FIMA Daily Insight
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CROATIA | SLOVENIA | ROMANIA | BULGARIA FIMA Daily Insight February 22, 2017 CROATIA Croatian equities closed higher yesterday with both indices increasing; CROBEX increased 0.11% to 2.225,96 BENCHMARKS DAILY CHANGES % pts and blue chip CROBEX 10 increased 0.38% to 1.285,96 pts. Regular stock turnover amounted to HRK 20.46 million. (Positive) 1,49% Integrated telecom operator HT (HTRA CZ) topped the liquidity board collecting HRK 2.46 million in turnover and its price decreased 1.92% to HRK 185.50. In FY 2016, Podravka (PODRRA CZ) increased sales revenues by 15.4% yoy to HRK 4.19 bln due to a full year effect of the consolidation of Zito Group and despite the negative effect of foreign exchange differences. SBA 0,37% Food increased revenues by 19.4% while SBA Pharmaceuticals increased sales revenues by 1.3%. In FY 2016, 0,19% the Company improved EBITDA by 0.2% to HRK 469.6 mln. Podravka achieved net profit in the amount of HRK 0,11% 182.4 mln, which is an increase of 54.7%, deducting one-time consolidation effect of the Zito Group and deferred tax returns of Belupo in 2015. Podravka's Management Board created a new five year plan with a clear ambition CROBEX SBI BET SOFIX of doubling the revenues until 2021. According to an unofficial sources, Podravka’s shareholders, pension funds and the state reached agreement on a new CEO – Gordan Kolak, former director of companies Dok-Inga and King ICT. (Positive) BENCHMARKS 3Y CHARTS Adris’ (ADRSRA CZ) hotel company Maistra (MAISRA CZ) reported that it will employ additional 150 employees 140 in hotel Amarin. In this year, the Company plans to hire 2,500 seasonal employees, mainly for household tasks, restaurant, kitchen, animation, sport and the reception. Compared to last year, that is around 300 more jobs and it is in line with a larger business volume in the preseason and additional need for labor force in recently opened 120 family hotel Amarin. (Positive) 100 On Tuesday, representatives from the European Investment Fund (EIF) and Privredna Banka Zagreb (PBZRA CZ) signed an agreement within the framework of the European Union program for the Competitiveness of Enterprises and Small and Medium-sized Enterprises (COSME), which will enable PBZ to offer HRK 350 mln in 80 loans to SME's with EIF guarantees. (Positive) 60 Agrokor’s 2020 bonds started to recover after strong monthly decline. The price of bonds increased to 82.5% on Feb-14 Feb-15 Feb-16 Feb-17 February 20, from 74.8% on February 15, when they reached the bottom. (Neutral) CROBEX SBI BET SOFIX Finance Minister Zdravko Maric said on Tuesday Croatia could exit the Excessive Deficit Procedure this spring and that it was showing progress in correcting macroeconomic imbalances. (Positive) BENCHMARKS 1Y % RETURNS SLOVENIA The state-owned NLB bank sold a package of its 63,183 shares in energy company Petrol (PETG SV) to the 36,9% 36,7% state, the Slovenian Sovereign Holding (SSH) said on Tuesday. According to unofficial media reports, the 3.03% stake was sold for EUR 20 mln. (Neutral) 25,9% ROMANIA 13,0% Local lender Banca Transilvania (TLV RO) has launched BT Mic, a company dedicated to financing small businesses that have an annual turnover of up to RON 1 mln (EUR 221,000) regardless of the sector or the form of organization. Banca Transilvania’s customers are now divided on several segments: micro, small and medium- sized companies, corporate customers and large corporate customers. Banca Transilvania will buy back 10 mln CROBEX SBI BET SOFIX shares during Feb 22 - Mar 27. The buyback size is little more than 2x average volume. (Positive) According to Hidroelectrica’s CEO, Mr. Ovidiu Agliceru, Hidroelectrica will be listed this year only if the problem related to the unprofitable investments of EUR 2 bln is solved. The unprofitable investments are related to the SALES AND TRADING DESK CONTACTS water supply or flood attenuation and not power production. If these investments should be finalised by Hidroelectrica, this would substantially reduce the company's value. Agliceru stated that for the next 5 years, Hidroelectrica’s CAPEX ranges between EUR 1 – EUR 1.1 bln and that is mainly related to refurbishment costs Vlatko Kesegić (EUR 300 mln), upgrading (EUR 300 mln) and development of new power plants (EUR 250 mln). (Neutral) Phone: +385 31 636 510 Romania’s industrial sector, which includes activities such as raw material processing, mining, energy, water and E-mail: [email protected] waste, fell by 15 points in January below the 50-point threshold which separates expansion from contraction, to 35 points, compared to 55 points in November and 42 in December. (Negative) Darko Horvat Phone: +385 42 66 09 62 BULGARIA E-mail: [email protected] On February 20, Expat Bulgaria SOFIX UCITS ETF’s (BGX BU) net flows amounted to BGN 830 k. The asset manager of the fund announced subscription of 1 mln new shares by a foreign institutional investor. The ETF had [email protected] a simultaneous redemption of 290 000 shares. The ETF is preparing for a dual listing in London. The latest subscription is the first by a foreign investor. Following the latter, the fund will have BGN 27 mln under management with local pension funds key investors. (Positive) Important: Please see important disclaimer and disclosures at the end of the document 1 FIMA Daily Insight Trading day recap CROATIA Market Trunover ( EUR mn): 3,11 Volume (€mn) Leaders Laggers 1 Pevec 0,35 Tehnika 7,60% Liburnia -4,63% 260 2 HT 0,33 Viktor Lenac 5,82% Zlatni rat -4,62% 230 3 Ledo 0,31 Hoteli Haludovo 5,81% Jadroplov -4,57% 200 4 Valamar 0,26 Jamnica 5,67% Zvecevo -3,61% 170 5 Viadukt 0,22 Brodomerkur 5,45% Uljanik -3,53% 140 6 Podravka 0,21 Viro 4,62% Excelsa -2,96% 110 7 ZABA 0,21 Koncar EI 3,72% Turisthotel -2,75% 80 8 Adris - pfd 0,18 Pevec 3,60% RIZO -2,43% 50 9 Dalekovod 0,16 Termes 3,52% Arenaturist -2,42% Feb-14 Feb-15 Feb-16 Feb-17 10 AD Plastik 0,12 Slavonski ZIF 3,13% Petrokemija -1,97% CROBEX CRO Tourism CROPLUS Index SLOVENIA Market Trunover ( EUR mn): 1,01 Volume (€mn) Leaders Laggers 150 1 Krka 0,39 Datalab 3,40% Toplice Dobrna -22,69% 140 2 Triglav 0,21 Inles 2,30% Gea -5,13% 130 3 Cinkarna Celje 0,18 Triglav 1,15% Terme Catez -3,92% 120 4 Sava Re 0,09 Kmecka Druzba 1,07% Sivent -1,43% 110 5 100 Telekom Slo. 0,04 Cinkarna Celje 1,05% Intereuropa -1,04% 90 6 Petrol 0,03 Gorenje 0,77% Luka Koper -0,65% 80 7 Intereuropa 0,03 Petrol 0,33% Unior -0,51% 70 8 Gorenje 0,02 Telekom Slo. 0,28% Krka -0,33% 60 9 Unior 0,01 Sava Re 0,24% Mercator 0,00% 50 Feb-14 Feb-15 Feb-16 Feb-1710 Datalab 0,01 Mercator 0,00% Salus 0,00% SBI ROMANIA Market Trunover ( EUR mn): 10,62 Volume (€mn) Leaders Laggers 150 1 BRD 3,51 Avioane Craio 19,7% Uzinexport-Imp -50,55% 140 2 Banca Trans. 1,49 Comat Galati 14,29% Icmrs -42,00% 130 3 120 OMV Petrom 1,44 Relee Medias 10,00% Lido Bucurest -32,67% 110 4 Fondul Prop. 1,03 Uztel 6,30% Martens Galat -23,81% 100 5 Transgaz 0,88 Perla Covasnei 6,13% Upet Targovis -16,86% 90 6 Sif 2 Moldova 0,65 Nuclearelectri 4,92% Urb Rulmenti -11,11% 80 70 7 Transelectrica 0,40 Bittnet System 4,89% Tusnad Tusnad -6,07% 60 8 Romgaz 0,27 Griul Bucures 4,26% Electrocontact -5,43% 50 9 Feb-14 Feb-15 Feb-16 Feb-17 Electrica 0,21 Iproeb Bistri 3,86% Imotrust Arad -4,21% 10 Nuclearelectri 0,17 Cocor 3,79% Braiconf -3,49% BET BET-BK Index BULGARIA Market Trunover ( EUR mn): 0,64 Volume (€mn) Leaders Laggers 150 1 Speedy 0,28 Infra Holding 36,36% Slanchev Bryag -11,11% 140 2 Zaharni Zavodi 0,07 Intercapital P 33,62% Svilosa -3,45% 130 120 3 CCB 0,06 Sparky Eltos - 19,25% Bulgaria Stock -2,60% 110 4 Vance Terrafun 0,05 Zlaten Lev Hol 12,56% Euroholding Bl -2,47% 100 90 5 Delta Kredit S 0,05 Nezhda -Sofia 6,99% Industrial Hol -1,96% 80 6 Sirma Group Ho 0,03 Sofia Commerce 4,84% Bulgaria Reg C -1,67% 70 7 60 Chimimport 0,03 Trace Group 3,92% Billboard -1,64% 50 8 FIB 0,01 Zaharni Zavodi 3,17% Holding Sveta -1,08% Aug-14 Aug-15 Aug-16 9 Monbat 0,01 Alcomet -Shume 3,12% Hydraulic Elem -0,73% SOFIX BGBX40 index 10 Stara Planina 0,01 Elana Agrocred 2,86% Zarneni Hrani -0,53% Important: Please see important disclaimer and disclosures at the end of the document 2 FIMA Daily Insight Fundamentals - overview of selected companies SIZE PRICE VALUATION & PERFORMANCE INDICATORS Mcap TTM PAT EV/ ND / EBITDA Name Last Price 1D Δ YTD P/E EV/S P/BV ROE Dy €mn € mn EBITDA EBITDA Margin CONSTRUCTION T57 BU 57,3 -2,1 4,6 3,92% -11,9% -26,7 3,6 0,3 1,1 -2,1 9,4% -4,1% 3,2% DLKVRA CZ 68,9 2,2 20,8 1,32% 53,0% 31,5 8,5 0,9 1,5 7,1 10,7% 4,7% - VDKTRA CZ 22,9 -0,6 374,4 0,47% 21,9% -41,7 4,5 0,4 0,5 1,6 9,3% -1,2% - INGRRA CZ 8,6 1,8 4,8 -0,63% 55,2% 4,8 -20,0 9,5 0,7 -19,6 -47,7% 14,7% - THNKRA CZ 21,2 0,1 832,8 7,60% 80,9% 167,5 15,6 0,9 0,5 12,2 6,0% 0,3% - IGHRA CZ 30,0 -8,9 363,9 -0,79% 101,8% -3,4 239,5 3,2 14,5 214,0 1% -164,9% - DIVERSIFIED ADRSPA CZ 1217,8 -35,6 500,9 0,29% 9,8% -34,2 3,5 0,5 0,5 -8,3 13,7% -2,9% 3,0% 6C4 BU 203,4 26,1 1,7 2,53% -0,6% 7,8 - -0,9 0,2 - - 3,2% 2,7% 4HS BU 8,1 0,2 3,2 -1,08% -2,4% 52,2 - - 3,1 - -20,5% 6,1% - 5V2 BU 81,0 0,4 30,3 - -8,3% 219,4 28,5 5,5 1,0 16,3 19,2% 0,5% - 4EH BU 46,4 -27,6 0,7 -2,47% 9,0% -1,7 -3,2 0,6 0,9 -1,2 -18,7% -38,4% 0,4% 5SR BU 71,9 3,7 6,7 0,53% 3,2% 19,5 4,6 0,8 1,6 -1,2 16% 8,5% 3,1% ENERGY & UTILITY SNG RO 2449,9 #N/A N/A 28,7 0,70% 14,8% 8,8 - 1,9 1,1 - - - 9,4% SNP RO 3732,3 -177,1 0,3 3,51% 14,0% - 2,4 1,0 0,6 0,2 35,5% -2,9% 5,0% TGN RO 944,0 132,7 362,0 0,00% 23,1% 7,1 2,7 1,4 1,1 -1,0 52,0% - 7,6% EL RO 1072,7 81,6 14,0 2,05% 6,4% 13,1 2,4 0,4 0,8 -2,5 17,8% 6,5% 6,1% TEL RO 537,4 - 33,1 0,46% 13,4% - - - 0,8 - - -