Teraplast 4Q 2009 results RAS (neutral)
Raiffeisen Capital&Investment - 11 Februarie 2010
Teraplast (TRP) released its un-consolidated 4Q 2009 preliminary results under RAS. Sales were slightly higher than our estimates (+7.4%) and almost 19% higher yoy. EBIT came at RON 2.5 mn, almost 60% lower yoy and below our expectations on higher raw material cost and lower margins on trading activities.
TRP posted a financial loss of RON 2.6 mn (lower than we expected), which sunk the bottom line close to zero. We expected TRP to show a minor net loss of RON 0.3 mn, on higher financial losses.
We remind that our model is based on IFRS consolidated results and a direct comparison between reported results and our model is less relevant. Nevertheless, we fell TRP result broadly fit our scenario and we consider them as neutral. We maintain our Hold recommendation and 12-m target price of RON 0.67.
Sursa: http://www.rciro.ro
Tags: results
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