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

Dimitris Birbos

FOURLIS HOLDINGS - 1Q19 results preview: Mediocre performance due to seasonal factors and a soft consumer sentiment in Greece

FOURLIS HOLDING SA with less fundamental stars is reduced to Neutral

FOURLIS HOLDING SA (GR), a company active in the Durable Household Products industry, loses a star(s) at the fundamental level and sees its general evaluation downgraded. The independent financial analyst theScreener just removed a fundamental star(s) for a 3 over 4-star rating. As such, market behaviour remains unchanged and is evaluated as moderately risky. theScreener believes that the loss of a star(s) merits downgrade to the general evaluation of the title, which passes to Neutral. As of the analysis date April 26, 2019, the closing price was EUR 5.30 and its expected value was estimated ...

1 director sold

A director at Fourlis Holding sold 10,000 shares at 5.466EUR and the significance rating of the trade was 54/100. 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. The names of board...

Research Team

The Rear-View Mirror – EME markets: Turkish ISE30 plummets in March

EME Equity Market – March 2019 Market performance – Turkish ISE index down 13.9% in March. In March, the MSCI EME remained flat, following February’s 1.6% mom contraction. Bucharest’s BET index was the best performer in March, +4.2% mom; followed by the MOEX index (2.1% mom); the ASE index (+2.0% mom); and Budapest’s BUX (+1.5% mom). In negative territory, the worst performer was the Turkish ISE30, -13.9% mom; while the WIG20 and the Czech PX lost 0.9% mom and 0.5% mom, respectively.

Stamatios Draziotis CFA

Fourlis | On the REIT path

In our new note on Fourlis we consider the potential value that may be crystallised from Fourlis’s REIC structure. We argue that the value creation will stem mostly from the re-rating of the rental income within the REIC and suggest that key for the value creation will be the multiple attached to the operating business (OpCo), which will naturally have lower margins due to the rentals paid to the REIC. Our analysis suggests that a combination of 10% discount to NAV for the REIC and a 6.5x adj. EV/EBITDAR for the OpCo – which we consider to be realistic – yields a fair price near €6.4 for the g...

Dimitris Birbos

FOURLIS HOLDINGS - 1Q19 results preview: Mediocre performance due to seasonal factors and a soft consumer sentiment in Greece

Research Team

The Rear-View Mirror – EME markets: Turkish ISE30 plummets in March

EME Equity Market – March 2019 Market performance – Turkish ISE index down 13.9% in March. In March, the MSCI EME remained flat, following February’s 1.6% mom contraction. Bucharest’s BET index was the best performer in March, +4.2% mom; followed by the MOEX index (2.1% mom); the ASE index (+2.0% mom); and Budapest’s BUX (+1.5% mom). In negative territory, the worst performer was the Turkish ISE30, -13.9% mom; while the WIG20 and the Czech PX lost 0.9% mom and 0.5% mom, respectively.

Stamatios Draziotis CFA

Fourlis | On the REIT path

In our new note on Fourlis we consider the potential value that may be crystallised from Fourlis’s REIC structure. We argue that the value creation will stem mostly from the re-rating of the rental income within the REIC and suggest that key for the value creation will be the multiple attached to the operating business (OpCo), which will naturally have lower margins due to the rentals paid to the REIC. Our analysis suggests that a combination of 10% discount to NAV for the REIC and a 6.5x adj. EV/EBITDAR for the OpCo – which we consider to be realistic – yields a fair price near €6.4 for the g...

Dimitris Birbos

FOURLIS HOLDINGS - 4Q18 results preview: Soft IKEA operations and FX headwinds in Turkey to weigh on earnings performance

Research Team

The Rear-View Mirror – EME markets: ASE rallied in February

EME Equity Market – February 2019 Market performance – ASE Index up 11.5% mom in February. The ASE index outperformed its rivals in February, rising by 11.5%, following a mom gain of 3.5% in January. Bucharest was the second-best performer, up 10.2% in February, while Prague’s PX recorded a mom gain of 3.2%. The MSCI EME was in correction mode in February, losing 1.6% mom, following January’s double-digit growth of 11.3% mom; while the MOEX and BUX both lost 1.3% mom in February; and the Turkish ISE30 was down 2.1% mom. Last but not least, the worst performer was the WIG20, which recorded a lo...

1 director sold

A director at Fourlis Holding sold 10,000 shares at 5.466EUR and the significance rating of the trade was 54/100. 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. The names of board...

Research Team

Focus: keeping our HOLD on Athens Exchange Group, with lower EUR 4.20 PT; GTC’s 2018 results – So Good, So Right; PKP Cargo’s 4Q18 in line with preliminary figures, dividend recommended, strong 2019E EBITDA forecast; Cyfrowy Polsat’s 4Q18

HEADLINES: • Athens Exchange Group: too fast, too soon (stays HOLD) • GTC: 2018 results - So Good, So Right POSITIVE • PKP Cargo: 4Q18 in line with prelims, dividend recommended, strong 2019E EBITDA forecast POSITIVE • Cyfrowy Polsat: 4Q18 results - 2% beat vs. consensus EBITDA, strong top line and KPIs NEUTRAL • Echo Investment: 2018 results - net profit in line, with revaluations the key driver NEUTRAL • Enea: 4Q18 results in line with prelims NEUTRAL • Ciech: sees risk of 20% reduction of soda ash production at Romanian plant NEGATIVE • Turkish automotive: temporary SCT/VAT tax cut extend...

Research Team

Focus: keeping our HOLD on OTP Bank, with a higher HUF 13,330 PT; Motor Oil Hellas’ 4Q18 results, strong adjusted net income; CEZ – 4Q18 EBITDA a 10% miss, net profit misses by c.60%, but solid FY19E guidance; Athens Exchange Group’s 4Q18

HEADLINES: • OTP Bank: dance until the music stops (stays HOLD) • Motor Oil Hellas: 4Q18 results, strong adjusted net income • CEZ: 4Q18 EBITDA a 10% miss, net profit misses by c.60%, but solid FY19E guidance • Athens Exchange Group: 4Q18 - no surprises in the P&L trends, better dividend • Inter Cars: preliminary 2018 results NEUTRAL • Kruk: additional takeaways on Wonga.pl acquisition NEUTRAL • Wirtualna Polska: Emitel and TVP to launch joint marketing campaign for MUX-8 today POSITIVE • Globalworth: York Capital Management sells 8.9m GWI shares at EUR 9.1/share (EUR 81m) NEUTRAL • mBank...

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...

FOURLIS HOLDING SA with less fundamental stars is reduced to Neutral

FOURLIS HOLDING SA (GR), a company active in the Durable Household Products industry, loses a star(s) at the fundamental level and sees its general evaluation downgraded. The independent financial analyst theScreener just removed a fundamental star(s) for a 3 over 4-star rating. As such, market behaviour remains unchanged and is evaluated as moderately risky. theScreener believes that the loss of a star(s) merits downgrade to the general evaluation of the title, which passes to Neutral. As of the analysis date April 26, 2019, the closing price was EUR 5.30 and its expected value was estimated ...

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