Recent developments
Monbat continues with outstanding performance this year with a sales growth of 45% as of Q3 2007 and net profit of BGN 12 million, i.e. more than double the net profit for Q3 2006. Despite the record lead prices Monbat's net profit margin rose to 14% as of Q3. Yet, the best news around Monbat are yet to come with the start of the battery recycling factories in Serbia and Romania which will further reduce the production costs. The company successfully implements its investment strategy to further increase its production capacity. Our DCF model shows a fair value of BGN 33 and a 12m target price of BGN 38.20.
| MONBAT AD | |
| Battery producer | |
| share data | |
| Bloomberg | MONBAT BU |
| BSE ticker | MONBAT |
| Last price (BGN) | 29.86 |
| 12-month low / high (BGN) | 17.35 / 33.00 |
| Shares outstanding ('000) | 19 500 |
| market Cap (BGN '000) | 582 270 |
| market Cap (EUR '000) | 297 710 |
| Free float (%) | 24.63% |
| 12 m Recommendation | |
| 13-Dec-07 | BUY |
| Target price | 38.20 |
| Updated from | |
| 7-Aug-07 | BUY |
| Target price | 24.10 |
| Current P/E | 41.0 x |
Monbat 3-month price/volume graph (graph)
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http://reports.aiidatapro.com/BBB/TBI_Invest/TBI_Monbat_13.12.2007.pdf
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Copyright: 2007 TBI Invest. All rights reserved. For further Information please contact TBI Invest, 7 Sveta Sofia Str., 6th floor, 1000 Sofia, Phone: +359 2 935 06 22, fax: +359 2 935 06 17, e-mail: office@tbi-invest.bg, web site: www.tbi-invest.bg
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TBI Monbat 13.12.2007.pdf, 72 Kb
