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Quest Holdings (Results H1/Q2:19 preview)

questa-rising-star-in-a-technology-era

The group is set to report Q2/H1’19 financial results today after market close. We expect top line improvement across all product segments courtesy of higher consumer spending (in the retail products area), new EU IT projects (in the Unisystems IT services business), higher courier and postal services (Easter Q2’19 mitigation effect) and energy (due to the addition of circa 7.5MW’s of additional solar parks in H2’18).

  • The only exception will come from the electronic transactions business (CARDLINK) as a result of the new agreement signed with all local banks in late 2018 incorporating higher discounts (on top line) amid reverse of provision of earn out (due to higher profitability) affecting all 2019 CARDLINK business. 

All in we expect H2’19 sales increase of 9.16% to €250.20mn, consolidated EBITDA up by 20.25% to €23.11mn and Net earnings settling 54.5% higher y-o-y to €10.74mn.

  • The following table summarize our estimates for Quest Holdings Q2/H1’19 financial performance: 
INFO QUEST 2018 2019 Y-o-Y 2018 2019 Y-o-Y
EUR thous. Η1 Η1 (%) Q2 Q2 (%)
Sales 229,983 250,200 8.8%  114,121  125,204  9.7% 
EBITDA 19,210 23,110 20.3%  8,519  11,265  32.2% 
EBITDA Mrg 8.4%  9.2%  +88 bps  7.5%  9.0%  +153 bps 
Net Income 6,950 10,740 54.5%  3,220  6,282  95.1% 
Net Mrg 3.0%  4.3%  +127 bps  2.8%  5.0%  +220 bps 

A conference call will follow on Thursday September 12th analyzing the group’s Q2’19 performance.

§   GR Participants dial in: + 30 213 009 6000

§   UK Participants dial in: + 44 203 059 5872

§   US Participants dial in: +1 516 447 5632 

BRIQ Properties (Results H1:19): The company recorded a strong set of Q2/H1’19 figures. Rental revenues increased by 31.3% in H1’19 to €1.317mn, boosted by new real estate assets acquired in 2018. EBITDA skyrocketed 156% to 1.413mn as it includes €0.7mn positive revaluation gains of the company’s portfolio of assets.

  • Adjusted EBITDA excluding revaluation gains was 42.1% higher y-o-y to €0.9mn (vs €0.634mn in H1’18). Net Income jumped 41.7% to €1.1mn compared to €0.8mn in the respective period last year.

NAV/share as of 30-06-2019 stood at €2.62 compared to €2.58/share by end 2018. CAPEX in H1 stood at €3.3mn including the acquisition of a hotel in Tinos island and a plot of land in Athens. 

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