DOCSLIB.ORG

ERNT Model Novo.Xlsx

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
ERNT Model Novo.Xlsx July 26, 2016 Communications Equipment Company Rating Ericsson Nikola Tesla Add Rise in sales, weaker profitability Reuters: ERNT.ZA Bloomberg: ERNTRA CZ ZSE: ERNT-R-A Ericsson NT’s 2Q16 top line rose 7.9% yoy to HRK 399m on the back of 9.8% yoy higher sales on Ericsson’s internal market where company Last price (HRK) 1.005 recently got new responsibilities in R&D segment and notwithstanding Price target (HRK) 1.082 troubles of mother company Ericcson AB where CEO resigned under Previous target (HRK) 1.155 pressure from deteriorating results (24.0% lower net profit and 11.0% 12-month range (HRK) 940-1.150 lower sales in 2Q16). That said, 1H16sales grew 7.0% yoy to HRK730m 12-month volatility 22% largely thanks to 13.0% yoy higher sales (HRK438.6m) on Ericsson’s internal market and 15% yoy higher sales on export markets. On export Upside/downside 7,7% markets CIS region revenues soared 117.6% yoy to HRK93.4m in 1H16 and Expected dividend yield 9,8% thus managed to offset 30.5% yoy decline in SEE exports amid reduced Expected total return 17,5% telecoms' capex budget and delayed investment decisions. The latter alongside political uncertainties harmed sales on domestic market as Market capitalization (HRKm) 1.339 well where Ericsson NT saw 14.0% yoy sales decline to HRK131.9m. Free float 51% Ericsson NT total revenue now comes 60% from internal market, 21.9% from export markets and 18.1% from domestic markets. When it comes to profitability, 2Q16 EBITDA was 16.4% yoy lower at Stock price performance 1700 ERNT -R-A (HRK, lhs) 2400 HRK34m where opex outgrew operating revenues mainly thanks to 59.6% 1600 CROBEX (rhs) 2300 yoy higher material expenses and downside pressure on pricing, while 1500 2200 EBITDA margin fell 0.1pp yoy to 9.8%. The latter is also the main culprit 1400 2100 behind 23.0% yoy EBIT decline, whereas EBIT margin fell 0.1pp yoy to 1300 2000 1200 1900 6.2%. All in, net profit declined 12.5% in 2Q16, while net profit margin 1100 1800 fell 0.1pp to 6.3%. In 1H16 EBIT declined 2.4% yoy to HRK51m while net 1000 1700 900 1600 income is on the same level as in 1H15 as a result of better financial Source: ZSE , Addiko Research 800 1500 result (+HRK2.2m vs -HRK1.1m in 1H15). Feb -11 Dec -11 Oct -12 Aug -13 Jun -14 Apr -15 Feb -16 Looking at a wider picture, Ericsson financial results defy to results of parent company, mainly due to greater acknowledgement on internal Quarterly profits (HRKm) 70 Source: Company data, Addiko market where ERNT got more advanced projects with growth more than EBITDA Research 60 enough to offset decline on domestic and SEE markets. However, bearing EBIT 50 in mind that the global wireless equipment capex should remain 40 challenging throughout 2016 and increased risk aversion after ‘Brexit’ we 30 can see industry investments suffering in the short-term. Trend could be 20 reversed when awaited ‘5g network project throughout the Europe’ 10 starts where Ericsson is expected to play important role. All in, we made 0 certain changes in our projections of sales structure and product mix and 4Q13 2Q14 4Q14 2Q15 4Q15 2Q16 given higher WACC (courtesy of slightly higher beta and Croatia equity risk premium) our target price is now slightly lower at HRK1.082 which however keeps our recommendation ADD intact. Hrvoje Stojić Analyst (+385) 1 603 0509 [email protected] SEE THE DISCLOSURES APPENDIX FOR IMPORTANT DISCLOSURES AND ANALYST CERTIFICATION July 26, 2016 Communications Equipment Ericsson Nikola Tesla Quarterly Income Statement HRKm 2Q12 3Q12 4Q12 1Q13 2Q13 3Q13 4Q13 1Q14 2Q14 3Q14 4Q14 1Q15 2Q15 3Q15 4Q15 1Q16 2Q16 Sales 608 711 337 330 343 281 391 315 341 255 403 309 370 303 397 331 399 Other revenues 4 4 5 4 6 4 6 5 4 4 5 4 6 4 6 5 5 Operating revenues 612 715 342 334 349 285 397 320 345 259 409 313 376 307 403 335 404 Operating expenses -570 -692 -294 -283 -298 -264 -353 -278 -316 -240 -370 -277 -335 -285 -359 -293 -370 EBITDA 42 23 48 51 52 20 44 42 29 19 38 36 41 22 44 42 34 Depreciation -11 -10 -12 -9 -10 -10 -11 -11 -11 -12 -13 -12 -13 -13 -13 -13 -13 EBIT 31 13 36 42 42 10 33 31 18 7 26 24 28 9 30 29 22 Net financial result 13 0 11 7 -3 9 4 3 -3 3 4 1 -2 1 1 -1 3 Associates & extraordinaries 00000000000000000 Pre-tax profit 44 13 47 49 39 19 38 34 15 10 30 25 26 10 32 28 24 Tax 0 0-14 0 0 0 0 0 0 0-1 0 0 0-2 0-2 Net profit 44 13 33 49 39 19 38 34 15 10 29 25 26 10 30 28 23 Growth (%, yoy) 2Q12 3Q12 4Q12 1Q13 2Q13 3Q13 4Q13 1Q14 2Q14 3Q14 4Q14 1Q15 2Q15 3Q15 4Q15 1Q16 2Q16 Sales n/a n/a n/a n/a -43,5 -60,5 16,0 -4,5 -0,7 -9,1 3,2 -2,0 8,6 18,7 -1,6 7,0 7,9 Other revenues n/a n/a n/a n/a 55,1 3,7 16,5 34,0 -35,1 0,5 -10,6 -21,5 39,4 11,7 4,2 14,2 -13,7 Operating revenues n/a n/a n/a n/a -42,9 -60,2 16,0 -4,1 -1,3 -9,0 3,0 -2,3 9,0 18,6 -1,5 7,1 7,6 Operating expenses n/a n/a n/a n/a -47,7 -61,8 19,9 -1,5 6,1 -9,0 5,1 -0,5 5,9 18,6 -3,2 5,9 10,5 EBITDA n/a n/a n/a n/a 22,6 -11,5 -8,0 -18,3 -44,3 -7,7 -13,3 -14,1 43,2 17,9 14,0 15,9 -16,4 Depreciation n/a n/a n/a n/a -10,9 0,9 -7,8 16,6 15,2 16,4 11,9 9,1 18,3 14,0 7,3 7,9 -2,2 EBIT n/a n/a n/a n/a 34,1 -21,2 -8,1 -26,1 -57,8 -31,9 -21,8 -22,2 58,7 24,7 17,3 19,8 -23,0 Net income n/a n/a n/a n/a -12,1 46,0 13,3 -30,3 -61,1 -48,6 -24,1 -26,2 69,9 -0,6 5,9 11,5 -12,5 Profitability (%, ttm) 2Q12 3Q12 4Q12 1Q13 2Q13 3Q13 4Q13 1Q14 2Q14 3Q14 4Q14 1Q15 2Q15 3Q15 4Q15 1Q16 2Q16 EBITDA margin 4,4 5,4 8,0 8,2 10,0 13,1 12,3 11,7 10,0 10,1 9,6 9,2 9,9 9,8 10,2 10,5 9,8 EBIT margin 1,3 3,1 5,7 6,1 7,6 9,9 9,3 8,6 6,8 6,7 6,1 5,6 6,3 6,2 6,5 6,8 6,2 Net profit 4,9 5,0 6,6 7,0 7,7 10,7 10,6 9,6 7,8 7,3 6,6 5,9 6,6 6,4 6,5 6,6 6,3 ROA 5,6 7,2 9,5 10,4 10,4 12,2 13,4 12,3 11,3 11,2 10,9 10,6 13,5 13,5 13,4 13,7 13,3 ROE 8,6 11,9 16,1 18,0 18,6 19,8 20,7 18,8 18,0 18,4 18,8 19,5 28,2 28,7 29,3 30,3 32,1 Leverage (ttm) 2Q12 3Q12 4Q12 1Q13 2Q13 3Q13 4Q13 1Q14 2Q14 3Q14 4Q14 1Q15 2Q15 3Q15 4Q15 1Q16 2Q16 Assets/Equity 2,4 1,9 1,5 1,5 1,6 1,6 1,6 1,5 2,0 2,0 2,1 2,1 2,3 2,2 2,4 2,2 3,3 Net debt/Equity -0,7 -0,5 -0,7 -0,6 -0,4 -0,5 -0,6 -0,6 -0,3 -0,5 -0,6 -0,6 -0,3 -0,6 -0,8 -0,6 -0,3 Net debt/EBITDA -7,5 -3,8 -3,2 -2,9 -1,6 -1,7 -2,5 -2,6 -0,8 -1,2 -1,5 -1,9 -0,6 -1,2 -1,6 -1,3 -0,5 Valuation 2Q12 3Q12 4Q12 1Q13 2Q13 3Q13 4Q13 1Q14 2Q14 3Q14 4Q14 1Q15 2Q15 3Q15 4Q15 1Q16 2Q16 P/S 1,0 0,8 0,9 1,0 1,1 1,6 1,4 1,5 1,5 1,4 1,4 1,3 1,3 1,1 1,0 1,0 0,9 P/EBITDA 23,1 14,0 11,0 12,0 11,0 11,7 11,4 12,9 15,0 14,0 14,2 14,4 12,7 10,8 9,3 8,9 9,4 P/EBIT 81,7 24,5 15,4 16,2 14,4 15,5 15,0 17,5 22,0 21,0 22,3 23,6 20,1 17,1 14,6 13,9 14,8 P/E 20,9 15,1 13,5 14,2 14,2 14,4 13,2 15,7 19,2 19,3 20,8 22,4 19,2 16,7 14,7 14,2 14,7 P/B 2,1 2,0 2,3 2,5 3,1 3,2 2,8 2,9 6,8 6,0 5,4 4,9 6,4 5,3 4,3 4,0 5,9 EV/Sales 0,7 0,6 0,6 0,8 1,0 1,3 1,1 1,2 1,4 1,3 1,2 1,2 1,2 1,0 0,8 0,8 0,9 EV/EBITDA 15,6 10,2 7,8 9,1 9,4 10,0 9,0 10,2 14,2 12,7 12,8 12,5 12,2 9,6 7,7 7,7 8,9 EV/EBIT 55,1 17,8 11,0 12,3 12,3 13,2 11,8 13,9 20,9 19,2 20,0 20,5 19,2 15,2 12,1 11,9 14,1 Source: unaudited financial reports, Addiko research Page 2 July 26, 2016 Communications Equipment Ericsson Nikola Tesla FY Financial Statements Income Statement (HRKm) 2012 2013 2014 2015 2016F 2017F 2018F 2019F Sales 1.902 1.345 1.315 1.379 1.475 1.628 1.704 1.774 Other revenues 20 20 18 19 21 22 22 22 Operating revenues 1.921 1.365 1.333 1.399 1.496 1.650 1.726 1.796 Operating expenses -1.767 -1.197 -1.205 -1.256 -1.388 -1.555 -1.579 -1.627 EBITDA 155 168 128 143 108 95 146 169 Depreciation -45 -40 -46 -52 -55 -61 -64 -53 EBIT 110 127 81 91 52 34 82 116 Net financial result 30 17 7 2 2 2 2 9 Associates & extraordinaries 0 0 0 0 0 0 0 0 Pre-tax profit 140 144 88 93 54 35 84 125 Tax -14 0 -1 -2 0 0 0 0 Net profit 126 144 87 91 54 35 84 125 Balance Sheet (HRKm) 2012 2013 2014 2015 2016F 2017F 2018F 2019F Cash 494 411 187 233 260 337 465 556 Inventories 29 51 31 21 26 29 30 31 Accounts receivable 296 246 191 132 141 156 163 169 Intangible assets 4 2 5 7 7 7 7 7 Property, plant and equipment 112 131 133 389 371 350 329 355 Other assets 220 206 153 -58 200 200 192 192 Total assets 1.155 1.048 700 724 1.005 1.079 1.185 1.312 Accounts payable 155 69 53 43 53 59 62 95 Short-term debt 2 0 0 0 0 0 0 0 Long-term debt 0 0 0 0 0 0 0 0 Equity 754 671 335 308 271 252 301 342 Net debt -493 -411 -187 -233 -260 -337 -464 -556 Cash Flow Statement (HRKm) 2012 2013 2014 2015 2016F 2017F 2018F 2019F Operating cash flow 280 159 176 272 165 181 216 267 Net capital expenditures -28 -59 -45 -64 -37 -41 -43 -80 Net increase in debt -2 -2 0 0 0 0 0 0 Dividends paid -226 -226 -425 -90 -91 -54 -35 -84 Other investing/financing cash flow -56 45 69 -8 -10 -9 -11 -11 Net cash flow -31 -83 -224 110 27 77 127 92 Change in working capital 21 0 120 0 22 30 15 44 Growth (%) 2012 2013 2014 2015 2016F 2017F 2018F 2019F Sales 64,1 -29,3 -2,3 4,9 6,9 10,4 4,7 4,1 EBITDA 325,1 8,4 -23,8 12,2 -24,9 -11,9 54,4 15,6 EBIT -1.030,0 15,7 -36,0 12,2 -42,9 -35,6 145,0 40,9 Profitability (%) 2012 2013 2014 2015 2016F 2017F 2018F 2019F EBITDA margin 8,0 12,3 9,6 10,2 7,2 5,7 8,5 9,4 EBIT margin 5,7 9,3 6,1 6,5 3,5 2,0 4,8 6,5 Net profit 6,6 10,6 6,6 6,5 3,6 2,1 4,9 7,0 ROA 10,9 13,1 10,0 12,8 6,2 3,4 7,4 10,0 ROE 16,7 20,3 17,4 28,3 18,6 13,6 30,4 38,8 Leverage 2012 2013 2014 2015 2016F 2017F 2018F 2019F Assets/Equity 1,5 1,6 2,1 2,4 3,7 4,3 3,9 3,8 Net debt/Equity -0,7 -0,6 -0,6 -0,8 -1,0 -1,3 -1,5 -1,6 Net debt/EBITDA -3,2 -2,5 -1,5 -1,6 -2,4 -3,6 -3,2 -3,3 Source: unaudited financial reports, Addiko research Page 3 July 26, 2016 Communications Equipment Ericsson Nikola Tesla Valuation FCF calculation (HRKm) 2013 2014 2015 2016F 2017F 2018F 2019F 5Y CAGR Sales 1.345
Load more

Recommended publications
  • Customer Satisfaction of the Co-Branded Food Products on Croatian Market
    Journal of Economics, Business and Management, Vol. 7, No. 4, November 2019 Customer Satisfaction of the Co-branded Food Products on Croatian Market Berislav Andrlic, Anton Devcic, and Mario Hak Abstract—This scientific paper describes the marketing II. SELECTING THE APPROPRIATE PARTNERS AND FOOD impact of co-branding and customer satisfaction on the food CO-BRANDING FORMATION PROCESS market due to it's rapid changing and internal and external marketing environment. New ways of branding strategies and The purpose of co-branding on food market is the selection new model of consumer behavior give rise to new or existing appropriate partners and that represents the first step towards branded food products on the market. Term co-branding is most development of activity. By careful selection, co-branding commonly found in food market as these type of business often negative aspects and risks can be minimized. Compatibility face economic problems operating in certain times or seasons between food brands is extremely important and that must be hence they need the assistance of other services to make their the starting point in the elimination process among potential operating costs relevant. The typical co-branding agreement involves two or more companies acting in cooperation to candidates. Partner selection is made accordingly to associate any of various logos, color schemes, or brand predetermined criteria, depending on the specific aim that identifiers to a specific product that is contractually designated should be accomplished and by the strategy that is to be for this purpose.In order to examine this scientific problem the applied. Just as every individual has his own strengths and following methods were used: analysis, synthesis, induction, weaknesses, so the brands have.
    [Show full text]
  • American Higher Education Programs for Successful Careers High Quality American Why Students Choose RIT Croatia? Standards of Education
    American higher education programs for successful careers High quality American Why students choose RIT Croatia? standards of education ENGLISH RIT Croatia is a global campus of the prominent American university, PLEASE Rochester Institute of Technology (RIT), from Rochester, New York. RIT is known for contemporary American programs and career-oriented education. We are proud of our student and alumni, their stories, ideas and success. Two degrees; an internationally accredited All classes are in English Studying in an international American degree from RIT, New York and environment a Croatian degree from RIT Croatia Our traditional and virtual classrooms prepare students for challenging global careers. RIT Croatia provides its students with a support system during their years of studying which includes academic advisors, faculty and peer mentors, career advisors, ombudsperson, study abroad and Erasmus specialists and Internatonal Student Office. We promote diversity, curiosity, innovativeness, integrity. We are an excellent choice for all who wish to study in an international and dynamic environment. We offer the following programs at our campuses: BS DEGREES AWARDED BY RIT AND RIT Croatia // HOSPITALITY AND TOURISM MANAGEMENT An opportunity to spend one or two 800 – 1,200 hours of cooperative High American educational (DUBROVNIK) semesters at RIT campuses in Rochester, education in companies in standards // INTERNATIONAL BUSINESS (ZAGREB), New York and in Dubai, UAE Croatia and abroad AACSB ACCREDITED // WEB AND MOBILE COMPUTING (DUBROVNIK
    [Show full text]
  • Trading Summary First Quarter of 2017
    Trading Summary First quarter of 2017 Zagreb, April 2017. This publication was prepared and published by the Zagreb Stock Exchange Inc., Ivana Lučića 2a/22, Zagreb (hereinafter: Exchange). The publication is intended to provide information to the public and shall not be deemed to constitute an offer or invitation to buy or advice on trade or investment in financial instruments or opinion on the terms of the purchase or sale of any financial instrument mentioned therein whether favourable or not, nor should it be relied on as a substitute for own judgement or assessment by any user of this publication. The Exchange waives responsibility and liability for any damage which might arise out of the use of information contained therein. Further use of information available in this publication is permitted by the Exchange provided that the source is cited. Copyright © 2017. Zagreb Stock Exchange Zagreb Ivana Lučića 2a/22 All rights reserved. Content: 1 TRADING .................................................................................................................................. 1 1.1 COMPARISION WITH PREVIOUS QUARTER .............................................................................................................. 1 1.2 COMPARISON WITH PREVIOUS YEAR ..................................................................................................................... 2 1.3 MONTHLY TRADING OVERVIEW ........................................................................................................................... 4
    [Show full text]
  • Possibilities of Applying Markowitz Portfolio Theory on the Croatian Capital Market
    POSSIBILITIES OF APPLYING MARKOWITZ PORTFOLIO THEORY ON THE CROATIAN CAPITAL MARKET Dubravka Pekanov Starčević, Ph.D. J. J. Strossmayer University of Osijek, Faculty of Economics in Osijek E-mail: [email protected] Ana ZRNIć, Ph.D. Student, J. J. Strossmayer University of Osijek, Faculty of Economics in Osijek E-mail: [email protected] Tamara Jakšić, BEcon, student J. J. Strossmayer University of Osijek, Faculty of Economics in Osijek E-mail: [email protected] POSSIBILITIES OF APPLYING MARKOWITZ PORTFOLIO THEORY ON THE CROATIAN CAPITAL... MARKOWITZ PORTFOLIO THEORY ON THE CROATIAN POSSIBILITIES OF APPLYING Abstract In order to achieve the maximum possible profit by taking the lowest possible risk, investors build a stock portfolio consisting of a specific number of stocks which, according to the principle of diversification, significantly reduce the risk of loss. To build a portfolio, in developed capital markets investors have used the Markowitz portfolio optimization model for many years that enables us to find an optimal risk-return trade-off by selecting certain stock combinations. Despite the development of the Zagreb Stock Exchange, i.e., the central trading venue in the Republic of Croatia, the Croatian capital market is still under- developed. It is characterized by numerous shortcomings such as low liquidity, lack of transparency, high stock price volatility and insufficient traffic. Accord- ingly, the aim of this paper is to provide an insight into the functioning of the Dubravka Pekanov Starčević • Ana Zrnić • Tamara Jakšić: Dubravka Pekanov Starčević • Ana Zrnić Tamara 520 Croatian capital market and to examine the possibility of building an optimal stock portfolio by using the Markowitz model.
    [Show full text]
  • Podravka Group Business Results for January – December 2020 Unaudited Content
    koprivnica, 26th february 2021 Podravka Group business results for January – December 2020 unaudited Content 3 Key financial indicators in 1 – 12 2020 5 Operations of the Podravka Group in conditions of COVID-19 disease 8 Significant events in 1 – 12 2020 and after the balance sheet date 12 Overview of sales revenues in 1 – 12 2020 19 Profitability in 1 – 12 2020 24 Key highlights of the income statement in 1 – 12 2020 27 Key highlights of the balance sheet as at 31 December 2020 30 Key highlights of the cash flow statement in 1 – 12 2020 32 Share in 1 – 12 2020 36 Additional tables for 1 – 12 2020 40 Consolidated financial statements in 1 – 12 2020 48 Statement of liability 49 Contact podravka group business results for 1 – 12 2020 2 Key financial indicators in 1 – 12 2020 podravka group business results for 1 – 12 2020 3 Key financial indicators in 1 – 12 2020 (in HRK millions) 2019 2020 Δ % Sales revenue 4,409.4 4,503.2 93.8 2.1% EBITDA1 509.0 546.7 37.7 7.4% Net profit after MI 221.6 248.9 27.3 12.3% Net cash flow from operating activities 272.9 384.5 111.5 40.9% Cash capital expenditures 153.9 192.4 38.5 25.0% Normalized EBITDA2 515.5 543.1 27.5 5.3% Normalized net profit after MI 223.6 244.4 20.8 9.3% (in HRK; market capitalization in HRKm) 31. 12. 2019 31. 12. 2020 Δ % Net debt / normalized EBITDA 1.6 1.4 (0.2) (15.3%) Normalized Earnings per share 32.0 35.0 2.9 9.2% Last price at the end of period 484.0 485.0 1.0 0.2% Market capitalization 3,380.6 3,391.2 10.5 0.3% Return on average equity3 7.3% 7.6% +26 bp Return on average assets4 4.7% 5.1% +41 bp note: decimal differences in the document are possible due to rounding.
    [Show full text]
  • FIMA Daily Insight
    FIMA Daily Insight IN FOCUS - ZAGREB STOCK EXCHANGE January 8, 2013 Stocks on ZSE traded higher today. CROBEX increased 0.24% to ZSE STOCK MARKET 1,808.40 pts while blue chip CROBEX10 gained 0.21% to 1,010.86 pts. CROBEX Last 1.808,4 Regular stock turnover amounted to HRK 14.4 million. % daily 0,24% Integrated telecom HT (HTRA CZ) topped the liquidity board collecting % YTD 3,91% HRK 4.3 million in turnover. The price increased 0.9% to HRK 210.70. CROBEX10 last 1010,9 Fertilizers producer Petrokemija (PTKMRA CZ) also came to focus again % daily 0,21% with HRK 1.5 million in turnover while price gained 5.5% to HRK 240.0. % YTD 4,05% Petrokemija was in investors’ focus few months ago, after speculations on Government selling its share of 1.7 million shares (50.6% of capital). Stock Turnov er (HRK m) 14,37 A few days ago Mladen Pejnović, head of the State Office for State Total MCAP (HRK bn) 194,39 Property Management confirmed government’s plans to privatize Source: w w w .zse.hr Petrokemija. Auto-parts producer AD Plastik (ADPLRA CZ) came to focus trading in -4,0% -2,0% 0,0% 2,0% 4,0% 6,0% blocks. The price advanced 1% to HRK 115.99 on HRK 1.3 million in PTKM-R-A ATPL-R-A turnover. AD Plastik currently trades at P/E=7.7, P/S=0.7 and DDJH-R-A P/Bv=0.7. VPIK-R-A LKPC-R-A Tobacco and tourism Adris group preferred share (ADRSPA CZ) was VIRO-R-A KORF-R-A also in investors’ focus with HRK 0.7 million in turnover while price KNZM-R-A slipped 1.3% to HRK 262.20.
    [Show full text]
  • FIMA Daily Insight
    FIMA Daily Insight IN FOCUS - ZAGREB STOCK EXCHANGE March 16, 2012 Croatian equities recorded an upward movement today; CROBEX ZSE STOCK MARKET gained 0.74% to 1,844.03 pts while blue chip CROBEX10 accelerated CROBEX Last 1.844,0 0.41% to 1,008.60 pts. Total turnover of the day reached HRK 30.4 % daily 0,74% million. % YTD 5,97% Integrated telecom operator HT (HTRA CZ) topped the liquidity board CROBEX10 last 1008,6 as usual with HRK 5.6 million in turnover and increasing 0.49% to HRK % daily 0,41% 216.05. % YTD 3,32% Construction engineering company Ingra (INGRRA CZ) followed Stock Turnov er (HRK m) 30,44 collecting HRK 2.3 million in turnover and advancing 2.9% to HRK 8.40. Total MCAP (HRK bn) 187,00 Frozen foods producer Ledo (LEDORA CZ) came to focus with HRK 2.1 Source: w w w .zse.hr million in turnover while price accelerated 2.33% to HRK 6,049.97. Other companies from Agrokor concern were among better performers today. Agricultural producer Vupik (VPIKRA CZ) and kiosk chain Tisak -10,0% -5,0% 0,0% 5,0% 10,0% 15,0% 20,0% (TISKRA CZ) increased 4.59% and 4.53%, respectively, largest RIVP-R-A domestic retail chain Konzum (KNZMRA CZ) accelerated 5.76% to HRK DLKV-R-A KNZM-R-A 165.99 while food producer Belje (BLJERA CZ) declined 1.98% to HRK LKRI-R-A 89.20. ATPL-R-A INGR-R-A Heavy constructor Viadukt (VDKTRA CZ) rocketed 30.32% to HRK 245 THNK-R-A DDJH-R-A after company informed investors about new contract signed in total PTKM-R-A worth HRK 516 million, related to construction of Zagreb airport.
    [Show full text]
  • Raiffeisen Weekly Report, Nr. 38/2017
    Raiffeisen Weekly Report Number 38 October 16th, 2017 Leaning on exports, the economy is growing Number of overnights stays On Tuesday the national statistical office delivered tourism figures for August (Jan – Aug) which showed expected growth of tourist arrivals and overnight stays (6.1%yoy 80 and 5.4%yoy respectively). The share of foreign tourists in the overnight stays 70 amounted 94.4%. Cumulatively, during the first eight months, the number of over- night stays was 72.5 million (+11.8% more than in the same period last year). 60 For the whole 2016 total number of overnight stays stood at 77.8mn. It is very mn 50 certain that, with data for September, this year will officially be a new record 40 tourist season. Although the strength of tourism helped Croatia remain on the 30 path of 3%yoy real growth, it also increased the sensitivity to potential downturns in tourism. As long as Croatia is perceived as a safe destination, it will retain its 20 attractive destination status. Under such circumstances, the budget picture will 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 look more favourable due to the stronger revenue inflow, especially VAT. Sources: CBS, Economic RESEARCH/RBA On the other side foreign trade activities in terms of import and export of goods remained subdued although the latest data pointed to a slight rise. In the period CPI, PPI, yoy from January to July, foreign trade deficit widened to EUR 4.9bn (+9.3%yoy). In 4 the same period, exports growth at 15.7%yoy compared to imports growth of 2 13.2%yoy resulted in coverage of imports by exports at 61.7% (+1.4pp).
    [Show full text]
  • Pregled Trgovine
    Trading Summary First half of 2017 Zagreb, July 2017. This publication was prepared and published by the Zagreb Stock Exchange Inc., Ivana Lučića 2a/22, Zagreb (hereinafter: Exchange). The publication is intended to provide information to the public and shall not be deemed to constitute an offer or invitation to buy or advice on trade or investment in financial instruments or opinion on the terms of the purchase or sale of any financial instrument mentioned therein whether favourable or not, nor should it be relied on as a substitute for own judgement or assessment by any user of this publication. The Exchange waives responsibility and liability for any damage which might arise out of the use of information contained therein. Further use of information available in this publication is permitted by the Exchange provided that the source is cited. Copyright © 2017. Zagreb Stock Exchange Zagreb Ivana Lučića 2a/22 All rights reserved. Content: 1 TRADING......................................................................................................................... 1 1.1 COMPARISION WITH PREVIOUS HALF .......................................................................................... 1 1.2 COMPARISON WITH PREVIOUS YEAR ........................................................................................... 2 1.3 MONTHLY TRADING OVERVIEW ................................................................................................. 3 1.4 INDICES ...............................................................................................................................
    [Show full text]
  • Podravka Group
    Podravka Group WOOD’s Winter Wonderland EME conference, Prague, 4th December, 2019 Investor Relations The Company Business Investment highlights 2018 results 9M 2019 results Podravka Group at a glance Founded in Headquarters in 1947 Koprivnica 72 years 4,232m HRK In food business (571m EUR) revenues 47 years 4,846m HRK In pharmaceutical (654m EUR) assets business 3,322.6m HRK* 6,517 (448.4m EUR) Mcap Employees Listed on ZSE Prime market Note: figures in this presentation are translated to euros at HRK/EUR FX rate of 7.41; *MCap on 30th September 2019, calculated on weighted average number of shares excluding treasury shares. 4th December, 2019 Investor Relations Podravka Group 3 Long tradition in food and pharmaceutical production 1947 1952 1957 1958 1959 Wolf brothers workshop Condiments, dried and Famous Podravka soups Production of meat Vegeta, universal became publicly owned sterilized vegetables, etc. production established products established seasoning, production under Podravka name production established established 1970 1972 1993 2015 2017 Baby food production Belupo pharmaceutical Podravka became a joint- Acquisition of Žito, New Pharmaceutical factory established company established, stock company, free share Slovenian food producer constructed, the largest pharmaceutical production trading from 1994 greenfield investment in the established history of the Group 4th December, 2019 Investor Relations Podravka Group 4 Podravka Group operates in 24 countries with subsidiaries and representative offices Own distribution network in 11 countries International network of subsidiaries and representative offices 1. Bosnia and Herzegovina 2. Czech Republic 3. Montenegro 4. Croatia 5. Hungary 6. Macedonia 7. Poland 8. Slovakia 9. Slovenia 10. Serbia 11.
    [Show full text]
  • Market Commentary Portfolio Performance Vs Benchmark
    Feb. FKHR1 Monthly Fund Update 2016 Market Commentary Following the publication of Q4 results, the share price jumped by 7.06% in one day. Viadukt operated with a net profit of HRK 3.2m in After a tumultuous start of the year, February brought on a reversal 2015, but this is still 36% less profit compared to the previous year. of trends in most of our largest holdings. This is in line with the rest Revenue fell by 9.1%, which is the consequence of an overall of European and global markets, which reached a bottom in mid- reduction in total investment in the Republic of Croatia, from which February, only to recover by the end of the month. The Croatian Viadukt achieves 99% of its total revenue. However, the growth in market started this recovery even sooner, having reached its lowest share price after the announcement of financial results might have point during January. However during February, the benchmark been due to the optimistic expectations for the rest of the year. The CROBEX index stayed mostly at the same level from the start of the construction industry expects a slight recovery and increased month, with only slight fluctuations. In the meantime, our fund investment from contracting authorities. managed to achieve a return of almost 4% MoM, beating the A third position that we want to emphasize is Đuro Đaković Holding market by a large margin. (ĐĐ). After having an amazing January, on the 15th and 19th of The most important contributor was our largest holding, the Adris February it was announced that Đuro Đaković signed contracts with Group, with common stock growing by over 10%.
    [Show full text]
  • CEE Investment Opportunities: Slovenia & Croatia Investor
    CEE investment opportunities: Slovenia & Croatia Investor Day Site visits Monday, 23 May 2016 Slovenia: Krka & Gorenje Timetable: 08:00– 17:15 Krka is among the top generic pharmaceutical companies in the world. Its business is the production and sale of prescription pharmaceuticals, non- prescription products and animal health products. 08:00 Departure from Hotel International (Zagreb) 10:00 Krka tour Gorenje is one of the leading European home 11:00 Departure from Krka appliance manufacturers with a history 13:00 Lunch break spanning more than 60 years. Home 14:00 Gorenje tour appliances under global brands Gorenje and 15:00 Departure from Gorenje Asko and six regional brands (Atag, Pelgrim, Upo, Mora, Etna and Körting) elevate the 17:15 Arrival at Hotel International (Zagreb) quality of life of users in 90 countries worldwide. Croatia: Podravka, Ledo & Atlantic Grupa Timetable: 08:00 – 16:45 Podravka produces the well-known Vegeta, as well as thousands of other products in its diverse catalogue. T h e Podravka brands are recognisable and a favourite in both Croatian and foreign markets. 08:00 Departure from Hotel International (Zagreb) 10:00 Podravka tour Ledo is the largest Croatian producer of 11:00 Departure from Podravka industrial-scale ice cream and the largest 13:00 Lunch break distributor of frozen foods. 14:00 Ledo tour Atlantic Grupa is one of the most dynamic 15:00 Departure from Ledo business systems in the region, with a 15:30 Atlantic Grupa tour significant portion of its business activities in 16:30 Departure from Atlantic Grupa the EU. 16:45 Arrival at Hotel International (Zagreb) For further details, please contact your WOOD sales representative or Karolina Drach-Kowalczyk at [email protected] .
    [Show full text]