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

1 director bought

A director at Fourlis Holding bought 10,000 shares at 4.650EUR and the significance rating of the trade was 55/100. 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 boa...

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).

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)

Dimitris Birbos

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

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

Dimitris Birbos

Ready to move to the new phase of expansion!

Research Team

The Rear-View Mirror – CEE markets: Greek equities gained the most in April in EME

EME Equity Market – April 2018 Market performance – ASE gained the most in April, while the ISE30 lost the most. The MSCI EME dropped by 3.2% mom in EUR terms. The ASE index (+10% mom) reported the largest rate of return, followed by the Polish WIG20 index (+2.9%), and the BUX (+2.7% mom); while the Turkish ISE30 lost -10.4% mom, followed by the Russian MICEX (-6.3% mom), and the Czech PX index (-1.4% mom). The Romanian BET index stayed fairly flat (-0.1% mom).

Alex Boulougouris ...
  • Research Team

Greece: Keep calm, this time it is real! (AEGN, ALPHA, BELA, CCH, ELPE, ETE, EUROB, EXAE, FOYRK, GRIV, HTO, MOH, MYTIL, OPAP, PPA, PPC, SAR, TITK, TPEIR)

We are bullish on the Greek equities in 2018E for three key reasons: 1) the very low valuations in the banking sector (0.4x P/TBV), with solid capital buffers; 2) the good stories in the non-financials space, with solid selective BUYs in both the large and mid-cap spaces; and, 3) the improving GDP outlook, as Greece is heading for another year of (albeit boring) GDP growth in the region of 2%. On the negative side, the sovereign yield tightening theme is coming to an end (we already assume a 4% risk free rate in our models), while the GDP recovery is certainly not in a V-shape. Our best pick o...

1 director bought

A director at Fourlis Holding bought 10,000 shares at 4.650EUR and the significance rating of the trade was 55/100. 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 boa...

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)

Research Team

Focus: keeping our BUY on KAZ Minerals, with a lower GBp 679 PT; Sberbank – 2Q18 review – decent quarter, but not strong enough to shake off sanctions gloom; CCC’s 2Q18 results – very strong cash flow, P&L supported by one-offs

HEADLINES: * KAZ Minerals: oversold - Baimskaya is a free hit (stays BUY) * Sberbank: 2Q18 review - decent quarter, but not strong enough to shake off sanctions gloom NEUTRAL * CCC: 2Q18 results - very strong cash flow, P&L supported by one-offs, in line with prelims NEUTRAL * Dom Development: 2Q18 results broadly in line, waiting for the completion schedule NEUTRAL * GTC: stock gains almost 7% on Lone Star's stake sale update POSITIVE * Play Communications: signs agreement with BGZ BNP Paribas on equipment sales financing NEUTRAL * Titan Cement: increases its stake in t...

Research Team

WOOD Morning (23 May)

HEADLINES: * Coca-Cola Icecek: 2018/20E guidance revealed at Capital Markets Day NEUTRAL * PGNiG: 1Q results, no change from previously reported estimates NEUTRAL * Fourlis: 1Q18 results - small beat on EBITDA, driven by 47% reported growth at Ikea POSITIVE * CCC: acquires 70% stake in second shoe retailer in Switzerland for CHF 10m POSITIVE * Medicalgorithmics: 1Q18 weak, as expected NEGATIVE * PKN Orlen: to squeeze out Unipetrol's minority shareholders NEUTRAL * Wirtualna Polska: key takeaways from 1Q18 conference NEUTRAL * PGE: launches offers for Polenergia at PLN 1...

Research Team

WOOD Morning (22 May)

HEADLINES: * Georgia Capital: in the business of building businesses in Georgia (initiation of coverage – NOT RATED) * Georgia Healthcare Group: getting back up to speed (upgraded to BUY) * PKO BP: 1Q18 - solid set of results, in line with our expectations; strong asset quality trends POSITIVE * Vakifbank: 1Q18 wrap-up NEUTRAL * Sberbank: sells Turkish unit, could get 80bps CET1 bump * AmRest: reportedly shortlisted to acquire Spanish burger chain for EUR 150m NEGATIVE * Wirtualna Polska: strong 1Q18 results, adjusted EBITDA up 40% yoy POSITIVE * Nostrum Oil & Gas: ...

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