Recent developments
Monbat ended 2007 with record non-consolidated revenues of BGN 144 million (up 83% Y/Y) and net income of BGN 17.4 million (up 130% Y/Y), both exceeding management's improved forecasts for the year. Net margin increased noticeably from 9.6% in 2006 to 12.1% in 2007. The overall better-than-expected performance in 2007 was aided by the accelerated execution of the company's investment program, which is still in course this year. Monbat plans to start its two new recycling plants in the second half of 2008, which, together with the continued capacity expansion, should further bolster the topline and bottomline over the next couple of years. We are raising slightly our fair value and 12-month target price estimates on Monbat stock to BGN 33.32 and BGN 38.32, respectively, based on DCF valuation.
| MONBAT AD | |
| Battery producer | |
| share data | |
| Bloomberg | MONBAT BU |
| BSE ticker | MONBAT |
| Last price (BGN) | 26.73 |
| 12-month low / high (BGN) | 19 500 |
| Shares outstanding ('000) | 521 235 |
| market Cap (BGN '000) | 266 503 |
| market Cap (EUR '000) | 24.63% |
| Free float (%) | 8.56 / 33.49 |
| 12 m Recommendation | |
| 12-Feb-2008 BUY | BUY |
| Target price 44.20 | 44.20 |
| fair value | 38.43 |
| Updated from | |
| 13-Dec-2007 | BUY |
| Target price | 38.20 |
| fair value | 33.23 |
| Current P/E | 29.9 x |
| 12 m Recommendation | |
| 12-Feb-2008 BUY | BUY |
| Target price 44.20 | 38.32 |
| fair value | 33.32 |
| Updated from | |
| 13-Dec-2007 | BUY |
| Target price | 38.20 |
| fair value | 33.23 |
| Current P/E | 29.9 x |
Monbat 3-month price/volume graph (graph)
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http://reports.aiidatapro.com/BBB/TBI_Invest/TBI_Monbat_12.02.2008.pdf
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TBI Monbat 12.02.2008.pdf, 30 Kb
