Founder, Riedel Research

David Riedel

Founder

Independent equity research on GEM Markets

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Equity Bottom-Up

<ul class="ul1"><li class="li2">Wielton is Poland’s largest semi-trailers and trailers producer, and one of the top 5 producers in Europe. Customers in transport, construction, production and distribution companies in both domestic and foreign markets. In 2015A exports generated ~44% of Group revenues. The Company manufactures more than 60 different types of transport vehicles grouped into 10 categories.</li></ul><ul class="ul1"><li class="li2">Both Polish and European utility vehicle markets have been growing substantially in recent years, outpacing broad economy growth. We believe that trend will continue and Wielton will be one of the key beneficiaries. We appreciate Management’s effort to reduce exposure to Russia (from 35% to 7% over last four years) and efficient execution of acquisitions. We believe that further investments in automation and production efficiency will significantly improve profitability and cash generation.</li></ul><ul class="ul1"><li class="li2">Wielton reported substantial revenue growth of 7.9% YoY in FY 15. Group’s production volumes increased for the second consecutive year to 7,036 units from 6,551 in FY 14 (+7.4%). Domestic sales amounted to 3,956 units (+16.3% YoY) and beat market growth by 60bps. In the given period Wielton strengthened its domestic position, increasing market share to 14.4% from 13.8% in FY 14. Strong results in Poland were supported by stable growth of Polish economy and introduction of new range of products. As of December 2015 national sales accounted for 56% of Group volumes (increase from 37% in 2012) while exports decreased 2.2% to 3,080 units.</li></ul><ul class="ul1"><li class="li2">We regard Wielton’s shares as undervalued and initiate coverage with a BUY. Upside of 20.0% on the back of recent acquisitions, wider margins and growing penetration into Western European markets. We set our price target at PLN 10.2.</li></ul>

Wielton is Poland’s largest semi-trailers and trailers producer, and one of the top 5 producers in Europe. Customers in transport, construction, production and distribution companies in both domestic and foreign markets. In 2015A exports generated ~44% of Group revenues. The Company manufactures more than 60 different types of transport vehicles grouped into 10 categories.Both Polish and European utility vehicle markets have been growing substantially in recent years, outpacing broad economy growth. We believe that trend will continue and Wielton will be one of the key beneficiaries. We appreciate Management’s effort to reduce exposure to Russia (from 35% to 7% over last four years) and efficient execution of acquisitions. We believe that further investments in automation and production efficiency will significantly improve profitability and cash generation.Wielton reported substantial revenue growth of 7.9% YoY in FY 15. Group’s production volumes increased for the second consecutive year to 7,036 units from 6,551 in FY 14 (+7.4%). Domestic sales amounted to 3,956 units (+16.3% YoY) and beat market growth by 60bps. In the given period Wielton strengthened its domestic position, increasing market share to 14.4% from 13.8% in FY 14. Strong results in Poland were supported by stable growth of Polish economy and introduction of new range of products. As of December 2015 national sales accounted for 56% of Group volumes (increase from 37% in 2012) while exports decreased 2.2% to 3,080 units.We regard Wielton’s shares as undervalued and initiate coverage with a BUY. Upside of 20.0% on the back of recent acquisitions, wider margins and growing penetration into Western European markets. We set our price target at PLN 10.2.

Wielton - Polish Truck Trailer Co Outpaces Strong Industry Growth Taking Mkt Share in Europe - BUY

Wielton S.A.

Wielton - Polish Truck Trailer Co Outpaces Strong Industry Growth Taking Mkt Share in Europe - BUY