Waberer’s raised EBIT guidance after record Q2 earnings
Waberer’s reported its Q2/23 results yesterday, where the Company achieved record
quarterly EBIT of EUR 14.3mn. Net income came in at EUR 15.1 mn (6x of Q2/22). All three
business segments continued to increase their profitability on both a quarterly and halfyearly basis. At EBIT level, results were positively distorted by the impact of the out-ofcourt settlement, which was announced earlier this year, while net level was also favourably
affected by a non-realized FX gain of EUR 4.7mn. As a result, the management raised its
EBIT guidance for 2023 from EUR 33mn toward the range of between EUR 37-40mn
(roughly +15% vs. prev. guidance excl. the positive one-off from the out-of-court
agreement), which can be achievable considering the adjusted H1 EBIT of over EUR 20mn.
It’s worth noting that Group EBIT may amount to EUR 45-50mn in 2023 without
adjustments. All in all, it was a huge surprise again, which underpinned our view that
Waberer’s is one of the cheapest stocks in the CEE.
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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