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
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
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
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...
Valamar Riviera d.d.: 1 director
A director at Valamar Riviera d.d. bought 17,207 shares at 30.122HRK and the significance rating of the trade was 57/100. 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 ...
- Tea Pevec
Valamar Riviera: Q3 Sales in Line, 2022 Bottom Line to Double YoY
9M 2022 was in line with our expectations of a 50% YoY increase in top-line and a continued trend of decrease in operating profitability compared to “benchmark 2019” when similar level of operations and no support measures were evidenced. EBITDA margin was down 223 bp compared to 9M 2019 as operating expenses (+19%) grew higher than op. revenue (+14%). On the level of 2022E, we expect a decrease in EBITDA margin by 340bp and a deterioration of the bottom line by app. 15% compared to 2019.When...
- Silvija Kranjec
Valamar Riviera Q3 22 - Outperforming our estimates on all P&L levels
Strong set of operating results in Q3 22 Higher than expected profitability Published Q3 22 EBITDA and EBIT above RBIe by a double-digit percentage number Net debt declined to HRK 1.43 bn (-23.9% qoq) We have a positive take on results
Raiffeisen Research Institutional Equity Daily 09.08.2022
AT: FACC - Airbus delivered less planes in July (negative) AT: FACC - Boeing gets green light to again hand over 787 Dreamliners (positive) AT: S IMMO - Bonds in the amount of EUR 105 mn called as a result of change of control (neutral) CZ: CEZ - Q2 results below expectation on reversal of Q1 trading gains, FY 22 guidance increase again by 15% on EBITDA (neutral) HR: Valamar Riviera - Proposal on dividend payout (positive) PL: PKO - CEO Iwona Duda reportedly to resign today (negative...
- Tea Pevec
Valamar Riviera: Strong Top Line to Compensate for OPEX Growth in Q3
2H 2022 continued the trend of recovery and growth on the top line that already started in Q1 2022. Operating revenue increased significantly, growing by 154% YoY to HRK 677.5m. The increase was driven by strong improvements in tourist flows, with Valamar realizing 2.1m overnights, an increase of 145% YoY, and 3% less than 2019. The operating revenue growth was also driven by higher average prices, which are 26% higher YoY, and 8% higher than in 2019. The premium properties segment, and espec...
- Silvija Kranjec
Valamar Riviera Q2 22 - Published Q2 22 results missed RBIe by a wide ...
Reported sales and board revenues below RBIe Significantly higher than expected negative impact on operating results from the side of material costs Published Q2 22 EBITDA and EBIT missed RBIe by a wide margin It seems that operating profitability is suffering from significantly increased raw material costs and electricity prices We have a negative take on results
Raiffeisen Research Institutional Equity Daily 14.07.2022
AT: Andritz - Andritz to supply smart power boiler remote service to the Netherlands (neutral) AT: Flughafen Wien - June 2022 traffic results (neutral) AT: KapschTrafficCom - Kapsch TrafficCom to set up urban multi-lane free-flow systems in Gothenburg (positive) HR: Macro - Fitch raises Croatia's rating by one notch to BBB+ HR: Valamar Riviera - New hotel management contract (neutral) HU: Magyar Telekom - Makedonski Telekom acquired 5G frequency usage rights (neutral) PL: Banks - P...
- Tea Pevec
Valamar Riviera: Top-line doubled, operations in line with seasonality
1Q is not indicative for the business operations for the year as it only make 2% of total business but 1Q showed solid top-line results. Operating revenue doubled to HRK 59.5bn. COVID-19 pandemic significantly weakened both globally and in Croatia. Related restrictions in Croatia have been significantly eased and business was in Q1 running almost completely normally so ADR increased 3.6% to HRK 427. In Q1 four hotels and two camps were opened while an additional five hotels were opened during...
- Silvija Kranjec
Valamar Riviera Q1 22 - Published Q1 22 sales ahead of RBIe
Reported sales above RBIe, but Q1 22 board revenues came in-line with our estimates As usual, Q1 is bringing numbers in the red due to high seasonality of business Published results, compared to Q1 21, should be viewed in the context of the absence of government measures for Croatian hospitality companies and the opening of a much larger number of properties Net debt above HRK 2 bn, net debt/T12M EBITDA ratio at 3.6x We see the published results as neutral for the share price development
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 ...
Raiffeisen Research Institutional Equity Daily 11.03.2022
AT: Oesterreichische Post - Q4 21 in line, muted outlook wording (neutral) AT: OMV - Borealis declined the binding offer of EuroChem for the acquisition of its fertilizer business (neutral) AT: OMV - OMV is considering building a waste sorting plant in Germany (neutral) CZ: Komercni Banka, Erste Group - Central bank to increase counter-cyclical capital buffer to 2.5% from April 22 (negative) HR: Hrvatski Telekom - Dividend proposal od HRK 8.00 per share (neutral) HR: Valamar Riviera ...
- Tea Pevec
Valamar Riviera: Operations in line, financial position improved
Strong 3Q results due to opening of economies and rise in travels have all resulted in solid operations of Valamar in 2021 while operating revenue more than doubled to HRK 1.64bn. This is at 74% of 2019 oper. revenue while we expected them to be at 72%. Corporate restructuring done in 2021 implies capital increase in Imperial Riviera by investing its real estate (land in Dubrovnik) worth in total HRK 353m, while AZ pension funds participated in Imperial’s capital increase by investing, in cas...
- Silvija Kranjec
- Silvija Kranjec
Valamar Riviera raised to BUY, TP HRK 40 - Reaping the fruits of succe...
We raise our recommendation for Valamar Riviera from HOLD to BUY, TP lifted to HRK 40 Croatian hospitality industry to again outperform its peers in FY 22e We reckon with a further downward trajectory in the Groups indebtedness and anticipate a FY 21e DPS of HRK 1 to be paid out in FY 22e However, current tensions between Russia and Ukraine represent a significant risk to the downside
Raiffeisen Research Institutional Equity Daily 06.12.2021
AT: Andritz - Andritz received mid triple-digit EUR million hydro order (positive) AT: Flughafen Wien - Eurowings intends to cut capacity at Vienna Airport (negative) AT: IMMOFINANZ - Petrus Advisers demands resignation from supervisory board chairwoman (neutral) AT: IMMOFINANZ - Takeover offer from CPI Group of EUR 21.2 per share (positive) AT: Rosenbauer - Extension of management board contracts (neutral) AT: S IMMO - Aggregate selling 10.8% stake in S IMMO to CPI Group (positive) ...
Raiffeisen Research Institutional Equity Daily 24.11.2021
AT: EVN - EVN to raise Austrian gross household price by 11% in 2022 (neutral) HR: Valamar Riviera - Expansion of business activities in Austria (neutral) PL: Santander Bank Polska - Interview with the CEO for PAP (neutral) RO: Digi Communications - Digi buys spectrum in Romanian auction for EUR 42.7 mn (positive) RU: Tatneft - Board proposed interim DPS of RUB 9.98 for Q3 21 (neutral)
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.