Report on SARE – read the summary prepared by East Value Research

1 December 2016

SARE’s (SAR) 9M/16 results improved y-o-y on top-line, however showed weaker profitability than we had anticipated. While sales increased by 4.4% y-o-y to PLN 28.7m (EVRe: PLN 26.1m), EBIT (13.8% vs. 16% in 9M/15 and our estimate of 16.8%) and net margin (9% vs. 10.1% in 9M/15 and our estimate of 11.5%) were both lower y-o-y and compared to our forecasts. However, net cash improved q-o-q from PLN 2.4m to PLN 3.4m.”


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