in bpi
Enviado: 28/10/2008 16:49
EARNINGS POLL-J.Martins Q3 profit seen flat yr/yr
28/10/2008
* Jeronimo Martins Q3 results
* Due on Oct. 30 before market opens
* Average net profit forecast of 46.5 million euros
LISBON, Oct 28 (Reuters) - Jeronimo Martins ,
Portugal's No. 2 retailer, is expected to post a third-quarter
profit barely changed from a year earlier, as debt costs should
offset a strong rise in sales, a Reuters poll shows.
Eight analysts polled by Reuters forecast, on average, a net
profit of 46.5 million euros ($58 million), compared with 46
million a year ago.
Revenues are expected to rise 30 percent to 1.81 billion
euros, mainly driven by Jeronimo's Biedronka chain in Poland,
the biggest discount network in the eastern European country.
Earnings before interest, tax, depreciation and amortisation
(EBITDA) are seen increasing 31 percent to 131 million euros.
"A rise in financials (costs) pressured the net result in
the quarter. Not only did the company's debt increase with the
acquisition of Plus stores, but the average cost of the debt
rose," said BPI analyst Joao Safara Silva.
Jeronimo purchased the Plus network in Portugal and Poland
at the end of last year from Germany's Tengelmann for 320
million euros.
J.Martins' shares, which have plunged of late on concerns
about Poland's economic growth and the zloty currency's steep
depreciation, trade at a slight discount to its peers, at 9.9
times forecast 2009 earnings. Dutch rival Ahold's
shares trade at 10.6 times.
(figures in millions of euros)
Q3 Net Profit Revenues EBITDA
Caixa BI 40.4 1,829 126.7
Deutsche Bank 43.3 1,817 130
Banif 45 1,789 127
ES Research 46 1,813 127
Exane BNP Paribas 46 1,848 137
BPI 48 1,809 129
Citi 51 1,804 137
JP Morgan 52 1,765 134
-------------------------------------------------------
Average 46.5 1,809 131
--------------------------------------------------------
(Reporting by Patricia Rua; Writing by Andrei Khalip, editing
by Will Waterman)
((andrei.khalip@thomsonreuters.com; (351) 213-509-209; Reuters
Messaging: andrei.khalip.reuters.com@reuters.net))
($1=.7992 EURO)
Keywords: JERONIMOMARTINS/
28/10/2008
* Jeronimo Martins Q3 results
* Due on Oct. 30 before market opens
* Average net profit forecast of 46.5 million euros
LISBON, Oct 28 (Reuters) - Jeronimo Martins ,
Portugal's No. 2 retailer, is expected to post a third-quarter
profit barely changed from a year earlier, as debt costs should
offset a strong rise in sales, a Reuters poll shows.
Eight analysts polled by Reuters forecast, on average, a net
profit of 46.5 million euros ($58 million), compared with 46
million a year ago.
Revenues are expected to rise 30 percent to 1.81 billion
euros, mainly driven by Jeronimo's Biedronka chain in Poland,
the biggest discount network in the eastern European country.
Earnings before interest, tax, depreciation and amortisation
(EBITDA) are seen increasing 31 percent to 131 million euros.
"A rise in financials (costs) pressured the net result in
the quarter. Not only did the company's debt increase with the
acquisition of Plus stores, but the average cost of the debt
rose," said BPI analyst Joao Safara Silva.
Jeronimo purchased the Plus network in Portugal and Poland
at the end of last year from Germany's Tengelmann for 320
million euros.
J.Martins' shares, which have plunged of late on concerns
about Poland's economic growth and the zloty currency's steep
depreciation, trade at a slight discount to its peers, at 9.9
times forecast 2009 earnings. Dutch rival Ahold's
shares trade at 10.6 times.
(figures in millions of euros)
Q3 Net Profit Revenues EBITDA
Caixa BI 40.4 1,829 126.7
Deutsche Bank 43.3 1,817 130
Banif 45 1,789 127
ES Research 46 1,813 127
Exane BNP Paribas 46 1,848 137
BPI 48 1,809 129
Citi 51 1,804 137
JP Morgan 52 1,765 134
-------------------------------------------------------
Average 46.5 1,809 131
--------------------------------------------------------
(Reporting by Patricia Rua; Writing by Andrei Khalip, editing
by Will Waterman)
((andrei.khalip@thomsonreuters.com; (351) 213-509-209; Reuters
Messaging: andrei.khalip.reuters.com@reuters.net))
($1=.7992 EURO)
Keywords: JERONIMOMARTINS/