BOŚ: trzymaj AB i Action
Analitycy zakładają, że AB miało bardzo udany początek roku, a spółka będzie dobrze sobie radzić na rynku w kolejnych kwartałach. Słabiej ocenili Action. Rekomendują jednak trzymanie akcji obu broadlinerów.

W przypadku AB Dom Maklerski Banku Ochrony Środowiska zaleca inwestorom przeważanie akcji w portfelach (wcześniej zajmował neutralne stanowisko), podtrzymując cenę docelową na poziomie 41,40 zł za akcję. Rekomendację wydano przy cenie 40,88 zł.
Analitycy chwalą spółkę za stabilizację zysków w ostatnich kwartałach, do czego ich zdaniem przyczyniły się zmiany w portfolio broadlinera, a zwłaszcza ograniczenie oferty niskomarżowych produktów. Doceniono także działania zarządu zmierzające do rozwoju eksportu oraz sprzedaży za granicą poprzez spółki zależne, większą sprzedaż marek własnych oraz wprowadzenie do asortymentu nowych linii produktów, jak sprzęt AGD, serwery pod marką Optimusa. Te kroki w opinii analityków powinny przełożyć się na duży wzrost obrotów i zysków AB w kolejnych kwartałach.
DM BOŚ przewiduje dobre wyniki AB w I kw. 2015 r. – przychody mają wrosnąć o 21 proc. (1,63 mld zł), a zysk netto o 27 proc. (13,5 mln zł). AB zaprezentuje sprawozdania finansowe za ub. kwartał 15 maja.
Analitycy zakładają, że w roku finansowym 2014/2015 (zakończy się 30 czerwca br.) AB wypracuje 6,68 mld zł przychodów i 69,1 mln zł zysku netto wobec 5,76 mld zł oraz 57,3 mln zł w roku ubiegłym. Z kolei w przyszłym roku finansowym (2015/2016) przychody mają wzrosnąć do 7,35 mld zł, a zysk netto do 75,6 mln zł.
W przypadku Actionu analitycy zalecają niedoważanie akcji tej spółki w portfelu (było: neutralnie), a cenę docelową obniżono z 57,70 zł do 51,70 zł. Rekomendację przygotowano przy cenie 51,89 zł za akcję.
Analitycy prognozują, że Action mimo poszerzania portfolio produktów i rosnącej sprzedaży za granicą w I kw. 2015 r. pokaże niski, dwucyfrowy wzrost przychodów (10 proc., do 1,47 mld zł), z uwagi na wymagające otoczenie rynkowe. Pomimo zmian w portfolio produktów oczekiwany jest spadek marży brutto. W I kw. br. wzrost EBIDTA i EBIT ma wynieść odpowiednio 2 i 3 proc. Zysk brutto Actionu zdaniem DM BOŚ urośnie jedynie o 1 proc. w I kw. br. (do 22,2 mln zł), a zysk netto – o 6 proc. (do 18,3 mln zł).
Jednakże w opinii analityków kontrakty dystrybucyjne podpisane w ub.r., w tym umowy zawarte przez Action Europe, nadal powinny mieć pozytywny wpływ na wzrost sprzedaży.
Ze względu na niższe od oczekiwanych wyniki w IV kw. 2014 r. oraz słabe przewidywania na I kw. 2015 r. analitycy obniżyli prognozę dla Actionu w 2015 r. i kolejnych latach. Zakładają, że presja na marże, spadek cen w połączeniu z uruchomieniem nowego centrum dystrybucyjnego w Zamieniu odbiją się negatywnie na dynamice wzrostu zysków grupy. Prognozują, że w br. Action osiągnie 6,19 mld zł przychodów i 81,1 mln zł zysku netto wobec 5,45 mld zł i 66,8 mln zł rok wcześniej. W 2016 r. zakładane przez analityków wyniki to odpowiednio 6,96 mld zł i 93,9 mln zł.
DM BOŚ odnotowuje jednak sporo pozytywnych aspektów biznesu Actionu. Według niego realizowana z sukcesem strategia spółki obejmuje rozwój marek własnych, szybki wzrost sprzedaży za granicą (stanowi już ok. 30 proc. obrotów grupy), akwizycję Devila (Action Europe), wprowadzenie do oferty nowych usług (jak szkolenia) i aktywność w przetargach. Dzięki takim działaniom i trzymaniu kosztów pod kontrolą Action osiągnie zdaniem analityków dwucyfrowy wzrost w 2015 r. Warto także zwrócić uwagę, że Action powinien utrzymać wysoką wśród broadlinerów rentowność na poziomie zysku netto.
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Obniżka wyceny akcji AB
Analitycy nadal rekomendują zakup papierów wrocławskiej grupy.
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12 mln zł zysku Action
Action dwucyfrowo zwiększył zysk w III kw. br. - wynika ze wstępnych danych.
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