KONCAR Group initiated at BUY, TP HRK 1,048 - Getting older isn't so bad after all
We expect a sales CAGR of around 5% in the FY 21-26e period and EBITDA margins of around 8% in our forecast periodWe reckon with a significant increase of FY 21e DPS to be paid out in FY 22e and set it at HRK 10
We initiate coverage of KONCAR Group with a BUY recommendation and a target price of HRK 1,048 per share
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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