Fourlis Group: 2 for the price of 1 (upgraded to BUY)
In this report, we revisit Fourlis Group’s investment case and update our forecasts to account for the gradual recovery in the retail environment post COVID-19, as well as the growth of the ‘Trade Estates’ real estate portfolio. We have upgraded the stock to BUY, with a new 12M price target (PT) of EUR 5.70/share, using a sum-of-the-parts (SOTP) valuation due to the differing natures of the retail activities vs. the property business. We view the investment case as purely a valuation call and believe the stock has been over-penalised by the market, suffering a 30% reduction in the share price ytd, to well below the level at the first COVID-19 lockdown announcement. On our numbers, the current share price looks to be an attractive entry point, offering 106% upside potential.Co. is engaged in the manufacture, import and distribution of electrical household appliances and the manufacture of FOURLIS kitchen hoods. In addition, through a subsidiary, Co. is engaged in the operation of a retail chain.
WOOD & Company is the leading investment bank in Emerging Europe. Founded in 1991 and head-quartered in Prague, our footprint spans the region and touches investors around the globe.
A pioneer in Emerging Europe, WOOD executed many of the first CEE equity trades and landmark investment banking transactions. Our electronic trading platform was the first in the region, and remains the best. We are continually expanding our relevance and reach in these ever-evolving markets.
Our equity market share reflects our stature: 7% in Warsaw, 20% in Bucharest, 16% in Hungary, 40% in Prague and 5% in Vienna. Our distribution is unparalleled, with the largest salesforce in the region, servicing a uniquely diverse investor base.
We couple local expertise with a truly international perspective. With offices on the ground in the region, and in key financial hubs such as London and Milano, we are never far from our clients and we remain at the forefront of what’s afoot in the CEE emerging and frontier landscape.
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