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23.04.2019

Trace Group sells 33% stake in an associated company for BGN 1.1m (NEUTRAL)

Trace Group Hold announced that it had sold its stake in Technostroy Engineering 99 for BGN 1.1m. The holding company held 33% of the latter or 8 251 shares. Technostroy operates in the road construction and maintenance business. The company was sold to an unrelated party.

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23.04.2019

FSC registers Bravo Properties BGN 36.1m capital hike (NEUTRAL)

The FSC registered the newly issued shares of Bravo Properties REIT. The company placed 36.1m shares at BGN 1, increasing its shareholder’s capital to BGN 36.7m. Following FSC’s decision, the issue must be admitted for trading on the BSE.

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22.04.2019

Stara Planina reports 6.2% lower revenue in Mar’19, expects growth to resume in April (NEUTRAL)

Stara Planina reported BGN 21m of consolidated revenue in Mar’19, 6.2% lower YoY. Still, the company beat the BGN 20.4m guidance by 2.8%. YTD sales came 0.8% lower and stood at BGN 62.1m. The management projected 1.7% increase in monthly revenue in April (BGN 20.8m).

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22.04.2019

Elana Agrocredit new leases continue to slump in March (NEGATIVE)

Elana Agrocredit reported BGN 487k of new leases in March (549 daa, -59% YoY), 52% decline in value YoY. The company also lent BGN 36k in short term financing during the month. In Q1’19 the report showed that the company had financed the purchase of 1 528 daa of land (-56.7% YoY), lending BGN ...

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22.04.2019

Synergon Holding files revised tender offer to Svetlina’s stockholders at same price - BGN 5.50 per share (NEUTRAL)

Synergon Holding kept the price in the revised tender offer for 42% of Svetlina unchanged after the FSC issued a temporary ban on the previous proposal. The group reaffirmed that it is ready to pay BGN 5.50 per target’s share, valuing the stake at BGN 1.0m. The offer is 21.4% below the last ma...

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22.04.2019

FSC requests additional info from Biodit in relation with IPO prospectus approval process

Biometrics security systems developer Biodit was asked by Financial Supervision Commission to provide additional information and documents related to its IPO process. The company is the first recipient of the IPO voucher scheme, which is intended to support listing of SMEs, by covering BGN 50k of ...

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18.04.2019

BSE to book an additional BGN 674k impairment at audited cons report for 2018 (NEGATIVE)

BSE announced that it is going to recognize from IBEX, its energy exchange subsidiary, an additional BGN 674k impairment of receivables in the 2018 audited cons financial statements. The after-tax effect of the impairment could be BGN 0.09 per share or a 15.6% decrease in EPS after the audit. Pleas...

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18.04.2019

M+S Hydraulic Mar’19 sales shrink as much as expected, EBT declines 22.6% (NEUTRAL)

M+S Hydraulic reported an 11% monthly revenue decline for Mar’19 in line with the forecasted by management. The pre-tax income shrank 22.6% YoY to BGN 1.5m (15.1% margin, -2.3 p.p. YoY). Q1 sales decline reached 8.4% (BGN 29.6m total sales), with EBT falling 16.8% to BGN 4.9m (16.7% margin, -1...

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18.04.2019

HES Mar’19 pre-tax earnings surge 55.4%, the revenue matched guidance (POSITIVE)

Hydraulic Elements and Systems (HES) Mar’19 revenue rose 10.8% to BGN 6.3m in line with the guidance. Pre-tax earnings surged 55.4% to BGN 643k, a 2.9 p.p. margin improvement (10%). YTD sales (BGN 18.7m) growth reached 13% on 12.1% increase in EBT (flat margin). The management expects sales gr...

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18.04.2019

Trace Group’s partnership signs BGN 5.4m contract with Pomorie Municipality (NEUTRAL)

Trace Group Hold, holding 40% in a consortium, signed a BGN 5.4m (no VAT) contract with the Pomorie Municipality. The companies agreed to construct, enlarge and repair parts of the town’s infrastructure. The term of the contract is 60 days.

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18.04.2019

Elhim Iskra profitability improves despite the revenue slump in Mar’19 (POSITIVE)

Elhim Iskra reported a 16.3% decline in sales (BGN 3.2m), 2.6% above the expected. Despite, EBT rose 58.3% to BGN 114k, nearly doubling the monthly margin YoY to 3.5%. YTD sales shrank 4.8% to BGN 10.1m, while pre-tax profit registered a major improvement since the start of 2019, +182.7% YoY to BGN ...

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16.04.2019

Eurohold becomes the sole bidder for CEZ’s assets (NEUTRAL)

CEZ granted exclusivity to Eurohold in the negotiations for the sale of its Bulgarian assets, Czech news outlet Lidovky reported citing own sources. According to the publication, Eurohold has presented a higher bid than India Power, although none of the bids were disclosed. CEZ terminated its contra...

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16.04.2019

Advance Terrafund increases portfolio by 1 320 daa in March, the portfolio grows past 230k daa (NEUTRAL)

Advance Terrafund REIT bought 1 320 daa of land at an average price of BGN 1 020/daa in Mar’19. No land was sold during the month. The fund’s portfolio reached 231 004 daa agricultural and 133 daa urban land. The management’s guidance for rental revenue for the 2018-2019 agricultur...

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16.04.2019

Park REIT to look for additional capital (NEUTRAL)

Park REIT’s EGM took first steps towards attracting new investments. Investors holding 21.47% of share capital approved a BGN 20m equity and BGN 20m bond issues, which are to be placed within a 5-year period. Furthermore, the planned life of the REIT was changed from the 20 years in the origin...

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15.04.2019

HICP grows 0.2% MoM, YoY inflations reaches 2.8% in Mar’19

Bulgaria’s Mar’19 harmonized consumer price index /HICP/ grew 0.2% MoM and pushed the YoY price increase to 2.8% vs. the +2.4% reported in February. The prices of food and non-alcoholic drinks, which have the largest weight in the index, grew by 0.2% MoM (+5.0% YoY), the cost of utilitie...

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15.04.2019

ALSO Holding acquires Solytron Bulgaria

The Switzerland-based technology group ALSO Holding acquired one of the biggest Bulgarian hardware and software distributors Solytron. According to the press release, the company’s share of the local market was 30%. 2018 sales reached EUR 110m and have tripled since 2011. The acquisition aims ...

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12.04.2019

Feb’19 YTD total exports growth surges 19%; the YTD trade deficit narrows by BGN 0.4bn

Bulgaria’s Feb’19 exports (FOB) to third countries surged 23% YoY to BGN 1.5bn, while the imports from outside the EU gained 15.8% during the same period and stood at BGN 1.8bn. The YTD total imports from outside the EU reached BGN 3.6bn (+12.2% YoY) on total exports within the same peri...

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12.04.2019

The arbitration dispute between EVN and Bulgaria ends with an agreement

The arbitration dispute brought by the Austria's EVN AG against Bulgaria at the International Dispute Settlement Body (ICSID) has ended on 10 April 2019. The two parties have reached an agreement and Bulgaria will not pay the sought reward, Capital daily reported. The company receives legal certaint...

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12.04.2019

BTC hires Lazard to explore sale possibilities; regulators approve the deal for Telekom Albania

Bulgarian Telecommunication Company (BTC) had hired Lazard to advice the possible sale of the company, Mergermarket reported citing its own sources. According to the publication, the French telecom Orange is one potential bidder, which has expressed interest in acquiring BTC back in 2016. The valuat...

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12.04.2019

Trace Group signs a BGN 5.3m contract for road reconstruction (POSITIVE)

A Trace Group Hold’s subsidiary has signed a contract with the Chepelare municipality for the reconstruction of the local road network. The sides have agreed on BGN 5.3m payments for the service. The term of the contract is 403 days from the date at which financing is provided.

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