices recorded positive changes in April, with the Greek ASE Index advancing the most in EUR terms. The MSCI EM Europe Index gained 10.5% in EUR terms and 10.2% in local currency terms. The ASE Index was the best performer, +12.5%; followed by the PX Index, +11.5% in EUR terms. The Russian MOEX grew 11.2%; while the WIG20, the Polish benchmark, added 9.4%. A solid performance was reported in Hungary as well, where the BUX index rebounded 8.6%. The Turkish ISE30 Index showed a healthy advance of 5.4%, while the Roma...

Research Team

WOOD Daily: YNDX US; HC CY; DOM PW; BELA GA; WIZZ LN; CGEO LN; CPS PW; PGE PW; CEE Telecoms

HEADLINES: • Yandex: yes, Beru (stays BUY) • Hellenic Bank: all you need is capital (stays BUY) • Dom Development: 2Q trading update POSITIVE • Jumbo: 1H20 sales down 17% yoy to EUR 279m • Wizz Air: carries more passengers than Ryanair in June NEUTRAL • Georgia Capital: GHG share exchange offer declared unconditional as to acceptances NEUTRAL • Cyfrowy Polsat: secures antimonopoly regulator approval to purchase Interia NEUTRAL • PGE: miners demanding Zloczew mine be built • CEE telecoms: Telenor splits retail and infrastructure business NEUTRAL • Short News (ATRS, AFLT)

Research Team

The Rear-View Mirror – EME markets: Equity returns mixed as rebound forces weaken

EME Equity Market – June 2020 Market performance – in June, Turkish equities performed the best (+7.7%), while Hungary was the weakest (-2.2%). Following its rebound in the past couple of months, the MSCI EM Europe Index declined in June, losing 1.8% in EUR terms and 0.6% in local currency terms. Turkish equities were the best performers, with the ISE30 Index +7.7%, followed by Prague’s PX Index (+3.5%), and the WIG20 (+2.3%). After its good run in May, the Romanian BET lost 0.3% in June, while the Russian MOEX was down 2%. Greek equities declined 2.1%, while the worst-performing index was the...

Research Team

WOOD Daily: BELA GA; ENA PW; MAVI TI; ENG PW; PL Banks; PLY PW; PGN PW; OPAP GA

HEADLINES: • Jumbo: self-fulfilling prophecy (upgraded to BUY) • Enea: 1Q20 preliminary results beat expectations POSITIVE • Mavi: 1Q20 - weak, as expected NEUTRAL • Energa: 1Q20 EBITDA in line with expectations • Polish banks: mulling over changes in credit holiday legislation • Play Communications: announces changes in mobile tariffs POSITIVE • PGNiG: to invest PLN 4bn in renewables • OPAP: 1Q20E preview - witnessing the effects of COVID-19 (due out today, after the close)

Research Team

WOOD Daily: KOMB CP; ALR PW; TKFEN TI; ENJSA TI; BRD RO; CCOLA TI; ATRS AV; PL Banks; EAT PW; MONET CP; BELA GA; European Refining and Petrochemicals; AFLT RX; MOEX RX; CDR PW; VESBE TI; MOL HB; RIGHT HB

HEADLINES: • Komercni Banka: 1Q20 results - irrelevant beat on the bottom line, but quite reassuring guidance POSITIVE • Alior Bank: 1Q20 results look solid on bottom line, but this may change quickly in coming quarters NEUTRAL • Tekfen Holding: 1Q20 miss triggers guidance cut NEGATIVE • Enerjisa Enerji: posts solid growth for 1Q20 and updates 2020E guidance • BRD-GSG: strong 1Q20, but not indicative of full-year performance • Coca-Cola Icecek: 1Q20 results - in line, with beat on net profit; FY20E guidance withdrawn NEUTRAL • Atrium: 1Q20 results - hit from COVID-19 a touch less than half o...

Research Team

WOOD Daily: BRISA TI; EME Macro/Strategy – ESI; CPS PW; TUPRS TI; NLMK LI; OTKAR TI; SBER RX; LTS PW; YKBNK TI; AFLT RX; BELA GA; SAB1L LH; TPE PW; EVR LN; MNOD LI; KAZ LN; MBK PW; TEN PW; Rear-View Mirror; PKN PW; MOEX RX; MTSS RX; RTKM RX

HEADLINES: • Brisa: Turkish samurai (BUY - initiation of coverage) • EME Macro/Strategy: it's big • Cyfrowy Polsat: signs preliminary agreement to acquire Interia Group NEUTRAL • Tupras: suspends production at Izmir (Aliaga) Refinery • NLMK: 1Q20 results - better-than-expected FCF and dividend POSITIVE • Otokar: 1Q20 results - 7% EBITDA beat POSITIVE • Sberbank: 1Q20 financial results NEGATIVE • Lotos: massive inventory write-downs mar estimated 1Q20 results NEGATIVE • Yapi Kredi: 1Q20 highlights (beefing up on provisions) NEUTRAL • Aeroflot: RAS 1Q20 - revenues down 12% yoy vs. traffic 18...

JUMBO SA sees a downgrade to Slightly Negative on account of less fundamental stars

The independent financial analyst theScreener just lowered the general evaluation of JUMBO SA (GR), active in the Specialty Retailers industry. As regards its fundamental valuation, the title now shows 2 out of 4 stars while market behaviour can be considered risky. theScreener believes that the title remains under pressure due to the loss of a star(s) and downgrades its general evaluation to Slightly Negative. As of the analysis date April 17, 2020, the closing price was EUR 13.88 and its target price was estimated at EUR 10.61.

Ford Equity International Rating and Forecast Report

Ford Equity International Research Reports cover 60 countries with over 30,000 stocks traded on international exchanges. A proprietary quantitative system compares each company to its peers on proven measures of business value, growth characteristics, and investor behavior. Ford's three recommendation ratings buy, hold and sell, represent each stock’s return potential relative to its own country market.. The rating reports which are generated each week, include the fundamental details behind each recommendation and reflect the fundamental and price data as of the last trading day of the week...

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