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20.05.2019

The Q1’19 current account surplus reaches EUR 654m

The Q1 current account balance was positive at EUR 654m (1.1% of GDPe*) as compared to the EUR 5.7m reported a year ago. As of the end of March total exports were up 9.5% YoY to EUR 2.4bn, while imports for the same period totalled EUR 2.5bn (+2.7%), which resulted in a EUR 0.2bn trade deficit. The ...

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20.05.2019

Monbat cuts DPS to BGN 0.103, brings payout to a sustainable level (NEUTRAL)

Monbat proposed a dividend cut of 46.7% YoY to BGN 0.103 (1.6% dividend yield). The company will distribute 40.4% of its 2018 net income or BGN 4.0m to shareholders. The payout ratio was narrowed significantly from the 107.5% that it reached in 2017 thanks to the lower YoY DPS. Monbat’s manage...

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20.05.2019

Albena raises DPS by 14.3% YoY to BGN 0.80 (POSITIVE)

Albena proposed a BGN 0.80 DPS for 2018, a 1.9% dividend yield on the last share price. The YoY increase in per share payment was 14.3%, which came through an increase in the payout ratio to 31.1% (+14.9 p.p. YoY). The company would also seek an approval to expend BGN 1.5m as a bonus to the BoD. The...

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20.05.2019

Sopharma has extended a new BGN 68m loan to Doverie for the acquisition of Moldindconbank (NEUTRAL)

Doverie United Holding disclosed in its Q1’19 financial statements that Sopharma has extended it a new BGN 68m loan at 3% interest rate, which increased the total exposure to Sopharma to BGN 86m. The loan was used for the acquisition of 63.89% stake in the Moldovian Moldindconbank. The price o...

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20.05.2019

Sirma retains 2018 net income (NEUTRAL)

Sirma Group Holding proposed no dividend distribution in 2018. The company plans to retain the BGN 5.6m profit of 2018 and increase reserves by BGN 0.6m. The AGM did not add any other significant items to the agenda.

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17.05.2019

Monbat spent EUR 13.4m on acquisitions in 2018 (NEUTRAL)

Monbat has utilized EUR 13.4m out of its EUR 28m convertible bond issue as of the end of 2018, a report from the bondholders representative shows. Out of the latter mentioned sum, EUR 5.4m were used to fund the acquisition of EAS Batteries and GAIA Akkumulatorenwerke, while EUR 8m were spent on the ...

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17.05.2019

HES Apr’19 sales reach BGN 5.5m missing guidance, EBT shrinks YoY (NEGATIVE)

Hydraulic Elements and Systems (HES) Apr’19 revenue grew by 2.7% YoY to BGN 5.5m. The figure came 10.7% below the BGN 6.2m that the management expected. Pre-tax earnings fell by 4.9% YoY to BGN 481k, a 0.7 p.p. margin decline (8.8%). YTD sales (BGN 24.2m) growth reached 10.5% on 8.4% increase ...

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17.05.2019

Alcomet targets BGN 1bn revenue as a result of an investment (POSITIVE)

Alcomet targets to increase its revenue to BGN 1bn according to Fikret Indzhe, the chairman of the Supervisory Board. The growth of revenue would come as a result of the EUR 25m investment in 2.5k tonnes Aluminium Extrusion Press SMS HybrEx. The investment is partly financed by bank loans and lease....

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17.05.2019

Sofia Commerce raises common DPS by 16.7%, decreases shares outstanding (POSITIVE)

Sofia Commerce Pawn Brokerage proposed a BGN 0.35 DPS on its common shares and BGN 0.6 on its preferred issue. The DPS on the first increased 16.7% YoY and resulted in 8.9% dividend yield and 75.2% payout ratio. Furthermore, shareholders would vote on a share repurchase program for up to 3% of the o...

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16.05.2019

Net assets of Bulgarian pension funds grew 5.4% over the quarter; return slightly improved

The net assets of the Bulgarian private pension funds surged by BGN 715m (+5.4%) to BGN 14.1bn as of end-March compared to end-December, according to data released by the Financial Supervision Commission. The total contributions during the quarter came to BGN 413m. The amount of the investments in...

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16.05.2019

Stara Planina increases DPS by 6.2% to BGN 0.242 (NEUTRAL)

Stara Planina Hold’s shareholders approved a DPS of BGN 0.242 for 2018, a 6.2% YoY increase. The company will distribute 88% of net earnings (BGN 5.0m), up 1.7 p.p. YoY. The dividend yield at the current share price is 4.2%.

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16.05.2019

Odessos Shiprepair Yard approved 2018 DPS of BGN 4.00 (NEUTRAL)

The shareholders of Odessos Shiprepair Yard voted to distribute a total of BGN 2.3m as dividends for 2018 equivalent to BGN 4.00 gross DPS. The dividend yield at the last close price of BGN 72.00 per share is 5.6%.

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15.05.2019

Bulgaria’s flash Q1’19 GDP up by 1.1% QoQ and 3.4% YoY

According to flash estimates of NSI, Bulgaria’s seasonally adjusted Q1’19 GDP growth accelerated to 1.1% QoQ and 3.4% YoY (BGN 23.5bn at current prices). The seasonally adjusted GVA (BGN 20.3bn) added 0.8% QoQ and 3.0% YoY. Q4 final consumption grew by 3.5% YoY (+0.3% QoQ) and accounted ...

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15.05.2019

HICP grows 0.6% MoM, YoY inflation reaches 3.1% in Apr’19

Bulgaria’s Apr’19 harmonized consumer price index /HICP/ grew by 0.6% MoM and pushed the YoY price increase to 3.1% vs. the +2.8% reported in March. The prices of food and non-alcoholic drinks, which have the largest weight in the index, increased by 1.1% MoM (+5.2% YoY), the cost of clo...

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15.05.2019

Monbat concludes a memorandum for reduction of related party receivables (NEUTRAL)

Monbat announced that it has concluded a three-way memorandum of understanding together with Octagon International and Octa Light Bulgaria and third parties, with which to guide the reduction in its uncollected receivables from the two companies. As of the end of 2018. Monbat had a BGN 12.4m of debt...

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15.05.2019

Advance Terrafund increases portfolio by 690 daa in April (NEUTRAL)

Advance Terrafund REIT bought 690 daa of land at an average price of BGN 1 025/daa in Apr’19. No land was sold during the month. The fund’s portfolio reached 231 694 daa agricultural and 133 daa urban land. The management’s guidance for rental revenue for the 2018-2019 agricultural...

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15.05.2019

M+S Hydraulic approved 2018 DPS of BGN 0.30 (NEUTRAL)

The shareholders of M+S Hydraulic voted to distribute a total of BGN 11.8m as dividends for 2018 (+1.7% YoY), equivalent to BGN 0.30 gross DPS, 81.2% payout, and 3.9% dividend yield at the last close price of BGN 7.70 per share. The shareholders also approved changes of the Articles of Association, ...

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15.05.2019

Korado approved BGN 0.19 half year dividend, YoY DPS grows 11.5% (NEUTRAL)

The shareholders of Korado approved a BGN 0.19 dividend for H2 2018, adding to a BGN 0.10, which it already paid for H1 2018. This puts the total 2018 distribution to BGN 0.29, an 11.5% increase YoY. The current dividend yield is 4.2% and the payout ratio stands at 72.7%.

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14.05.2019

HES approves 2018 DPS of BGN 0.26 (NEUTRAL)

Hydraulic Elements and Systems (HES) shareholders approved a gross DPS of BGN 0.26. The company will distribute BGN 4.7m or 89.2% of the 2018 net earnings. The dividend yield at the last share price is 5.3%.

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14.05.2019

CEZ Distributions plans not to distribute dividends for 2018 (NEGATIVE)

CEZ Distribution plans not to distribute dividends for 2018. The supervisory board has decided to retain 2018 profit of BGN 3.8m. The AGM is scheduled for 26 June. The shareholders would also vote on authorizing the Management Board to sign contracts with CEZ Bulgaria (a subsidiary of CEZ a.s.) for ...

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