AutoWallis shares move to BÉTʼs premium category

Telco

Image courtesy of Budapest Stock Exchange (BÉT)

Just a few months after having its new shares listed, AutoWallis is already being traded in the Equities Prime category of the Budapest Stock Exchange (BÉT), according to a press release sent to the Budapest Business Journal.

The automotive company has been listed in the BUX and BUMIX indices of the Budapest Stock Exchange, and in certain FTSE indices as well, notes the press release, adding that AutoWallis has met BÉT requirements earlier than planned by its management, hence its shares will be traded in the Equities Prime category starting today.

AutoWallis Chairman Zsolt Müllner said he considers it a major achievement that, following the listing of the companyʼs new shares in February, the corporation has now become a major company on the stock exchange, not only in terms of its size, but also on the basis of its premium category and the indices in which it is included.

Regarding the upgrading of the AutoWallis shares to the premium category, BÉT CEO Richárd Végh explained that the category transition is an important milestone for the exchange as well. He stressed that a rising number of financially solid Hungarian firms choose the BÉT as a growth platform, which in turn can greatly contribute to their regional expansion and growing competitiveness.

AutoWallis is aiming for robust growth on the BÉT: by 2024, it plans to more than double its HUF 65.5 billion revenue recorded last year without the effect of acquisitions, hoping to achieve HUF 142 bln, while calculating with a nearly threefold increase to HUF 187 bln considering acquisitions.

According to the press release, this could increase earnings before interest, tax, depreciation and amortization (EBITDA) even more. The firm foresees that EBITDA could nearly quadruple to HUF 7.9 bln due to organic growth, while generating a 4.5-fold increase to HUF 9.5 bln including acquisitions.

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