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 ...
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 (+...
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 ...
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...
In 9M 2022 Atlantic Grupa sales increased 10.8% YoY, because of both volume and prices growth and it is app. in line with our estimates as we expected 2022E sales growth of 8.3% YoY. The sales were up due to strong tourist season in Croatia, while Croatian sales made 35% of total sales in 9M 2022 and grew 11% YoY. Other markets also performed strongly, with Serbia (23% of sales) and Slovenia (17% of sales), growing 15% and 8% YoY, respectively. The best results are recorded by the SBU Beverag...
-Strong top line performance with growth of all business units -Further deterioration of profit margins in line with expectations -Management shifted the expected beginning of recovery of margins to 2024e -We rate the reported results neutral for the share price development
In Q2 2022 Atlantic Grupa sales growth amounted to 10.6%, similar to Q1 growth of 11.3% YoY, as a result of both volume and prices growth so H1 sales were up 11% YoY. The sales were up as consumer spending increased because of the lifting of restrictions, while part of the increase in revenue is the result of higher selling prices due to significant increases in the prices of key raw materials, packaging materials, energy, and services. Organic revenue growth was recorded by all businesses an...
-Strong top line driven by higher selling prices and easing of COVID-19 related restrictions, which bolstered the results in HoReCa channel -Profit margins down at all levels -Given that further deterioration of margins is expected in H2 22e, we rate the negative market reaction as justified
We update our coverage of Atlantic Grupa with a HOLD recommendation and a share price target of HRK 1,630.00 or HRK 408.00 after a share split that is expected to be confirmed on its GSM to take place on 15 June. There are several reasons behind our positive view: Increasing profitability by disposing of unprofitable businesses. During stable times, management was focused on its strategy and delivering results by continuing its disinvestment of non-core business operations. The last of its di...
AT: Polytec - Q1 22 results in line with RBIe (neutral) AT: STRABAG - EGM resulted in the expected recall of Thomas Bull from the supervisory board (neutral) AT: STRABAG - Klemens Haselsteiner appointed as new CEO as of January 2023 (neutral) AT: Utililties - Government mulls windfall profit taxes (negative) CZ, HR: Macro - Fitch to affirm Czechia's and Croatia's ratings today HR: Atlantic Grupa - Proposed dividend of HRK 50 per share (neutral) HU: MOL - Lower than expected Q1 clea...
In Q1 2022 Atlantic Grupa sales growth accelerated to 11.3% YoY, as a result of both volume and price growth. According to the company, amount of orders increased before the announced prices increase. Already in Q1 company increased sales prices due to a significant increase in key raw materials, packaging materials, energy, and services. 1Q 2022 sales amounted to HRK 1.4bn (+11.3%) which is substantial growth compared to 4Q 2021 when growth of 6.6% YoY was evidenced. Organic revenue growth w...
AT: AMAG - Q1 results in line with RBIe but above consensus, major cash drain from NWC, FY 22 EBITDA guidance of > EUR 200 mn heralds (expected) upside to estimates (neutral) AT: Andritz - Record order backlog, in-line results and guidance confirmed (positive) AT: Erste Group - Q1 22 net profit beating expectations / strong core revenues offset by higher opex and weak trading result / guidance for 2022 marginally tweaked upwards / CET1 drop should be only temporary (positive) AT: Oester...
In 2021 Atlantic Grupa recorded sales in the amount of HRK 5.7bn, representing a 8.6% YoY increase. Organic revenue growth was recorded by all business and distribution units due to excellent results of most own and principal brands. The best results are recorded by the SBU Coffee (+8.1%) and SBU Beverages (11.4%), and the BU Donat (+11.5%). After Q3 2021 sales growth of 8.9% YoY, solid growth of 6.6% YoY continued in Q4 due to better epidemiological situation in all markets and easing of mea...
AT: Andritz - Andritz received spunlace line order (neutral) BH/BU: No rating changes in Bulgaria and Bosnia & Herzegovina HR: Atlantic Grupa - Revised guidance for FY 2021 (neutral) HU: MOL - Selling of 374 ts treasury shares to MOL Employee Share Ownership Program Organization (neutral) PL: mBank - Q4 21 profit warning on huge legal risk provision from CHF mortgages (negative)
Full Article at IIR has reaffirmed its Recommended rating for PIA after undertaking a review post the appointment of a new Portfolio Manager, Harding Loevner. The full report can be found on the IIR website. On 26 July 2021, Pengana International Equities Limited (PIA) announced a fully franked dividend of 1.35 cents per share for the June quarter. This represents an 8% increase on the March quarter dividend and takes the total dividends declared for FY21 of 5.1 cents per share, fully franked....
In H1 2021 Atlantic Grupa recorded sales in the amount of HRK 2.7bn, representing a 9.6% YoY increase. The revenue growth was recorded by all business and distribution units due to excellent results of most own and principal brands. The best results are recorded by the SBU Coffee and SBU Beverages, and the BU Donat. Sales growth, which is particularly visible in Q2 2021, was impacted by the better epidemiological situation in all markets and the consequent easing of measures to prevent the sp...
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