Fourlis Holdings S.A.

Co. is engaged in the manufacture, import and distribution of electrical household appliances and the manufacture of FOURLIS kitchen hoods. In addition, through a subsidiary, Co. is engaged in the operation of a retail chain.
  • TickerFOYRK
  • ISINGRS096003009
  • SectorHousehold Goods & Home Construction
  • CountryGreece

Analysts

2 directors sold

Two Directors at Fourlis Holding sold 6,800 shares at between 4.722EUR and 4.750EUR. The significance rating of the trade was 52/100. Is that information sufficient for you to make an investment decision? This report gives details of those trades and adds context and analysis to them such that you can judge whether these trading decisions are ones worth following. Included in the report is a detailed share price chart which plots discretionary trades by all the company's directors over the last two years clearly showing Close periods where trading activity is restricted under listing rules. ...

Research Team

The Rear-View Mirror – EME markets: Turkish equities stand out in November

EME Equity Market – November 2018 Market performance – Turkey up by 13.3% mom in EUR terms in November. The MSCI EME gained 2.2% in November, while the Turkish ISE rose by 13.3% in EUR terms, which was driven mostly by the appreciation of the TRY against EUR, as the index gained 6.1% mom in TRY terms. The Hungarian BUX was up by 8.3% mom, followed by the Polish WIG20 (+7.7% mom) and Romania’s BET (+1.8% mom). The Czech PX index was flat mom, while the Russian MOEX and the Greek ASE ended the month in negative territory (-0.3% mom and -1.5% mom, respectively).

Research Team

WOOD Morning (22 November)

HEADLINES: • Novatek: breaking the ice (upgraded to BUY) • Ciech: 3Q18 EBIT 13% below consensus, high energy costs affected the results NEGATIVE • Eurocash: sales in small stores up 5% yoy in October POSITIVE • Play Communications: new pricing for Play Next announced last week POSITIVE • O2 Czech Republic: takeaways from the 3Q18 earnings call NEUTRAL • Fourlis: 3Q18 results conference call takeaways NEUTRAL • MTS: 3Q18 results review and key takeaways from the earnings call NEGATIVE • Short News (ALR)

Research Team

WOOD Morning (21 November)

HEADLINES: • Georgian banks: battling uphill (BGEO downgraded to HOLD; TBC stays BUY) • Polish gencos: 2021E capacity auction delivery price surprises positively • CA Immo: 3Q18 - another strong quarter, FFO I exceeds our and consensus estimates by 10% and 6% POSITIVE • ANY PLC: 3Q18 results review - strong revenues, at the expense of profitability pressure NEGATIVE • O2 Czech Republic: 3Q18 beat on Slovakia, pay-TV and gross margin expansion POSITIVE • Fourlis: 3Q18 results - broadly in line, 9% beat on net profit NEUTRAL • Medicalgorithmics: 3Q18 weaker than expectations NEGATIVE • Bank Pe...

Research Team

WOOD Morning (20 November)

HEADLINES: • LPP: 3Q18 numbers a touch above preliminaries, 2019E capex guidance above expectations • Norilsk Nickel: Investor Day - little change, neutral for the share price NEUTRAL • Bank Pekao: 2018-20E profits dividend plan NEGATIVE • Bank Pekao: changes in the management board • EME Strategy: Poland - President signs Employee Capital Plans bill NEUTRAL • Rostelecom: may develop 5G together with MegaFon and Rostec NEUTRAL • Orange PL: FTR cuts delayed by UKE NEUTRAL • CEE telecoms: cuts in intra-EU calls from May 2019 NEUTRAL • Titan Cement: valuation report in relation to the tender o...

Research Team

The Rear-View Mirror – EME markets: Turkish equities stand out in November

EME Equity Market – November 2018 Market performance – Turkey up by 13.3% mom in EUR terms in November. The MSCI EME gained 2.2% in November, while the Turkish ISE rose by 13.3% in EUR terms, which was driven mostly by the appreciation of the TRY against EUR, as the index gained 6.1% mom in TRY terms. The Hungarian BUX was up by 8.3% mom, followed by the Polish WIG20 (+7.7% mom) and Romania’s BET (+1.8% mom). The Czech PX index was flat mom, while the Russian MOEX and the Greek ASE ended the month in negative territory (-0.3% mom and -1.5% mom, respectively).

Dimitris Birbos

FOURLIS HOLDINGS - 3Q18 results preview: A volatile consumer sentiment in Greece and FX headwinds in Turkey to weigh on P&L

Stamatios Draziotis CFA

Fourlis | Waiting on that Greek recovery…

In our new note on Fourlis we argue that a convincing inflection of the domestic home furnishing business remains elusive, as a result of “erratic” trading in the market, the upswing in competitor activity and the limited underpinning provided by disposable income. In the light of subdued trading at domestic IKEA in Q2 and Q3, we have revised downward our FY18e EBITDA (c-5%, at €46m). We assume 2019 will be the tipping point for Greek IKEA (sales +5%) but we are circumspect about the extent of the recovery, especially against the background of a complex international environment and in view of...

Research Team

The Rear-View Mirror – EME markets: Turkish ESI at 2008 bottom in September

EME Equity Market – September 2018 Market performance – Turkey up 17% mom in EUR terms in September. The MSCI EME gained 6.1% in September, rebounding from the 6.7% loss recorded in August. The Turkish ISE rose by 17% mom in EUR terms, while Moscow’s stock exchange gained 8.6%. Prague’s PX market rose 3.1% in September, while the Bucharest Stock Exchange recorded a mom gain of 1.3%. Budapest’s BUX also rose modestly, by 0.8%. On the other hand, Warsaw’s WIG20 fell by 1.8% mom, while the Greek ASE index underperformed all of its peers, losing 5.2% mom (all performances measured in EUR terms).

Dimitris Birbos

FOURLIS HOLDINGS - 2Q18 results preview: Solid results driven by the home furnishing business

2 directors sold

Two Directors at Fourlis Holding sold 6,800 shares at between 4.722EUR and 4.750EUR. The significance rating of the trade was 52/100. Is that information sufficient for you to make an investment decision? This report gives details of those trades and adds context and analysis to them such that you can judge whether these trading decisions are ones worth following. Included in the report is a detailed share price chart which plots discretionary trades by all the company's directors over the last two years clearly showing Close periods where trading activity is restricted under listing rules. ...

Research Team

WOOD Morning (22 November)

HEADLINES: • Novatek: breaking the ice (upgraded to BUY) • Ciech: 3Q18 EBIT 13% below consensus, high energy costs affected the results NEGATIVE • Eurocash: sales in small stores up 5% yoy in October POSITIVE • Play Communications: new pricing for Play Next announced last week POSITIVE • O2 Czech Republic: takeaways from the 3Q18 earnings call NEUTRAL • Fourlis: 3Q18 results conference call takeaways NEUTRAL • MTS: 3Q18 results review and key takeaways from the earnings call NEGATIVE • Short News (ALR)

Research Team

WOOD Morning (21 November)

HEADLINES: • Georgian banks: battling uphill (BGEO downgraded to HOLD; TBC stays BUY) • Polish gencos: 2021E capacity auction delivery price surprises positively • CA Immo: 3Q18 - another strong quarter, FFO I exceeds our and consensus estimates by 10% and 6% POSITIVE • ANY PLC: 3Q18 results review - strong revenues, at the expense of profitability pressure NEGATIVE • O2 Czech Republic: 3Q18 beat on Slovakia, pay-TV and gross margin expansion POSITIVE • Fourlis: 3Q18 results - broadly in line, 9% beat on net profit NEUTRAL • Medicalgorithmics: 3Q18 weaker than expectations NEGATIVE • Bank Pe...

Research Team

WOOD Morning (20 November)

HEADLINES: • LPP: 3Q18 numbers a touch above preliminaries, 2019E capex guidance above expectations • Norilsk Nickel: Investor Day - little change, neutral for the share price NEUTRAL • Bank Pekao: 2018-20E profits dividend plan NEGATIVE • Bank Pekao: changes in the management board • EME Strategy: Poland - President signs Employee Capital Plans bill NEUTRAL • Rostelecom: may develop 5G together with MegaFon and Rostec NEUTRAL • Orange PL: FTR cuts delayed by UKE NEUTRAL • CEE telecoms: cuts in intra-EU calls from May 2019 NEUTRAL • Titan Cement: valuation report in relation to the tender o...

Research Team

Focus: Moscow Exchange not paying an interim dividend for 1H18, approves acquisition of a stake in KASE; Pfleiderer’s 2Q18 results – in line with preliminary figures; Polish watchdog fines Raiffeisen unit PLN 50m

HEADLINES: • Moscow Exchange: not paying an interim dividend for 1H18; approves acquisition of a stake in KASE NEGATIVE • Pfleiderer: 2Q18 results - in line with preliminary figures NEUTRAL • Raiffeisen Int.: Polish watchdog fines Raiffeisen unit PLN 50m NEGATIVE • Fourlis: French sports retailer Decathlon entering Greek market NEGATIVE • Getin Noble Bank: takeaways from post-2Q18 meeting with management • Short News (EAT, EUR, PLY, SNN, RO Sovereign Fund)

Research Team

Focus: European Frontier Markets: explore the undiscovered dividend haven; Fourlis’ weaker 2Q18 results due to miss on Ikea; Kruk’s CEO expects higher purchases in Romania in 2H18E, has more confidence in Italy

HEADLINES: • European Frontier Markets: explore the undiscovered dividend haven • Fourlis: weaker 2Q18 results due to miss on Ikea • Kruk: CEO expects higher purchases in Romania in 2H18E; has more confidence in Italy POSITIVE • Alior Bank: Puls Biznesu reports that Alior may be eying SocGen's Eurobank in Poland NEUTRAL • Wirtualna Polska: purchases a 14% stake in Domodi for PLN 33.4m NEUTRAL • Echo Investment: sells 40 apartments in August and delivers 111 NEUTRAL • Turkish automotive: light vehicle sales down 53% yoy in August NEGATIVE • Short news (PL gencos, FP)

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