WOOD Flash – Ilirija d.d.: 3Q20 a small beat on better-than-expected hotel segment
In its nine-month report, Ilirija noted that tightening travel restrictions affected its peak summer season from mid-August negatively, so were a bigger headwind than we expected, especially in the camping segment. This is similar to its peers, which have reported already, so it was expected, we believe. More importantly, in our view, is that the nautical and real estate segments proved quite resilient to COVID-19, key factors beneath the stability of its earnings both this year and going forward. We initiated on the stock at the end of October with a BUY recommendation and a price target (PT) of HRK 178/share. Following the 3Q20 report, we see no reason to change our positive view on the stock at the current levels.
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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