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07.12.2018

Bulgaria’s preliminary Q3’18 GDP up by 0.7% QoQ and 3.1% YoY

According to preliminary data of NSI, Bulgaria’s seasonally adjusted Q3’18 GDP increased by 0.7% QoQ and 3.1% YoY to BGN 29.8bn (current prices), while the seasonally adjusted GVA grew by 0.7% QoQ and 3.0% YoY to BGN 26.1bn. Both were revised upward when compared to their flash estimates...

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06.12.2018

FSC approved A.R.U.S Holding tender offer for 2.1m shares in Svilosa at BGN 5.5/share

The FSC did not issue a final ban on A.R.U.S Holding’s tender offer to Svilosa’s shareholders. The company proposed BGN 5.50 per share for the remaining 2 139 070 shares of Svilosa (6.74% of the share capital). The stock closed t BGN 5.1 yesterday. A.R.U.S Holding controls 93.26% of Svil...

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06.12.2018

Gradus adds 4 new products to the “Az iam!” brand (NEUTRAL)

Gradus announced that it has expanded the product portfolio of Gradus-1. The company will add four new pork meat delicacies under the “Az iam!” brand. The new products were released on the market in November after the finalisation of BGN 1.8m investment in new high-quality equipment in G...

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05.12.2018

BREF REIT receives a building permit for Sofia Tech Park project (POSITIVE)

BREF REIT disclosed that its project in the Sofia Tech Park has received a building permit. The document allows the construction of a multifunctional administrative-service building with a footprint of 2 325 sq. m. The total build-up area (TBA) is going to be 50 761 sq. m, including two levels of un...

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05.12.2018

Sopharma’s Nov’18 sales decline 9% YoY (NEGATIVE)

Sopharma reported a third consecutive negative month with 9% YoY decline of Nov’18 stand-alone sales as export sales dropped 23% while domestic sales added 10%. 11-mo’18 sales declined by 6% YoY with 7% decline of exports and 4% decrease of domestic sales.

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04.12.2018

SAC revokes the CPC refusal to evaluate Inercom-CEZ deal (POSITIVE)

The Supreme Administrative Court (SAC) ruled that the competition regulator CPC has improperly refused to evaluate again Inercom’s acquisition of CEZ Bulgarian business. Recall that CPC refused to evaluate the deal citing the ongoing lawsuit over its previous decision as the cause. Before fili...

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04.12.2018

CEZ Distribution sign EUR 30m loan agreement with CEZ a.s. (NEUTRAL)

CEZ Distribution and CEZ a.s. have signed a loan agreement according to which the former could utilise up to EUR 30.67m financing from the latter. The interest rate would be EURIBOR plus 0.82% while the final term for repaying the loan is October 2023. The loan would be used for supporting 2018 and ...

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04.12.2018

Trade with the warrants of BPD Industrial starts on the 10th of December (NEUTRAL)

BPD Industrial REIT warrants issue will start trading on the 10th of December. 299m of the securities were issued at a price of BGN 0.001, allowing holders to subscribe for a single share in the REIT at an issue price of BGN 1.0. The term of the warrants is 5 years and their ticker is 28RN. FFBH man...

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04.12.2018

FSC approves Lavena’s BGN 5.6m share issue (NEUTRAL)

The FSC approved Lavena’s prospectus for a BGN 5.6m capital increase. The company wants to issue 1 599 905 ordinary shares with a nominal value of BGN 1 and issue price of BGN 3.5. Each existing share will receive one right, which could be exercised at a 5.2:1 ratio. The offering would be cons...

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03.12.2018

CEZ starts talks with India Power Corporation; The agreement with Inercom is still in place (NEUTRAL)

CEZ has started talks for the sale of its Bulgarian business with India Power Corporation, several news agencies reported. The company was the second highest bidder in the tender won by Inercom. Negotiations, however, do not disqualify Inercom from acquiring the assets. They will go in parallel to I...

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03.12.2018

IHB buys back 35 814 shares in November (NEUTRAL)

Industrial Holding Bulgaria has bought back 35 814 in November at an average price of BGN 0.977 (5.1% discount to the current market price). The amount corresponds to 0.03% of all outstanding shares. The total treasury stock passed 3.0m shares and reached 2.9% of the issue.

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30.11.2018

S&P keeps Bulgaria’s investment grade rating; ERM II participation likely to lead to an increase

S&P affirmed the BBB- long term sovereign credit rating of Bulgaria and kept its positive outlook. The credit agency cited the possibility of joining the ERM II in the next 12-18 months as key for the outlook. Furthermore, a successful entry into the mechanism is likely to lead to a higher ratin...

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30.11.2018

FIBank Q3’18 consolidation added 8.1% to net profit

Q3’18 consolidated net profit of First Investment Bank came at BGN 18.1m, up by 8.1% compared to stand-alone result and down by 11.4% YoY. Net interest income increased both on an annual basis and compared to stand-alone figure, mostly on reduced cost of deposits. Non-interest income, however,...

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30.11.2018

Agria Group Q3’18 cons revenue up 23% YoY; EBT margin contracts to 3% (NEUTRAL)

BGN 112m Q3’18 cons revenue of Agria Group tops our estimates and beats Q3'17 by 22.5%, but mainly on sale of goods (which includes grain trade; BGN 101m, + 28% YoY), while the second most significant item, and the one we believe would improve margins – sale of production, came in 24% Yo...

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30.11.2018

Chimimport’s 9m'18 cons profit down 7% YoY despite higher revenue, 9m’18 EPS of BGN 0.26 (NEUTRAL)

9m’18 net profit (after minorities) of Chimimport came at BGN 58.5m, -7% YoY, however in Q3’18 alone net profit was down 67% YoY to BGN 5m. 9m’18 EPS came to BGN 0.26. Net result from non-financial activities for the first 9 months (see segment reporting) was up 45% to BGN 51m (Q...

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30.11.2018

Sopharma Trading Q3’18 consolidated net income up 23.1% (POSITIVE)

Sopharma Trading Q3’18 consolidated revenue grew 23.8% YoY following the acquisition of the Serbian distributor Lekovit in Q3’17 and the retail chain PharmaStore in Q4’17. Gross profit surged even more by 27.5% to BGN 17.8m with improvement of the gross margin to 8.2%. The subsidia...

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30.11.2018

Sopharma Trading’s sales grow 4.1% in October, profitability declines mildly (NEUTRAL)

Sopharma Trading reported October’18 EBT of 1.3m, a 2.9% decrease when compared to the respective 2017 disclosure. Sales grew 4.1% to BGN 61.6m, leading to a pre-tax margin of 2.1% (-0.2 p.p. YoY). YTD sales growth reached 8.4%, pushing the consolidated revenues to BGN 590.7m with EBT of BGB 1...

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30.11.2018

Trace Group Hold Q3’18 revenue beats management forecast, bottom line positive at BGN 1.7m (POSITIVE)

Trace Group Hold Q3’18 consolidated revenue up slightly YoY, but significantly beat management guidance of BGN 80m. OPEX advanced at a slower pace, as materials and compensation costs were reduced, leading the company’s EBITDA margin 0.5pp YoY higher to 4.8%. Significantly higher bank gu...

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29.11.2018

Bulgaria’s business sentiment index rises 0.6 p.p. MoM in Nov’18

Bulgaria's business sentiment index rebounded by 0.6 p.p. MoM in November'18 after a 4-months of consecutive declines, the National Statistical Institute announced. The Industry sub-index added 1.8 p.p. MoM on higher preorders and higher short term expectations. The Construction sub-index lost 2.2 p...

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29.11.2018

Sopharma Q3’18 net profit grows 65.3% YoY on lower FX loss, less tax and improved result of associates (NEUTRAL)

Sopharma booked Q3’18 consolidated sales of BGN 291.1m, up 16.7% YoY with sales of own products increasing 9.8% YoY to BGN 66.2m and sales of goods (distribution business) surging 18.9% to BGN 224.9m. The main reason for the growth of the distribution segment is the acquisition of the Serbian ...

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