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BETA Securities - Member of the Athens Stock Exchange
Jumbo held today its AGM. Main points of
the AGM were the following:
·
1Q13/14 sales were increased
by 5.81% above Company’s FY guidance while gross
profit margin should be slightly increased y-o-y (1Q 12/13 gross profit margin
at 46.4%)
·
Management reiterated FY
2013/14 guidance with projected sales in the range of 2-4%, while Net Profit
should reach at EUR 75mn
·
1Q13/14 results to be announced
on 25-Nov-2013 after market
·
During the 4M period the
Company proceeded with the opening of two new stores in Greece (one privately
owned at Serres that lies in an area of 9,000 square meters and one rented at
Agios Eleftherios that lies in an area of 11,000 square meters), while it also
commenced operations in Romania with one new store at Timisoara (13,000 square
meters)
·
During the current FY the Group
plans to proceed with the opening of one more store at Bucharest and one more
at Paphos, Cyprus. Following these new additions the Group will operate 66
stores; 52 of them will be located in Greece, 4 in Cyprus, 8 in Bulgaria and 2
in Romania
·
The Company will not
distribute any dividend for the FY 2012/13 period
ViewWe point out the following:
· We stand above Company’s guidance with projected sales increase by 4.9% while our projected Net Profit stands at EUR 91.5m for the FY 2013/14 period
· We are encouraged by Group’s sales growth during 1Q13/14 (sales up by 5.81%) although we notice that 1Q is a relatively small quarter
· We point out that at current levels Jumbo trades 14.2x 2013/14 projected earnings that is above Group’s 10-year historical average of 10.2x.
· We believe that stock’s recent stock rally was supported by inflows related to the MSCI rebalancing but based on valuation grounds we maintain a cautious stance on the stock
Remain at your disposal for further information
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