One-offs and high base weigh on Q1 results
AutoWallis posted Q1/24 results this morning. Revenues reached HUF 89 bn
(-11.2% YoY and +5.4 QoQ). The decrease in revenues is due to the
exceptionally high base figures in the Distribution BU, as well as to the
disruptions in sea freight causing transitionary loss of volume. These current
losses are expected to boost Q2 revenues.
Our earnings forecasts, which have not included any acquisition estimates
for the future, looks outdated compared to the management guidance and
the recently announced acquisitions. However, until further model update,
we leave our estimates unchanged. We reiterate our Buy rating on
AutoWallis, with a 12-m TP of HUF 218/share.
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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