Eκτιμήσεις για τα 6μηνιαία μεγέθη της Sarantis που ανακοινώνονται μετά το κλείσιμο

Sarantis (Q2/H1:18 Results preview): The company will report H1’18 financial results today after market close.

§  On a consolidated level we look for a 9% sales growth to €159.10mn from €146mn in H1 2017 aided by new acquisitions, namely Indulona and Ergopack, Polish operations performance and soft, for another quarter, Greek operations. In particular, we forecast Sarantis Greek operations to expand by 2% (in line with market) to €60mn (from €58.8mn in H1’17) whereas SEE is seen 13.8% higher to €99.1 mn from €87.15mn in the respective period last year. Organic international growth is forecasted at 4.6% with Ergopack and Indulona contributing €4mn each with Ergopack consolidated since May’18 and Indulona from beginning 2018.

§  We forecast a 9.7% rise in H1’18 EBITDA to €17.5mn compared to €15.95mn in H1’17 on 7bps EBITDA margin expansion (11% compared to 10.93%). At the EBIT line we forecast flat (-0.22%) Greek EBIT to €10.2mn (€10.22 in H1’17) on 38bps margin retreatment to 17% (from 17.4%) on increased promotional expenses to boost H2’18 domestic sales. In SEE operations we see EBIT margin acceleration to 4.05% (+23bps) with EBIT landing 20.6% higher to €4mn compared to €3.3mn in H1’17. All in we forecast consolidated EBIT at €14.2mn, up by 4.75% compared to €13.6mn in H1’17.

§  Finally, we project Net income decline in H1’18 by 12.7% to €11.67mn from €13.37mn on the lack of positive €1.8mn net exceptional in H1’18.

§  The company will host a conference call to discuss about is H1 financial performance on Thursday 13th 5pm local Greek time. At the conference call we will look for more color regarding Q3 operational trends, potential new acquisitions and dividend policy.

Conference Call details (13/09 17:00 GR-Time)

§   GR        + 30 211 180 2000

§   FR        +33 (0) 170 918 711

§   GER      +49 (0) 69 2222 4493

§   IT         +39 06 452 36 748

§   US        + 1 516 447 5632

§   UK + 44 (0) 203 0595872

The following table summarize our estimates:

Sarantis

2017

2018

Y-o-Y

2017

2018

Y-o-Y

EUR thous.

H1

H1 Est.

(%)

Q2

Q2 Est.

(%)

Sales

145,960

159,100

9.0% 

80,970 

90,070 

11.2% 

EBITDA

15,949

17,500

9.7% 

9,839 

10,600 

7.7% 

EBITDA Mrg

10.9% 

11.0% 

+7 bps 

12.2% 

11.8% 

-38 bps 

Net Income

13,369

11,670

-12.7% 

 

 

 

Net Mrg

9.2% 

7.3% 

-182 bps