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

Research Team

WOOD Morning (14 February)

HEADLINES: • Russian oil & gas: cashing in the chips (Gazprom, Lukoil, Novatek, Rosneft, Surgutneftegas and Tatneft) • Fourlis: for a few dollars more (BUY - transfer of coverage) • Vakifbank: 4Q18 results review NEUTRAL • Bank Handlowy: 4Q18 results delivery indicates 2019E growth may prove challenging NEGATIVE • Aygaz: 4Q18 review - weak results due to inventory losses and one-off provision NEGATIVE • Tupras: 4Q18 results - big beat on net income POSITIVE • Coca-Cola HBC: 2H18 results - miss on bottom line, but a broadly neutral set of numbers NEUTRAL • Aselsan: acquires 51% of BITES Teknol...

Fani Tzioukalia ...
  • Lukasz Wachelko, CFA

Fourlis: For a few dollars more (BUY - transfer of coverage)

We transfer coverage of Fourlis, retaining our BUY recommendation, but cutting our price target (PT) to EUR 6.17/share, offering 31% upside potential, reflecting rather muted furniture growth for IKEA currently and a slower store rollout for the Intersport business. Fourlis saw a good year in 2018, in our view, and we also anticipate a positive outlook for 2019-20E, but without any short-term catalyst that could reveal the group’s operating leverage. In the home furnishing market, we take into account some slight indications of improvement in retail trade, although Fourlis’ home furniture segm...

Dimitris Birbos

FOURLIS HOLDINGS - An attractive growth story at a good price! Upgrade to Buy

Dimitris Birbos

FOURLIS HOLDINGS - An attractive growth story at a good price! Upgrade to Buy

An unfavourable environment weighs on FOURLIS HOLDING SA, which sees a downgrade to Slightly Negative

The independent financial analyst theScreener just requalified the general evaluation of FOURLIS HOLDING SA (GR), active in the Durable Household Products industry. As regards its fundamental valuation, the title still shows 1 out of 4 stars and its market behaviour is seen as moderately risky. theScreener believes that the unfavourable environment weighs on the sector and penalises the company, which sees a downgrade to its general evaluation to Slightly Negative. As of the analysis date January 4, 2019, the closing price was EUR 4.09 and its target price was estimated at EUR 3.75.

Fani Tzioukalia ...
  • Lukasz Wachelko, CFA

Fourlis: For a few dollars more (BUY - transfer of coverage)

We transfer coverage of Fourlis, retaining our BUY recommendation, but cutting our price target (PT) to EUR 6.17/share, offering 31% upside potential, reflecting rather muted furniture growth for IKEA currently and a slower store rollout for the Intersport business. Fourlis saw a good year in 2018, in our view, and we also anticipate a positive outlook for 2019-20E, but without any short-term catalyst that could reveal the group’s operating leverage. In the home furnishing market, we take into account some slight indications of improvement in retail trade, although Fourlis’ home furniture segm...

Dimitris Birbos

FOURLIS HOLDINGS - An attractive growth story at a good price! Upgrade to Buy

Dimitris Birbos

FOURLIS HOLDINGS - An attractive growth story at a good price! Upgrade to Buy

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

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 (14 February)

HEADLINES: • Russian oil & gas: cashing in the chips (Gazprom, Lukoil, Novatek, Rosneft, Surgutneftegas and Tatneft) • Fourlis: for a few dollars more (BUY - transfer of coverage) • Vakifbank: 4Q18 results review NEUTRAL • Bank Handlowy: 4Q18 results delivery indicates 2019E growth may prove challenging NEGATIVE • Aygaz: 4Q18 review - weak results due to inventory losses and one-off provision NEGATIVE • Tupras: 4Q18 results - big beat on net income POSITIVE • Coca-Cola HBC: 2H18 results - miss on bottom line, but a broadly neutral set of numbers NEUTRAL • Aselsan: acquires 51% of BITES Teknol...

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)

An unfavourable environment weighs on FOURLIS HOLDING SA, which sees a downgrade to Slightly Negative

The independent financial analyst theScreener just requalified the general evaluation of FOURLIS HOLDING SA (GR), active in the Durable Household Products industry. As regards its fundamental valuation, the title still shows 1 out of 4 stars and its market behaviour is seen as moderately risky. theScreener believes that the unfavourable environment weighs on the sector and penalises the company, which sees a downgrade to its general evaluation to Slightly Negative. As of the analysis date January 4, 2019, the closing price was EUR 4.09 and its target price was estimated at EUR 3.75.

Ford Equity International Rating and Forecast Report

Ford Equity International Research Reports cover 60 countries with over 30,000 stocks traded on international exchanges. A proprietary quantitative system compares each company to its peers on proven measures of business value, growth characteristics, and investor behavior. Ford's three recommendation ratings buy, hold and sell, represent each stock’s return potential relative to its own country market.. The rating reports which are generated each week, include the fundamental details behind each recommendation and reflect the fundamental and price data as of the last trading day of the week...

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