Waberer's 2026 Q1 Detailed Review

Waberer’s continues to execute its mid-term growth strategy, through its diversified operation of contract logistics, warehouse development, intermodal services (rail and road transport) as well as insurance services in life and non-life segments.
In 2025 the reported revenue increased by 7.7% to 816MM while EBIT increased by 28.8% to 58MM. The EBIT split between logistics and insurance was 20.4MM vs 37.6MM, respectively, supported by the consolidation of two of the Magyar Posta Insurance companies.
Management guidance for 2026 is 55-62MM EBIT, with split of 33-35MM Insurance and 22-27MM Logistics. The mid-term strategy through 2031 expects EBIT to reach 100MM+ with material composition change (~43MM Insurance and ~59MM Logistics).
Waberer’s started to pay dividend in 2022 with gradual increase each year and latest dividend payment of HUF 143 / share. In addition, the company completed its HUF 200MM share repurchase program in May 2026, overall returning 20% of its net income from 2025.
Our 12-month target price is HUF 7 148, with Buy Recommendation, supported by the diversified and resilient operation, with continued growth across multiple segments, contracts secured with both European and Asian partners, as well as management’s strong ability to execute acquisitions successfully. Our conclusion is also supported by the company’s current P/E ratio of 5.9x versus the 14.2x median P/E multiple of our synthetic benchmark created (see share price section).