Vladimír Urbánek (Kurzy.cz)
Czech markets  |  February 08, 2013 09:13:19

PMCR - the cigarette market in the Czech Republic in Q4 declined by 0.7% m / m respectively. by 4.5% y / y


Philip Morris International (PMI) reported results for 4Q12, together with commentary on the Czech market. According to this comment in the fourth quarter of 2012 the cigarette market in the Czech Republic declined by 0.7% (-3.5% respectively. -4.2% Y / y 3Q respectively. 2Q) to 5.3 billion units (identical as 2/3Q12). Deliveries of cigarettes decreased by 5.7% (-7.9% and -9.8% respectively in Q3. 2Q) in annual reduction in market share by 2.1 percentage points to 40.0% (42.5% in 3Q ). The decline in market share was re-recorded especially in nízkomaržových domestic brands such as Petra and Sparta. Conversely, the share vysokomaržových brands like Marlboro.

The information published perceive more or less neutral, because they correspond to expectations (moderating market downturn and a decline in market share). Slightly negatively evaluate the degree of decline in market share in 4Q12 according to the report PMI at 40% (-2.1 pp). It is still unknown what role played frontloading before increasing taxes at the beginning of the 2013th


It seems never-ending story of declining market share in the Czech Republic and the Slovak Republic continues. We expect that it will continue with a negative impact on the amount of dividends in subsequent years. Currently, we expect a dividend of CZK 836 per share, which represents a dividend yield of 7%.

Josef Novotny

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