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22.05.2020

M+S Hydraulic’s Apr’20 sales lose 4.7% YoY; EBT margin worsens 3.2 p.p. YoY (NEGATIVE)

M+S Hydraulic reported Apr’20 sales of BGN 9.7m, representing a 4.7% YoY decrease, but still 3.7% higher than the management guidance for the month. YTD revenue lost 5.3% to BGN 37.6m. April pre-tax profit (BGN 1.2m) was 23.7% lower YoY, which pushed its margin down by 3.2 p.p. to 12.8%. The YTD EBT...

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22.05.2020

HES Apr’20 sales drop 23.3% YoY; management expects 39% decline in H1’20 EBT (NEGATIVE)

Hydraulic Elements and Systems reported that revenue in April amounted to BGN 4.2m (-23.3% YoY), which was slightly higher than the management guidance for the month (+2.8%). YTD revenue (BGN 20.5m) registered a 15.6% drop. Pre-tax earnings stood at BGN 295k for Apr’20 and the YTD EBT stood at BGN 2...

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22.05.2020

Elhim Iskra Apr’20 sales lose 29.0% YoY; Management projects a 30% slump in H1’20 revenue (NEGATIVE)

Elhim Iskra’ sales in Apr’20 reached BGN 2 278k (-29.0% YoY). Pre-tax earnings were again negative and stood at BGN 193k, while a year ago EBT was positive and amounted to BGN 105k. YTD sales were BGN 10.4m (-21.6% YoY). 4-months pre-tax earnings registered a loss of BGN 316k, less than the BGN 416k...

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22.05.2020

Fairplay Properties REIT loses another rent contract (NEGATIVE)

Fairplay Properties Management has terminated the contract for rent of Fairplay Properties REIT's Santa Marina – holiday village in Sozopol. The reason for the cancellation of the contract is the state of emergency and all the restrictions, affecting tourism because of it. Please recall that earlier...

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21.05.2020

Doverie Q1’20 consolidated net income declines 70% YoY (NEUTRAL)

Doverie United Holding booked BGN 2m consolidated net income after minority interest in Q1’20, down by 70% YoY. The reason for the decline is the BGN 10m one-off gain on sale and acquisition of stakes in subsidiaries in Q1’19. Note that the comparison between the periods is not relevant as the holdi...

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21.05.2020

Korado approves BGN 0.19 annual dividend for 2019 (NEUTRAL)

The heating solutions manufacturer’ shareholders decided to pay back BGN 2.5m in dividends. This translates to a DPS of BGN 0.19 for H2’19. Please recall that semi-annual dividend of BGN 0.10 for H1’19 was paid in October 2019. On an annual basis, the dividend is flat with a 5.2% yield and 89.6% pay...

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21.05.2020

Stara Planina will pay a BGN 0.25 gross DPS (NEUTRAL)

Stara Planina approved BGN 0.2456 (4.9% dividend yield) annual gross DPS for 2019, which represents a minor 1.5% increase YoY. Total amount to be paid is BGN 5.1m and it corresponds to a 79.2% pay-out ratio. Ex-date is June 2, 2020. Payments will start on July 10, 2020 and will last for 3 months. Th...

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19.05.2020

New passenger car registrations tumble 72.6% YoY in April

New passenger car registrations in Bulgaria were down 72.6% YoY to 824 vehicles. YtD the decrease is 40.9%. April decrease in the EU was 76.3% YoY, to 271k vehicles.

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19.05.2020

M+S approved a BGN 0.26 DPS for 2019 (NEUTRAL)

At the GSM this year, shareholders of M+S Hydraulic voted unanimously in favour of a BGN 0.26 DPS for 2019 (-13.3% YoY). The latter corresponds to a pay-out ratio of 86.7% and a yield of 4.4% to the last stock price. Ex-dividend date is May 30, 2020. This continues the tradition of uninterrupted div...

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19.05.2020

Elana Agrocredit with only 8 deals in Apr’20 (NEUTRAL)

Elana Agrocredit reported a 67.4% YoY drop in April’s new leases (BGN 0.3m*). The company financed the purchase of 268 daa (-69.0% YoY) of agricultural land during the month at BGN 1 011 per daa (+5.0% YoY). YTD average price per daa was BGN 935, +1.4% YoY. Short term loans remained flat MoM a...

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19.05.2020

Fairplay Properties REIT loses Bansko hotel tenant (NEGATIVE)

Fairplay Properties Management has terminated the contract for rent of Fairplay Properties REIT's St. Ivan Rilski - Hotel and Apartments in the ski resort of Bansko. The reason for the move is the state of emergency continuing for more than 2 months.

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18.05.2020

Apr’20 HICP loses 0.4% MoM and gains 1.3% YoY

Bulgaria’s Apr’20 harmonized consumer price index /HICP/ turned negative again on a monthly basis and fell 0.4%. On an annual basis, however, it added 1.3%. Prices of food and non-alcoholic drinks, which have the largest weight in the index, advanced by 0.6% MoM (+6.1% YoY). Prices of ut...

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18.05.2020

Mar’20 current account turns negative; FDI surge 71.2% YoY

Mar’20 current account balance was negative at EUR 40m (+58.7% YoY) bringing down the YTD surplus to EUR 0.5bn (0.8% of GDPe*), which represents a 118.2% YoY surge. Total exports for the first three months of 2020 inched forward by 0.1% YoY to EUR 7.0bn, while imports during the same period fe...

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18.05.2020

Dividend distribution is not on the table for Albena shareholders (NEUTRAL)

The company published the invitation for the GSM, which will take place on June 20, 2020. Dividend distribution is not on the agenda. According to the announcement, 2019 net profit is proposed to be transferred to retained earnings. However it is not unexpected as tourism suffered both in 2019 &ndas...

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18.05.2020

Doverie doesn’t propose a dividend for 2019 (NEUTRAL)

The holding calls a GSM on June 24, 2020 with no dividend distribution on the agenda. Stand-alone net earnings for 2019 (BGN 1.5m) will be most likely transferred to the reserves. This is not uncommon for the company as it hasn’t paid dividends since 2006. Note that Doverie United Holding rep...

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15.05.2020

Bulgaria’s Q1’20 GDP grows by 0.3% QoQ and 2.4% YoY

According to flash estimates of NSI, Bulgaria’s seasonally adjusted Q1’20 GDP added 0.3% QoQ, and 2.4% YoY to BGN 25.1bn (current prices), which makes the country one of the few, that had registered a positive GDP growth on QoQ and YoY basis. Seasonally adjusted GVA added 0.1% QoQ and 2....

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15.05.2020

Ministry of Finance suggests establishing National Petroleum Company to guarantee low gas prices to consumers

Ministry of Finance suggests establishing a new entity called National Petroleum Company which will be in charge of the petroleum energy products for the national reserves. This way management of the mandatory reserves will be optimised and will be guaranteed in compliance with the European legislat...

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15.05.2020

Advance Terrafund portfolio grows by 199 daa in April (NEUTRAL)

Advance Terrafund REIT purchased 403 daa new land in April at an average price of BGN 1 083/daa. The fund sold 204 daa during the month on a leasing contract from 2015. Average sale price was BGN 1 500. The land portfolio amounted to 224 082 daa. The expected revenue for the 2019-2020 agricultural y...

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15.05.2020

Monbat 2019 individual sales add 5.9% while EBITDA surges 52.1% YoY (POSITIVE)

Monbat’s individual 2019 revenue grew 5.9 YoY to BGN 313m, mainly on better exports, especially to Germany. OPEX added 3.9% YoY and amounted to BGN 294.5m. EBITDA (BGN 18.4m) registered a 52.1% YoY surge along with a margin improvement of 1.8 p.p. YoY. Net earnings, however, were down by 28.3%...

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14.05.2020

BEH 2019 bottom line improves by BGN 660m

Bulgarian Energy Holding booked 2019 consolidated revenue of BGN 6 742m, down by 2.7% YoY, the company announced in its report on compliance with the obligations under the terms of the EUR 600m bond issue. EBITDA, on the other hand, surged 118% YoY to BGN 1 055m with margin improving to 15.7%. Depre...

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