reports
- FIMA Research
Fima Daily Insight 03 May 2024
Please find enclosed our daily market report.Market CommentCroatia Tankerska to bid for remaining shares of Atlantska Plovidba Luka Ploce cons pre-tax profit down 27% YoY in Q1 Kras proposes EUR 1.50 per share dividend (DIVY 1.3%) Meritus proposes EUR 2.30 DPS (1.1.%) Loans in Croatia up 4.8% YoY in March Slovenia OECD upgrades Slovenia's growth outlook Romania BRD sees net profit down 5% to RON 326 mil in Q1 Bulgaria Bulgarian banks' Q1 net profit grows 4.3% YoY
- Tea Pevec
Podravka Group: Bottom line up due to tax incentives
In H1 2023 slowdown in top-line growth was evidenced when sales were up 8% vs. 13% YoY in Q1. In Q2 Food sales were up 3% YoY, while Pharma was up 4%. In the H1 Food segment sales growth came in at 4.4%, while the pressure on profitability in the Food segment was exacerbated in Q2 as we expected. In Q2 the gross profit was down 0.5% and EBITDA 19%. In H1 EBIT was down 3.2% because of an increase in the costs of raw materials, packaging, and energy of EUR 9.3m, an increase in staff costs of EU...
- Tea Pevec
Podravka Group: Strong Result Supported by Surge in Pharma Segment
In Q1 2023 Podravka recorded a strong result driven by top-line increase of 13% YoY, supported by strong growth in Pharma segment of 41% YoY spurred by growth on Eastern European market (to EUR 10m vs. EUR 3m in 1Q). The food segment sales growth came in at by 7.3%, which is a slowdown compared to 2022 (9.2% YoY) and is below our estimate. The pressure on profitability in Food segment was evidenced, as we have expected. Gross profit is down 6.4% and EBIT 35% because of an increase in the cost...
- Tea Pevec
Podravka Group: There is a drug for inflation after all
In 2022, Podravka recorded revenue of HRK 5.03bn, an increase of 8.5% YoY, supported by growth in sales across almost all business units (BUs). The food segment grew by 9.2% YoY, whereas the Pharma segment increased by 6% YoY. Breaking this down by BUs, in absolute terms, BU Basic food increased the most, by 19.9% YoY and amounted to HRK 862.4m, primarily in the categories Side dishes, Vegetables and Tomato products, followed by BU Bakery, with increases of 10.7% to HRK 630.4m, due to higher ...
Podravka D.D: 3 directors
A director at Podravka D.D sold 1,000 shares at 612.000HRK and the significance rating of the trade was 56/100. Is that information sufficient for you to make an investment decision? This report gives details of those trades and adds context and analysis to them such that you can judge whether these trading decisions are ones worth following. Included in the report is a detailed share price chart which plots discretionary trades by all the company's directors over the last two years clearly sh...
- Tea Pevec
Podravka Group: Strong Q3 Supported by the Rebound in Pharma
Revenue in 9M amounted to HRK 3.7bn supported by increase in prices of majority of its products coupled with growth in quantity of products in BU Basic food, Bakery and Soups. Food traded goods sales was up 30% YoY because of strong tourist season in Croatia. All this coupled with rebound of Pharma segment (+5% YoY) drove the 9M 2022 sales up 9.7% YoY.The increase was driven by the Food segment revenue growth (+11.1%), because of strong growth of markets Croatia & Slovenia (14.4%YoY), South-E...
- Silvija Kranjec
Podravka Q3 22 - Strong beat of RBIe on all P&L levels
Podravka reported another set of good quarterly results Top line outperformance was driven by both business segments (Food and Pharma) Operating profitability at the EBITDA and EBIT level again exceeded RBIe (like Q2 22) We see the published results as positive for the share price development
Raiffeisen Research Institutional Equity Daily 03.10.2022
AT: AGRANA - Start of sugar beet campaign (neutral) AT: Mayr-Melnhof - Takeover of Essentra Packaging closed (neutral) CZ: Macro - CNB delivered expected rate stability HR: Podravka - Sale of the real estate property (neutral) Oil&Gas: OPEC+ meeting - OPEC+ intends reportedly to cut oil supply by up to 1 mn bbl/d PL: PKN, PKO BP - Conclusion of a share swap agreement (neutral) RO: OMV Petrom - Investing in 450 MW capacity photovoltaic projects (neutral)
Raiffeisen Research Institutional Equity Daily 26.09.2022
AT: OMV - Borealis squeezing out minorities of its Belgium subsidiary Rosier (neutral) HR: Podravka - Rumours about taking over the Fortenova group's agricultural division (positive) PL: mBank - O-SII buffer kept at 0.5% (neutral) PL: PGNiG - New 10-year gas supply agreement signed with Equinor (neutral) PL: Utilities - The government intends to introduce a 50% windfall tax (negative) RO: BRD-GSG, Banca Transilvania - Anemic advance for the lending activity in August, 0.3% mom (neutr...
- Tea Pevec
Podravka Group: Solid Q2 Revenue and Profitability Offsets Expenses Gr...
Revenue in Q2 2022 increased by 9% and amounted to HRK 1.24bn, driving the H1 2022 sales to an 8.8% YoY increase, amounting to HRK 2.42bn. The increase was driven by the Food segment revenue growth, which increased by 11.5%, while the Pharmaceutical segment declined by 0.3%. The increase in the Food segment was driven by increases in sales across almost all BUs, with the highest absolute growth recorded by BU Basic Food (HRK 72.1m or +21.3%), and BU Bakery (HRK 38.3m or +14.3%). Meanwhile, BU...
- Silvija Kranjec
Podravka Q2 22 - Q2 22 ahead of RBIe on positive FX one-offs
Podravka reported another set of good quarterly results Contrary to RBIe, operating profitability at the EBITDA level slightly increased yoy The main catalyst behind significant outperformance at EBITDA and EBIT level vs. RBIe was booked positive FX one-offs in movements on trade receivables and trade payables Performance was also better on a clean basis We see the published results as positive for the share price development
- Tea Pevec
Podravka Group: Impact on Pharma due to Russian crisis evidenced
In Q1 2022 Podravka’s sales increased 8.6% YoY amounting to HRK 1.17bn, above our annual growth estimate of 6.4% YoY. This is because Podravka Group corrected food prices in its markets, mainly in the range of 7% to 10%, which is somewhat above our estimates. On the other hand, the Pharma segment grew only 0.6% which is below our annual estimate of 10.4%, due to the discontinued deliveries of drugs to the market of Russia because of to Russia -Ukraine crisis. Food segment sales grew by 10.8%...
Raiffeisen Research Institutional Equity Daily 02.05.2022
AT: Rosenbauer - Stake in its American subsidiary increased by 25% to 75% as flagged (neutral) CZ: CTP - Convenes EGM to vote on DIR merger and hive-down proceedings (neutral) HR: Podravka - Published Q1 22 results come above RBIe (positive) HR: Valamar Riviera - Published Q1 22 sales ahead of RBIe (neutral) PL: PGNiG - Strong Q1 preliminary earnings on higher oil and gas prices and significantly lower losses from gas trading (positive) RO: Fondul Proprietatea - Fondul will be able ...
- Silvija Kranjec
Podravka Q1 22 - Published results above RBIe in Q1 22
Podravkas reported Q1 22 figures above RBIe on unadjusted levels As expected, operating profitability decreased yoy Pharmaceuticals segment was the main catalyst behind lower EBITDA and EBIT yoy Russia-Ukraine crisis negatively impacted profitability of the Pharmaceuticals segment
- Silvija Kranjec
Podravka confirmed at HOLD, TP HRK 633 - Shaken but not disturbed due ...
We confirm our HOLD recommendation for Podravka with a new TP of HRK 633 Food segment could manage to cushion negative effects from pharma segment We see a limited upside potential for the share price development. Optimistic assumptions are already priced in.
Raiffeisen Research Institutional Equity Daily 05.04.2022
AT: Andritz - Andritz to supply Metris platform to Forsyning Helsingor in Denmark (neutral) AT: PORR - Cartel fine legally binding (neutral) HR: Podravka - DPS of HRK 13 to be paid to shareholders (positive) RO: Medlife - Medlife bought 100% of Life Med (positive) RU: Moscow Exchange - March 2022 statistics: account balances grow 4x yoy and 2.5x mom, the currency split undisclosed; total trading up 71% yoy (positive)
- Tea Pevec
Podravka Group: 2021 bottom line up 24% yoy; challenging in 2022
In 2021 Podravka’s sales increased 2.8% YoY amounting to HRK 4.6bn, in line with our estimates. 4Q sales were up 6.3% coming in slightly below 3Q sales growth of 7.4% YoY which were propelled by strong summer tourist season, increase in domestic spending season and opening of the Gastro channel in Croatia.In 2021 Food segment sales grew by 2.1% YoY to HRK 3.6bn withown brands growing at 1.8%. As expected, Podravka’s BU Culinary (23% share in sales) recorded the highest nominal increase by gro...
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
- Tea Pevec
Podravka Group: Store of value despite challenging macro influences
We update our last analysis (which you can find here) with a new target price of HRK 718.00 per share and recommendation of HOLD based on a mix of DCF (70%) and peer analysis (30%). At the current price, the projected 2021 results translate into 8.6x EV/EBITDA & 16.3x P/E. There are several reasons behind our view: Management’s main KPI is stable/increasing net income: Podravka’s management has been quite successful in growing bottom line profitability for the last four years (except for 2019...
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