Concorde Securities - Waberers International Zrt (WABERERS) Waberers - Another profitable quarter despite increasing risks

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Concorde Securities

Gabor Bukta

Waberers - Another profitable quarter despite increasing risks

Waberer’s reported an EBIT of EUR 6.6mn on revenues of EUR 148mn for Q3/21 on
Friday, AMC. Results for the first 9 months of 2021 came somewhat above our
projection, leaving more room for margin deterioration for Q4/21 when the holiday
season dampens demand from mid-December as facilities halt production for weeks.
Net income totalled EUR 3.3mn, which was negatively affected by (1) higher deferred
tax credit incurred in Q3/20 and (2) non-realized FX loss of EUR 1mn.

11/11/2021 4 EN

Underlying

Waberer's International Zrt

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.

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HU0000120720 Budapest Stock Exchange Hungary

Provider

Concorde Securities

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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Analysts

Gabor Bukta

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Waberers - Another profitable quarter despite increasing risks

One-offs distorted FY results, outlook shows resilience

Not a quality report, but we see the positives

Driving on a sustainable growth path

OTP beat estimates in Q1

MOL slightly missed market consensus in Q1 2024.

Solid performance and no surprises from BRD in Q1 2024

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