Jumbo- 1st half – posted a strong set of results and scores another record

Jumbo H1:18/19 1st GLimpse: Jumbo delivers another strong set – Net cash end 2019 at €392m – interim dividend of 0.19 eur/share
  • §  Jumbo posted a strong set of results in line with estimates and scores another record for first half results across the board.

    §  FCF came at €135m, increasing net cash position at 392m or 2.88 eur/share.

    §  Net profits of €98.7 in H1:18 point to €160m for FY:18/19.

    §  Management said that at the 8-month level, from July 2018 until February 2019, the Group’s sales have been increased by + 7%. It is to be noted that this year, the Carnival and Easter celebrations are later than last year and, therefore, sales figures are not directly comparable. 

    The following table summarize results vs our estimates: 

    Period

    H1:18

    H1:19

    Y-o-Y (%)

    H1:19 Est.

    Vs Est.

    Greece

    283.3

    291.5

    2.90%

    291.5

    On Total Sales (%)

    64.00%

    61.20%

    61.20%

    International Sales

    159.7

    185.2

    16%

    185.2

     

    On Total Sales (%)

    36.00%

    38.80%

    38.80%

    Cyprus

    49.4

    50.4

    2%

    50.4

    On Total Sales (%)

    11.20%

    10.60%

    10.60%

    Bulgaria

    49.3

    53.7

    9%

    53.7

    On Total Sales (%)

    11.10%

    11.30%

    11.30%

    Romania

    61

    81.1

    33%

    81.1

    On Total Sales (%)

    13.80%

    17.00%

    24%

    17.00%

    Group Sales

    443

    476.7

    7.60%

    476.7

    (Ex- Romania)

    382

    395.6

    3.60%

    395.6

     

    Gross Profits

    222

    242.14

    7.66%

    239

    1.31%

    Gross Profit Margin (%)

    50.11%

    50.80%

    +68 bps 

    50.14%

    +66 bps 

    EBITDA

    130

    140.35

    6.92%

    137.5

    2.07%

    EBITDA Margin (%)

    29.35%

    29.44%

    +10 bps 

    29.30%

    +14 bps 

    Net Profits

    90.4

    98.74

    8.30%

    97.9

    0.86%

    Net Margin (%)

    20.41%

    20.71%

    +31 bps 

    20.54%

    +17 bps 

    Manos Chatzidakis – Head of research