United States

Analyst Research Report Snapshot


Gorenje 9M13




Alta Invest


25 Nov 2013





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Profitability affected by non-recurring items, results below our expectations. Sales revenues decreased by 1.5% in 9M13 although in core Home business segment revenues finally increased by 1.0% YoY. Nevertheless margins contracted and Gorenje posted a loss of EUR 18.4m in 9M13 and a loss of EUR 10.4m in 3Q13. Here we note there were several one-off items including impairments and discontinued operations. Gorenje also ended a massive reallocation of production which will according to management expectations save them EUR 20m of costs annually. The big short term them however is capital injection process in November to December 2014 period. Our buy recommendation remains unchanged, but due to lower estimates we lowered our target price.

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