reports
- Silvija Kranjec
KONCAR Group Q3 22 - Strong top line but profitability deteriorated
Sales revenue again outperformed RBIe (like in Q2 22) Compared to Q2 22 and Q3 21, no significant one-offs were reported on the group level Clean Q3 22 EBITDA was in-line with RBIe However, operating profitability fared below our expectation We rate the results as neutral for the share price development
- Silvija Kranjec
KONCAR Group Q2 22 - Strong overperformance on all P&L levels
Contrary to RBIe, Q2 22 results were positively impacted by the consolidation of Dalekovod on the EBITDA and EBIT level Q2 22 results were also positively impacted by significant one-offs on EBITDA level However, Q2 22 EBITDA on a clean basis managed to surpass RBIe Strong order intake in foreign markets continues We see the results as positive for the share price development
- Silvija Kranjec
KONCAR confirmed at BUY, TP HRK 1,025 - Strong order intake to continu...
We remain optimistic regarding KONCAR Groups business outlook Our DCF model now includes Dalekovod Groups business activities as of Q2 22 We expect a sales CAGR of around 10% in the FY 22-26e and a long-term EBITDA margin of ca. 8% Strong order intake to continue
Raiffeisen Research Institutional Equity Daily 27.06.2022
AT: IMMOFINANZ - Announcement of strategy update (neutral) AT: OMV - update on the incident at the Schwechat refinery (positive) AT: Palfinger - Acquisition of 7.52% own shares from Sany to be completed on June 29 (neutral) AT: voestalpine - Company information concerning current gas situation (neutral) HR: KONCAR Group - New contract worth EUR 65 mn (positive) HR: Macro - Moody's to grant investment grade rating to Croatia PL: Banks - Credit Agricole apparently interested in GNB ...
- Silvija Kranjec
KONCAR Group Q1 22 - Strong overperformance on all P&L levels - CORREC...
KONCAR Group published strong set of quarterly results However, results were positively impacted by significant one-offs on EBITDA level Operating profitability surpassed RBIe on the adjusted levels Order intake in foreign markets increased significantly Proposed DPS of HRK 13 to be paid to shareholders (vs. RBIe of HRK 10) We see the results as a catalyst for a positive share price development
EBS ERSTE GROUP BANK AG
CEZ CEZ AS
UNIQA INSURANCE GROUP AG
EVN EVN AG
MMK MAYR-MELNHOF KARTON AG
OMV OMV AG
PGN POLSKIE GORNICTWO NAFTOWE I GAZOWNICTWO SA
PKO PKO BANK POLSKI S.A.
KOMB KOMERCNI BANKA A.S.
VOE VOESTALPINE AG
ARHOF AMREST HOLDING
PZU POWSZECHNY ZAKLAD UBEZPIECZEN SPOLKA AKCYJNA
VER VERBUND AG CLASS A
POS PORR AG
LNZ LENZING AG
ROS ROSENBAUER INTERNATIONAL AG
PAL PALFINGER AG
WIE WIENERBERGER AG
SEM SEMPERIT HOLDING AG
PKN POLSKI KONCERN NAFTOWY ORLEN S.A.
LPP LPP S.A.
CCC CCC SA
WXF WARIMPEX FINANZ UND BETEILIGUNG
OTP OTP BANK NYRT
VIG VIENNA INSURANCE GROUP AG WIENER VERSICHERUNG GRUPPE
PYT POLYTEC HOLDING
ZAG ZUMTOBEL GROUP AG
ANDR ANDRITZ AG
STR STRABAG SE
FLU FLUGHAFEN WIEN AG
FACC FACC AG
PODR-R-A PODRAVKA D.D.
ATGR-R-A ATLANTIC GRUPA
MOL MOL HUNGARIAN OIL & GAS PLC CLASS A
BG BAWAG GROUP AG
COTE CONPET SA
AMAG AMAG AUSTRIA METALL AG
AGR AGRANA BETEILIGUNGS-AG
NLBR NOVA LJUBLJANSKA BANKA DD LJUBLJANA
ERNT-R-A ERICSSON NIKOLA TESLA D.D.
WINE PURCARI WINERIES PCL
KOEI KONCAR GROUP
- Silvija Kranjec
Raiffeisen Research Institutional Equity Daily 20.01.2022
AT: Flughafen Wien - Ryanair to expand Vienna base (positive) HR: Koncar Group - Registration of the decision regarding share capital increase of Dalekovod (positive) RO: Fondul Proprietatea/OMV Petrom - Fondul sold 4% of OMV Petrom shares via ABB (positive)
- Silvija Kranjec
KONCAR Group initiated at BUY, TP HRK 1,048 - Getting older isn't so b...
We expect a sales CAGR of around 5% in the FY 21-26e period and EBITDA margins of around 8% in our forecast period We reckon with a significant increase of FY 21e DPS to be paid out in FY 22e and set it at HRK 10 We initiate coverage of KONCAR Group with a BUY recommendation and a target price of HRK 1,048 per share
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