Driving on a sustainable growth path
We remain Buy-rated on Waberer’s and we massively increase our 2023 e-o-y TP to 4,800 HUF/sh from 3,990 HUF/sh, implying an 87% upside potential. Structural improvements, sustainable profitability and conscious growth together underpin our view that Waberer’s is dirt cheap and one of the most undervalued growth stocks in the CEE region. Waberer’s trades at a FY24 P/E of 3.6x and EV/EBITDA of 3.2x, on our estimates. Waberer’s achieved a record semi-annual profit in the first half of 2023 as all segments reported sound earnings. As a result of the positive profit warning and continuing improvements across all business units, we reassessed our earnings forecasts. In August, the management raised its EBIT guidance for 2023 from EUR 33+mn toward the range of between EUR 37-40mn (roughly +15% vs. prev. guidance), which didn’t include the positive one-off from an out-of-court agreement (c. EUR +4mn on our estimate). If we incorporate this, reported Group EBIT should exceed EUR 40mn this year.
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.
Unfortunately, this report is not available for the investor type or country you selected.
Browse all ResearchPool reportsReport is subscription only.
Thank you, your report is ready.
Thank you, your report is ready.