Hydraulic Elements & Systems’ April’17 sales up 2.6% YoY, the EBT up 11.1% YoY; the May’17 revenue foreseen up 22.8% YoY (NEUTRAL)

The April ’17 sales of Hydraulic Elements & Systems came to BGN 4.7m, up by 2.6% YoY (+3.2% MoM) and exactly matched the management’s guidance for the month. The preliminary EBT for the month added 11.1% YoY to BGN 514k. The May’17 sales are expected to increase by 22.8% YoY to BGN 4.8m, which would bring the 5-mo’17 revenue to BGN 23.8m, up by 12.0% YoY.