Valamar Riviera 4Q 19 - Bottom line boosted by tax incentives
-High-single digit top line growth below RCB est.-Reported EBITDA in-line with RCB est., but bottom line outperformed expectations
-Groups net profit boosted by the higher one-off recognition of deferred tax assets related to the recognised tax incentives
-Net debt of HRK 2,195.3 mn only slightly higher than RCBe (HRK 2,121.4 mn)
-Confirmed capex of HRK 826 mn in FY 20 (in-line with RCB est.) is expected to have positive effects on revenue growth and EBITDA in FY 20-22 period
-Due to the Covid-19 virus spread in Croatia and since the last quarter is of lesser importance for full-year Groups results, we expect more market focus on media reports regarding the impact of virus spread on current booking trends for Croatia and lesser on 4Q 19 results
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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