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24.04.2018

Government debt for 2017 declines to 25.4% of GDP; the budget was at a surplus of BGN 920m

Consolidated government debt fell 8.3% YoY in 2017, reaching BGN 25bn. As a percent of GDP the debt level fell from 29% in 2016 to 25.4% in 2017. NSI reports a budget surplus for a second consecutive year. Revenues surpassed expenses by BGN 920m (0.9% of GDP) in 2017, quadrupling from BGN 209m (0.2%...

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24.04.2018

Price of agricultural land grew 14.6% on average in 2017

Agricultural land prices have risen for a 7th consecutive year since 2010 adding another 14.6% YoY in 2017. On average in Bulgaria a daa is worth BGN 872 with highest price asked in the Northeast (BGN 1 401/daa) and lowest in the Southwest (BGN 406/daa). Rental costs per daa increased 4.5% to BGN 4...

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24.04.2018

Sopharma’s calls a GSM on 15 June (NEUTRAL)

Sopharma rescheduled its General Shareholders Meeting for 15 June. Among the items to be voted are BGN 0.11 gross DPS, 1% of 2017 net profit bonus to the CEO, 2% of 2017 net profit bonuses to the rest of the executive team, employees bonuses in the form of Sopharma’s shares (to be distributed ...

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23.04.2018

Stara Planina’s consolidated March’18 revenue up 25.5% YoY; April sales forecast 17.3% higher YoY (NEUTRAL)

Stara Planina Hold’s March’18 preliminary consolidated sales increased 25.5% YoY (+12.7% MoM) to BGN 22.3m, 2.7% higher than management forecast for the month. The holding anticipates cons April’17 sales to increase 17.3% YoY to BGN 20.3m (-9.3% MoM), bringing 4-mo 2018 consolidate...

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23.04.2018

Elhim Iskra proposed BGN 0.012 gross DPS (NEUTRAL)

The BoD of Elhim Iskra proposed to distribute BGN 0.012 gross DPS, which corresponds to 88.9% payout and 1.0% dividend yield at the last close price of BGN 1.2 per share. The AGM would be held on 21 June’18.

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23.04.2018

Zlaten Lev Holding to distribute BGN 0.08 gross DPS (NEUTRAL)

The shareholders of Zlaten Lev Holding approved to distribute BGN 518.6k as dividends for 2017 (-75.8% YoY), or BGN 0.08 gross DPS, corresponding to 11.5% dividend yield at the last close of BGN 0.7 per share.

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23.04.2018

BREF shareholders to vote on BGN 0.034 DPS (NEUTRAL)

Bulgarian Real Estate Fund has called an AGM for 20 June to approve gross DPS of BGN 0.0341072, corresponding to 90% payout of the restated profit and dividend yield of 1.8% at the last closing price of BGN 1.9.

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20.04.2018

Bulgaria’s Feb’18 CA surplus at 0.4% of GDP; the FDI 82% lower YoY

Bulgaria’s Feb’18 current account came to a surplus of EUR 218.1m (0.4% of GDP), vs a EUR 244.6m (0.5% of the GDP) for the same period of 2017. The trade balance came out negative at EUR 263.8m (0.5% of the GDP), compared to a deficit of EUR 94.4m (0.2% of the GDP) a year earlier. Februa...

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20.04.2018

Bulgarian Real Estate Fund to issue 20m new shares at BGN 1.90/share (NEUTRAL)

BREF announced that it intends to double its share issue through an IPO. The company plans an offering for 20 150 000 new shares that would potentially increase its share capital from BGN 20.1m to BGN 40.3m. The IPO would be successful if investors subscribe a minimum of 10 075 000 shares at a price...

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20.04.2018

EMKA proposed BGN 0.07 gross DPS and capital increase reserved for employees (NEUTRAL)

The BoD of EMKA proposed to distribute a total of BGN 1 584 636.13 as dividends for 2017 (+40% YoY), equivalent to BGN 0.07 gross DPS. The proposed amount corresponds to 46.7% payout and 2.4% dividend yield at the last price of BGN 3.08 per share. In addition, the BoD proposed a BGN 215 000 capital ...

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19.04.2018

Bulgarian Telecommunication Company has refinanced its EUR 400m bond issue

Via EUR 345m syndicated bank loan, BTC has refinanced its bonds, listed on the Irish stock exchange. The EUR 400m 6.625% 5 year Semi-Annual secured notes were originally due in November of this year. With the loan BTC extends its obligations by a maximum of 5.25 years at a lower rate – EURIBOR...

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19.04.2018

Eurohold 2017 net income increases to BGN 24m after audit (POSITIVE)

Eurohold reports 139% YoY rise in net income after the audit put the 2017 figure at BGN 24.4m, BGN 4m higher than preliminary disclosure. Total revenue grew by 18% YoY to BGN 1.2b with strong performance in the main business. Insurance premiums rose 19% before elimination, reaching BGN 1b, while seg...

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19.04.2018

Trace Group Hold signed a BGN 2.7m contract for waste depot infrastructure (POSITIVE)

Trace Group Hold signed a BGN 2.7m (no VAT) contract with Byala municipality for construction of waste depot infrastructure. The completion term is 270 days.

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18.04.2018

Elana Agrocredit attracts BGN 19.5m through its share offering (POSITIVE)

Elana Agrocredit has successfully completed its IPO finding buyers for 17 727 523 shares (94% of 18 902 402 offered shares). Investors contributed BGN 19.5m by acquiring at an average price of BGN 1.10 per share, a minor discount to last closing price of BGN 1.12. The IPO nearly doubles the equity o...

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18.04.2018

Unicredit Bulbank forecasts 4.4% 2018 GDP growth for Bulgaria

Unicredit Bulbank’s economic forecasts put Bulgaria as the second fastest growing economy in CEE for 2018 with projected 4.4% increase in GDP. Private consumption is forecast to remain the main driver of growth, while economists expect growing investment will push the economy closer to the tar...

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17.04.2018

Gradus files an IPO prospectus with FSC

Gradus AD, the largest producer of poultry in Bulgaria and the 2nd largest producer of hatching eggs in the EU, has filed its IPO prospectus for approval with the FSC. The company reported 2017 consolidated revenue of BGN 245.8m and net earnings of BGN 39.8m. The management expects a valuation betwe...

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17.04.2018

Monbat’s issue is placed under supervision (NEUTRAL)

The BoD of BSE-Sofia placed under monitoring for a period of 3 months the issue of shares of Monbat on the grounds of Art.42 (1) of BSE-Sofia Listing Rules. Monbat does not comply with the criteria of a minimum 150 average number of trades over the last 6 months period. In case of a registration of ...

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17.04.2018

Euroins Insurance Group buys travel insurer ERV (NEUTRAL)

EIG, part of the public holding Eurohold, is acquiring the ERV Ukraine. The company is the second largest provider of travel insurance in Ukraine. Seller is the Germany-based ERGO, part of Munich-Re. The price is still undisclosed, but the seller has offered a transfer of know-how and further cooper...

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17.04.2018

Odessos Shiprepair Yard proposed BGN 4.0 gross DPS (POSITIVE)

Odessos Shiprepair Yard proposed to distribute a total of BGN 2.3m as dividends for 2017 (+25% YoY), which represents BGN 4.0 gross DPS. The proposed amount represents 4.1% dividend yield of at the last close of BGN 97.5 per share. The AGM would be held on 21 May’18.

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17.04.2018

Industrial Capital Holding proposed BGN 0.06 gross DPS (NEUTRAL)

The BoD of Industrial Capital Holding proposed to distribute a total of BGN 982 229.05 as dividends for 2017 (+20% YoY), equivalent to BGN 0.06 gross DPS. The proposed amount corresponds to 49.9% payout and 2.0% dividend yield at the last close price of BGN 3.1 per share. In addition, the BoD propos...

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