WOOD Flash - Inter Cars: strong March sales, despite the ailing Ukrainian business
On Friday (8 April), Inter Cars reported its monthly sales for March. Total revenues were up 27% yoy, at PLN 1,255m, while domestic sales were up by 27% yoy (PLN 570m), and foreign markets sales expanded by 23% yoy (PLN 567m). Total ytd sales are up by 26% yoy, at PLN 3,172m, with the domestic market accounting for PLN 1,360m (+17% yoy), while foreign markets added PLN 1,520m (+29% yoy).We see the reported sales dynamics as strong, given that the solid top-line growth momentum is persisting in Inter Cars’ business. The +27% yoy growth is broadly in line with our forecasts for Inter Cars’ sales growth in 2022E, but well above the +12% yoy consensus. Moreover, we note that, in March, the company was suffering due to its ailing Ukrainian business, which accounted for c.5% of its top line in 2021, and contributed only PLN 11m of sales in March 2022 vs. PLN 47m in March 2021. Adjusting for the Ukrainian business result, the top-line dynamics in March 2022 would have been even higher, +32% yoy. Finally, we note that, this time, the dynamics of the domestic operations (with greater profitability) were higher than the foreign operations.
Inter Cars is an automotive spare parts distributor for passenger cars, commercial vehicles and trucks in Middle-Eastern Europe. The product range of Co. reaches over one million different automotive spare parts for passenger cars and trucks. No matter if the car is European or Asian one, Co.'s customers can find full range of products for their cars as well as all the necessary tools and garage equipment. Besides spare parts distribution, which is the core business of Co., Co. is also an exclusive distributor of legendary motorcycle brand “TRIUMPH” in Poland (via motorcycle distribution network, called Inter Motors) and distributor of spare parts and accessories for other motorcycle brands.
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.
A pioneer in Emerging Europe, WOOD executed many of the first CEE equity trades and landmark investment banking transactions. Our electronic trading platform was the first in the region, and remains the best. We are continually expanding our relevance and reach in these ever-evolving markets.
Our equity market share reflects our stature: 7% in Warsaw, 20% in Bucharest, 16% in Hungary, 40% in Prague and 5% in Vienna. Our distribution is unparalleled, with the largest salesforce in the region, servicing a uniquely diverse investor base.
We couple local expertise with a truly international perspective. With offices on the ground in the region, and in key financial hubs such as London and Milano, we are never far from our clients and we remain at the forefront of what’s afoot in the CEE emerging and frontier landscape.
Unfortunately, this report is not available for the investor type or country you selected.
Browse all ResearchPool reportsReport is subscription only.
Thank you, your report is ready.
Thank you, your report is ready.