Action: analitycy tną prognozy
DM BOŚ nie wyklucza kolejnych niekorzystnych decyzji organów skarbowych wobec spółki.

Dom Maklerski Banku Ochrony Środowiska obniżył cenę docelową akcji Actionu z 6,50 zł na 5,80 zł, podtrzymując rekomendację "sprzedaj". Po kiepskim I półroczu 2016 spodziewa się wyjątkowo słabych wyników za III kw. br. ze względu na straty związane z wyprzedażą zapasów magazynowych. W II poł. br. dom maklerski przewiduje ok. 30 mln zł strat z tego tytułu. Ponadto zysk obciąży – jak przewiduje raport – prawdopodobne utworzenie rezerwy w IV kw. br. na poczet roszczeń podatkowych skarbówki z tytułu VAT. Przewidywana kwota rezerwy według wcześniejszych informacji spółki to blisko 40 mln zł, ale może ona okazać się wyższa.
Co więcej, DM BOŚ nie wyklucza kolejnych niekorzystnych decyzji organów skarbowych wobec Actionu, dotyczących VAT.
"Każda następna niekorzystna decyzja urzędu skarbowego będzie skutkowała coraz bardziej napiętym bilansem spółki, a kondycja Action może budzić coraz więcej wątpliwości." – ocenia analityk.
Raport podaje, że w złożonym do sądu wniosku restrukturyzacyjnym Action oświadczył, iż wartość roszczeń podatkowych może nawet sięgnąć 200 mln zł plus odsetki (w sumie ok. 270 mln zł – według obliczeń domu maklerskiego).
"Gdyby się to potwierdziło (co nie jest jeszcze przesądzone, ponieważ trwają jeszcze kontrole skarbowe, a konkretnie 7, i ostateczne decyzje nie zapadły), można oczekiwać pojawienia się poważnych wątpliwości odnośnie kondycji spółki" – stwierdza raport.
Za III kw. br. dom maklerski spodziewa się spadku przychodów spółki o 40 proc. rok do roku, do 703 mln zł, m.in. z uwagi na celowe ograniczenie mniej zyskownej sprzedaży, Dzięki temu jednak marża zysku brutto powinna pójść w górę 0,3 punkty procentowe, do 6,2 proc. Jednak przy utrzymaniu kosztów finansowych na poziomie z II kw. br. strata netto może wynieść 6,8 mln zł. Action opublikuje wyniki za III kw. br. 14 listopada.
Z uwagi na spadek przychodów i wyprzedaż zapasów w II poł. br. znacznie obniżono prognozę przychodów i zysków na cały 2016 r. – do 66,7 mln zł straty netto z uwzględnieniem rezerwy na VAT oraz 19,4 mln zł straty bez rezerwy. DM BOŚ ściął także prognozy wyników na 2017 r. i lata następne, ze względu na utrzymujące się nienajlepsze warunki na rynku i trudne do określenia są efekty trwającego programu restrukturyzacji. Tym niemniej według raportu w przyszłym roku Action powinien wyjść na plus (15,1 mln zł zysku netto).
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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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