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Top-line slowed in Q3 In Q3 we saw UNIR reporting a sequential deceleration in top-line amid weak demand (market declined by 11% during Black Friday week). Sales dropped c8% organically (vs c6% in Q2) and we saw both retail and online channels down in 9M. Self-help supported c32% adj. EBIT growth in the quarter (ie 1.5% margin) with result helped by c100bps of gross margin expansion. FCF generation brough net cash (ex-IFRS 16) up QoQ EUR 100m in 9m also thanks to NWC seasonality. Guidance revi
Companies: Unieuro SpA
BNP Paribas Exane - Sponsored Research
Deteriorating consumer spending exerts short-term pressure... Inflation is affecting consumers, weighing especially on discretionary spending. Our proprietary index (80% correlation to UNIR LfL) shows that CE market is down ahead of the peak season. We now assume organic growth will remain negative in the remaining part of the year (i.e., MSD down vs flat guidance) so we position ourselves in line with cons. EBIT (recently revised down). ...while strategic MandA and self-help support margin reco
Declining results, bang in line with our estimates and management expectations The company''s results in Q1 2023/2024 (March-May) marked a decline YoY, substantially in line with our estimates: revenues -3.7% YoY; adj. EBITDA -34%; adj. EBIT was negative (i.e. EUR -9.4m), after breakeven in Q1 2022/2023; adj. pre-tax profit was EUR -11.9m vs EUR -3.5m in Q1 last year. EBITDA margin was down YoY mainly due to a less favourable mix in terms of both segments (brown down and mobile phone up) and cha
By leveraging its leadership role in the Italian consumer electronics market, we expect Unieuro to continue outgrowing its reference market. With sizeable firepower for MandA, Unieuro is in search of targets. An accelerated MandA strategy could reduce the risk of Unieuro becoming a target itself. Business plan to FY 2027/2028 - strategy confirmed but targets down Unieuro has unveiled its business plan to FY 2027/2028. While the strategy is consistent with the former business plan, the financial
Declining results, substantially in line with our estimates Unieuro posted a YoY decline in Q3 2022/2023 (September-November), largely in line with our estimates: revenues -8.6% YoY, adj. EBITDA -36.8%, adj. EBIT -73.5%, adj. pre-tax profit -77.1%. Net debt reached around EUR 319m as at the end of Q3 2022/2023, ca. EUR -133m excluding the IFRS 16 impact. It was EUR 402m as at the end of H1 2022/2023 (EUR -71m excluding lease liabilities). As regards revenues, in the grey category, the company be
Declining results but slightly better than expected The company posted declining results in Q2 2022/2023 (June-August) YoY, a touch better than our estimates: revenues -0.8% YoY, adj. EBITDA -11.1%, adj. EBIT -41.3%, adj. net profit -57.6%. Net debt reached ca. EUR 402m as at the end of Q2 2022/2023, ca. EUR -71m excluding the IFRS 16 impact. It was EUR 425m as at the end of Q1 2022/2023 (EUR -25m excluding lease liabilities). Conference call feedback: overall market estimates, energy costs, t
Declining results expected, but lower inventories should support cash flow The company is unveiling its Q2 2022/2023 (June-August) results on 10th November. We expect the company to post declining figures YoY: revenues -2.2% YoY, adj. EBITDA -24.0%, adj. EBIT -63.2%, adj. net profit -89.2%. This is mainly due to higher costs (i.e., energy, logistics, personnel). We forecast net debt around EUR 390m incl. lease liabilities as at the end of Q2 2022/2023 (or ca. EUR -60m if we exclude leases). It
Elections confirm polls, with the right-wing coalition winning a majority of seats The Italian elections resulted in the right-wing coalition led by Giorgia Meloni of the Brothers of Italy winning a majority of seats in both lower and upper chambers, though far from the 2/3 needed to change the constitution. The new government will officially start in the week of Oct 10th, and after an initial phase of selecting ministers, it can begin effectively governing from early November. Thus, we may ne
Companies: SAB LUVE FNM IRE MN SES HER AIW IF TIP FNM IRE GHC CEM IGD WIIT COM SAB IF UNIR SCF CEM ILTY MN LUVE IGD TIP HER SES ORS
Mixed results, debt affected by temporary effects The company posted mixed results in Q1 2022/2023 (March-May) YoY, substantially in line with our estimates: revenues +5.2% YoY, adj. EBITDA -12.8%, adj. EBIT -100%, adj. pre-tax profit -205%. Net debt reached around EUR 425m as at the end of Q1 2022/2023, ca. EUR -25m if we exclude the IFRS 16 impact. It was EUR 315m as at the end of FY 2021/2022 (EUR -136m if we exclude lease liabilities). This is the result of the typical seasonal trends of the
Results bang in line with our estimates and guidance, positive news on the dividend side The company posted decreasing results in Q4 2021/2022 (December-February) YoY, as expected due to the extraordinarily high comparison base (Q4 2020/2021 results took advantage of lower costs as a consequence of the extraordinary measures related to COVID): revenues flat, adj. EBITDA -6.8%, adj. EBIT -33.1%, adj. pre-tax profit -38.2%. Net debt reached ca. EUR 315m, EUR -136m if we exclude the IFRS 16 impact
Mixed results in Q3 2021/2022, bang in line with our estimates The company posted mixed results in Q3 2021/2022 (September-November) YoY, as expected due to the extraordinarily high comparison base: revenues +9.3%, adj. EBITDA -16.8%, adj. EBIT -28.4%, adj. pre-tax profit -31.5%. Net debt reached EUR 272m, or EUR -170m if we exclude the IFRS 16 impact. It was EUR 347m as at the end of H1 (EUR -91m net of lease liabilities). It is worth noting that Q3 2020 results took advantage of lower costs d
Mixed results in Q2 2021/22, positive news on the buyback The company posted mixed results in Q2 2021/22 YoY as expected, due to the extraordinarily high comparison base: revenues +5.6%, adj. EBITDA -22.3%, adj. EBIT -38.7%, adj. net profit -31.4%. Net debt reached EUR 329m, or EUR -91m if we exclude the IFRS 16 impact. It was EUR 313m as at the end of Q1 (EUR -121m net of lease liabilities). It is worth noting that Q2 2020/21 results benefited from lower costs due to the measures related to CO
As the Italian leader in the consumer electronics market, Unieuro is well positioned to compete with pure online retailers and to gain market share at the expense of weaker players. With sizeable firepower for MandA, Unieuro can drive further consolidation in a fragmented market. A leading player outgrowing a stable market Its leadership in consumer electronics retailing (offline/online) has led Unieuro to outperform the market. With the underlying market growing low single-digit, we expect
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