AD Plastik d.d.

  • TickerADPL-R-A
  • ISINHRADPLRA0006
  • ExchangeZagreb Stock Exchange
  • SectorAutomobiles & Parts
  • CountryCroatia
FIMA Research
  • FIMA Research
HT-R-A Hrvatski Teleko... (Industrial Goods & Services)
PODR-R-A PODRAVKA D.D. (Industrial Goods & Services) ... (+10)

Fima Daily Insight 25 October 2021

Please find enclosed our daily market report. Market Comment Croatia Zagrebačke pekarne Klara books loss in 9-monts results Hrvatski Telekom buys back 1,150 own shares Slovenia Luka Koper management resigns Business sentiment down in October for fourth month running Average gross pay down in August to EUR 1,900 Luka Koper shares up as leadership change expected Romania Aquila plans Bucharest IPO Fitch affirms Romania at 'BBB-', outlook remains negative Romanian bourse indices end week higher, Romgaz leads blue-chip gainers Bulgaria M+S Hydraulic boosts 9-mo non-cons ...

HT-R-A Hrvatski Teleko... (Industrial Goods & Services)
PODR-R-A PODRAVKA D.D. (Industrial Goods & Services)
ADPL-R-A AD PLASTIK D.D. (Automobiles & Parts)
ATGR-R-A ATLANTIC GRUPA (Food & Beverage)
RIVP-R-A Riviera Porec d... (Personal & Household Goods)
ATPL-R-A Atlantska Plovi... (Travel & Leisure)
KOEI-R-A Koncar-Elektroi... (Telecommunications)
ADRS2-R-A Adris Grupa d.d... (Telecommunications)
ARNT-R-A Arenaturist d.d...
ERNT-R-A Ericsson Nikola...
Filip Gracin
  • Filip Gracin
ADPL-R-A AD PLASTIK D.D. (Automobiles & Parts)

AD Plastik Group: Challenges remain but results improve

H1 2021 started off rough for the automotive industry as COVID-19 continues to be an important factor impacting businesses. However, despite COVID-19’s remaining presence, an increase in global new-vehicle sales was expected in 2021, but only because of the depth of 2020’s decline. Meanwhile on top of that here comes a shortage of semiconductors which threatens to prolong the recovery of the entire industry, regardless of the pandemic. In such an environment new vehicle sale in the EU rose 25...

Filip Gracin
  • Filip Gracin
ADPL-R-A AD PLASTIK D.D. (Automobiles & Parts)

AD Plastik Group: Market conditions still challenging but results enco...

In Q1 2021 the AD Plastik Group recorded a -7.0% YoY decrease in sales which amounted to HRK 323.9m. When breaking down operating revenue by markets, the EU & Serbian market recorded sales in the amount of HRK 239m, which represents a -16.5% YoY decrease. Such trend is a consequence of the shortages of semiconductors in the market which resulted in some adjustments to the operational plans of customers, but also very good results achieved in the comparative period, with regard to the market t...

Ondrej Slama ... (+3)
  • Ondrej Slama
  • Alex Boulougouris
  • CFA
ADPL-R-A AD PLASTIK D.D. (Automobiles & Parts)

AD Plastik: The worst is over, but outlook still uncertain (stays HOLD...

Following the 2020 full results release, on 17 February, we have updated our model and increased our 12M price target (PT) for AD Plastik to HRK 203/share (from HRK 147). The higher valuation is driven mainly by the company’s flexible cost control and improving sales figures, but also the clearer outlook for the industry, its decision to pay a dividend this year, and higher peer multiples. We believe the risk of shutting down plants is limited currently, but we note that some risks, which are outside the company’s control, related to the pandemic, are ongoing. We are particularly uncertain abo...

Research Team
  • Research Team
PKO Powszechna Kasa... (Oil & Gas)
TPS Orange Polska S... (Construction & Materials) ... (+6)

WOOD Daily: NVTK LI; OPL PW; ADPL CZ; TRP RO; PL Banks; PKO PW; ECH PW...

HEADLINES: • Novatek: 4Q20 results review - expectedly strong • Orange Polska: 4Q20 results - adjusted EBITDAaL down 4% yoy, in line with our estimate NEUTRAL • AD Plastik: 4Q20 results review - a solid finish to 2020 POSITIVE • Teraplast: 4Q20 results rather soft, but 2021E guidance enticing • Polish banks: BFG charges to be cut by 30% in 2021E POSITIVE • PKO BP: takeaways from the results meeting, which was dominated by the FX mortgage saga POSITIVE • Echo Investment: buys 66% voting rights in Archicom for PLN 425m POSITIVE • Italy macro: economic and foreign policy strategy under Draghi

PKO Powszechna Kasa... (Oil & Gas)
TPS Orange Polska S... (Construction & Materials)
ECH ECHO INVESTMENT (Automobiles & Parts)
NVTK NOVATEK (GDR) (Telecommunications)
TRP TERAPLAST (Banks)
ADPL-R-A AD PLASTIK D.D. (Real Estate)
FIMA Research
  • FIMA Research
HT-R-A Hrvatski Teleko... (Industrial Goods & Services)
PODR-R-A PODRAVKA D.D. (Industrial Goods & Services) ... (+10)

Fima Daily Insight 25 October 2021

Please find enclosed our daily market report. Market Comment Croatia Zagrebačke pekarne Klara books loss in 9-monts results Hrvatski Telekom buys back 1,150 own shares Slovenia Luka Koper management resigns Business sentiment down in October for fourth month running Average gross pay down in August to EUR 1,900 Luka Koper shares up as leadership change expected Romania Aquila plans Bucharest IPO Fitch affirms Romania at 'BBB-', outlook remains negative Romanian bourse indices end week higher, Romgaz leads blue-chip gainers Bulgaria M+S Hydraulic boosts 9-mo non-cons ...

HT-R-A Hrvatski Teleko... (Industrial Goods & Services)
PODR-R-A PODRAVKA D.D. (Industrial Goods & Services)
ADPL-R-A AD PLASTIK D.D. (Automobiles & Parts)
ATGR-R-A ATLANTIC GRUPA (Food & Beverage)
RIVP-R-A Riviera Porec d... (Personal & Household Goods)
ATPL-R-A Atlantska Plovi... (Travel & Leisure)
KOEI-R-A Koncar-Elektroi... (Telecommunications)
ADRS2-R-A Adris Grupa d.d... (Telecommunications)
ARNT-R-A Arenaturist d.d...
ERNT-R-A Ericsson Nikola...
Filip Gracin
  • Filip Gracin
ADPL-R-A AD PLASTIK D.D. (Automobiles & Parts)

AD Plastik Group: Challenges remain but results improve

H1 2021 started off rough for the automotive industry as COVID-19 continues to be an important factor impacting businesses. However, despite COVID-19’s remaining presence, an increase in global new-vehicle sales was expected in 2021, but only because of the depth of 2020’s decline. Meanwhile on top of that here comes a shortage of semiconductors which threatens to prolong the recovery of the entire industry, regardless of the pandemic. In such an environment new vehicle sale in the EU rose 25...

Filip Gracin
  • Filip Gracin
ADPL-R-A AD PLASTIK D.D. (Automobiles & Parts)

AD Plastik Group: Market conditions still challenging but results enco...

In Q1 2021 the AD Plastik Group recorded a -7.0% YoY decrease in sales which amounted to HRK 323.9m. When breaking down operating revenue by markets, the EU & Serbian market recorded sales in the amount of HRK 239m, which represents a -16.5% YoY decrease. Such trend is a consequence of the shortages of semiconductors in the market which resulted in some adjustments to the operational plans of customers, but also very good results achieved in the comparative period, with regard to the market t...

Ondrej Slama ... (+3)
  • Ondrej Slama
  • Alex Boulougouris
  • CFA
ADPL-R-A AD PLASTIK D.D. (Automobiles & Parts)

AD Plastik: The worst is over, but outlook still uncertain (stays HOLD...

Following the 2020 full results release, on 17 February, we have updated our model and increased our 12M price target (PT) for AD Plastik to HRK 203/share (from HRK 147). The higher valuation is driven mainly by the company’s flexible cost control and improving sales figures, but also the clearer outlook for the industry, its decision to pay a dividend this year, and higher peer multiples. We believe the risk of shutting down plants is limited currently, but we note that some risks, which are outside the company’s control, related to the pandemic, are ongoing. We are particularly uncertain abo...

Research Team
  • Research Team
PKO Powszechna Kasa... (Oil & Gas)
TPS Orange Polska S... (Construction & Materials) ... (+6)

WOOD Daily: NVTK LI; OPL PW; ADPL CZ; TRP RO; PL Banks; PKO PW; ECH PW...

HEADLINES: • Novatek: 4Q20 results review - expectedly strong • Orange Polska: 4Q20 results - adjusted EBITDAaL down 4% yoy, in line with our estimate NEUTRAL • AD Plastik: 4Q20 results review - a solid finish to 2020 POSITIVE • Teraplast: 4Q20 results rather soft, but 2021E guidance enticing • Polish banks: BFG charges to be cut by 30% in 2021E POSITIVE • PKO BP: takeaways from the results meeting, which was dominated by the FX mortgage saga POSITIVE • Echo Investment: buys 66% voting rights in Archicom for PLN 425m POSITIVE • Italy macro: economic and foreign policy strategy under Draghi

PKO Powszechna Kasa... (Oil & Gas)
TPS Orange Polska S... (Construction & Materials)
ECH ECHO INVESTMENT (Automobiles & Parts)
NVTK NOVATEK (GDR) (Telecommunications)
TRP TERAPLAST (Banks)
ADPL-R-A AD PLASTIK D.D. (Real Estate)
FIMA Research
  • FIMA Research
HT-R-A Hrvatski Teleko... (Industrial Goods & Services)
PODR-R-A PODRAVKA D.D. (Industrial Goods & Services) ... (+10)

Fima Daily Insight 25 October 2021

Please find enclosed our daily market report. Market Comment Croatia Zagrebačke pekarne Klara books loss in 9-monts results Hrvatski Telekom buys back 1,150 own shares Slovenia Luka Koper management resigns Business sentiment down in October for fourth month running Average gross pay down in August to EUR 1,900 Luka Koper shares up as leadership change expected Romania Aquila plans Bucharest IPO Fitch affirms Romania at 'BBB-', outlook remains negative Romanian bourse indices end week higher, Romgaz leads blue-chip gainers Bulgaria M+S Hydraulic boosts 9-mo non-cons ...

HT-R-A Hrvatski Teleko... (Industrial Goods & Services)
PODR-R-A PODRAVKA D.D. (Industrial Goods & Services)
ADPL-R-A AD PLASTIK D.D. (Automobiles & Parts)
ATGR-R-A ATLANTIC GRUPA (Food & Beverage)
RIVP-R-A Riviera Porec d... (Personal & Household Goods)
ATPL-R-A Atlantska Plovi... (Travel & Leisure)
KOEI-R-A Koncar-Elektroi... (Telecommunications)
ADRS2-R-A Adris Grupa d.d... (Telecommunications)
ARNT-R-A Arenaturist d.d...
ERNT-R-A Ericsson Nikola...
Filip Gracin
  • Filip Gracin
ADPL-R-A AD PLASTIK D.D. (Automobiles & Parts)

AD Plastik Group: Challenges remain but results improve

H1 2021 started off rough for the automotive industry as COVID-19 continues to be an important factor impacting businesses. However, despite COVID-19’s remaining presence, an increase in global new-vehicle sales was expected in 2021, but only because of the depth of 2020’s decline. Meanwhile on top of that here comes a shortage of semiconductors which threatens to prolong the recovery of the entire industry, regardless of the pandemic. In such an environment new vehicle sale in the EU rose 25...

Filip Gracin
  • Filip Gracin
ADPL-R-A AD PLASTIK D.D. (Automobiles & Parts)

AD Plastik Group: Market conditions still challenging but results enco...

In Q1 2021 the AD Plastik Group recorded a -7.0% YoY decrease in sales which amounted to HRK 323.9m. When breaking down operating revenue by markets, the EU & Serbian market recorded sales in the amount of HRK 239m, which represents a -16.5% YoY decrease. Such trend is a consequence of the shortages of semiconductors in the market which resulted in some adjustments to the operational plans of customers, but also very good results achieved in the comparative period, with regard to the market t...

Ondrej Slama ... (+3)
  • Ondrej Slama
  • Alex Boulougouris
  • CFA
ADPL-R-A AD PLASTIK D.D. (Automobiles & Parts)

AD Plastik: The worst is over, but outlook still uncertain (stays HOLD...

Following the 2020 full results release, on 17 February, we have updated our model and increased our 12M price target (PT) for AD Plastik to HRK 203/share (from HRK 147). The higher valuation is driven mainly by the company’s flexible cost control and improving sales figures, but also the clearer outlook for the industry, its decision to pay a dividend this year, and higher peer multiples. We believe the risk of shutting down plants is limited currently, but we note that some risks, which are outside the company’s control, related to the pandemic, are ongoing. We are particularly uncertain abo...

Research Team
  • Research Team
PKO Powszechna Kasa... (Oil & Gas)
TPS Orange Polska S... (Construction & Materials) ... (+6)

WOOD Daily: NVTK LI; OPL PW; ADPL CZ; TRP RO; PL Banks; PKO PW; ECH PW...

HEADLINES: • Novatek: 4Q20 results review - expectedly strong • Orange Polska: 4Q20 results - adjusted EBITDAaL down 4% yoy, in line with our estimate NEUTRAL • AD Plastik: 4Q20 results review - a solid finish to 2020 POSITIVE • Teraplast: 4Q20 results rather soft, but 2021E guidance enticing • Polish banks: BFG charges to be cut by 30% in 2021E POSITIVE • PKO BP: takeaways from the results meeting, which was dominated by the FX mortgage saga POSITIVE • Echo Investment: buys 66% voting rights in Archicom for PLN 425m POSITIVE • Italy macro: economic and foreign policy strategy under Draghi

PKO Powszechna Kasa... (Oil & Gas)
TPS Orange Polska S... (Construction & Materials)
ECH ECHO INVESTMENT (Automobiles & Parts)
NVTK NOVATEK (GDR) (Telecommunications)
TRP TERAPLAST (Banks)
ADPL-R-A AD PLASTIK D.D. (Real Estate)
FIMA Research
  • FIMA Research
HT-R-A Hrvatski Teleko... (Industrial Goods & Services)
PODR-R-A PODRAVKA D.D. (Industrial Goods & Services) ... (+10)

Fima Daily Insight 25 October 2021

Please find enclosed our daily market report. Market Comment Croatia Zagrebačke pekarne Klara books loss in 9-monts results Hrvatski Telekom buys back 1,150 own shares Slovenia Luka Koper management resigns Business sentiment down in October for fourth month running Average gross pay down in August to EUR 1,900 Luka Koper shares up as leadership change expected Romania Aquila plans Bucharest IPO Fitch affirms Romania at 'BBB-', outlook remains negative Romanian bourse indices end week higher, Romgaz leads blue-chip gainers Bulgaria M+S Hydraulic boosts 9-mo non-cons ...

HT-R-A Hrvatski Teleko... (Industrial Goods & Services)
PODR-R-A PODRAVKA D.D. (Industrial Goods & Services)
ADPL-R-A AD PLASTIK D.D. (Automobiles & Parts)
ATGR-R-A ATLANTIC GRUPA (Food & Beverage)
RIVP-R-A Riviera Porec d... (Personal & Household Goods)
ATPL-R-A Atlantska Plovi... (Travel & Leisure)
KOEI-R-A Koncar-Elektroi... (Telecommunications)
ADRS2-R-A Adris Grupa d.d... (Telecommunications)
ARNT-R-A Arenaturist d.d...
ERNT-R-A Ericsson Nikola...
Filip Gracin
  • Filip Gracin
ADPL-R-A AD PLASTIK D.D. (Automobiles & Parts)

AD Plastik Group: Challenges remain but results improve

H1 2021 started off rough for the automotive industry as COVID-19 continues to be an important factor impacting businesses. However, despite COVID-19’s remaining presence, an increase in global new-vehicle sales was expected in 2021, but only because of the depth of 2020’s decline. Meanwhile on top of that here comes a shortage of semiconductors which threatens to prolong the recovery of the entire industry, regardless of the pandemic. In such an environment new vehicle sale in the EU rose 25...

Filip Gracin
  • Filip Gracin
ADPL-R-A AD PLASTIK D.D. (Automobiles & Parts)

AD Plastik Group: Market conditions still challenging but results enco...

In Q1 2021 the AD Plastik Group recorded a -7.0% YoY decrease in sales which amounted to HRK 323.9m. When breaking down operating revenue by markets, the EU & Serbian market recorded sales in the amount of HRK 239m, which represents a -16.5% YoY decrease. Such trend is a consequence of the shortages of semiconductors in the market which resulted in some adjustments to the operational plans of customers, but also very good results achieved in the comparative period, with regard to the market t...

Ondrej Slama ... (+3)
  • Ondrej Slama
  • Alex Boulougouris
  • CFA
ADPL-R-A AD PLASTIK D.D. (Automobiles & Parts)

AD Plastik: The worst is over, but outlook still uncertain (stays HOLD...

Following the 2020 full results release, on 17 February, we have updated our model and increased our 12M price target (PT) for AD Plastik to HRK 203/share (from HRK 147). The higher valuation is driven mainly by the company’s flexible cost control and improving sales figures, but also the clearer outlook for the industry, its decision to pay a dividend this year, and higher peer multiples. We believe the risk of shutting down plants is limited currently, but we note that some risks, which are outside the company’s control, related to the pandemic, are ongoing. We are particularly uncertain abo...

Research Team
  • Research Team
PKO Powszechna Kasa... (Oil & Gas)
TPS Orange Polska S... (Construction & Materials) ... (+6)

WOOD Daily: NVTK LI; OPL PW; ADPL CZ; TRP RO; PL Banks; PKO PW; ECH PW...

HEADLINES: • Novatek: 4Q20 results review - expectedly strong • Orange Polska: 4Q20 results - adjusted EBITDAaL down 4% yoy, in line with our estimate NEUTRAL • AD Plastik: 4Q20 results review - a solid finish to 2020 POSITIVE • Teraplast: 4Q20 results rather soft, but 2021E guidance enticing • Polish banks: BFG charges to be cut by 30% in 2021E POSITIVE • PKO BP: takeaways from the results meeting, which was dominated by the FX mortgage saga POSITIVE • Echo Investment: buys 66% voting rights in Archicom for PLN 425m POSITIVE • Italy macro: economic and foreign policy strategy under Draghi

PKO Powszechna Kasa... (Oil & Gas)
TPS Orange Polska S... (Construction & Materials)
ECH ECHO INVESTMENT (Automobiles & Parts)
NVTK NOVATEK (GDR) (Telecommunications)
TRP TERAPLAST (Banks)
ADPL-R-A AD PLASTIK D.D. (Real Estate)

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