Cyrrus (Cyrrus)
Czech markets  |  March 06, 2013 16:59:52

Fortuna prediction results 4Q 2012 - divi even know about

FEG release its financial results for 2012 tomorrow, and even before the start of trading on the Prague Stock Exchange.

We expect 10.3% annual increase staked, and this increase will participate in all the major markets in which Fortuna Entertainment Group operates (CR +9.6% y / y, Poland +33.9% y / y), with exception of Slovakia (-4.6% y / y).

Gross win but will increase due to lower average margins at a slower pace than the amount staked.Negatively affect both the FEG unfavorable results of sports competitions last year and partly dissolving lottery jackpot in 4Q 2012th

Lottery project, according to our estimates, had reported full-year loss at the EBITDA of EUR 4.4 million, which is nearly half the bandwidth management Charged loss 4 to 5 million. In a press release, or the results during a conference call with management, we should learn more information on the future of this project. We expect confirmation of commitment to extricate lottery losses from continuing until the end of 1H 2013 (it is also possible to move this plan already in 1Q 2013). We are interested also in what stage is the preparation of cooperation with an unspecified potential strategic partners who would FEG had with lottery business help.

Fortuny prediction allows for year-round EBITDA in the range 21 to 22 million. In our estimates, we expect more daring and EBITDA at the upper limit of this range. The reason for the lower estimated losses from the lottery.

Another major theme will be the dividend from the net profit for the year 2012. There is, however, most likely tomorrow yet know. Management of the classically proposed to the General Meeting in April, while tomorrow will probably only confirmed band on the payroll range from 70 to 100% of the net profit. Given the expected more than 10% yoy decline in net profit expect that the company can maintain the dividend at € 0.23. We forecast a 90% payout ratio and therefore dividend to 0.21 euros.

The entire document for download HERE (523.66 kilobytes)

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Fortuna: predikce výsledků 4Q 2012 - divi se asi ještě nedozvíme

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