Report
Adrian Skłodowski

VRG - 1Q19 slightly below expectations. Negative OpCF, net debt/EBITDA up to 1.9x (slightly negative)

Research prepared by PKO BP Securities
Underlying
VRG SA

VRG SA, formerly VISTULA GROUP SA, is a Poland-based holding that specializes in the design, manufacturing and distribution of men's clothing and accessories. The Company operates in two business segments: Apparel and Jewelry. The Company's brand portfolio consists of Vistula, a men's fashion brand, which also includes Lantier and Vistula Red tailoring collections, Bytom, a men's fashion and tailoring brand, Wolczanka, a fashion and tailoring brand specializing in dress shirts, which also includes the Lambert collection, Deni Cler Milano, a women's fashion brand, and W.Kruk, which specializes in jewelry, as well as retailing of watches from Swiss manufacturers, such as Rolex, Omega and Tag Heuer, among others. The Company's own retail chain comprises more than 400 stores across Poland, as well as online stores for each brand.

Provider
PKO Bank Polski
PKO Bank Polski

Analysts
Adrian Skłodowski

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