Waberer’s - Solid Results Bolster Confidence In FY Guidance
Waberer’s reported Q3/25 earnings today, once again delivering strong results.Quarterly EBIT came in at EUR 12.4mn (+23% YoY) on record quarterly revenues of EUR
205.4mn (+7.8%YoY). Logistics delivered a strong increase in EBIT on lower revenues,
coming in at EUR 5.5mn (+53.4%YoY). Insurance EBIT came in at EUR 6.9mn, +6.3% higher
than a year ago. The rapid efficiency improvement coming from the Posta Biztosítók
acquisition helped deliver solid results, however, the higher-than-expected cost levels driven
by a normalizing loss ratio slightly dragged down earnings. Leverage remained stable at 1.3x,
while adjusted ND/EBITDA stayed at 2.1x. 9M EPS reached HUF 730. The company won the
contract on shipping the new vehicles manufactured at BMW’s new Debrecen facility to Italy
and Belgium. Moreover, Waberer’s sees significant potential in entering the “MiddleCorridor” railroad project developed between China and the EU. We leave our TP
unchanged and remain Buy rated on Waberer’s shares, as management reiterated the
FY25 EUR 50mn+ EBIT guidance (vs Concorde estimate of EUR 54mn).
Waberer's International Nyrt, formerly Waberer's International Zrt, is a Hungary-based company engaged in the provision of the transportation services in the region of Central and Eastern Europe. The Company provides international road transportation, forwarding of LTL and groupage cargo, overseas and air transportation management, customs services, vehicle repair, second hand vehicle sales and logistics services. The Company operates also through subsidiaries, including Waberer's Logisztika Ltd that is charge of domestic transportation activities and operates with four divisions - gas, food, dry-cargo transportation and large truck operation, and H-Rapid service that operates within the dry-cargo division, delivering freight to its destination within 24 hours. Waberer's International Nyrt manages also subsidiaries in Romania, Poland and Slovakia as well as in the western region, in Spain and Germany.
Concorde Securities Ltd. is Hungary’s leading independent company engaged in investment banking activities. It provides its clients with integrated financial services, including securities trading, research, corporate financing advisory, capital market transactions, wealth management and investment advisory. The operational management of the company is the responsibility of the CEO, while the owners/managers (who control one-third of the company through their shares and options) are in charge of its strategic governance. Concorde Securities Ltd. is a member of the Budapest, Frankfurt, Warsaw and Bucharest stock exchanges, as well as of the Hungarian Association of Investment Service Providers.
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