Jumbo || BUY | CP: EUR 19.64 | TP: EUR 22.70
Strong FY22 profitability, above our call; strong start in 2023e, 1Q23e sales up by 33% y-o-y
Facts: Jumbo released a strong set of financial results, with sales (already announced in early January) increased by +14% YoY, driven by Greece (+14% y-o-y) and Cyprus (+17%), and to lesser extent Bulgaria (+17%) and Romania (+10%). Regarding profitability, Jumbo’s EBITDA expanded to EUR 336.8m (up by 10.4% YoY) and Net Profit shaped at EUR 248.6m, up by 14.8%. The company declared no additional dividend (has already distributed 1.155/share last March).
FY22 Key Financial Results
EUR m | FY21 | FY22 | y-o-y | Optima | Actual vs. Optima |
Revenues | 831.9 | 949.4 | 14.1% | 950.0 | -0.1% |
EBITDA | 305.0 | 336.8 | 10.4% | 317.4 | 6.1% |
Net profit | 216.6 | 248.6 | 14.8% | 222.3 | 11.8% |
Source: the Company, Optima bank research
Details: Turning to key balance sheet items, Jumbo’s net cash remained positive at EUR 522.5m, down by only EUR 26.6m y-o-y, as the strong operating profitability was offset by the three dividend distribution during FY22.
1Q23 Trading Update: The Company also released strong growth for March 2023, with group sales up by +22% y-o-y, driven by parent net sales (up by 26% y-o-y), Cyprus (+18%), and followed by Bulgaria and Romania (+17% and