Magnit 3Q 20 Earnings Preview - Profitability should recover on lack of large one-offs
Revenue expected to grow by 11.4% yoy: We expect LFL sales to cool down a bit qoq from 7.2% in 2Q 20, but to still remain decent at 7.0%. Among formats, we expect Magnit Cosmetics stores to show the best LFL sales dynamics, followed by proximity stores, whereas we think that the supermarkets continued to underperform. As we expect selling space growth to increase by only 3.2% yoy, the revenue growth should primarily come from the existing store base.
The Institutional Equity Research team of Raiffeisen Bank International AG covers 85 stocks from Austria, Central & Eastern Europe with sell-side research and thus levers our local broker status with excellent company relationships. For corporates in Austria, CEE and Western Europe, we offer co-sponsored research, which includes research coverage and marketing activities to investors. Additionally, through our Spotlight Research product we also shed light on leading European small and micro-caps, seeking greater visibility with investors.
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