"ВТБ Капитал": "Magnit": Mild Growing Pains // ПОКУПАТЬ
11 августа 2011 года
We are downgrading our 12-month Target Price for "Magnit" 10% to $31,2/GDR. The company’s profit warning points to the lower boundary of the EBITDA margin range announced in March (7,5–8,0%) and 46–48% YoY revenue growth in 2011 (down from 49%). We see the key reason being that the company was unable to offset increased costs in 2Q11 (i.e. the social tax and transportation expenses) by internal efficiency improvements. That is the result of longer transportation distances (as the company expands from its home South region) and slower store maturity (it takes time to adjust to local customers’ tastes and "know the rules of the game").
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