Wezwanie na ABC Datę nie sprzyja AB
Presja na marżę AB utrzyma się związku z agresywną konkurencją ze strony Also i ABC Daty, przynajmniej do zakończenia wezwania - uważa DM BOŚ.

Dom maklerski Banku Ochrony Środowiska podtrzymał rekomendację "kupuj" dla akcji AB, jak również krótkoterminową rekomendację relatywną "neutralnie". Docelową cenę papierów obniżono z 29,20 zł do 27,60 zł.
"Zakładamy, że po zakończeniu trwającego obecnie wezwania Also na akcje ABC Data presja na marżę zysku brutto prawdopodobnie osłabnie, co powinno pozytywnie wpłynąć na kurs akcji AB." – przewiduje raport DM BOŚ. Wezwanie po ostatnim przedłużeniu terminu zakończy się 13 maja br.
W trwającym obecnie roku obrotowym AB (2018/19 – zakończy się 30 czerwca br.) dom maklerski spodziewa się jednak słabszych wyników niż w rok wcześniej pomimo niskiej bazy zysków za 2017/18. Uważa, że utrzyma się presja na marżę zysku brutto na sprzedaży, w związku z "agresywną konkurencją" ze strony Also i ABC Daty (przynajmniej dopóki nie zakończy się wezwanie Also – twierdzi DM BOŚ).
Ponadto zdaniem analityków wzrost przychodów AB będzie niewystarczający, by zrównoważyć rosnące koszty pracy, co ograniczy pozytywny efekt dźwigni operacyjnej,
Analiza: zysk i marże AB znów spadły w I kw. br.
Według szacunków DM BOŚ I kw. 2019 r. (III kw. finansowy spółki) był kolejnym kwartałem pogorszenia zysków, choć dynamika spadków jego zdaniem będzie mniejsza. AB ogłosi wyniki za miniony kwartał 20 maja br.
Przychody AB w I kw. br. według DM powinny zwiększyć się o 3 proc., m.in. w związku z odmrożeniem inwestycji w przedsiębiorstwach i rozwojem nowych linii biznesowych grupy (gry, VAD i in.). Jednak zdaniem analityków negatywny wpływ kosztów pracy zniweluje pozytywny efekt dźwigni operacyjnej, wynikający ze wzrostu przychodów. DM BOŚ ocenia, że w I kw. br. ponownie zmniejszyła się marża zysku brutto na sprzedaży AB, tym razem o 0,15 pkt proc., zysk operacyjny spadł o 7 proc., a skonsolidowany wynik netto – o 5 proc., do 9,7 mln zł.
Analitycy prognozują, że w roku obrotowym 2018/2019 przychody AB wyniosą 8,564 mld zł (-4 proc. r/r), EBITDA – 99,9 mln zł (-10 proc.), a zysk netto – 56,6 mln zł (-4,4 proc.).
Według DM BOŚ istnieje jednak wysoki dwucyfrowy potencjał wzrostu kursu spółki, stąd rekomendacja "kupuj". Analitycy twierdzą, że przy wskaźnikach P/E i EV/EBITDA AB jest notowane z odpowiednio ok. 40 proc. i 10 proc. dyskontem wobec porównywalnych podmiotów.
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Obniżka wyceny akcji AB
Analitycy nadal rekomendują zakup papierów wrocławskiej grupy.
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Prezes AB: „Rynek w Polsce przyspieszył w drugim kwartale”
Grupa AB zwiększyła sprzedaż o miliard złotych. "Nie widzimy oznak spowolnienia" - zapewnia prezes Andrzej Przybyło.