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Motor Sich increases EBITDA 47% yoy in 1H10

Motor Sich increases EBITDA 47% yoy in 1H10

30 July 2010

Motor Sich (UX: MSICH UK) released its 1H10 financial results yesterday in a company filing: EBITDA was USD 73.9 mln, up 47% yoy (EBITDA margin was 30%, in line with 1H09); revenue was USD 249 mln, up 51% yoy; and net income was USD 53.3 mln, up 61% yoy (net margin of 22%, in line with 1H09). Yegor Samusenko: The company continued to report a strong 30% EBITDA margin (in line with our forecast, 2x higher than its closes peer) and outperforming revenue expectations. But given that Motor Sich historically reports two-thirds of its sales in the second half of the year, we do not change our forecast for the year: USD 555 mln in net revenue (up 16% yoy) and EBITDA of USD 167 mln (30% margin). We believe these financials will support the stock, which is trading at 4x on EV/EBITDA ‘10E.

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