WOOD Flash – Aquila Part Prod Com S.A.: earnings remain on target for FY24E
Aquila delivered solid top-line growth in 2Q24, with revenues up 25% yoy (+18% for 1H24). This was, in part, aided by the recent acquisitions of Romtech (consolidated from end-February) and Parmafood (from end-April); nevertheless, we calculate that the business generated organic growth of 14% in 1H24 (and, within this, own-brand food sales were up 20% yoy). Among its sales channels, the focus remains on convenience (gas station and travel retail) and HoReCa, with 2Q24 yoy growth of 26% yoy and 41%, respectively. Within this, own-brand food sales were up 20% yoy (after 11% growth in 1Q24). Margins were under some pressure in the period, reflecting primarily, we believe, hikes in the minimum wage and, below the operating line, earnings hit by the turnover tax implemented from 1 January. These factors, nonetheless, are reflected in both our and management’s FY24E estimates, and do not reflect, at least in our numbers, the synergies that can be extracted from recent deals over the next 12-18 months.
WOOD & Company is the leading investment bank in Emerging Europe. Founded in 1991 and head-quartered in Prague, our footprint spans the region and touches investors around the globe.
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