Pantelakis Securities- Jumbo (OW, TP: €33.0/sh): Blissful times
Jumbo/ Blissful times
Spiros Tsangalakis
Analyst
Pantelakis Securities SA
+30 210 6965 212
spiros.tsangalakis@pantelakis.gr
- Solid revenue growth and resilient gross margin should lead to net income all-time high of €286m in FY23e, up 15% y-o-y
- We see scope for further re-rating as bulletproof model, plunging freight rates and strong div payments bolster valuation appeal
- New €33.0/sh TP reflects EPS revisions and trimmed WACC, putting the stock at 12.4x ex-cash 2024e P/E and 9.2x EV/EBITDA
Spiros Tsangalakis
Analyst
Pantelakis Securities SA
+30 210 6965 212
spiros.tsangalakis@pantelakis.gr