Sprzedaj Comarch, kupuj Asbis
Analitycy IDMSA przewidują spadek zysku Comarchu. Asbisowi powinno natomiast powodzić się lepiej.

Internetowy Dom Maklerski gorzej niż w II kw. br. ocenia perspektywy Comarchu – zaleca sprzedaż papierów spółki (poprzednia rekomendacja: „trzymaj”). Cenę docelową akcji obniżono z 92,60 zł do 76,30 zł. Na zakończenie notowań 26 lipca płacono za nie na warszawskiej giełdzie 85,50 zł.
Zdaniem analityka rentowność podstawowej działalności krakowskiej firmy będzie spadać przynajmniej w średnim terminie. Marża EBIDTA kurczy się od III kw. 2012 r., co w opinii IDMSA jest konsekwencją rosnącego udziału niskomarżowych (w porównaniu z oprogramowaniem) usług SaaS w ofercie Comarchu i presji na płace. Analityk prognozuje, że przychody spółki spadną z 883,8 mln zł w 2012 r. do 869,9 mln zł 2013 r., a zysk skurczy się z 40,7 mln zł do 27,2 mln zł.
W przypadku Asbisu IDMSA podtrzymał rekomendację „kupuj” (poprzednio wydaną w maju), podnosząc cenę docelową akcji z 5,90 zł do 6,10 zł. W dniu 26 lipca na giełdzie cena wynosiła 5,90 zł.
Analitycy podobnie jak w poprzednim raporcie oceniają tegoroczny zysk Asbisu na 12 mln dol. (w 2012 r. – 10 mln dol.). Przychody ich zdaniem wzrosną do 1,98 mld dol. (z 1,89 mld dol.). Zyski spółki w ocenie IDMSA powinny zwiększać się co najmniej w ciągu najbliższych 3 lat, przede wszystkim dzięki rosnącemu portfolio i większej sprzedaży marek własnych – Prestigio i Canyon (mają już blisko 20 proc. udziału w obrotach Asbisu). Profity powinny przynieść także nowe umowy dystrybucyjne.
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Polskie firmy łączą ofertę 5G
Polscy dostawcy rozwiązań 5G zintegrowali ofertę. Powalczą o rynek sieci prywatnych w kraju.