Bogdan Automobile Plant ups sales 2.5x yoy in 1H08
29 July 2008
Bogdan Automobile Plant (LUAZ: BUY) announced yesterday it increased its net revenues in 1H08 by 2.5x yoy to USD 753.9 mln; EBITDA by 3.4x yoy to USD 42.7 mln (EBITDA margin of 5.7%); and net income by 6.9x yoy to USD 29.7 mln (net margin of USD 3.9%). Inna Perepelytsya: The company’s 1H08 financial results are in line with our full year expectations (sales of USD 1.26 bln and net income of USD 59.2 mln). Taking into account the consolidation of Bogdan Corporation’s assets on the basis of the Automobile Plant, which is to be completed by the end of this year and strong 1H08 financial results, we confirm our BUY recommendation (111% upside).
