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.