Not a quality report, but we see the positives
- Waberer’s reported its Q3/23 results today, where the Company achieved a quarterly EBIT of EUR 8.0mn. Net income came in at EUR 0.5mn, down 87% YoY on unfavourable FX movements. RCL and the insurance segments continued to perform well, but the ITS segment experienced a slowdown on the spot market. All in all, this is not a quality report, but we focus on the positives and mid-term targets. The Company will publish its Group-wide strategy later this year and introduce an employee shareholder program to support the execution of the Group strategy. This should be supportive for the share price.
- Positives: (1) RCL and the insurance segments are continuously driving operating results higher; (2) the management confirmed its FY 2023 EBIT guidance of over EUR 40mn; (3) recently announced acquisitions are underway; (4) they are working on automotive tenders, which could add to the profit in the future.
- Negatives: challenges remain as the spot market in Europe has further deteriorated on hectic market environment.
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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