Concorde Securities - Waberers International Zrt (WABERERS) Waberers - Bold growth plans from the management

Report

Concorde Securities

Gabor Bukta

Waberers - Bold growth plans from the management

Waberer’s hosted a Capital Market Day on the 2nd of December where the management
came up with an ambitious growth plan for the period between 2022 and 2025. Based on
the guidance, the management foresees revenues of EUR 807mn and EBIT of EUR 49mn
by 2025, however they didn’t give an accurate projection for 2022, 2023 and 2024. They
also suggested that Group EBIT will likely come in at around EUR 20mn this year, which is
below our estimate. We leave our recommendation on BUY with a TP of 3,400 HUF/sh.

17/12/2021 11 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 - Bold growth plans from the management

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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