One-offs distorted FY results, outlook shows resilience
Waberer’s reported its Q4/23 results on Thursday AMC, where the Company achieved a
quarterly EBIT of EUR 9.3mn, corresponding to a decrease of 23% YoY. Net income
came in at EUR 3.7mn, down 66% YoY driven by (1) the lower industrial output in
Europe; (2) a massive increase in tax liabilities booked in Q4 and (3) the high base
period after the restatement of last year’s results.
For the full year, Waberer’s reported a net income of EUR 29.7mn, an increase of EUR
10.4mn or +54% YoY and EBIT of EUR 42.8mn (+17% YoY) on revenues of EUR 711mn
(+5% YoY). Revenues and EBIT were higher than our FY estimate of EUR 706mn and
EUR 41.8mn, respectively, while the net income slightly missed our forecast of EUR
32mn due to the one-off tax of c. EUR 4mn in Q4.
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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