15NOV

17

R e c o m a nda re B T E quit y R e s e a rc h D e t a lii de t ra nza c t io na re 1 P re t a c t iune ( re ba za t la 14 / 11/ 16 )

P re t t int a n/a Ultimul pret (la 14/11/2017) RON 1.1 1.5 1 .0

R a t ing n/a Vo lum zilnic mediu (LTM )2 RON 0.06mn

1.0
P o t e nt ia l n/a P ret M in /M ax (LTM )3 1.005 1.335 0 .5
Do D Wo W M oM YTD Yo Y 0.5
D e s c rie re -2.7% +3.8% +3.3% -3.1% +6.8%
Compa este o companie romaneasca care se ocupa de P /E P /B P /S EV/EB IT EV/EB ITDA 0.0 -
proiectarea, producerea si comercializarea de componente si Nov1 6 Mar17 Jul17 Nov1 7
accesorii pentru industria auto. Cu o experienta vasta in
6.4x 0.6x 0.4x 6.4x 3.3x Volume (RONmn) CMP BET-XT

domeniul de activitatea si investitii continue, CM P (top 100 Sursa: BVB, EquityRT

exportatori din Romania) a reusit sa construiasca parteneriate
puternice, de lunga durata, cu companii importante din industria D iv ide nd ( R O N ) 4 D e t a lii a c t iune ( la 14 / 11/ 17 )
automotive: Bosch, Delphi, Honeywell, Fuji-Kiko, Jtekt, Dacia- F Y 13 F Y 14 F Y 15 F Y 16 Capitalizare RON 240,703,142
Renault, Daikin, Ina Schaeffler, Takata, Haulotte Group,
Hutchinson etc. Capitalul societatii este privat, iar actiunile se DP S (brut) n/a n/a n/a n/a Capitalizare EUR 51,784,162
tranzactioneaza pe piata la BVB (segment principal).
% Distribuit n/a n/a n/a n/a Numar de actiuni 218,821,038
Randament n/a n/a n/a n/a Valo area no minala RON 0.10

D a t e f ina nc ia re ( R O N m ii) - Indiv idua le S t ruc t ura a c t io na ria t ului 5

C um ula t 9 M 15 9 M 16 F Y 16 3 M 17 6 M 17 9 M 17 Yo Y
B ilant Asociatia
salariatilor
A ctive to tale 550,632 558,248 567,005 590,483 601,928 592,252 6.1%
45%
Dato rii to tale 199,951 199,054 200,844 213,604 213,617 195,664 -1.7% 55%
Altii
Capitaluri pro prii 350,681 359,193 366,161 376,879 388,310 396,588 10.4%
Co nt de pro fit si pierdere
Venituri din explo atare 355,302 495,848 654,521 189,459 368,507 537,687 8.4% Sursa: BVB

Cheltuieli din explo atare 325,002 462,136 611,560 177,042 344,250 503,306 8.9%
EB IT 30,300 33,711 42,961 12,417 24,257 34,381 2.0% V e nit uri ( la 3 0 / 0 9 / 17 )
EB ITDA 46,427 63,352 81,221 22,500 46,306 67,554 6.6% Structura cifrei de afaceri
P ro f it ne t 26,412 44,516 51,628 10,653 22,018 30,235 -32.1% 0.3% 0.1% 0.1%
Produse finite

Servicii
T rim e s t ria l 3 Q 15 3 Q 16 4 Q 16 1Q 17 2 Q 17 3 Q 17 Yo Y
Co nt de pro fit si pierdere Vz. Marfuri
99.5%
Venituri din explo atare 115,179 163,297 158,673 189,459 179,048 169,180 3.6%
Altele
Cheltuieli din explo atare 105,556 153,121 149,423 177,042 167,208 159,056 3.9%
EB IT 9,623 10,177 9,250 12,417 11,840 10,123 -0.5% Distributia geo grafica
EB ITDA 16,074 20,862 17,869 22,500 23,807 21,247 1.8%
P ro f it ne t 7,778 8,875 7,111 10,653 11,365 8,216 -7.4%
28% Piata interna

Inf o rm a t ii o pe ra t io na le
9 M 15 9 M 16 F Y 16 3 M 17 6 M 17 9 M 17 Yo Y 72%
Piata externa
Cifra de afaceri (miiRON) 348,215 485,201 638,660 187,148 364,369 531,860 9.6%
- P iata interna 107,469 119,805 155,412 37,411 72,212 146,902 22.6%
- P iata externa 240,746 365,395 483,248 149,738 292,157 384,958 5.4% Sursa: Companie

Indic a t o ri c he ie C o m pa nii c o m pa ra bile ( Ult im e le da t e )

9 M 15 9 M 16 F Y 16 3 M 17 6 M 17 9 M 17 Yo Y P /E P /B

EP S LT M (RON) 0.14 0.21 0.24 0.18 0.17 0.17 -17.4% Co mpa [RO] 6.4x 0.6x
B VP S (RON) 1.53 1.62 1.56 1.64 1.69 1.73 6.5% Co ntinental [DE] 14.5x 2.9x
SP S LT M (RON) 2.04 2.82 2.92 3.05 3.10 3.13 11.0% Delphi A uto mo tive [GB ] 19.5x 8.3x
A P S (RON) 2.31 2.53 2.59 2.64 2.67 2.63 3.8% Valeo [FR] 13.9x 3.4x
ROaE⁷ 9.5% 12.7% 15.1% 10.9% 10.3% 9.9% -2.9pp A uto liv [SE] 21.2x 2.7x
ROaA ⁷ 6.3% 8.2% 9.1% 6.7% 6.5% 6.5% -1.7pp Faurecia [FR] 14.9x 2.8x
marja EB IT 8.7% 6.9% 6.7% 6.6% 6.7% 6.5% -0.5pp Schaeffler [DE] 9.5x 4.0x
marja EB ITDA 13.3% 13.1% 12.7% 12.0% 12.7% 12.7% -0.4pp CIE A uto mo tive [ES] 15.3x 4.0x
marja P ro fit net 7.6% 9.2% 8.1% 5.7% 6.0% 5.7% -3.5pp A C [P L] 19.7x 4.6x
Sursa: Companie, EquityRT, BT Equity Research Sursa: Reuters, BT Equity Research