Τρίτη 14 Μαρτίου 2023

AUTOHELLAS: The company will report FY:22 financial performance today after market close...

 

Αnother strong set of Fy:22 performance expected on strong RAC demand (both short and long term leasing), higher y-o-y sales (although partially limited by car shortages in the market) car sales and also higher 2nd hand car sales (the ones withdrawing from the lease market). In more details:

§  Sales are seen up 8.3% y-o-y to €695mn from €641.65mn a year earlier. Increased touristic demand, network upgrade and higher market share in short term RAC to drive top line.

§  EBITDA up 10.5% to €197.57mn from €178.88mn on sustained cost discipline.

§  Net income to grow by 47.9% to €77.52mn from €52.429mn on the back of lower y-o-y financial charges (by €3mn) and the lack of €6.5mn one –off extraordinary expense below the EBITDA line last year related to FX.

§  We opt for an additional €0.65/share dividend distribution on top of the €1/share already handed in last H2:22.

§  Total CAPEX for the year at €90.1mn, Gross CF at €185mn, OpCF to settle at €149.34mn, FCF at €49.3mn (our estimates).

§  Net Debt (including leases) at €220.4mn, Net Debt/EBITDA at 1.1x (2022 figures)

§  EV/EBITDA at 3.6x, P/E ratio 7.6x again on 2022 figures.

§  CC on March 22. AGM April 20. Ex-dividend date April 24. Dividend record date April 25. Dividend payment April 28.

§  Remains an OVERWEIGHT.