Research (J&T BANKA)
Czech markets  |  March 14, 2013 09:08:06

Pegas results for 4Q11 slightly below estimates, but the company has met the stated objective, dividends will be decided later


Pegas Nonwovens this morning reported results for 4Q12. The results are slightly below the estimated level of sales, in concert in EBITDA and slightly better in net profit .. EBITDA is EUR 38.1 million, or 5.7% higher year on year. This means that the Pegasus meet the objectives of the EBITDA growth on the lower limit of the interval 5-15%.

In this year, according to the company's management had EBITDA growth in the range 5-15%, ie. 40-43,8 million. Our estimate is 41 million, or 7.6% higher year on year. Revenue growth of 20.2%, due to higher production volumes. Yields are slightly below (-2.9%), market estimates.EBITDA is also slightly below market estimates (-1.7%). Pegasus reached for 4Q12 net profit of EUR 3.2 million after a loss in the same year 2011. The difference is in the lower unrealized losses due to the depreciation of the koruna against the euro.

Pegasus reiterated that it expects full production capacity sold out for 2013. Completion of the production line in Egypt is a priority this year and the line should be started during the year. Pegasus expects that the cost of the first phase of the Egyptian race will invest 64-67 million from the original 55 to 60 million, as the company decided to accelerate investments originally planned for up to a second production line.

Due to a progressive dividend policy Pegasus expect dividend growth from 2012 to profit € 1.1 per share for 1.05 euros paid last year (design and data are expected to be determined later, probably in early May).The actual results for 4Q12 are more or less in line with consensus. View of the year is compared to our estimate rather better. Report neutral.

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Výsledky Pegasu za 4Q11 mírně pod odhady, firma ale splnila stanovený cíl, divi se rozhodne později

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