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18.06.2019

Doverie buys another 13.73% of Moldindconbank for BGN 15.8m (NEUTRAL)

Doverie acquired 682k shares (13.73% share) of Moldindconbank in a mandatory tender offer. The latter was conducted at the price of the majority stake’s acquisition – MDL 240.74. This values the stake at BGN 15.8m. Doverie’s control of Moldindconbank increased to 77.62% as a result...

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18.06.2019

BSE doubles DPS to BGN 0.03 for 2018 (NEUTRAL)

Bulgarian Stock Exchange’s AGM approved the distribution of BGN 208k as dividends. The amount is 50% of 2018 net income and equals BGN 0.03 per share, + 101% YoY. The dividend yield at the last share price is BGN 0.6%.

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18.06.2019

Gradus received BGN 1m in dividends from Millennium 2000 (NEUTRAL)

Gradus disclosed that it will receive BGN 1m of dividends from its subsidiary Millennium 2000 for 2018. Earlier in June two other holding companies Zhyuliv and Gradus 98 distributed BGN 4.5m in total. The combined amount of BGN 5.5m at 90% payout would represent BGN 0.02 per share of Gradus.

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17.06.2019

Speedy increases 2018 DPS by 16.7% YoY to BGN 1.40 (NEUTRAL)

Speedy’s AGM approved the distribution of BGN 7.5m out of the 2018 net income as dividends. The payout ratio was down 15.3 p.p. YoY to 62%. DPS grew by 16.7% YoY to BGN 1.40, a 2.8% yield. The distribution was 7th consecutive for Speedy.

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17.06.2019

Blubeard Investments Limited increases its stake in Eurohold (NEUTRAL)

Blubeard Investments Limited acquired c.a. 8.1m shares in Eurohold. The transaction was conducted OTC at an undisclosed price. This increased Blubeard’s stake in the company from 3.422% to 7.5225% or 14.9m shares.

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17.06.2019

Advance Terrafund sold 2 130 daa of agricultural land in May (NEUTRAL)

Advance Terrafund REIT bought 740 daa of land at an average price of BGN 1 060/daa and sold 2 130 daa at an average price of BGN 1 350/daa in May‘19. The fund’s portfolio reached 230 304 daa agricultural and 133 daa urban land. The management’s guidance for rental revenue for the 2...

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14.06.2019

HICP grows 0.2% MoM, YoY inflation reaches 2.9% in May’19

Bulgaria’s May’19 harmonized consumer price index /HICP/ grew by 0.2% MoM and 2.9% YoY easing from the +3.1% reported in March. The prices of food and non-alcoholic drinks, which have the largest weight in the index, increased by 0.3% MoM (+5.3% YoY), the cost of restaurant and hotels ga...

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14.06.2019

Eurobank Bulgaria completes the acquisition of Piraeus Bank Bulgaria

Eurobank Bulgaria has acquired the shares of Piraeus Bank Bulgaria. The value of the deal was EUR 75m. According to a statement by Eurobank Bulgaria, the two entities will continue operating separately in the short term, until their merger is completed. The combined entity should have c. BGN 11.4bn ...

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14.06.2019

Alcomet approves BGN 0.15 2018 DPS (NEUTRAL)

Alcomet’s AGM approved the distribution of BGN 2.7m (20% of the 2018 net earnings) to shareholders. The per share amount equalled BGN 0.15, a 41.4% decline YoY. The main reason for the decrease in DPS was a 10 p.p. cut in the payout ratio YoY. The dividend yield at the last share price was 1.3...

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13.06.2019

2018 agricultural land price 7.9% higher YoY

2018 average agricultural land prices were 7.9% higher YoY, at BGN 941/daa, while average rent reached BGN 48/daa (+4.3% YoY), representing a 5% yield. The highest price was in the northeast part of the country, but it was down 4% YoY to BGN 1 345/daa. Rents there were up 3% YoY to BGN 69/daa (5% yi...

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13.06.2019

Almagest looks to raise BGN 20m in a preferred share issue

The FSC approved the prospectus of Almagest for an IPO of 250 000 preferred with a nominal and issue price of BGN 80. The company would also list 411 886 common shares on the BSE with a nominal price of BGN 80. Almagest is the biggest Bulgarian producer of bioethanol (a biofuel supplement in gasolin...

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13.06.2019

Sopharma Properties 2018 DPS decreases by 1.5% YoY to BGN 0.268 (NEUTRAL)

Sopharma Properties REIT’s AGM approved a 2018 DPS of BGN 0.268. The regular issuing of new shares caused the amount to decrease by 1.5% YoY. The dividend yield at last share price was 4.1%. The payment was a 10th consecutive for Sopharma Properties.

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12.06.2019

Trace Group Hold signs 2 contracts for BGN 2.9m (POSITIVE)

Trace Group Hold has signed 2 contracts for road construction. One of the contracts is for a street in Sofia for the amount of BGN 1.1m (no VAT) with 6-months construction term while the other is for a road in Burgas region for the amount of BGN 1.7m (no VAT) with 105 days term.

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12.06.2019

Industrial Capital Holding approved BGN 0.07 DPS (NEUTRAL)

The shareholders of Industrial Capital Holding approved to distribute BGN 0.0735 gross dividend per share out of 2018 net profit. The dividend yield is 3.31% at the last close price of BGN 2.22. Ex-dividend date is 27 June 2019.

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11.06.2019

Apr’19 growth in total exports reaches 9.5%; the YTD trade deficit narrows to BGN 0.5bn

Bulgaria’s Apr’19 exports (FOB) to third countries inched upward by 1.4% YoY to BGN 1.4bn, while the imports from outside the EU fell by 14.3% during the same period and stood at BGN 1.4bn, resulting in a balanced trade. The YTD total imports from outside the EU reached BGN 6.7bn (+8.8% ...

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11.06.2019

Bulgarian-American Credit Bank would not distribute dividend for 2018 (NEUTRAL)

As expected, the General Meeting of the Shareholders of Bulgarian-American Credit Bank decided to allocate the entire individual net profit for 2018 of BGN 12.2m to the reserves.

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10.06.2019

The revenue in tourism grows 9.9% YoY in Apr’19; overnight stays add 7.6%

The overnight stays in Bulgarian hotels were 1m in Apr’19, a 7.6% increase over the prior year. The monthly revenue rose by 9.9% YoY and amounted to BGN 51.7m, as the proceeds from Bulgarian and foreign tourists advanced by 14.5% and 6.0% YoY, respectively. The total number of tourists was 4.3...

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10.06.2019

Gradus approves BGN 0.10 DPS, shareholder structure changes (NEUTRAL)

The shareholders of Gradus voted in favour of BGN 0.10 DPS. The total payout was BGN 24.4m or 91.2% of net earnings. The dividend yield at the last share price was 5.6%. Gradus also announced that Ivan Angelov had transferred 20.36% of the company to Angel Angelov decreasing his own interest to 20.3...

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10.06.2019

Sopharma Properties looks to raise BGN 3m of equity (NEUTRAL)

Sopharma properties announced that it would issue 462k new shares and potentially increase the outstanding issue by up to 2% to 21.4m. The offering would be conducted at BGN 6.50 issue and BGN 1.00 nominal price. Every existing share would receive 1 right, which can be exercised at a 45.335 ratio.

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10.06.2019

Sopharma’s shareholders approved no additional dividend for 2018 (NEGATIVE)

At the GSM, held on June 7, the shareholders of Sopharma approved no additional dividend for 2018. Recall that in September last year the shareholders approved the distribution of BGN 6.7m from H1’18 individual net income. It was the first interim payment for the stock. The GSM also approved a...

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