Sphera Franchise Group cut to HOLD, TP RON 18.6 - Black clouds on the horizon
We downgrade Sphera from BUY to HOLD due to the strong increase in prices for raw materials and the expectations for lower economic growthFor 2022e we expect to see an increase in sales of approx. 20% yoy, given the lifting of the restriction and the strong brand recognition
Although we see a growth in the groups Adj. EBITDA margin over the next three years, we expect the profitability to remain below the pre-Covid levels
The company will most probably limit the dividends for the next six years to a maximum of RON 35 mn per year if the loan agreement is approved by the shareholders
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.