The Sonae group’s consolidated net result, after minority interests of eur 138 million in the first nine months of the year, a decline of 3.1% compared to the same period last year, announced this Wednesday, November 9, the SGPS to the market. The business of food retail Sonae SGPS – concentrated in Sonae MC and encompassing hypermarkets (Continent), supermarkets (Mainland) Model, and Good Day), and franchising (My Super) – recorded quarterly sales record between July and September of 2016.
The sales of Sonae until the end of September increased “2% above the estimated due to sales higher in Sonae SR and minor adjustments”, stresses the analyst José Mota Freitas of CaixaBI. “The largest part of this deviation can be explained by growth 4% above that projected in the sales of Sports & Fashion (it’s the first quarter consolidation of the Salsa).”
“The attainment of a net income of eur 138 million, 21% above expected, was facilitated by the fiscal effect is positive and the indirect results most high,” adds the same source.
“we Believe that the company is starting to reap the benefits resulting from the strategy that it comes to implement and which consists of adopting commercial aggressiveness while continues with the opening of shops oriented to a concept of convenience,” says CaixaBI, with the analyst noted that “the overall picture is favorable and supports our current positive vision for the title.”
“we Expect the shares to react very positively” to the fact that the results have surpassed that of the solid form of the estimates, says Haitong. “We believe that these numbers will lead to updates in the estimates” of the analysts and a review of the retail business. “According to our calculations, already account for a 10% discount for being a holding company, the retail operations of Sonae are currently assessed at 0.12 euros per share, well below the rating of 0.70 euros with the 'cash flow' discounted”, emphasizes the same investment house. The Haitong “reiterates the recommendation of 'buy' and target price of 1.08 euros per share”.
Already the BPI says it should “improve the current estimates of comparable sales in the divisions food and non-food, while the [Sonae] Sierra also had a performance above our estimates”, are all factors that should lead to revisions.
“we See this set of results as a strong quarter and we expect a positive reaction. We think that the strong performance of the comparable sales should be reflected.” The analysts of the BPI highlight that the “Sonae negotiates with a discount of 42% compared to the net value of the assets” and the assessment that this investment bank has the company co-led by Paulo Azevedo Ângelo Paupério takes to “keep the positive view” of the listed company.
“we reported a set of results stronger than expected”, highlights the Fidentiis, with “margins best in the [division] non-food and higher generation of liquidity”. The investment house says that in their view “a sustainable recovery of the comparable sales in the food is the key to the price of the action to recover the moment and the results of the third quarter should represent the point of inflection”.
The actions of Sonae are to react in a high, rising 4,31% to 0.75 euros, having arrived on the next 5% this morning. Since the beginning of the year, the shares are accumulating a fall of almost 28%, with many investment houses have ratings greater than 1.0 euro.
Note: The news does not dispense the consultation of the note of “research” issued by the investment house, which can be requested with the same. The Business alert to the possibility of the existence of conflicts of interest in investment banks in relation to the quoted review, as shares in its capital. To make investment decisions should consult the note of “research” in its entirety and inform your financial intermediary.
No comments:
Post a Comment