4Q16 – a mixed bag of results
Fourlis reported its 4Q16 results on 14 March after the close. The company posted a top line of EUR 116.1m, down 2.3% yoy and 2.8% below our expectations. EBITDA came in at EUR 12.9m, with 90bps of EBITDA margin erosion, driven by a 230bps opex/sales ratio expansion. Finally, on the bottom line, Fourlis reported EUR 4.7m, up 20.5% yoy, but 19% below our expectations, due to a lower-than-expected deferred tax asset. Management plans to distribute a dividend of EUR 0.05-0.1/share, implying a dividend yield of 1.2-2.4%. Due to an error in our 9M16 calculations, we compare the 4Q16 results to different estimates, but our overall FY16E assumptions have not changed.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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