United States

Analyst Research Report Snapshot


Mercator 9M13




Alta Invest


13 Nov 2013





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Further decrease in revenues, while net income below our pessimistic expectations. Sales revenues decreased by 3.6% YoY in 9M13 and 4.4% YoY in 3Q13. The decrease is especially seen on the domestic market, where economic conditions remain harsh, however also foreign revenues are down YoY due to Croatia and some market exits. Despite cost rationalization measures margins continue to slide. 3Q13 and 9M13 loss is therefore lower than our expectations, even though our expectations for 2013 are below management guidance. Debt and net debt amount are too high and only slightly lower YoY. We therefore stick with sell recommendation, while Agrokor takeover story and price (EUR 120) is still on the table but with no new news.

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