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 ...
- 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
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
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
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...
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...
- Tea Pevec
Atlantic Grupa: Results in Line with Estimates
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...
- 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
Atlantic Grupa Q3 22 - Margins deteriorated as expected, but sales bea...
-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
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
Atlantic Grupa: Pressure on Margins in Q2 in Line with Estimates
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...
Atlantic Grupa Q2 22 - Profit margins nosedived
-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
- 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
Atlantic Grupa: Lean and fit to withstand challenging times
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...
Unfortunately, this report is not available for the investor type or country you selected.
Report is subscription only.
Thank you, your report is ready.
Thank you, your report is ready.