Concorde Securities - Waberers International Zrt (WABERERS) Waberer’s - Remarkable turnaround in Q2/21

Report

Concorde Securities

Gabor Bukta

Waberer’s - Remarkable turnaround in Q2/21

 Waberer's posted an encouraging net income of EUR 6.1mn at Group level for Q2/21, up
by 126% QoQ or EUR 17.7mn from the same period of last year. The recovery continued at
all segments despite supply chain disruptions, which haven’t affected Waberer’s financial
results materially yet. EBIT grew by 71% or EUR 3.2mn QoQ to EUR 7.7mn in Q2, while
EBITDA amounted to EUR 19.6mn, up 98% YoY and 18% QoQ. We highlight that the
International Transportation Segment delivered positive EBIT after 13 consecutive quarterly
losses.

09/08/2021 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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Waberer’s - Remarkable turnaround in Q2/21

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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