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04.12.2019

Doverie takes effective control of Moldindconbank (POSITIVE)

At the GSM, held on 29 November, the shareholders of Moldindconbank have elected a new Supervisory Board. 4 of the 5 members are proposed by the majority shareholder Doverie – Invest, a subsidiary of Doverie United Holding and 1 is proposed by the minority shareholders. Note that Doverie&rsquo...

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04.12.2019

Bulgaria’s business sentiment index increases by 1.2 p.p. MoM in Nov’19

Bulgaria's business sentiment added 1.2 p.p. MoM in November, the National Statistical Institute announced. The Construction sub-index moved up by 2.3 p.p. MoM which is due to the more favourable construction entrepreneurs’ assessments and expectations about the business situation of the enter...

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04.12.2019

Producer prices add 2.3% YoY in October; down 0.1% MoM

The Producer Price Index on the domestic market fell by 0.1% in October compared to the previous month, while adding 2.3% on an annual basis. Domestic prices in the mining & quarrying industry fell 1.0% MoM (+5.9% YoY), processing industry prices declined 0.1% MoM (-0.3% YoY), while prices of el...

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03.12.2019

Eurohold Q3'19 cons revenue up 38% YoY, books net loss of BGN 3.0m (NEGATIVE)

Eurohold Q3’19 cons revenue came at BGN 373m, 38% higher YoY. The increase was mainly on 46% YoY growth in insurance revenue to BGN 304.6m, supported by 14% increase in car dealership segment to BGN 61.4m, while leasing activity and financial-investment activity income deteriorated. EBITDA of ...

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03.12.2019

Sirma Group Holding 9mo’19 cons revenue up 2.3% YoY; NI comes to BGN 4.9m (NEUTRAL)

9mo’19 cons revenue of Sirma Group increased 2.3% YoY to BGN 28.8m, on restated terms. Implementation of new IFRS rules caused the company to recognize the gross margin of sold equipment in revenue, rather than sales, bringing down the revenue versus the one shown in the previous year. The cha...

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03.12.2019

Trace Group Holding starts a buyback for up to 500k shares (NEUTRAL)

Please recall that at the GSM, held in Jun’19, the company decided to offer between BGN 2.00 and BGN 7.00 for its own shares but no further details for the procedure were clear. At the EGM held earlier this week, Trace Group Holding decided that the buyback will start on December 5th 2019 an...

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02.12.2019

FSC approves listing of Telelink Business Services Group

At the end of last week, the Financial Supervision Commission announced its approval of the prospectus of Telelink Business Services Group (TBSG). The company will list 12.5m ordinary shares with nominal value BGN 1.00 on BSE. The latter represents 100% of the issue.

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02.12.2019

Sopharma Trading Q3’19 consolidated net profit drops 26.8% (NEGATIVE)

Sopharma Trading booked Q3’19 consolidated revenue of BGN 234.8m, +6.0% YoY while gross profit grew 17.8% to BGN 21m as the gross margin was up to 9.1%. The subsidiaries added BGN 38.7m to revenue and BGN 5.5m to the gross profit. The EBITDA improved 24% YoY, mainly on the introduction of IFRS...

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02.12.2019

Monbat reports Q3’19 EPS grows 186% YoY to BGN 0.15 (NEUTRAL)

Monbat Q3’19 revenues grew 3.9% YoY to BGN 79.4m, as a result of 63.7% (BGN 3.2m) increase in sales of the recycling segment, 9-fold (+BGN 1.1m) increase of sales of the Italy business and BGN 0.7m increase of lithium-ion battery sales. The sales of the main segment - lead batteries (87% share...

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02.12.2019

Trace Group revenue down, but profit margin improves, topping 5% (POSITIVE)

Trace Group Hold Q3'19 revenue comes to BGN 84m (-11.6% YoY). Growth in materials and compensations of 12 % and 14% YoY, respectively, was more than offset by the largest OpEx item - hired services, which fell 21% YoY to BGN 50m. The effect was that EBITDAm improved to 7.5%, +2.7pp YoY. 82% YoY lowe...

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02.12.2019

Allterco reports 9-mo one-off adjusted EBT of BGN 3.7m in first report after the sale of European telecom business (NEUTRAL)

Allterco reported Jan-Sep consolidated revenue of BGN 22.4m in its first consolidated financial report after the finalization of the sale of its telecommunication business in Europe at the end of Jul’19. The company did not report restated number for 9mo 2018. We note that Allterco’s s...

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02.12.2019

IHB buys back 265k shares in November (NEUTRAL)

Industrial Holding Bulgaria bought back 265 189 shares in November at an average price of BGN 1.001. The latter represents a 0.1% premium to the weighted average price, reported on 30th of November. The number of repurchased shares accounts for 75% of the traded volume during the period. At the end ...

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29.11.2019

End-October budget surplus stood at BGN 1.1bn; November balance is also expected positive at around BGN 1.1bn

The Ministry of Finance announced BGN 1 082.5m surplus on the consolidated fiscal program (CFP) as of October 31, 0.9% of the forecast GDP*. The CFP revenues and grants as of Oct’19 stand at BGN 36 318.5m, or 82.8% of the annual estimates. Compared to the same period of the previous year, tax ...

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29.11.2019

S&P increases Bulgaria sovereign credit ratings to “BBB/A-2” ; Outlook remains positive

On Nov. 29, 2019, S&P Global Ratings raised its long- and short-term foreign and local currency sovereign credit ratings on Bulgaria to 'BBB/A-2' from 'BBB-/A-3'. The outlook is positive. The positive outlook reflects Bulgaria's progressively strengthening fiscal and external position, which th...

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29.11.2019

Gradus delivers improved consolidated profitability in Q3 2019, net profit grows 35% YoY to BGN 4.9m (POSITIVE)

Gradus Q3 total consolidated revenues grew 4.5% YoY to BGN 34.8m. Underlying trends revealed that YoY growth in core meat and meat products and hatching segments accelerated to 18% and 25%, with revenues reaching BGN 19.5m and BGN 13.2m, respectively. The positive performance in the former was combi...

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29.11.2019

Sopharma Q3’19 EPS rises 79.1% (POSITIVE)

Sopharma reported Q3’19 consolidated sales of BGN 312.8m (+7.5% YoY) as sales of own products (the higher margin segment) added 2.4% YoY to BGN 67.8m, while sales of goods (distribution business) grew 8.9% to BGN 245m. Total revenues increased 8.3% YoY to BGN 317.9m. The EBITDA improved 53.5% ...

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29.11.2019

FIBank’s consolidation improves 9m’19 net income by 9.1% vs. standalone (EPS of BGN 0.64)

FIBank’s Q3’19 consolidated net interest income came 7.2% higher compared to stand-alone financials while falling by 13.5% on an annual basis as the decline of interest rates continued to affect the banking sector. Non-interest income, however, improved both YoY (+15.4%) and compared to ...

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29.11.2019

Sopharma Trading’s Oct’19 EBT surges 39.7% YoY, adding 0.6 p.p. YoY to its margin (POSITIVE)

Sopharma Trading reported revenue for Oct’19, amounting to BGN 67.7m (+9.8% YoY), which pushed YTD sales to BGN 639.8m (+8.3% YoY). The monthly pre-tax earnings increased 39.7% YoY and stood at BGN 1.8m, which resulted in a margin improvement of 0.6 p.p (2.7%) YoY. EBT growth for the 10-mo per...

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29.11.2019

Sofia Commerce revises its buyback terms at the EGM in December; offer goes up (POSITIVE)

Apart from the dividend distribution for H1’19, Sofia Commerce – Pawn Brokerage will try to change the terms of its buyback at the extraordinary shareholders meeting (EGM) on 20.12.2019. The reason was the early price decision (at the end of Jun’19), while since then there were sig...

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29.11.2019

Recession in tourism affects Albena’s Q3’19 financial results (NEUTRAL)

Albena’s Q3’19 consolidated report revealed an expected revenue drop, given the weak 2019 season. Sales for the third quarter amounted to BGN 89.3m (-4.6% YoY), “beating” our estimate (BGN 90.6m) by 1.4%. EBITDA (BGN 43.6m) for the respective period decreased even further (-8...

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