The Group is currently active in two operating segments: Furniture and Household Goods through the franchise of IKEA stores in Greece, Bulgaria and Cyprus; Sporting Goods through the franchise of INTERSPORT stores in Greece, Cyprus, Bulgaria, Turkey and Romania and Athlete’s Foot in Greece and Turkey.
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.
Founded in 2002, VRS (VALUATION & RESEARCH SPECIALISTS) is an independent Financial Research & Consulting Firm with offices and presence in Athens and Luxembourg, and with senior presence in the broader European and North American markets, providing advanced equity research and valuation reports as well as value-related advisory services to local and international institutions, business entities and individual clients.
VRS is a boutique financial advisor with more than 15 years of experience in Corporate Valuation and Finance, and a diversified client base including some of the largest Companies in Greece.
Since 2002, VRS has completed more than 200 engagements in the areas of business valuation and financial analysis for more than 100 clients in a wide range of industries.
VRS has been honored to work with small and large private and publicly traded companies in Europe and overseas.
VRS provides corporations with services in financial restructuring, valuation of business enterprises, intangible assets and tangible fixed assets, value enhancement and strategic expansion.
VRS also assists companies involved in mergers and acquisitions and tracks the market in order to offer advice on when to make public offerings and private placements.
VRS cooperates with international organizations, banks and strategic or institutional investors.
VRS has worked with over 200 companies in Greece and internationally in financing, private placements, initial public offerings, business acquisitions and mergers.
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...
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...
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