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Motor Sich reports 2012 bottom line 19% lower than preliminary results

Motor Sich reports 2012 bottom line 19% lower than preliminary results

29 March 2013

Motor Sich (MSICH UK) reported UAH 1.62 bln net income under IFRS for 2012 vs. UAH 1.34 under UAS in 2011, according to the company’s full-year financials approved at its AGM on March 28. Revenue reached UAH 6.97 bln vs. UAH 5.79 under UAS in 2011. The company also cut its DPS 60% yoy to UAH 10, implying a dividend yield of 0.4%.

Roman Dmytrenko: We are disappointed by the company’s reported bottom line, which turned out to be 19% lower than preliminary number published just a month ago in Motor Sich’s AGM announcement. Even despite the profit adjustment, Motor Sich remains one the fastest-growing and most profitable aerospace companies in the world. Therefore, we believe the 2012 P/E multiple of 2.9x, at which Motor Sich shares are trading, is not justified given its global peers trade at a multiple of 14.0x.

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