WOOD Flash – Mo-BRUK: 4Q22 headlines miss our expectations slightly, but due mostly to one-off costs
This morning (30 March), Mo-BRUK (MBR) reported its 4Q22 results, with EBITDA of PLN 30m, down 18% yoy, but up 5% qoq. This missed both our and the market’s expectations by 8-9%, although we note that it stems mostly from PLN 2.4m in other operating costs, which we believe are more one-off in nature. We had assumed no one-off items in our forecasts. Adjusted for this, the results would be almost on a par with our expectations, with slightly higher-than-expected revenues, but on a somewhat lower gross margin (we believe that this might stem from a lower share of the incineration segment in the sales mix than we had assumed, which we believe is the most profitable segment). Our first impression of the reported 4Q numbers is therefore rather neutral.Mo-Bruk SA is a Poland-based company involved in the production of concrete. It is also active in the area of hazardous and other than hazardous industrial waste management. Additionally, the Company operates a waste recovery plant, waste recycling plant, alternative fuel production plant and an industrial waste landfill. The Company produces alternative fuels from municipal and industrial wastes. The Company is also the owner of two open non-stop petrol stations for liquefied fuel, as well as a technical inspection station. Mo-Bruk SA is also engaged in the construction of concrete surfaces. As of December 31, 2011, the Company operated one wholly owned subsidiary, Raf-Ekologia Sp. z o.o.
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