Ilirija d.d.: Well on track to full recovery (stays BUY)
We have rolled over our DCF model and raised our 12M price target (PT) for Ilirija by 30%, to HRK 231; despite the stock having appreciated by 31% since our initiation, last autumn, we maintain our BUY recommendation. Stable revenues from the marina business and the shopping centre in particular insulated Ilirija’s earnings from the worst of the COVID-19 pandemic and, following a strong summer season, the business is on track next year to beat its record 2019 earnings, with strong pricing in most of its business segments. The low 2021E gearing should also lay the ground for resuming dividends and future investments. Liquidity has improved since last April, but the 6M ADTV remains just EUR 2k (vs. EUR 809 last autumn). For investors that can accept this limitation, however, the current entry point remains attractive, in our view.
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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