Motor Sich's Sales Up 46% yoy in 2007
5 March 2008
According to its website, Motor Sich (MSICH: BUY) increased sales by 46% yoy to USD 356.6 mln in 2007. EBITDA surged 99% yoy to USD 79.0 mln (margin of 22.2%), while net income totalled USD 41.0 mln (margin of 11.5%) versus USD 7.5 mln in 2006. Inna Perepelytsya: The company beat our sales expectations by 7%, while EBITDA and income are in line with our forecasts. Thus far management has not detailed their 2008 plans. We leave our 2008 forecasts unchanged (sales of USD 379 mln, EBITDA of USD 87 mln, net income of USD 49 mln) and confirm our BUY recommendation.
