United States

Analyst Research Report Snapshot


Gorenje 2013




Alta Invest


21 Mar 2014





Companies referenced:


Available for Immediate Download

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.

Why buy analyst research?

  • Institutional quality research
  • Available for Immediate Download
  • Detailed company or industry insight
  • Print or save
  • 24 hour customer support
Return to previous page without adding this item to your cart.
Email Customer Support.

About Analyst Research

Analyst research reports are available for immediate download after purchase. You will have unlimited access to the report for 24 hours after purchase, to download, print or save it as many times as you wish. Analyst Research provided by Reuters does not constitute investment advice, and is not endorsed by Reuters Research. This information is protected by copyright and intellectual property laws. More information on Analyst Research.