Обувь РоÑÑии - ПереÑмотр целевой цены на фоне ÑÐ½Ð¸Ð¶ÐµÐ½Ð¸Ñ ÑопоÑтавимых продаж
Во вторник, 27 ноÑбрÑ, Обувь РоÑÑии опубликовала результаты за 3К18 по МСФО. КонÑÐ¾Ð»Ð¸Ð´Ð¸Ñ€Ð¾Ð²Ð°Ð½Ð½Ð°Ñ Ð²Ñ‹Ñ€ÑƒÑ‡ÐºÐ° увеличилаÑÑŒ на 7,8% отноÑительно 3К17 на фоне роÑта оптовой выручки. Ð Ð¾Ð·Ð½Ð¸Ñ‡Ð½Ð°Ñ Ð²Ñ‹Ñ€ÑƒÑ‡ÐºÐ° уменьшилаÑÑŒ на 2,9% в ÑвÑзи Ñ Ñокращением ÑопоÑтавимых продаж на 8,8%. Как мы и ожидали, улучшилаÑÑŒ динамика валовой рентабельноÑти и рентабельноÑти по EBITDA Ð±Ð»Ð°Ð³Ð¾Ð´Ð°Ñ€Ñ Ñффекту низкой базы ÑравнениÑ, а также увеличению доли одежды и акÑеÑÑуаров в выручке. Добавив в нашу модель результаты за 9Ðœ18, мы понизили наши прогнозы выручки на 2019-2020 годы в Ñреднем на 8%, а прогнозы EBITDA - на 13-14%. Как ÑледÑтвие, мы понижаем нашу целевую цену Ñ 185 руб. до 140 руб. за акцию (что ÑоответÑтвует коÑффициенту "ÑтоимоÑÑ‚ÑŒ предприÑтиÑ/EBITDA 2019о" на уровне 6,5). Тем не менее Ñ€ÐµÐºÐ¾Ð¼ÐµÐ½Ð´Ð°Ñ†Ð¸Ñ ÐŸÐžÐšÐ£ÐŸÐТЬ бумаги компании по-прежнему в Ñиле.OR PAO, formerly OR OAO, is a Russia-based company, which is engaged in the footwear industry. The Company specializes in manufacture, retail and wholesale of footwear, outwear and accessories. The Company offers financial services to its customers including installment payments and cash loans. The financial strategy of the Company includes bond program implementation and unsecured loans. Its retailers portfolio is comprised of Westfalika, Emilia Estra, Rossita, Lisette and Peshekhod. The Company also owns such brands as S-TEP, all.go and Snow Guard. It operates two factories in Novosibirsk region. The Company operates domestically.
Sberbank CIB Investment Research is a research firm offering equity, fixed income, economics, and strategy research. It covers analysis on all aspects of Russia’s capital markets, issues and industries. The firm analyzes trends in Russia and combines local knowledge with a global perspective. It processes macroeconomic data, market and company-specific news, stock quotes and other information for providing research reports. The firm provides details and latest prices on the most traded names and most traded paper on all segments Russian market. In strategy research, it provides thematic research, tips and descriptions of the methodology used to evaluate companies.
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