Solid Jumbo (OW, TP €13.2) FY16 net profit growth, +16% to EUR121.3m

10.10.2016 17:49

Solid Jumbo (OW, TP €13.2) FY16 net profit growth, +16% to EUR121.3m (2% higher vs our EUR118.6m call), on upbeat Greek sales and operating efficiency gains

Furthermore, Jumbo will distribute a DPS of EUR0.27 (vs BETAe of EUR0.22) for fiscal 2016, implying a yield of 2.4%. The stock trades ex-dividend November 4, 2016.

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ΜΑNOS CHATZIDAKIS

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On a further positive note, Jumbo provided fiscal Q1 2017 sales trading update showing an impressive group top-line growth of 11.53% y-o-y to EUR170.2m, as Greece and Cyprus rose by more than 4% to EUR116.5m and EUR20.8m, respectively; Bulgaria up 14% to EUR14.1m, with Romania more than doubling to EUR18.7m.

As such, Greece represents 68% of fiscal Q1 2017 group sales, with Cyprus, Romania and Bulgaria making up 12%, 11% and 8%, respectively.

That said, we expect fiscal 2017e group sales and net earnings up 7% and 5% y-o-y to EUR681.2m and EUR127.6m.

The following table summarise results vs our estimates:

JUMBO 2014/15 2015/16 Y-o-Y FY 2015/16 Actual
EUR m. FY FY (A) (%)  Beta Est. Vs Est.
Sales 582.5 637.6 9.4%  637.6 0.0% 
EBITDA 159.3 183.7 15.4%  178.9 2.7% 
EBITDA Mrg 27.3%  28.8%  +148 bps  28.1%  2.5%
Net Income 104.8 121.26 15.7%  118.6 2.2% 
Net Mrg 18.0%  19.0%  +102 bps  18.6%  2.3%

 

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