The price of Inter Cars’s stocks has been on an increase since the beginning of the year. In mid January, the stocks stood at PLN 82-86. At the end of April, their price began to increase to close at 134.90 on 11 July and continued to soar thereafter.
On 21 August it reached PLN 182 and began a gentle decrease. The MACD indicator suggests the time has come to sell the stocks, so does %R. It is possible, however, that this is only an adjustment bound to come after such a long increase.
So much about the technology, but let’s not forget that the foundations are equally if not more important. Using a tautology, we could say that the “foundations constitute the base,” which in the case of Inter Cars looks quite good. . For example, the net profit for the first 6 months of 2013 was PLN 61.55 m (a yty increase of 27.21 %). EBIT reached PLN 86.5 – an increase of around PLN 11.5 m compared to last year.
How does all this translate into profitability? Well, the operating margin for the first 6 months was 5.31 per cent, compared to last year’s 5.28 per cent. Net profitability went up from 3.4 per cent to 3.78 per cent. It’s a small increase, but still an increase.
At the end of June, the consolidated liabilities of Inter Cars amounted to 108.85 per cent of equity, which is a quite secure level. Trade and other receivables (PLN 392.3) accounted for 43.9 per cent of total receivables. Interestingly, throughout the year, the company has increased its cash twofold (to PLN 73.73).
Inter Cars has 22 direct subsidiaries, one indirect subsidiary and one company acting as an affiliated entity. These companies operate in Poland, Lithuania, Ukraine, Romania, Belgium, Czech Republic, Germany and Croatia, to name just a few countries.
Inter Cars is "the biggest distributor of spare parts for passenger cars and trucks in Central and Eastern Europe,” or at least the company claims so on its website.
The company made its debut on the Warsaw Stock Exchange in 2004. The majority shareholder is Krzysztof Oleksowicz (31.64 % of voting shares), followed by Andrzej Oliszewski (holding 9.54% of voting shares). The company’s shares are held for example by INGE OFE, Amplico OFE, Aviva OFE and AXA OFE. Krzysztof Oleksowicz is the company’s founder and former president (20 years in office), currently a member of the management board. Andrzej Oliszewski was the company’s co-founder. He is currently the president of its supervisory board.
Adam Witczak
source: Financial Web S.A.
28-08-2013