Original-Research: Pro Kapital Grupp AS (von BankM - Repräsentanz der biw Ba...

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

-------------------übermittelt durch die EQS Group AG.-------------------

Für den Inhalt der Mitteilung bzw. Research ist alleine der Herausgeber bzw.

Ersteller der Studie verantwortlich. Diese Meldung ist keine Anlageberatung

oder Aufforderung zum Abschluss bestimmter Börsengeschäfte.