Dino confirmed at BUY, TP PLN 175.0 - Growth momentum expected to continue
We incorporated 3Q 19 results and tweaked our operating forecasts for Dino. We increase our TP to PLN 175 (PLN 169) and confirm our BUY recommendation with an upside of 12%. Our view of the investment case of the most dynamically growing player in Polands supermarket segment remains unchanged. We continue to see upside fuelled by: 1) consistency in delivering superior growth, 2) potential for margin expansion fuelled by increasing negotiation power and operating leverage and 3) the groups positioning in the most dynamically growing FMCG format. We reckon with a continuation of fiscal stimulus measures in Poland and tailwinds from a supportive macro backdrop.Dino Polska is engaged in the business of retail sale in non-specialized stores with food, beverages and tobacco. In addition, Co. conducts processing of meats and the resulting products are dedicated, in the form of culinary meat, to external recipients within Co.'s retail chain. As of December 31, 2016, Co. operated a network of 628 Dino stores.
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.
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