Report

Valamar Riviera Q2 21 - Outperformance vs. estimates on all P&L levels

Strong set of operating results in Q2 21, higher than expected profitability
Net debt declined to HRK 2.75 bn (-5.8% qoq)
Net debt/T12M EBITDA ratio declined to 11.7x (compared to 17x at the end of Q1 21)
We rate the published results as positive for the share price development
Underlying
Riviera Porec d.d.

Provider
Raiffeisen Bank International AG - Institutional Equity
Raiffeisen Bank International AG - Institutional Equity

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.

Analysts
Silvija Kranjec

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