-
P ret act iune (rebazat la 31/ 10/ 16)
RON 0.538
outperform
+31.2% RON 0.3 /RON 0.5
DoD WoW M oM YTD YoY
-3.3% -6.0% -6.8% +27.8% +24.3%
P/E P/B P/S EV/EBIT EV/EBITDA
10.7x 1.2x 0.7x 13.1x 7.6x
Sursa: BVB, EquityRT
F Y13 F Y14 F Y15 F Y16 Capitalizare
DPS (brut) n/a n/a 0.02 0.02 Capitalizare
% Distribuit n/a n/a 27.9% 23.1% Numar de actiuni
Randament n/a n/a n/a 3.3% Valoarea nominala
D ate f inanciare (R ON mn) - C o nso lidate
C umulat 9M 15 9M 16 F Y16 3M 17 6M 17 9M 17 Yo Y
Bilant
Active to tale 335 322 307 309 430 449 39.6%
Datorii to tale 161 117 90 91 215 225 92.7%
Capitaluri proprii 175 205 217 219 216 224 9.3%
Cont de profit si pierdere
Venituri to tale 287 315 403 71 178 302 -4.3% Sursa: BVB
Cheltuieli to tale 263 279 357 68 168 283 1.3%
EBIT 24 36 47 2 10 19 -47.3%
EBITDA 40 47 61 7 18 33 -30.4%
P ro f it net 22 30 39 2 8 16 -47.5%
T rimestria l 3Q15 3Q16 4Q16 1Q17 2Q17 3Q17 Yo Y
Cont de profit si pierdere
Venituri to tale 121 115 88 71 108 124 7.6%
Cheltuieli to tale 111 102 78 68 99 115 13.1%
EBIT 10 13 10 2 8 9 -34.3%
EBITDA 18 19 14 7 12 15 -22.8%
P ro f it net 10 12 8 2 6 8 -32.8%
Info rmatii o perat io nale (R ON mn)
9M 15 9M 16 F Y16 3M 17 6M 17 9M 17 Yo Y
Cifra de afaceri, din care: 0 311 399 0 172 295 -5.2%
- vanzare produse finite 0 264 346 0 155 264 -0.2%
- vanzare marfuri 0 45 54 0 17 30 -33.8% Sursa: Companie
Info rmatii cheie
9M 15 9M 16 F Y16 3M 17 6M 17 9M 17 Yo Y P / E P / B
EPS LT M (RON) n/a 0.10 0.09 0.06 0.05 0.04 -63.1% 10.7x 1.2x
BVPS (RON) n/a 0.45 0.44 0.36 0.36 0.33 -26.9% 27.0x 1.6x
SPS LT M (RON) n/a 1.02 0.88 0.67 0.67 0.59 -41.8% 29.2x 3.3x
APS (RON) n/a 0.79 0.68 0.55 0.67 0.60 -24.7% 23.4x 4.7x
ROaE⁷ n/a 22.9% 19.6% 16.6% 13.7% 11.6% -11.3pp NULL 0.3x
ROaA⁷ n/a 13.1% 12.7% 10.8% 7.4% 6.4% -6.7pp 12.3x 5.9x
marja EBIT 8.5% 11.5% 11.5% 3.0% 5.9% 6.3% -5.2pp 18.4x 2.7x
marja EBITDA 14.1% 15.0% 15.2% 9.3% 10.3% 10.9% -4.1pp
marja Profit net 7.7% 9.6% 9.8% 2.3% 4.4% 5.3% -4.3pp
Sursa: Companie, EquityRT, BT Equity Research Sursa: Reuters, BT Equity Research
Structura act io nariatului 5
A lte graf ice ( la 30/ 09/ 2017)
Cifra de afaceri
Structura geografica (FY16)
P o tent ial Pret M in /M ax (LTM )3
D escriere
Teraplast este o societate pe act iuni inf iintata in 1992, iar
incepand din 2008 compania este listata la BVB, simbol
bursier (TRP). Grupul Teraplast este unul dintre cei mai
important i producatori de materiale pentru construct ii si
instalat ii din Romania, compania mama, Teraplast (TRP), f iind
actualmente cel mai mare procesatori de PVC din tara. Integrat
pe orizontala, Grupul isi desfasoara act ivitatea prin intermediul
a 5 linii de business: Instalat ii&Amenajari, Prof ile tamplarie si
Granule (segmente apart inand de societatea-mama), Tamplarie
termoizolanta (subsidiara Teraglass), Panouri termoizolante si
structuri metalice (subsidiara Terasteel), product ia de Tevi din
poliet ilena (Politub)
D ividend (R ON ) 4 D etalii act iune ( la 30/ 10/ 17)
RON 351,333,498
EUR 76,420,041
856,910,970
RON 0.10
R ating Volum zilnic mediu (LTM )2 RON 0.10mn
R eco mandare B T Equity R esearch D etalii de tranzact io nare1
P ret t inta Ultimul pret (la 30/10/2017) RON 0.4
C o mpanii co mparabile (Ult imele date)
Teraplast [RO]
Deceuninck [BE]
Rockwool Int'l [DK]
Uponor [FI]
Korporacja Budow. [PL]
Eurocell [GB]
Polypipe Group [GB]
90%
10%
0.3%productia proprie
revanzareamarfurilor
alte activitati
47%
10%
43%
Goia Dorel
KJK Fund IISicav-SIF
alti actionari
-
0.5
1.0
0.2
0.4
0.6
Oct16 Feb17 Jun17 Oct17
Volume (RONmn) TRP BET-XT
78%
22%
Romania Europa
31OCT17
-
Initiere acoperire 02 Sep 15 0.5 0.977-1.105 Outperform Update companie 09 May 17 0.591 0.552 Neutru
Update companie 09 May 16 0.594 0.781-0.812 Outperform Update companie 21 Aug 17 0.469 0.538 Neutru
Update companie 18 Aug 16 0.435 0.508-0.584 Outperform
Update companie 17 Nov 16 0.498 0.565 Neutru
Update companie 20 Feb 17 0.57 U.R. U.R
- mailto:[email protected]:[email protected]:[email protected]:[email protected]:[email protected]:[email protected]:[email protected]:[email protected]://www.btopleasing.ro/http://www.btleasing.ro/http://www.btdirect.ro/http://www.btcapitalpartners.ro/https://www.bancatransilvania.ro/bt-mic/http://www.btam.ro/
