Record results for Q1/23 appear to be unsustainable

AutoWallis posted revenue of more than HUF 100 bln for Q1/23 (+74% YoY).
The expansion was primarily organic (the sales of the Slovenian Avto Aktiv,
the purchase of which was closed in the spring of 2022), and was driven by
wholesale of Opel and SsangYong vehicles, so AutoWallis continues to move
on a stable growth path and exceeded the industry trend. The acquisition of
Renault Hungária, which AutoWallis implemented jointly with the Portuguese
company Salvador Caetano in the last quarter of 2022, also contributed
significantly to the outstanding sales performance. It is worth noting that
more than half of AutoWallis' revenues have already come from export.
 EBITDA rose by 74% YoY to HUF 5.64 bln, resulting in an EBITDA margin of
5.6% (up from 5.4% in Q1/22), while total net profit attributable to
shareholders of the parent company came in at HUF 4.97 bln (+167% YoY).
As a result, EPS was HUF 11.55 in Q1/23 compared with HUF 4.38 in Q1/22
and HUF 19.27 in FY2022, exceeding our estimate