Daily comment:
Increasing price of oil and concerns about the future of global financial sector impacted majority of European capital markets, as well as, domestic market whose popular benchmark declined 1,5% on HRK 38,5 million in turnover. Health care and consumer products producer & distributor Atlantic Grupa (ATGR-R-A) posted quarterly results in line with our expectations. company managed to increase sales by 19% whereas operating costs increased by 17% giving significant increases in operational side with EBITDA soaring 42%, EBIT by 54% while net income rocketed 58%. After Atlantic Grupa completed ipo in the last quarter of 2007, the Co was active in M&A area during first three months as it acquired a total of 33 drug stores and consolidated them into the largest domestic private pharmacy chain with revenues of some HRK 250 million (14,7% of 2007 sales). Atlantic Group also signed a distribution contract with TDR (a subsidiary of Adris Group), the largest domestic player in cigarettes market holding some 80% market share, to distribute its brands in HoReCa channel. Investors rewarded the fact that company’s performance is a lot better than what it promised during the ipo and its share price gained 1,1% to end at HRK 720 which is still 23% below the ipo price of HRK 935. Sugar producer Viro (VIRO-R-A) did not come into the investors focus as its price declined 1,1% even though the company submitted an official bid worth HRK 279 million for 38% stake in government owned Zupanja based sugar producer Sladorana. This amounts also includes HRK 75 million which is planned to be spent on further recapitalization of Sladorana through which Viro would increase its ownership to 51,7% of the company. As Baltic Dry index declined by another 154 pts to 7.190 pts domestic shipping sector experienced a price decline with Dubrovnik based Atlantska plovidba (ATPL-R-A) losing 3,6%, Pula based Uljanik Plovidba (ULPL-R-A) 2,7% while Split based Jadroplov (JDPL-R-A) dropped 2,1%.
news flash:
- Lone Star Funds to take over IKB
- Two energy firms to raise prices
- Persimmon posts sharp profit fall
- Hutchison Whampoa Profit Falls 63%
CROBEX index - Zagreb Stock exchange -1,5%
change in 2008. -32,5%
CROBEX index - Zagreb Stock exchange (chart)
Avg price change for CROBEX members (chart)
market multiples - shares (tables)
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FIMA FAS Ltd.
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http://www.fima.com
e-mail: fima-fortis@fima.com
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stock report20080821.pdf, 107 Kb
