United States

Analyst Research Report Snapshot


Gorenje 1Q14




Alta Invest


25 Apr 2014





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Slight growth of revenues, however operating margins expanded. Sales revenues increased by 0.5% YoY in 1Q14 as majority of markets including Russia continued with positive contributions to growth, especially in core segment. Margins also improved due to materialization of cost saving due to production migration conducted in 2013 (EUR 1.8m monthly). However this was slightly balanced by negative currency movements and Gorenje posted only a mere EUR 1.0m of profit. As results are mostly in line with expectations we are maintaining our target price and recommendation.

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