DM PKO BP: „sprzedaj” Action
Dom maklerski PKO BP obniżył rekomendację dla Actionu, a cenę docelową akcji – o ponad połowę. Jego zdaniem negatywne zjawiska z ub.r. będą kontynuowane w 2016 r.

DM PKO BP obniżył rekomendację dla papierów Actionu z 'kupuj’ do 'sprzedaj’, a cenę docelową z 30 zł do 14,10 zł za akcję. Raport wydano 29 marca, wówczas cena akcji spółki wynosiła 16,59 zł. W dniu 5 kwietnia na zakończenie notowań na warszawskiej giełdzie kurs spadł do 15,85 zł.
„Po fatalnym wynikowo IV kw. 2015 r., w konsekwencji słabym 2015 r., który obnażył trudności prowadzenia biznesu w zmienionych warunkach rynkowych (wprowadzenie mechanizmu odwróconego VAT-u, spadek sprzedaży w eksporcie, słaby popyt krajowy, umocnienie USD do PLN), które naszym zdaniem będą trwale oddziaływać na marże 2016 r., obniżamy nasze prognozy i rekomendację” – stwierdza raport.
Analityk zauważa, że utrzymujący się od 5 lat trend spadku marży brutto w połączeniu z niższą sprzedażą – trwałym spadkiem eksportu (-550 mln zł), strukturalnymi problemami (utrata kontraktu z HP, słabsza kondycja marek własnych, mniejsza ilości przetargów, niższa sprzedaż w kanale telco, konieczność ratowania się wolumenami w retailu) oraz zmianą warunków rynkowych urealniły potencjał wynikowy spółki.
W 2016 r. DM PKO BP spodziewa się kontynuacji negatywnych trendów. W jego ocenie wyjątkowo słaby dla spółki może okazać się I kw. br. oraz najgorszy w sezonie II kw. br.
„W I poł. 2016 r. spodziewamy się wyniku 0+, w drugim półroczu Action będzie gonić wyniki. Ryzykiem pozostają wysokie kursy walutowe EUR i USD do złotówki oraz potencjalny wpływ podatku od sieci handlowych na Sferis, który generuje 400 mln zł sprzedaży’ – zauważa analityk. W br. spodziewa się istotnie niższych przepływów pieniężnych. Zwraca także uwagę na wysokie zadłużenie – na poziomie 4,4 x w ujęciu netto/EBIDTA, które jego zdaniem nieprędko wróci do bezpiecznych poziomów.
„Ze 'starego’ Action pozostał utrzymany na przyzwoitym poziomie cykl konwersji gotówki (24 dni)” – stwierdza analityk.
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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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