Sarantis | Premium growth, premium valuation
Despite the somewhat more tepid growth registered in H1 – compared with the 12% envisaged by mgt for the full year – run rates have accelerated in Q3, with mgt confident that FY19 targets will be met (c12% EBIT growth). Looking beyond 2019, we expect solid growth rates to continue given the accelerating macro momentum in Greece and a conducive backdrop in Poland. Our numbers envisage c13% group EBIT CAGR over 2019-2021e, quite a solid growth profile among EU peers. We thus reiterate our positive structural view given the merits of the thesis, namely the balanced category exposure (aspirational & functional), the diverse geographic footprint, the value/quality proposition, Sarantis’s innovative ability and the extensive distribution network. However, with the core business (excl. the Estee Lauder JV value) now trading atCo. is a consumer goods manufacturer and distributor engaged in operations in Greece. Co. produces consumer goods such as cosmetics, pharmaceuticals, households, pet products, car's accessories and apparel. Co. produces its own brand name of cosmetic products such as Prosar, Str8, BU99, Clochard, Carroten, Tokalon and others. Co.'s product portfolio also includes a range of international brands such as Estee Lauder, Clinique, Aramis, Donna Karen, Orlane, Montana Versace and others.
Eurobank Equities is a Greek-based firm offering research, sales and trading services to institutional, corporate and private clients. The company is wholly owned by Eurobank, one of the 4 systemic banks in Greece.
Research is the backbone of Eurobank Equities' platform, with a team of 4 professionals committed to generating actionable investment ideas by providing timely research products. We are committed to offering value-added services to clients by filtering market noise and providing insights on the multiple sectors that we cover. Our universe includes 26 - large, medium and small cap - companies whose market capitalization amounts to 80-85% of the total market capitalization of the Athens Stock Exchange. Our research team also maintains the capacity to generate ad-hoc research for micro-cap listed companies.
Our team has consistently gained recognition among institutional investors for its quality research, having ranked No. 1 team in Greece at the Extel Surveys of 2013-2016 and 2018. We have also been named Leading Brokerage Firm in Greece over 2014-2016 and in 2018.
Unfortunately, this report is not available for the investor type or country you selected.
Browse all ResearchPool reportsReport is subscription only.
Thank you, your report is ready.
Thank you, your report is ready.