Magnit Company News - Better than expected EBITDA and net income
Today, Magnit reported 3Q 20 unaudited IFRS results and held a conference call that we consider positive. The results were slightly better than our and the Interfax consensus expectations on revenue and EBITDA, and better than expected on net income. Moreover, the company seems to be on track to improve its working capital and decrease leverage.Magnit is a holding company. Through its subsidiaries, Co. operates in the retail and distribution of consumer goods under the Magnit name. Co.'s retail operations are operated through convenience stores, cosmetic stores, hypermarkets and other. Most of its stores are located in the Southern, Central and Volga regions. Co. also operates stores in the North-Western, North-Caucasian, Urals and Siberian regions. As of Dec. 31 2014, Co.'s stores chain consisted of 9,711 stores: 8,344 convenience stores, 190 hypermarkets, 97 Magnit Family stores and 1,080 drogerie stores in 2,108 cities and towns throughout the Russian Federation.
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