iPoint (iPoint.cz)
Czech markets  |  December 07, 2010 10:26:54

How to get rid of its portfolio ballast? Advises Commercial Bank


You have quarreled yesterday over warm golden fluid about what SPAD shares last year earned the most? Truth was one of you who guessed Unipetrol. And that gain more than 46% across the board. Unipetrol overslept his time onset of the bull trend, and when investors were satisfied with the "mainstream" titles began to look elsewhere. When we ascribe a new strong shareholder / buyer, the rally was born. And not just any: Shares at one point surged over all its annual targets. And analysts have raised a warning finger. How is it now? Many consider the current price of Unipetrol as expensive. Why? "Sectoral comparison shows that Unipetrol shares are traded over the values ??of the ratios of comparable companies.Target price 21.3 x corresponds to earnings per share (EPS) in 2010 and averaged 11.3 years of 2011-15 EPS, "says Miroslav Unipetrol in the analysis of Adamkovic Commercial Bank. It is this financial institution in the last days and reduced the target price per share unflattering confirmed the recommendation. The reasons? "Unipetrol shares are traded over most indicators of comparable companies. Although the difference may be partly explained by the structure of capital, continued to consider Unipetrol as too expensive. Positive impact on the valuation should be higher oil prices, stronger refining and petrochemical margins, a stronger dollar and higher sales. Other positive changes could result in greater involvement of debt financing, higher paid dividends and acquisitions or investments in new segments such as power generation, "explains Adamkovic.Let's see what Commercial Bank recommends that investors in petrochemical title, how much will it cost shares up to a year and a day and how it will be a dividend. Special dedicated Unipetrol: It is expensive or cheap? How to earn him a year, why KB reduced goal, as it will be a dividend and an overview of the latest investment recommendations. Read on iPOINT

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Jak zbavit své portfolio balastu? Radí Komerční banka

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