SOFIA (Bulgaria), August 29 (SeeNews) – Bulgarian investment company Elana Trading has launched coverage of Bulgarian chemical company Polimeri with a “market perform” recommendation, Elana said on Wednesday.
“Our price target for the end of 2007 is between 14.49 levs ($10.09/7.39 euro) and 17.16 levs based on expectations for a price/earnings ratio of 35 and a price/book value of 0.80,” Elana said in a statement to SeeNews. The recommendation is valid as of August 27.
Shares in Polimeri closed at 13.75 levs at 0718 GMT on Wednesday, up 0.73%.
The one-year target price for mid-2008 is 18.10 levs, which is the average of the target price for 2007 and 2008, Elana said.
"The one-year target price is 29% above the current levels and fully corresponds to the expectations for a 30% growth of the Bulgarian capital market in the same period. This is the reason for us to issue a “market perform” recommendation on shares in Polimeri," Elana said.
Polimeri, based in Devnya some 30 kilometres west of the Black Sea port of Varna, is the sole producer of soda ash, liquid chlorine and hydrochloric acid in Bulgaria. The company exports most of its output, mainly to Turkey, as well as to Hungary, Croatia, Serbia, Greece, Bosnia and Macedonia.
The biggest shareholders in Polimeri are Panama-based Juriskando Consultants with 36.6% and former privatisation fund AKB Fores with 24.8%.
(1 euro = 1.95583 Bulgarian levs)
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