Waberer’s - Despite the loss, margins continued to improve - Instant Earnings Comment from Concorde Securities Ltd.
WABERER’S – Instant Earnings Comment
Recommendation: BUY (unch.)
Target price (e-o-y): Under revision (prev. HUF 1,785)
Share price: HUF 800
Despite the loss, margins continued to improve
- Waberer’s reported recurring net loss of EUR 4.2mn for Q4/19, but margins continued to improve significantly at Group level, which was attributable to the RCL and Insurance units. In contrast, International Transportation segment just shows little signs of recovery. We have to revise our TP as our estimates are ineffective, in our view, given that Waberer’s halted the operation of 1200 trucks due to coronavirus pandemic. We hold our recommendation on BUY as we believe that the company is undervalued, but we have to revisit forecasts.
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.
Unfortunately, this report is not available for the investor type or country you selected.
Browse all ResearchPool reportsReport is subscription only.
Thank you, your report is ready.
Thank you, your report is ready.