AUTOHELLAS (9M:23 results): The company announced an upbeat set of Q3/9M:23 performance in terms of sales and EBITDA although net income growth was slower due to a significant increase in financial expenses due to rising interest rates. In more details:
§ Sales advanced 34.1% to €762.5mn vs €568.6mn in the respective period 2022
§ EBITDA reached €214.2mn, a 20.2% rise y-o-y vs €178.3mn in 2022 with EBITDA margin dropping to 28.1% vs 31.4% due to the higher contribution of car sales activity which is a lower margin business.
§ Net income launched 4.4% higher to €47.7mn against a reading of €71.5mn in 9M:22 as higher financial; expenses burdened bottom line.
§ Q3 is the seasonally strongest quarter indicative and important for the FY performance.
§ International leasing was enhanced through the addition of the Portuguese subsidiary activity, which is till limited to short term car leasing though.
§ Total new cars purchased during 9M:23 reached 11.6K with the fleet now reaching 57K cars.
§ Main characteristic of the results is the growing and improved balance in the contribution from all the 3 sectors of operations, namely Rentals Greece, Auto Trade Greece and Rentals International.
§ Turnover from domestic (Greece) car rental activity for the 9-month 2023 increased by 6.1%, reaching €207.3mn from €195.5mn in 2022.
§ Turnover of the activity of the international subsidiaries related to the rentals sector reached a total of €135.9mn for the 9-month 2023, from €51.3mn in 2022. Hertz’s new subsidiary in Portugal, acquired in the last quarter of 2022, contributed €78mn from the total €193.9mn of the increase in the segment’s turnover. The rest of the group’s subsidiaries in the Balkans and Cyprus recorded organic growth of 12.8%.
§ The car trading activity in Greece recorded a significant increase in the Import/Distribution segment (Hyundai, KIA, SEAT/CUPRA), contributing a total of €419.3mn in Turnover with an increase of 30.3%. The cumulative market share of the Group exceeds 25% in Retail sales and 20% in total sales (including Fleet sales to Companies).
§ Overall a strong set of results, yet with net income burdened by increased financial costs.
§ Should the company achieve last year’s Q4 net income figure of €11mn, FY:23 net income will come in at €86mn implying a FY:23 PE ratio of 7.3x.
|
AUTOHELLAS |
2022 |
2023 |
Y-o-Y |
2022 |
2023 |
Y-o-Y |
|
EUR thous. |
9M |
9M |
(%) |
Q3 |
Q3 |
(%) |
|
Sales |
568,557 |
762,474 |
34.1% |
217,191 |
285,647 |
31.5% |
|
EBITDA |
178,243 |
214,178 |
20.2% |
82,637 |
94,532 |
14.4% |
|
EBITDA Mrg |
31.4% |
28.1% |
-326 bps |
38.0% |
33.1% |
-495 bps |
|
Net Income |
71,518 |
74,678 |
4.4% |
45,119 |
47,489 |
5.3% |
|
Net Mrg |
12.6% |
9.8% |
-278 bps |
20.8% |
16.6% |
-415 bps |
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