iPoint (iPoint.cz)
Czech markets  |  February 22, 2012 14:10:00

Commercial Bank: Orco a year and a day for 3.3 euros (+ list of recommendations)



iPoint.czWe expect that Orco last year, a loss of EUR 58 m due to exchange rate losses and a slump in sales in half, "said Miroslav Adamkovic of commercial banks in the latest analysis of the Orco, which the agency ČEKIA available. KB in the analysis reduces the target price for shares of domestic developer. "Analysis of the title, we reconsider the agreement to convert bonds of Orco Germany. The market seems to be partially covered by the share price and the conversion of the remaining bonds, which would significantly improve the financial health of the company. But we have considered that the conversion of bonds OPG is unlikely and Orco will have to pay during Q2 12 in cash from 100 to 125 m Euros, "he continues Adamkovic. "After the most successful conversion of bonds into shares in the German company now negotiates OPG further conversion, which could make free of all bond obligations, and the number of shares would be tripled.Conversion conditions offered but is not considered attractive enough that the company received approval of a qualified majority of creditors. To avert the threat of losing the majority of Orco Germany, will have to repay the remaining 12 Q2 50 m EUR of the original bonds OG. Orco loss of the majority would deprive a large part of regular rental income and could jeopardize its very existence, "says Adamkovic. What brings a new report parameters?

Everything you wanted to know about Orcu: Read the iPOINT

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Komerční banka: Orco do roka a do dne za 3,3 Eur (+ přehled doporučení)

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