Jumbo: Jumbo will release
its FY/Q4 2014 group results on September 25. We expect FY 2014 (to June 30)
group recurring EBITDA and net earnings to grow by 11% and 5% y-o-y to
EUR148m and EUR102m, respectively, while sales figure was already announced
on July 8 (up 8% y-o-y to EUR542m).
On a reported basis, we see FY 2014 group
EBITDA and net earnings up 34% and 38% y-o-y, respectively.
This means we look for Q4 2014 group sales and net
earnings of EUR131m and EUR33m, rising 9% and 7% y-o-y. Our fiscal 2014e
group EPS forecasts rest 6% and 23% above consensus and Jumbo’s
guidance.
We consider the stock an attractive buying opportunity
at current price levels as Jumbo appears compellingly priced (fiscal 2015e PE
of 13.1x, EV/EBITDA 8.7x) versus its international peer group.
On top, we
like Jumbo’s fiscal 2015e net cash position of EUR79m (6% of mkt cap)
from EUR53m at end-fiscal 2014 and EUR35m a year earlier, strong EPS growth
outlook and a high ROIC (17%).
Manos Chatzidakis
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