Ilirija d.d.: stronger prices drive upgrade (upgraded to BUY)
Following the 2Q22 numbers, we make small upwards adjustments to our model again and raise our 12M price target (PT) by c.9%, to HRK 209. Accordingly, we also upgrade our recommendation from Hold to BUY, with potential upside of 17%. Ilirija’s 2Q numbers provide an even clearer picture of how management is positioning the business, ahead of the peak summer season; as we observed in 1Q22, the message, we believe, is stronger pricing. Going forward, we maintain that Ilirija’s strong balance sheet positions it for a new growth capex cycle, as well as a return to regular dividends. In July, the company was also more active with its share buyback, its 6M ADTV improved to EUR 7.0k; of this, however, nearly two-thirds was generated in just two trading days. This low liquidity remains an issue, in our view, for investors seeking exposure to the story.
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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