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Dec 21, 2007 20:13 EEST
ZAGREB (Croatia), December 21 (SeeNews) – Croatian commercial bank Hypo Alpe-Adria-Bank said on Friday it has launched coverage of shares of fast moving consumer goods distributor and manufacturer of healthcare products Atlantic Grupa with "buy" recommendation.
"The company’s business strategy capitalises on two growth pillars – successful acquisition track record as well as smart foray into fast-growing market niches somehow neglected by other industry players," Hypo said in a note to investors.
It considers Atlantic "uniquely positioned" to capitalise on very favourable macro and industry trends. "We initiate Atlantic with a Buy rating as we believe these prospects are currently not reflected in the current stock price largely due to ongoing consolidation of the local equity market," it said.
Hypo set its 12-month target price for the company’s shares at 1,124 kuna. They closed at 885 kuna on Friday, up 1.06%.
Hypo forecast that Atlantic Grupa’s net profit will rise to 58 million kuna ($7.9 million/11.4 million euro) this year from 26 million in 2006, while its sales will grow to 1.795 billion kuna from 1.479 billion.
(1 euro=7.3119 Croatian kuna)
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