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Oct 04, 2007 14:18 EEST
October 4 (SeeNews) - Raiffeisen Capital & Investment (RCI) on Thursday confirmed its "buy" recommendation on Romanian information technology group Flamingo International, following a budget revision.
RCI also said for now it keeps the 12-month target price for Flamingo International of 0.457 lei ($0.19/0.13 euro) per share, RCI said in a statement.
“The revision was triggered by the divestment of the Future Shop outlets, the sale of the foreign subsidiaries, the delay in opening some retail spaces and the sale of the non-core real estate,” RCI said.
Flamingo International said earlier on Thursday it expects to swing to 520,000 euro ($733,100) net profit in 2007, from a net loss of 22.8 million lei a year earlier. The group sees tis turnover rising to 161.6 million euro this year. It had 193.7 million lei turnover in 2006, data from the Bucharest Stock Exchange (BVB) showed.
The company sold its Bulgarian, Serbian and Macedonian units and the distribution unit Future Shop earlier this year, to focus on its core activity in Romania. Flamingo has now a sole subsidiary abroad, in the Netherlands .
Flamingo International operates three brand store chains - household appliances chains Flanco, Flanco World and communications products stores Flamingo International. It shut down its loss making-stores and now has 72 Flanco units from 88 it had in 2006. It cut the number of Flamingo Computers stores to 35 from 61 a year earlier. The company will raise to 20 the Flanco World stores, from eight units it had in 2006.
Shares in Flamingo International traded at 0.39 lei at 0938 GMT on Thursday on the BVB, up 0.26% from the previous close.
(1 euro = 3.3791 Romanian lei)
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