Original-Research: Pro Kapital Grupp AS (von BankM - Repräsentanz der biw Bank für Investments und Wertpapiere AG): Kaufen

Mittwoch, 19.10.2016 11:51


Original-Research: Pro Kapital Grupp AS - von BankM - Repräsentanz der biw Bank für Investments und Wertpapiere AG

Einstufung von BankM - Repräsentanz der biw Bank für Investments und Wertpapiere AG zu Pro Kapital Grupp AS

Unternehmen: Pro Kapital Grupp AS
ISIN: EE3100006040

Anlass der Studie: 6M-Bericht 2016; Basisstudien-Update
Empfehlung: Kaufen
seit: 19.10.2016
Kursziel: EUR 2,50
Kursziel auf Sicht von: 12 Monate
Letzte Ratingänderung: Keine
Analyst: Stefan Scharff, CREA und Dr. Roger Becker, CEFA

First six months with lower top-line and a doubling net loss - we expect
better second half
On August 24, Pro Kapital Grupp AS, a leading Estonian developer of
commercial and residential real estate in the three Baltic countries of
Estonia, Latvia and Lithuania released its unaudited report for the first
six months of 2016. The numbers were below our expectations as all key
figures were below the comparably high 2015 level flattered by an extremely
high level of revenues from sales which had tripled from EUR2.3 mln in 2014
to EUR6.0 mln in 2015. The H1/2016 sales number was at EUR4.4 mln, which might
be seen as a more 'normalized' level. The EBIT was also much lower, at
EUR-1.3 mln (1H 2015 EUR-0.4 mln). The net loss after minorities almost doubled
from EUR-1.7 mln to EUR-3.1 mln in 1H 2016.

With regards to balance sheet the cash and cash equivalents doubled from
EUR6.4 mln at year-end 2015 to EUR12.6 mln as of end-June 2016. In the same
period the current bank debt quadrupled from EUR0.9 mln to EUR3.7 mln and the
long-term bank debt came down from EUR6.9 mln to EUR3.7 mln. With a lower level
of bank debt Pro Kapital worked more with the non-convertible bonds which
doubled from EUR15.6 mln at year-end 2015 to EUR31.5 mln as of June 30.

A significant switch occurred in shareholder structure where Nordea Bank
now holds a stake of almost 51% as of end-June (year-end 2015: 36%) which
results in a lower free float but strongly underlines the trust of Nordea
in the future success of Pro Kapital.
 
Based on 1H results and discussion with management we expect sales and
bottom line to improve in the second half of the year. Nevertheless, we
have to clearly cut our 2016 net result forecast from EUR-1.3 mln to EUR-5.3
mln and also take a more cautious view on 2017 and 2018 figures. With our
updated P&L and DCF we reduce our target price to EUR2.50. In light of the
current share price we reiterate our Buy rating.

Die vollständige Analyse können Sie hier downloaden:
http://www.more-ir.de/d/14379.pdf
Die Analyse oder weiterführende Informationen zu dieser können Sie hier downloaden
http://www.bankm.de/webdyn/141_cs_Research%20Reports%20Disclaimer.html.

Kontakt für Rückfragen
BankM - Repräsentanz der biw Bank für Investments und Wertpapiere AG
Mainzer Landstraße 61, 60329 Frankfurt
Tel. +49 69 71 91 838-43
Fax +49 69 71 91 838-50
stefan.scharff@bankm.de
roger.becker@bankm.de

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