Podravka confirmed at HOLD, TP HRK 603 - When FX plays in your favour, COGS plays against you
We are optimistic that Podravka has enough firepower left to handle the situation of growing prices of raw materials and packaging as well as elevated prices of transport servicesIn our forecast period we expect further deleveraging and a stable DPS of HRK 9 to be disbursed to shareholders until FY 24e
We believe that if the Croatian government eventually decides to sell its stake in Podravka (25.5%), it would be closer to the end-deadline (i.e. mid-2026) to reap the fruits of a successful strategy implementation
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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