Ilirija d.d.: summer season yields solid, yet uneven, results (downgraded to HOLD)
Following the key 3Q summer season, and rolling over our DCF model, we have raised our 12M price target (PT) for Ilirija by 3%, to HRK 216/share and downgraded our rating to HOLD, after the stock has gained c.7% since our previous update, in August. The business, as a whole, has rebounded fully from the pandemic, albeit unevenly. We highlight Ilirija’s success in upscaling its Camping segment to generate materially higher ADRs. This is offset by the low-growth Nautical and Real Estate segments (neither of which, it should be said, suffered particularly in 2020-21) and a Hotel portfolio that is yet to fully transition and has underperformed, as a result. Going forward, we maintain that Ilirija’s strong balance sheet positions it for a new capex cycle,which may be required if the business wants to leverage prices further
in a market that, demonstrably, demands an increasingly
upscale experience.
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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