Autowallis - Transitionary Elevated Costs Weigh On Q3 Results
Summary: We leave our TP unchanged at HUF 200 and reiterate our buyBuy rating on AutoWallis. AutoWallis posted Q3/25 earnings today, BMO.
Results are not surprising, as top-line and volume growth remains solid,
supported by both organic and inorganic expansion, while profitability
remains under immense pressure. In Q3/25, group revenues reached HUF
117.8bn (+22.6% YoY). EBITDA decreased on the year by 10.1% to HUF
4.5bn, while EBIT decreased by -29.1% YoY to HUF 2.4bn. EPS came in at
HUF 2.12, down -14.7% on the year. The company sold 13,092 vehicles in
Q3.
Distribution revenues increased by 7.7% YoY to HUF 56.7bn, on higher
volumes of -17.5%. The BU’s EBITDA margin came in at 2.0%. PBT reached
HUF 882mn, on a margin of 1.6% YoY.
Retail revenues outgrew Distribution BU, coming in at HUF 58.0bn, up 43.1%
YoY. Retail BU EBITDA margin slightly improved to 3.2% while PBT reached
HUF 626mn, translating it to a margin of 1.1%.
Mobility closed its best quarter in sales so far as revenues reached HUF
3.2bn, and its second-best quarter ever in terms of profitability, as PBT came
in at HUF 314mn (9.9% margin).
AutoWallis Nyrt Formerly known as Altera Vagyonkezelo Nyrt. AutoWallis Nyrt, formerly known as Altera Vagyonkezelo Nyrt, is a Hungary-based investment company, with a focus on the automotive sector. The Company is engaged in retail and wholesale trade, service, short and long-term car rental. The Company is active in Central and Southeast Europe.
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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