Valamar Riviera 4Q 20 - Expectations widely missed on top and bottom line
Top line and bottom line missed our expectations by a wide margin, EBITDA above estimatesFY 20 EBITDA of HRK 101.7 closer to the lower end of the managements guided range
Net debt surpassed HRK 2.8 bn (+29.9% compared to FY 19)
Net debt/T12M EBITDA adj. ratio breached 22x (compared to 2.9 at the end of FY 19)
We rate the published results as neutral for the share price development, as the market focus is already turned towards the outlook for FY 21e tourism flows to Croatia
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.
Unfortunately, this report is not available for the investor type or country you selected.
Browse all ResearchPool reportsReport is subscription only.
Thank you, your report is ready.
Thank you, your report is ready.