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FIMA Daily Insight

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FIMA Daily Insight FIMA Daily Insight IN FOCUS - ZAGREB STOCK EXCHANGE February 18, 2013 Investors on ZSE started the week in negative mood with both indices ZSE STOCK MARKET CROBEX Last 1.914,7 declining; CROBEX lost 0.61% to 1,914.71pts while blue chip % daily -0,61% CROBEX10 decreased 0.66% to 1,074.12 pts. Regular stock turnover % YTD 10,02% amounted to HRK 17.1 million. CROBEX10 last 1.074,1 Tourism holding company Valamar Adria Holding (KORFRA CZ) topped % daily -0,66% the liquidity board collecting HRK 3 million in turnover and decreasing % YTD 10,56% 2.1% to HRK 140.93. A few days ago company said its net income after Stock Turnov er (HRK m) 17,14 minority interests in 2012 was 262% higher and amounted to HRK 39 Total MCAP (HRK bn) 201,63 million (net margin equaled 3.9%). Source: w w w .zse.hr Integrated telecom operator HT (HTRA CZ) followed with HRK 2.3 -15,0% -10,0% -5,0% 0,0% 5,0% 10,0% DDJH-R-A million in turnover, while price slipped 0.4% to HRK 216.04. ATGR-R-A ADRS-P-A Agricultural producer Vupik (VPIKRA CZ) also came to focus with 3.1% RIVP-R-A ATPL-R-A price decrease to HRK 123.09. A few days ago Vupik posted 4Q/12 KNZM-R-A ERNT-R-A results showing 100.2% increase in sales while revenues slipped 1.7%. ADPL-R-A HT-R-A Cumulatively sales gained 46% to HRK 354 million while revenues ZABA-R-A increased 13.4%, due to the higher sales of livestock products, INA-R-A LEDO-R-A vegetables and wine. Quarterly Net Income decreased 77.6% to HRK 11 BLJE-R-A KRAS-R-A million due to higher operating expenses and financial expenses. Net LKRI-R-A PTKM-R-A margin stood at 7.9% (-2670bps). Quarterly diluted earnings per share PODR-R-A TISK-R-A amounted to HRK 7.2. Cumulatively net income decreased 81.9% to KORF-R-A VIRO-R-A HRK 10 million while net margin equaled 2.3% (-1220bps). KOEI-R-A Cumulatively diluted earnings per share amounted to HRK 7. VPIK-R-A LKPC-R-A INGR-R-A DLKV-R-A Daily news headlines (more available on www.fima-securities.com): Source: www.zse.hr * data is calculated using last traded price Euro, dollar up after G20, stocks ease on growth concern Core Eurozone banks relying less on crisis funding CROBEX 3 MONTH MOVEMENT ECB’s Nowotny says don’t dramatise euro strength 2.000 60 Japan stocks rally to near four-year highs, yen resumes fall after G20 50 1.900 Germany ’likely to avoid recession’ 40 1.800 30 pts 1.700 20 HRK Millions 1.600 10 1.500 0 Turnover CROBEX source: www.zse.hr For more information please contact us via mail [email protected] or on tel. +385 42 66 09 60 1 FIMA Daily Insight IN FOCUS - ZAGREB STOCK EXCHANGE Croatia's Agrokor to rebid for Slovenian rival Mercator LIQUIDITY TOP 5 KORF-R-A 3.017.022 HRK Croatian food producer and retailer Agrokor is to offer between 115 and 130 HT-R-A 2.338.546 HRK euros a share for Mercator, valuing its Slovenian rival at up to 489 million VPIK-R-A 1.749.562 HRK euros ($653 million), the Slovenian newspaper Finance said on Monday. KOTR-P-A 1.225.000 HRK Agrokor was not available for immediate comment. Croatian media reports INDG-R-A 1.083.956 HRK in the past month have said that it is still keen to buy Mercator. In Source: w w w .zse.hr December a number of Mercator shareholders offered their combined 53.18 MARKET SENTIMENT percent stake in the company. A similar sales process was stopped in early No. of traded stocks 76 2012 when the previous Mercator management refused Agrokor access to Increase 25 undertake a due diligence check on the state of the business. At that time Decrease 47 Agrokor had submitted the highest bid for Mercator, offering 221 euros w/o change 4 ($300) a share and valuing the whole company at 832 million euros, Source: w w w .zse.hr according to local media. It eventually withdrew its bid last February. Shares MACROECONOMIC PARAMETERS in Mercator, which has market capitalisation of some 470.7 million euros, GDP estimate (2013) 0,3% closed flat at 125 euros on Friday. (Source: www.reuters.com) Real GDP (Q2 2012)* -2,2% Netherlands to complete ratification of Croatia-EU treaty in March Real GDP (2011)* 0,0% CPI ( Q2 2012)** 3,4% The Netherlands is due to complete the parliamentary procedure of Unemployment ( Q2 2012) 18,2% ratification of Croatia's Treaty of Accession to the European Union next FX RATE HRK per EUR 7,55 month, Croatian Parliament Speaker Josip Leko said on Monday after he FX RATE HRK per USD 5,70 held talks with the visiting president of the Dutch Senate, Fred de Graaf. Source: w w w .dzs.hr, w w w .hnb.hr "The Senate of the Kingdom of the Netherlands is expected to consider the * % change, y oy Croatia-EU treaty next month and I hope that the document will be ratified ** % change, y oy , end of period that month," Leko told the press. The Dutch bicameral parliament's lower chamber ratified Croatia's accession treaty on 5 February. After the upper CROATIA LT CREDIT RATING house does the same, the document on the ratification needs to be signed FitchRatings: BBB- by the Dutch Queen, which will mark the finalisation of the ratification Standard&Poor's: BB+ process. Leko said that his talks with the Dutch official focused on Croatia's Moody's: Baa3 accession to the European Union, set for 1 July, and on the process of the Source: w w w .hnb.hr ratification of the Croatia-EU treaty, and in this context the Croatian parliament chief said that he and his guest had agreed that "Croatia is credible in meeting the requirements it is expected to fulfill and that Croatia 8,0 and the entire society are of the opinion that it is their interest to build a 7,0 society complementary to societies and values in the EU member-states." (Source: daily.tportal.hr) 6,0 Croatia's Atlantska Plovidba turns to loss in 2012 5,0 Croatian shipping company Atlantska Plovidba [ZSE:ATPL-R-A] said it turned 4,0 to a consolidated net loss of 74.2 million kuna ($13 million/9.8 million euro) in 2012 from a net profit of 14.6 million kuna a year earlier. (Source: HRK-EUR HRK-USD www.limun.hr original text was published on www.seenews.com) Source: www.hnb.hr For more information please contact us via mail [email protected] or on tel. +385 42 66 09 60 2 FIMA Daily Insight IN FOCUS - ZAGREB STOCK EXCHANGE CROATIAN EQUITIES (FUNDAMENTAL MULTIPLES) Average Mk cap Mk cap P/E P/S P/Bv EV/EBITDA EV/S Yd price (HRK) (HRK m) (EUR m) 2010 2011 2010 2011 2010 2011 2010 2011 2010 2011 2011 2012 Industry AD Plastik 118,9 499,5 66 9,2 8,3 0,7 0,7 0,7 0,7 6,4 5,4 1,0 1,0 6,3% 6,7% Adris Grupa (preferred)* 284,3 4.998,1 659 10,7 10,0 1,8 1,8 0,7 0,7 8,4 8,8 2,0 2,0 2,5% 2,5% ĐuroĐaković 81,5 263,8 35 -5,1 28,4 1,0 0,3 1,0 1,0 -19,8 15,4 1,8 0,5 0,0% 0,0% Ericsson Nikola Tesla 1491,2 1.985,8 262 82,5 71,0 1,6 1,7 1,9 2,3 31,7 40,1 1,1 1,3 12,7% 11,4% INA 4174,2 41.741,6 5.502 43,7 23,2 1,6 1,4 3,3 2,9 13,1 9,0 2,0 1,7 1,2% 0,0% Končar DiST 1015,2 276,6 36 7,5 8,2 0,4 0,4 1,7 1,5 3,3 5,2 0,3 0,4 5,4% 5,2% Končar Elektroindustrija 703,9 1.810,6 239 9,7 9,8 0,7 0,8 1,0 0,9 6,4 7,7 0,7 0,8 1,7% 1,7% Petrokemija 222,0 741,9 98 -5,5 7,0 0,3 0,3 1,1 1,0 -755,1 4,8 0,5 0,4 0,0% 0,0% Food Belje 70,8 582,0 77 -9,2 -6,3 0,5 0,4 0,5 0,6 8,1 6,5 0,7 0,5 0,0% 0,0% Čakovečki mlinovi 3480,0 365,4 48 19,3 50,6 0,4 0,4 0,7 0,7 9,2 11,0 0,5 0,5 3,7% 2,1% Jamnica 49600,0 1.097,4 145 10,7 10,9 1,0 0,9 1,3 1,2 6,5 6,6 1,1 0,9 0,0% 0,0% Kraš 396,4 544,6 72 28,0 21,8 0,5 0,5 0,8 0,8 8,8 8,7 0,7 0,8 5,0% 3,3% Ledo 7994,6 1.760,2 232 17,3 13,9 1,7 1,5 2,4 2,0 14,5 11,3 1,7 1,5 0,0% 0,0% Podravka 260,4 1.411,3 186 16,8 20,3 0,4 0,4 0,9 0,8 6,0 7,7 0,7 0,7 0,0% 0,0% Viro 640,9 888,7 117 35,2 6,8 0,8 0,7 1,4 1,4 13,4 5,6 1,2 1,0 5,8% 0,0% Vupik 124,3 187,2 25 1,8 3,3 1,4 0,8 0,4 0,3 1,7 2,1 2,1 0,9 0,0% 0,0% Zvijezda 4065,1 407,6 54 18,6 9,9 0,4 0,4 0,5 0,5 7,5 5,7 0,5 0,4 0,0% 0,0% Telecom HT-Hrvatske Telekomunikacije 216,3 17.710,0 2.334 9,7 9,8 2,1 2,2 1,6 1,6 4,0 3,9 1,7 1,7 10,5% 10,2% Construction Dalekovod 48,5 139,1 18 151,6 -0,5 0,1 0,1 0,2 0,2 6,3 -6,3 0,5 0,9 0,0% 0,0% Hidroelektra Niskogradnja 95,0 59,3 8 34,1 59,4 0,1 0,1 0,3 0,3 4,7 5,0 0,2 0,2 0,0% 0,0% Institut IGH 460,0 72,9 10 7,9 45,3 0,1 0,2 0,2 0,2 7,2 10,8 1,0 1,3 0,0% 0,0% Ingra 3,7 49,6 7 -0,5 -0,6 0,2 0,3 0,1 0,1 -16,9 -36,2 2,9 4,8 0,0% 0,0% Tehnika 783,7 148,5 20 12,7 152,4 0,2 0,2 0,5 0,5 14,4 68,8 0,7 1,0 0,0% 0,0% Viadukt 394,4 180,2 24 -59,4 86,0 0,2 0,2 1,2 0,9 4,8 5,3 0,3 0,3 0,0% 0,0% Transportation Atlantska Plovidba 235,2 328,2 43 8,5 23,1 0,4 0,6 0,2 0,2 4,7 5,0 1,5 2,0 0,0% 0,0% Jadranski naftovod 2467,2 1.832,8 242 17,2 25,3 4,3 4,5 0,6 0,6 6,3 6,7 4,0 4,0 2,4% 0,0% Luka Ploče 537,8 227,5 30 14,5 8,6 1,5 1,5 1,1 0,6 7,6 13,9 1,2 1,7 0,0% 0,0% Luka Rijeka 117,5 702,7 93 21.574 5,8 3,8 4,3 2,0 1,5 41,1 69,4 4,0 4,1 0,0% 0,0% Uljanik Plovidba 172,2 99,9 13 1,0 -12,8 0,4 0,5 0,2 0,2 6,0 15,2 3,9 6,2 35,4% 0,0% Retail&Wholesale Atlantic Grupa 677,6 2.259,2 298 21,2 41,2 1,0 0,5 1,6 1,5 19,6 8,5 1,9 0,9 0,0% 0,0% Konzum 143,2 3.251,3 429 7,9 9,4 0,3 0,3 1,5 1,3 3,5 3,5 0,3 0,3 1,2% 0,0% Tourism HUP - Zagreb 1297,4 588,1 78 24,1 -8,4 2,6 2,6 0,7 0,9 13,6 -21,5 4,5 3,1 1,3% 1,2% Istraturist Umag 159,6 746,1 98 -26,5 33,3 2,0 1,8 1,1 1,0 10,5 9,3 3,3 2,9 0,0% 0,0% Liburnia Riviera Hoteli 1805,0 546,3 72 -11,3 102,4 2,8 2,7 0,6 0,6 -42,9 12,7 2,7 2,5 0,0% 0,0% Maistra 72,0 788,1 104 -55,0 -106,8 1,6 1,4 0,8 0,8 5,7 4,8 1,6 1,4 0,0% 0,0% Plava Laguna 2250,0 1.360,5 179 22,6 16,6 2,9 2,6 1,0 0,9 8,0 6,9 3,0 2,7 4,0% 4,0% Valamar Adria Holding 138,3 1.032,5 136 -10,6 -34,7 1,3 1,2 0,5 0,5 14,7 11,1 3,1 2,6 0,0% 0,0% “ - “ s t a n d s for negative value of multiple * multiples for Adris Group calculated on diluted basis For more information please contact us via mail [email protected] or on tel.
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