Gr. Sarantis S.A.

Co. is a consumer goods manufacturer and distributor engaged in operations in Greece. Co. produces consumer goods such as cosmetics, pharmaceuticals, households, pet products, car's accessories and apparel. Co. produces its own brand name of cosmetic products such as Prosar, Str8, BU99, Clochard, Carroten, Tokalon and others. Co.'s product portfolio also includes a range of international brands such as Estee Lauder, Clinique, Aramis, Donna Karen, Orlane, Montana Versace and others.
  • TickerSAR
  • ISINGRS204003008
  • SectorPersonal Goods
  • CountryGreece

Analysts

Research Team

The Rear-View Mirror – EME markets: Greek equities stand out in April

EME Equity Market – April 2019 Market performance – Greece up 7.2% mom in EUR terms in April 2019. The MSCI EME gained 2.4% in April, and was outperformed by the Greek ASE index, which rose 7.2%. The second-best performing market in EME was Romania, with the BET index up 5.3% mom, followed by the Russian MOEX (+4.1% mom), the Polish WIG20 (+1.4% mom) and the Hungarian BUX (+1.3% mom). The Czech PX index was flat mom; while the Turkish ISE30 dropped by 4.5% mom, but this was related to the depreciation of the TRY against the EUR, as the index was up 1.2% mom in TRY terms.

SARANTIS Company Note, April 2019

Sarantis S.A. is a consumer product company focusing on cosmetics, toiletries, household products and health care products.

Stamatios Draziotis CFA

Sarantis | Room to grow

In our new note we reiterate our view that Sarantis is well-placed to continue delivering 6-7% organic sales growth through to 2021e underpinned by the healthy macroeconomic outlook across its geographic territories (sales-weighted GDP growth >3%), its balanced category exposure (both aspirational and functional) and its leading market position in many of its product categories. This will translate into c12% EBIT CAGR in the next 3 years by virtue of positive operating leverage, scale benefits and acquisition-related synergies. We stress that Sarantis’s c7% organic growth in 2019e places Saran...

Research Team

Focus: Gazprom’s management proposes RUB 10.43 dividend; Sarantis’ FY18 conference call highlights; LPP – takeaways from investors' meeting; Enea’s supervisory board approves recommendation for no dividend from 2018 profit

HEADLINES: • Gazprom: management proposes RUB 10.43 dividend NEUTRAL • Sarantis: FY18 conference call highlights • LPP: takeaways from investors' meeting NEGATIVE • Enea: supervisory board approves recommendation for no dividend from 2018 profit NEUTRAL • Immofinanz: 4Q18 call - no breaking news NEUTRAL • Warsaw Stock Exchange: 1Q19E - lower bottom line on weaker revenues & higher costs (due on 29 April) • Short News (KER)

Research Team

Focus: LPP’s 4Q18 in line with prelims, 2019E rollout guidance above expectations; Immofinanz’s 2018 results – a transition year; Sarantis’ FY18 results – delivering growth in line with strategy; Turkey macro – little news is good news

HEADLINES: • LPP: 4Q18 in line with prelims, 2019E rollout guidance above expectations NEUTRAL • Immofinanz: 2018 results - a transition year NEUTRAL • Sarantis: FY18 results - delivering growth in line with strategy POSITIVE • Turkey macro: little news is good news • EME Macro/Strategy: Brexit and business cycle update • Krka: proposes EUR 3.2/share dividend (current yield 5.5%) POSITIVE • Lenta: minorities push to negotiate with Magnit POSITIVE • Mobile TeleSystems: to pay a dividend of RUB 19.98/share (RUB 39.96/ADR) NEUTRAL • Play Communications: to pay PLN 1.45 DPS from 2018 net profit ...

Research Team

The Rear-View Mirror – EME markets: Greek equities stand out in April

EME Equity Market – April 2019 Market performance – Greece up 7.2% mom in EUR terms in April 2019. The MSCI EME gained 2.4% in April, and was outperformed by the Greek ASE index, which rose 7.2%. The second-best performing market in EME was Romania, with the BET index up 5.3% mom, followed by the Russian MOEX (+4.1% mom), the Polish WIG20 (+1.4% mom) and the Hungarian BUX (+1.3% mom). The Czech PX index was flat mom; while the Turkish ISE30 dropped by 4.5% mom, but this was related to the depreciation of the TRY against the EUR, as the index was up 1.2% mom in TRY terms.

SARANTIS Company Note, April 2019

Sarantis S.A. is a consumer product company focusing on cosmetics, toiletries, household products and health care products.

Stamatios Draziotis CFA

Sarantis | Room to grow

In our new note we reiterate our view that Sarantis is well-placed to continue delivering 6-7% organic sales growth through to 2021e underpinned by the healthy macroeconomic outlook across its geographic territories (sales-weighted GDP growth >3%), its balanced category exposure (both aspirational and functional) and its leading market position in many of its product categories. This will translate into c12% EBIT CAGR in the next 3 years by virtue of positive operating leverage, scale benefits and acquisition-related synergies. We stress that Sarantis’s c7% organic growth in 2019e places Saran...

Natalia Svyrou-Svyriadi

SARANTIS - FY18 results preview: Profit expected in line with guidance

Research Team

The Rear-View Mirror – EME markets: All markets down in December, highest loss in Romania

EME Equity Market – December 2018 Market performance – all markets down in December. The BET index reported the highest loss, of 14.7%, in December; while the MSCI EME was down 4.3%, vs. November’s 2.2% gain; the Turkish ISE recorded a loss of 6.2%, following the 13.3% mom rise in November; Prague’s PX index fell 6.8%, after November’s flat performance; Moscow’s index lost 5.9%, vs. the 0.5% loss in the previous month; Budapest’s BUX ended December with a loss of 1.7%; and Greece’s ASE lost 2.7%; while Warsaw’s WIG20 fell 0.9% (all performances measured in EUR terms).

1 director sold

A director at Sarantis Sa sold 122,881 shares at 7.280EUR and the significance rating of the trade was 100/100. 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 m...

Research Team

Focus: Gazprom’s management proposes RUB 10.43 dividend; Sarantis’ FY18 conference call highlights; LPP – takeaways from investors' meeting; Enea’s supervisory board approves recommendation for no dividend from 2018 profit

HEADLINES: • Gazprom: management proposes RUB 10.43 dividend NEUTRAL • Sarantis: FY18 conference call highlights • LPP: takeaways from investors' meeting NEGATIVE • Enea: supervisory board approves recommendation for no dividend from 2018 profit NEUTRAL • Immofinanz: 4Q18 call - no breaking news NEUTRAL • Warsaw Stock Exchange: 1Q19E - lower bottom line on weaker revenues & higher costs (due on 29 April) • Short News (KER)

Research Team

Focus: LPP’s 4Q18 in line with prelims, 2019E rollout guidance above expectations; Immofinanz’s 2018 results – a transition year; Sarantis’ FY18 results – delivering growth in line with strategy; Turkey macro – little news is good news

HEADLINES: • LPP: 4Q18 in line with prelims, 2019E rollout guidance above expectations NEUTRAL • Immofinanz: 2018 results - a transition year NEUTRAL • Sarantis: FY18 results - delivering growth in line with strategy POSITIVE • Turkey macro: little news is good news • EME Macro/Strategy: Brexit and business cycle update • Krka: proposes EUR 3.2/share dividend (current yield 5.5%) POSITIVE • Lenta: minorities push to negotiate with Magnit POSITIVE • Mobile TeleSystems: to pay a dividend of RUB 19.98/share (RUB 39.96/ADR) NEUTRAL • Play Communications: to pay PLN 1.45 DPS from 2018 net profit ...

Research Team

Focus: downgrading Magyar Telekom to HOLD, with lower HUF 491 PT; O2 Czech Republic – cabinet-approved 5G auction conditions should assure fourth operator; Eurocash’s management recommends PLN 1.0 DPS, yielding 4.5%

HEADLINES: • Magyar Telekom: risky dividend play (downgraded to HOLD) • O2 Czech Republic: cabinet-approved 5G auction conditions should assure fourth operator NEGATIVE • Eurocash: management recommends PLN 1.0 DPS, yielding 4.5% POSITIVE • Inter Cars: strong monthly revenue in March POSITIVE • Lukoil: mulling over USD 1bn acquisition of fertiliser producer NEGATIVE • Globalworth: launches planned EUR 500m equity raising NEUTRAL • EME Strategy: more considerations on the OFEs' reform NEUTRAL • Sarantis: FY18E - following the general pattern (due out tomorrow) NEUTRAL • Short News (FMF, MTSS, ...

Research Team

WOOD Morning (19 December)

HEADLINES: • Sarantis: From Greece with Love (stays BUY - transfer of coverage) • Romania macro: budget woes starting • Romanian banks: bank tax proposal NEGATIVE • Erste Bank/RBI: could be hit visibly by Romanian tax burden proposals NEGATIVE • OTE: potential impact of Romanian telecoms fee hike NEGATIVE • Romanian energy/telecoms/utilities: impact of the proposed fiscal measures on various sectors • Polish gencos: regulator delays the retail tariff hike, asks for more information NEGATIVE • ING BSK: aiming to buy a 45% stake in NN TFI NEUTRAL • Atrium: Fitch upgrades rating to BBB (from B...

Research Team

WOOD Morning (8 November)

HEADLINES: • Komercni Banka: very strong 3Q18, with strong quality mix POSITIVE • CEZ: 3Q18 in line, EBITDA guidance cut to CZK 50-51bn, but adjusted net profit raised by CZK 1bn NEGATIVE • Alior Bank: neutral set of 3Q18, but market may focus on growing NPLs NEUTRAL • Magyar Telekom: 3Q18 results - weak quarter, with 7% yoy EBITDA drop NEGATIVE • Migros: 3Q results beat, another guidance upgrade • Isbank: 3Q18 results review - weak core banking earnings, CHP stake struggle NEUTRAL • Tupras: 3Q18 quarter results - net income disappoints on FX • Aygaz: 3Q18 review - results in line, FY sale ...

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...

MarketLine Department

Korres Natural Products SA - Strategy, SWOT and Corporate Finance Report

Summary Korres Natural Products SA - Strategy, SWOT and Corporate Finance Report, is a source of comprehensive company data and information. The report covers the company's structure, operation, SWOT analysis, product and service offerings and corporate actions, providing a 360˚ view of the company. Key Highlights Korres Natural Products SA (Korres) is a manufacturer and retailer of cosmetics and herbal products. The company’s product portfolio includes natural and organic skin and hair care products, make-up and herbal preparations. These products are marketed under KORRES brand. It offers...

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