Conpet confirmed at HOLD, TP RON 78.3 - More resilient than it looks
We consider Conpet a good value stock with a high dividend yield and above-average protection against inflation due to the regulatory framework.We penciled in significant increases for 2023es transport tariffs (+11.5% yoy for the import tariff and +8.5% yoy for the domestic tariff) on the back of high inflation and lower transported quantities.
At the same time, we raised the opex estimates and our discount rates due to the inflationary environment and the monetary policy tightening, respectively.
The company will pay a generous DPS (RON 7.28) in June, DY above 9%
We maintain the HOLD rating with a new cum-dividend TP of RON 78.3.
The Institutional Equity Research team of Raiffeisen Bank International AG covers 85 stocks from Austria, Central & Eastern Europe with sell-side research and thus levers our local broker status with excellent company relationships. For corporates in Austria, CEE and Western Europe, we offer co-sponsored research, which includes research coverage and marketing activities to investors. Additionally, through our Spotlight Research product we also shed light on leading European small and micro-caps, seeking greater visibility with investors.
The Institutional Equity Research team consists of roughly 15 analysts, both in Vienna and the CEE countries. Our analysts provide long-standing sector expertise in tandem with profound local market know how and a sectoral approach across the entire region.
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