Pantelakis-Jumbo (Overweight, TP EUR20.0): Well placed to weather the virus crisis
Jumbo (OW, TP EUR20.0): Well placed to weather the virus crisis
* Jul-Dec 2019 comparable net profit +16% y-o-y to EUR115m (7% beat), on solid Romania and gross margin expansion
* FCF up 16% y-o-y to EUR168m, but end-2019 net cash eases 13% to EUR340m burdened by EUR106m lease liabilities
* Blurred 2020 outlook since 2-month store closure sales blow alone could push net profit 17% lower y-o-y to EUR148m
Spiros Tsangalakis
57B Ethnikis Antistaseos, GR 152 31, Athens
T:+30 210 696 5212 - F: +30 210 692 9550
E: spiros.tsangalakis@pantelakis.gr
W: https://research.pantelakis.gr/
* Jul-Dec 2019 comparable net profit +16% y-o-y to EUR115m (7% beat), on solid Romania and gross margin expansion
* FCF up 16% y-o-y to EUR168m, but end-2019 net cash eases 13% to EUR340m burdened by EUR106m lease liabilities
* Blurred 2020 outlook since 2-month store closure sales blow alone could push net profit 17% lower y-o-y to EUR148m
Spiros Tsangalakis
57B Ethnikis Antistaseos, GR 152 31, Athens
T:+30 210 696 5212 - F: +30 210 692 9550
E: spiros.tsangalakis@pantelakis.gr
W: https://research.pantelakis.gr/