Analyst Research Report Snapshot


Gorenje 2013




Alta Invest


21 Mar 2014





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Results below our expectations while affected by non-recurring negative effects. Adverse environment affected results, where revenues decreased by 1.8% YoY with core segment achieving stagnation of sales. Margins contracted despite better gross profitability, while several impairments (receivables, investments, discontinued operations) hampered results and pushed bottom line in EUR 25.0m loss. Management is optimistic for 2014 where they see EBITDA at 93.7m and net profit at EUR 12.1m. However the key issue is when will Gorenje start delivering the guidance as only margin expansion can drive up the valuation and stock price. Our target price is set at EUR 6.4 per share while recommendation remains buy.

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