Repricing on the horizon, catalysts in motion
Following the strategic update and the latest results, we update our forecasts on Waberer’s. Logistics may begin to normalize and continue to deliver sustainable profitability, while the Insurance segment will drive growth in the coming quarters. Waberer’s remained unreasonably cheap despite being able to complete recent acquisitions with compelling valuation. These companies will likely enhance profitability, contributing more than EUR 10mn+ at EBIT level in 2025.Based on these key drivers, we reiterate our Buy recommendation and set our new 2025 e-o-y TP at HUF 6,560. Valuation-wise, we see limited downside risk at the current share price as Waberer’s trades at 5.6x FY/25 P/E and 4.3x FY/25 EV/EBITDA multiples. The company is without doubt one of the cheapest value stocks in our region with a dynamic and deliberate growth story, supported by sustainable operations and profitability. We don’t incorporate new warehouse developments into the model despite Waberer’s having set out an ambitious plan. Once they are carried out, that would definitely lift our target price as we generally consider these investments as massively value accretive.
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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