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Magnit posts strong 6M 2008 results
07/16/2008 10:08
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We are positive on a 51.4% upturn in the retail chain's revenue in 6M 2008 and believe that the high rate of new store openings and an increase in Magnit's business efficiency lends support to the 1H 08 margins.
On Tuesday Magnit released its unaudited operating results for 6M 2008. In line with the company's press-statement, the retail chain's revenue grew more than 51.4% y-o-y in US dollar terms. Quick sales growth was ensured both by the large number of new store openings (the company opened 34 retail outlets in June) and by an increase in the company's business efficiency expressed through a 29% growth of LFL sales versus comparable stores.
Table. Magnit: Key Indicators 6M 2008
| | 6M2007 | 6M2008 | 6M2008/6M2007 |
|---|
| Revenue, USD mn | 1,622.5 | 2,456.9 | 51.4% | | Total number of stores | 2,009 | 2,321 | | | Number of store openings | 116 | 124 | | | Total selling space, thousand sq.m | 570.7 | 714.6 | 25.2% |
Source: company data, Finam estimates
We are upbeat on the company's 6M 08 operating results and believe that a speed-up in growth of the retail chain's revenue and the high number of new retail outlet openings could lend certain support to Magnit's 1H 2008 margins.
In line with our estimates, the fair value of Magnit is USD 60.3 per share, an upside of more than 26% on the current market valuation. Sergey Filchenkov
Other comments of the day
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Magnit
Capitalization: $2 502 000 000,00
Common shares:
Price: $34,75
Delta week: -13,1%
Delta month: -13,1%
Delta year: -17,9%
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