reports
- FIMA Research
Fima Daily Insight 16 July 2024
Please find enclosed our daily market report.Market CommentCroatia European industrial production falls in May; Croatia recovers Building permits issued in May up nearly 10% YoY Slovenia NLB raises takeover bid for Addiko by 10% to EUR 22 per share Romania EBRD makes minority equity investment in Arobs Transilvania Software Hidroelectrica’s CIO Bogdan Badea sells RON 133,000 worth of shares Romania's current account deficit widens 34% YoY to EUR 9.17 bln in January-May 2024 ...
- Research Team
WOOD Flash – Coverage discontinued
We discontinue our coverage of the following stocks, with immediate effect. We caution against using the forecasts, ratings and price target guidance issued previously on these stocks: AD Plastik Arena Hospitality Group Bittnet Ciech Conpet Dogus Otomotiv Ekspress Grupp Fintel Energija Immofinanz Kcell Kernel KGHM Komercijalna Banka NLB Banka Petrol Group S Immo Sava Re Shelly Group (formerly Allterco) STS Group Turk Telekom Turkcell Ulker Zagreb Stock Exchange
PETG PETROL D.D.
DOAS DOGUS OTOMOTIV SERVIS VE TICARET A.S.
KGH KGHM POLSKA MIEDZ S.A.
SPI S IMMO AG
CIE CIECH S.A.
EEG1T EKSPRESS GRUPP A.S.
ULKER ULKER BISKUVI SANAYI A.S.
POSR POZAVAROVALNICA SAVA
KMB KOMERCIJALNA BANKA AD SKOPJE
ADPL-R-A AD PLASTIK D.D.
BNET BITTNET SYSTEMS
COTE CONPET SA
A4L ALLTERCO AD
IIA IMMOFINANZ AG
ZB-R-A ZAGREBACKA BURZA DD
SF3 STS GROUP AG
ARNT-R-A ARENATURIST D.D.
FINT FINTEL ENERGIJA
KCEL KCELL JSC
TNB NLB TUTUNSKA BANKA AD SKOPJE
- Research Team
WOOD Daily: ARCLK TI; TL Macro; ACP PW; 11B PW; BDX PW; EL RO; M RO; T...
HEADLINES: • Arcelik: a transformation story worth paying for (BUY - reinitiation of coverage) • Turkey macro: CBT surprises with a bold move • Asseco Poland: 2Q23 review - net profit down 13% yoy, 2% above the preliminaries POSITIVE • 11 bit studios: weak 2Q23, slightly above expectations; upward revision of games' production budget NEUTRAL • Budimex: 2Q23 in line with the preliminary figures NEUTRAL • Budimex: may win EUR 3.7bn Rail Baltica contract (BDX's stake at 30%) POSITIVE • Electrica:...
- Tea Pevec
Valamar Riviera: Q2 Results Up YoY, Good Booking for the Main Season
15% top-line YoY increase is a result of strong Q2 top-line growth of 17% YoY despite shortened number of operating days at most hotels and campsites in Q1. Valamar Group announced that they expect to realise app. 11% higher board revenues in July 2023 compared to the same period in 2022, driven by significant average price increase on a similar number of overnights. Valamar announced that they have experienced a very good trend in bookings is supportive for our model where we expect a strong...
- Tea Pevec
Arena Hospitality Group: In Preparation of Another Strong Summer Seaso...
The positive trend recorded in Q1 carried on in Q2 2023, leading to improvements in revenue across all of the Company’s regions. Total revenue in Croatia grew by 31.1%, revenue in Germany grew by 59.2%, and revenue in the CEE region grew by 53.6% YoY. This led to a consolidated revenue growth of 40.5% YoY, while the accommodation revenue increased by 46.5%. In Croatia, the growth was driven by higher ADR of EUR 78.4 (+17.2%), and occupancy rates of 33.6% (+17.2 p.p.). Most of the operations ...
- Tea Pevec
Hrvatski Telekom: Strong H1 Across All Lines Despite Cost Pressures
HT has managed to achieve growth in H1 2023, both on the top line but also in terms of profitability. When combined with the strong inflationary pressures on costs, this growth is even more impressive. This came even though the price indexation did not come into effect. The Company continues to be one of the most stable shares on the exchange. Their dividend payments (in 2023: EUR 1.1 DPS, 4.3% DY) as well as the continued share buyback program provide investors even more incentives to consi...
- Tea Pevec
AD Plastik Group: Gradual Recovery Occurring
During the second quarter, we finally see stabilization of the Group’s operations due to a gradual recovery in the supply of semiconductors, leading to an increase in car production. Consequently, in H1 2023 AD Plastik Group recorded an increase in sales revenue of 10.6% YoY, amounting to EUR 62.5m. However, Group’s real recovery still remains to be seen. Also, we note that one factory in Russia does still not work, while another one produces at reduced capacities. Nevertheless, the Group has...
- Tea Pevec
Atlantic Grupa: Drop in profitability mitigated partially
In H1 revenue growth amounted to 15.8% YoY and is recorded in all business and distribution units following excellent sales results of all own and principal brands, partially resulting from an increase in selling prices caused by the increase in the price of inputs. The strongest top-line growth was recorded by SBU Snacks (+32%), with growth recorded across all categories, led by chocolate under the Najlepše želje brand, Bananica, and Smoki. This was followed by the growth of SBU Beverages (+...
- 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
Valamar Riviera: Q1 Down as Expected, Season Outlook Strong
9% top-line decrease in Q1 2023 is a result of a shortened number of operating days at most hotels and campsites due to manyfold increases in electricity costs and other inflationary pressures. In the Q1 report, Valamar announced that they have experienced a very good trend in bookings, and we expect a strong summer season. The company has particularly emphasized pronounced bookings for Makarska and Dubrovnik, which is in line with our expectation for a 2023 rebound of occupancy to pre-pandem...
- Tea Pevec
Hrvatski Telekom: Another Solid Quarter of Growth & Development
In Q1 2023, HT Group recorded a revenue of EUR 241.3m, representing an increase of 6.3% YoY. This was driven by both the increases in HT Group in Croatia, with a growth of 6.2% (or EUR 12.9m), and CT, with an increase of 7.2% (or EUR 1.3m). In terms of revenue by segments, Mobile service revenue increased by 4.1% YoY, supported by solid postpaid performance, which offset a decline in prepaid services. Mobile non-service revenue increased by 17.3%, driven by strong promotional activities in Q1...
- Tea Pevec
Arena Hospitality Group: A Solid First Quarter On Track Towards a Stro...
Q1 2023 continues the story we have seen in Croatian tourism for the last year, albeit with some positive surprises. For Arena Hospitality Group (AHG) in particular, this came in the form of higher revenues across all regions, with total revenue increasing by 83% YoY. Accommodation revenue increased by 111% YoY and amounted to EUR 7.9m, with the occupancy rate also growing by 20.3 p.p. to 36.5%. ADR also increased by 39% YoY to EUR 127. In terms of regions, Croatian properties were mostly clo...
- 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
AD Plastik Group: Real Recovery is Still to be Seen
In Q1 2023 AD Plastik Group recorded a drop in sales revenue of 6.3% YoY, amounting to EUR 30.8m. The sales revenues noted a further decrease mainly on the back of lower revenues from Russia. However, it should be emphasized that Group finally sees indicated relief from the semiconductor shortage in the European market, which, consequently, resulted in an increase in customer orders. However, Group’s real recovery still remains to be seen. Finally, we note that one factory in Russian does sti...
- Tea Pevec
Atlantic Grupa: Strong Top-Line Growth, Pressure on Margin Continues
Q1 2023 Atlantic Grupa sales surged 16.8% YoY, because of regular marketing activities, increases in prices, and the timing of Easter which boosted sales in the last week of March (primarily Coffee and Snacks). The Company decided to further increase some selling prices due to the increase in the price of all key raw materials, packaging materials, energy, and services.The strongest top-line growth was recorded by SBU Snacks (+34%) whose leading brands are Smoki and Najlepše želje, under the ...
- Tea Pevec
Valamar Riviera: Inflationary Pressures Continued, Dividend Stimulatin...
In 2022, 49% top-line growth is a result of an increase in occupancy as tourism flows improved compared to pandemic years coupled with growth in accommodation prices triggered by an upgrade of capacity and inflationary pressures. The occupancy rate stood at 34.5% as northern destinations recorded more demand and higher recovery rates than those in southern Croatia, although the hotels in Dubrovnik exceeded the 2019 turnover level during the high season. The 2022 annual occupancy rate was stil...
- 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 ...
- Tea Pevec
Atlantic Grupa: Market Share Sustained in All Categories
In 2022 Atlantic Grupa sales increased 11.8% YoY, both due to volume but also price growth it is above our last year's estimates (May 2022) when we expected 2022E sales growth of 8.3% YoY as the lower general level of prices in the economies was expected. The sales were up due to an increase in prices which was triggered by inflation in prices of all raw materials, packaging materials, energy, and services. The best top-line growth was recorded by the SBU Beverages (+20.2%), SBU Coffee (+16.2...
- Tea Pevec
Arena Hospitality Group: Revamped Company Ready for the New Challenges
2022 marked a return to form for Arena Hospitality Group (AHG), as it was finally able to operate without the pandemic’s influence. The 2022 total revenue amounted to HRK 825.3m, an increase of 79% YoY, and 6.1% compared to 2019. Accommodation revenue was the main driver of this, with an increase of a similar 79% YoY to HRK 685.6m, driven by good performance in Croatia and other regions. In Croatia, total revenue increased by 56% YoY, and 24% compared to 2019 and amounted to HRK 612.8m. Accom...
- Tea Pevec
Hrvatski Telekom: A Strong Rock in a Turbulent Sea
In 2022, organic revenue increased by 2.2% YoY or HRK 159m, and amounted to HRK 7,410m, driven by continued growth momentum in core fixed and mobile services, both in Croatia and Montenegro. Organic results, in this case, exclude the H1 2021 contribution of Optima Telekom (OT), as the Company is no longer part of HT Group, and thus including its contribution would not give a complete picture. In Croatia, revenue grew by HRK 130m or 1.9% YoY, and in CT, it grew by HRK 29m or 5.3%. Breaking the...
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