Research (J&T BANKA)
Czech markets  |  March 07, 2013 08:57:00

Results for Fortune 2012 better than expected, generous dividend proposal, the title will grow

Fortuna reported last year at all levels better results than our expectations. The volume of bets received increased by 14% to 467.9 million. At the level of operating profit (EBITDA) then the result was EUR 22.1 million slightly above the previous view of management (21-22 million). YoY decline in net income (-8% to EUR 12.3 million) is then due, inter alia, the introduction of corporate tax for bookmakers in the country.

Management will propose a dividend of 100% of the net profit, which means approximately 24 cents per share (CZK 6; gross dividend yield of 6.6%). Management further considers the proposal for payment of retained earnings.In the middle of last year, had fortune on its balance sheet retained earnings of € 11.5 million. After deducting this gain may be extraordinary dividend of EUR 4.9 million (10 cents per share), if the full amount paid, reached the total gross dividend yield over 9%.

's Goal for this year is to reach staked at least EUR 510 million (+9% y / y) and EBITDA increase by 1 million to 23.1 million. While the outlook staked significantly exceeds our projections, EBITDA is disappointing given that due to the expected negative impact of lower lottery that means EBITDA of sports betting drops. The reason could be a massive shift of betting on the internet, with lower margins and higher costs of marketing and advertising associated with the expansion of the individual markets. Lottery project is currently under review for a further strategy.Possible input is another partner. Fortuna however confirmed that the lottery should get longer in the half positive.

The results positively in all areas and we expect a significant reaction shares.

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Výsledky Fortuny za r. 2012 lepší než se čekalo, návrh štědrých dividend, titul poroste

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