So I haven’t written anything in a while, because really, there wasn’t anything to write about. I still don’t have much remarkable to say that I didn’t say already, but I’ll go over the freshly released results for the companies that I find interesting or that I’ve written about before in order to compare how my expectations aligned with reality. So let’s go.
ZVZD – A barely negative result in a quarter that is usually negative. Nothing great, nothing horrible, still boring and cheap.
KOES – Mild downsizing, but improved profitability. My guess is that the downsizing is a fairly temporary transition from CEFTA to EU markets. I believe the overall sales volume will increase in the future as new deals are made with EU grocery chains. Fundamentals are simply amazing – P/E 7, P/B and P/S below 1, debt 75%, EV/EBITDA 4.5…
SNBA – Still the cheapest bank on the Croatian market, but profitability is still low. At least it’s not negative, so I still consider it to be a good buy.
VPIK – A bit of disappointment here, getting to profitability may take longer than expected.
PTKM – A surprisingly good report (considering that mildly negative earnings are really good when measured by the standards of this company). What stands out is that their core business could actually be profitable if they weren’t stuck under a big pile of debt. Perhaps through some restructuring they could actually turn profitable, but that profitability will likely stay low for years to come considering the fact that their debt is huge.
RIVP – It looks as this year they may earn enough money to actually be forced to share some with their shareholders. I wouldn’t count on it, however, considering their good skills in hiding actual profits.
SAPN – C/P Koestlin, except with marginally worse stats, primarily in the form of higher debt.
BLKL – One of the best buys on the market IMHO. The stats are great. No debt whatsoever, good profitability, dirt cheap..what more to ask for?
RIZO – Starting to show some profitability, but not nearly as cheap as last time I mentioned them.
(The rest to come)