reports
- Mate Somlai-Kiss
Encouraging top line with weak profitability, while Mobility outperfor...
AutoWallis posted mixed Q3/24 results this morning. Quarterly revenues increased by 9% on the year to HUF 96 bn, while 9M revenues are up 3.4% YoY. EBITDA came in at HUF 5 bn, while EBIT reached HUF 3.4 bn. Results are in line with the dynamics seen in H1, however, below EBIT level they are missing our current estimates (Concorde FY24 estimated EPS: HUF 16.5 vs. 9M actual EPS: HUF 8.7). Depressed profitability is partly due to the weaker performance of the Retail BU, where PBT came in at ...
- Mate Somlai-Kiss
Changing to the fast lane
Following the H1/24 results and the announced acquisitions during the first half of the year, we have reviewed and updated our model and forecasts. We continue to believe, that AutoWallis will be able to achieve a stupendous growth trajectory amidst the rapid changes and considerable uncertainty coming from the European auto industry. We maintain our BUY rating and set our 12-m TP at HUF 230 per share, implying a 64% upside potential from the current share price. Based on our forecasts, w...
- Mate Somlai-Kiss
Record quarterly revenues, normalizing margins
AutoWallis posted H1/24 results this morning, mainly in line with our estimates. Revenues reached HUF 195 bn (+0.8% vs. H1/23) while no. of vehicles sold decreased by -0.8% YoY to 25,438 vehicles. Revenues came in flat due to the best-ever quarterly revenues of the company at HUF 106 bn in Q2 following a somewhat weaker Q1. EBITDA came in at HUF 9 bn, with a margin of 4.6%, and EBIT amounted to HUF 6.5 bn. The profit attributable to shareholders reached HUF 3.3 bn, with realized and unrea...
- Mate Somlai-Kiss
One-offs and high base weigh on Q1 results
AutoWallis posted Q1/24 results this morning. Revenues reached HUF 89 bn(-11.2% YoY and +5.4 QoQ). The decrease in revenues is due to theexceptionally high base figures in the Distribution BU, as well as to thedisruptions in sea freight causing transitionary loss of volume. These currentlosses are expected to boost Q2 revenues. Our earnings forecasts, which have not included any acquisition estimatesfor the future, looks outdated compared to the management guidance andthe recently announced ac...
- Mate Somlai-Kiss
Positioning for the auto sector recovery
This is a transfer of coverage, and we reviewed our model and earningsforecasts. We are convinced that AutoWallis will continue its outstandinggrowth story, with estimated FY24 revenues of HUF 398 bn, an EBITDA ofHUF19.7 bn, and an EPS of HUF 22.53. Based on our 2024 earningsestimates, AutoWallis is trading at an EV/EBITDA and P/E multiples of 5.7xand 4.9x, respectively, that we think is a very pleasing valuation for thecompany. We set our 12-m TP at HUF 218 per share, implying a 71%upside poten...
- Gabor Bukta
Q1-Q3/23 results exceeded FY22 earnings
AutoWallis posted revenues of HUF 283bn in 9M/23 (+36% YoY), exceeding the total sales of FY22 (HUF 270 bn). The company sold nearly 35ths vehicles during the period (+46% YoY), all the while export markets grew by 13%, offset by the 3.2% decrease in the Hungarian market. Q3 sales came in at HUF 88.6 bn, representing an increase of 14% YoY and a decrease of -5.9% QoQ. Export sales accounted for 58% of the total. 9M/23 EBITDA rose by 35% YoY to HUF 17.5bn, resulting in an EBITDA margin of 6.2%...
- Attila Vago
Q2/23 results are strong as expected
AutoWallis posted revenue of more than HUF 93.8bn for Q2/23 (+28% YoY).The main reason for the outstanding growth is inflation in the Central andEastern European region, in addition to organic volume growth due towholesale of Opel and SsangYong vehicles, as well as the acquisitions of NetMobilitás and Nelson Flottalízing. The acquisition of Renault Hungária, whichAutoWallis implemented jointly with the Portuguese company SalvadorCaetano in the last quarter of 2022, also contributed significantly...
- Attila Vago
Record results for Q1/23 appear to be unsustainable
AutoWallis posted revenue of more than HUF 100 bln for Q1/23 (+74% YoY).The expansion was primarily organic (the sales of the Slovenian Avto Aktiv,the purchase of which was closed in the spring of 2022), and was driven bywholesale of Opel and SsangYong vehicles, so AutoWallis continues to moveon a stable growth path and exceeded the industry trend. The acquisition ofRenault Hungária, which AutoWallis implemented jointly with the Portuguesecompany Salvador Caetano in the last quarter of 2022, als...
- Attila Vago
Slowdown in Q4/22, but impressive FY22 results
AutoWallis posted revenue of HUF 61.4 bln for Q4/22 (+24% YoY), therefore during 2022 it generated revenue (HUF 270.2 bln) compared with HUF 195 bln in 2021. In addition to the organic expansion growth driven by wholesale of OPEL and SsangYong vechiles, the Slovenian AvtoAktiv’s retail sales also contributed significantly to the outstanding sales performance. More than half of AutoWallis' revenues come from export, which was also contributed to by the Slovenian Avto Aktiv, the purchase of...
- Attila Vago
Autowallis - Breathtaking Q3/22 Results
Breathtaking Q3/22 results AutoWallis posted exceptionally strong revenue of HUF 77.7 bln for Q3/22 (+62% YoY), therefore during the first nine month of 2022 it generated revenue (HUF 208.7 bln) compared with HUF 145.4 bln in the same period of last year and HUF 195 bln in the entire last year. In addition to the organic expansion growth driven by wholesale of OPEL and SsangYong vechiles, the Slovenian AvtoAktiv’s retail sales also contributed significantly to the outstanding sales performanc...
- Attila Vago
Autowallis - On Track To Deliver Exceptional Growth This Year
On track to deliver exceptional growth this year AutoWallis posted exceptionally strong revenue of HUF 73 bln for Q2/21 (+50% YoY), therefore during the first six month of 2022 it generated two-third of revenue (HUF 131 bln) of the entire last year (HUF 195 bln. In addition to the organic expansion growth driven by wholesale of OPEL and SsangYong vehicles. The Slovenian AvtoAktiv’s retail sales also contributed to the outstanding sales performance. EBITDA rose 23% YoY to HUF 3.8 bln, resulti...
- Attila Vago
AutoWallis-Q1/22 performance: As strong as it gets
The AutoWallis Group closed the first quarter with growth far above the market average and outstanding efficiency gains. Net profit more than quintupled to HUF 1.9 billion and EBITDA more than doubled to HUF 3.1 billion, with sales up 18 percent YoY. Although the operational efficiency of both main segments (wholesale and retail) of the AutoWallis Group improved significantly and the growth was exclusively organic, the main driver of sales and earnings growth was the expansion of the wholesal...
- Attila Vago
AutoWallis - Stepping on the gas
AutoWallis posted very strong EBITDA of HUF 7.8 bln (+254% YoY), exceeding ourestimate by 13%, and was much higher than management of HUF 5.5-6.2 bln. Sales more than doubled in 2021 to HUF 195 bln, driven by growth in both domesticand regional markets in addition to a number of acquisitions implemented, inter alia,in 2020 (ie. the Jaguar-Land Rover dealership opened in April last year, WallisKerepesi, Wallis Motor Ljubljana and the acquisition of Hungarian Initial Group andimport rights of Ope...
- Gabor Bukta
AutoWallis - AutoWallis’ sales figures for FY2021 were ahead of expect...
AutoWallis released its preliminary sales figures for FY2020, which showed that thecar distributor company sold more than 25,000 vehicles (new and sold onesaltogether) last year, ahead 11% of our estimate, implying 200% growth YoY.Specifically, wholesales of new vehicles increased by 315% YoY to 16,501 from 3,980units, and the number of vehicles sold to retail customers rose by 94% to 8,533 from4,396. The Service Provider Business unit, which is far cry the largest EBITDA margincontributor, also...
- Attila Vago
AutoWallis - En route to create value
AutoWallis posted very sound results for Q1-3/21: EBITDA grew by182% YoY to HUF1.46 bln on revenue of HUF 145.5 bln (+132% YoY), while net profit rose to HUF 2.2bln from a loss of HUF 358 mln in the same period of last year. EBITDA in Q3/2021 amounted to HUF 2.55 bln, up 122% YoY from HUF 1.15 bln inQ3/20 and HUF 2.2 bln in FY2020, implying an EBIDTA margin 5.5% compared to4,7% YoY.
- Attila Vago
AutoWallis - Strategy update
AutoWallis published its new guidance for revenue and EBITDA by 2025. Accordingly,management anticipates EBITDA may grow to HUF 14-15.2 bln on revenue of HUF400-433 bln by 2025, compared to EBITDA of HUF 5.5-6.2 bln on sales of HUF 191-212 bln that they are expecting for 2021. AutoWallis plans to achieve a ROE abovethe level in 2020 that we think is a realistic goal. Sales growth will be driven by the acquisition of exclusive wholesale distributionrights, the expansion of retail activities and ...
- Attila Vago
AutoWallis - Q2/21 results reflect continued progress in profitable gr...
AutoWallis posted exceptionally strong revenue growth for Q2/21 (+156% YoY),therefore it generated more revenue (HUF 98 bln) during the first six month of 2021than in the entire last year. In addition to the organic expansion growth the outstandingperformance was due to regional transactions made last year.
- Attila Vago
AutoWallis - On track to get promoted to the premier league
As weak as it gets in 2020 The total comprehensive income was a loss of HUF 0.66 bn in 2020, compared to HUF 0.95 bn profit in 2019. The primary reason why earnings went in to the red was the COVID-19 pandemic-triggered lockdowns and travel restrictions, which exerted a drag on incomes from normally high-margin service activities (e.g. car renting), while the weaker HUF against the EUR, which combined with the planned costs relating to the acquisitions of the new dealerships and the effect of a...
- Attila Vago
AutoWallis - Q1/20 Solid Underlying Results Reflected Strength But COV...
AutoWallis’s Q1/20 operating results were not yet materially affected by the steep economic downturn triggered by the outbreak of the coronavirus pandemic. Clean EBITDA increased by 35% YoY to HUF 667mn on sales revenue rising by 10% YoY to HUF 20.2bn. Domestic sales advanced by 21%, international sales by 1%, and revenue from its Automotive Services Business unit by 13% in value terms. Reported net losses came in at HUF 582mn negatively affected by FX and one-time losses (of HUF 581mn and HUF...
- Attila Vago
AutoWallis - Drive Shift
AutoWallis – Car dealership Recommendation: Accumulate Target Price (12-month): HUF 123 Current Share Price: HUF 102 We are initiating coverage of AutoWallis with an Accumulate rating and see a 21% upside to our 12-month DCF-based TP of HUF 123. We note that our TP is highly sensitive to operating margin developments. If no margin improvement occurs while sales increasing in the coming years, we would reduce our TP to HUF 96, implying a 6% downside from the current share price, all els...
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