Inter Cars made a good result at the end of Q3

 The distributor of automotive spare parts proved with his sales results in September, that August slowdown was just a temporary accident. The weak point of Inter Cars still remains Ukraine.

The most recent sales data show that in September sales revenues of distribution subsidiaries of Inter Cars Group went up by 13.1 percent to PLN 345.6m.  Domestic sales revenues increased by 10.3 per cent, to PLN 297.2m – and abroad by 32 per cent – to PLN 110.1m. Three countries recorded a three-digit sales growth. They are Hungary, Bulgaria and Latvia. The increase was the biggest in the last country - reaching 232.2 per cent. Whereas the sales in Ukraine is still ailing with revenues decrease, though just one percent. Cumulatively after nine months, the whole Group reached sales revenues at the level of PLN 2,809.7m, meaning an increase by 10.7 per cent.

Several days ago Inter Cars signed with mBank and Bank Handlowy a contract agreement on issuance of bonds worth PLN 500m.  This makes it possible for the Company to issue bonds in private offering to particular investors, with no obligation of preparing an issue prospectus. The bonds may appear on alternative system led by WSE or BondSpot. Current resolution of the management board accepted issuance of bonds with maximum nominal value of PLN 150m.

The distributor recorded a good H1 of the year. In this period the operating profit increased by 28 per cent y/y, to PLN 110.9m – and profit by 39 per cent net – to PLN 85.7m. The revenues went up by 14 per cent, to PLN 1,854.5m.

On Thursday the share price of Inter Cars increases and reaches almost the level of PLN 200.  But last time the shares were not favoured. Within just a month they lost 13 per cent of their value. Whilst before several weeks of energetic increase were enough for the share price to go up to all-time-high. The last recommendation for Inter Cars is from BGŻ BH and is "neutral". At the same time the brokerage house priced the shares at the level of PLN 160.50.  Analysts assumed that this year the company shall make a net profit of PLN 179.4m at sales revenues of PLN 3.969bn.

source: wiadomosci.stockwatch.pl

09/10/2014