WISER TECHNOLOGY / BIANOR SALES TRIPLE

02 September 2024

Stock Exchange Stats

BSE Weekly Gainers & Losers

Market Overview (26 Aug – 30 Aug)

The main Bulgarian index SOFIX decreased this week by 0.52% to 864.77 points. The broad index BGBX40 decreased this week by 0.63% to 169.53 points and BGREIT increased this week to 200.12 points, up by 0.09%.

Corporate News

Paysera (PAY) – published Q2 results, which showed sales growth of 15% YoY reaching BGN 2mln. This helped decrease Net Loss to near break-even territory.

Telelink Business Services (TBS) published results for Q2 2024, where sales grew 21.5% to BGN 72.7mln. It is clear that the push came from sales within Bulgaria, which grew from BGN 30mln to BGN 43mln, while sales abroad remained the same. This helped Net Profit rise more than 50% YoY to BGN 2mln.

Albena (ALB) published Q2 results, where sales grow 15.6% YoY to BGN 24.3mln indicating a better tourist season, while operational costs remained the same at BGN 46.9mln. While it records a Net Loss for the quarter, the results show the initial part of the summer season, which means that we will have to wait for Q3 and Q4 results for a more comprehensive picture for their performance.

Trace Group (T57) – published half year results showing a massive 75% YoY increase in revenues as a result of the greater number of projects, which they landed. This led to Net Profit skyrocketing more than 3.5x to BGN 10mln.

Wiser Technology / Bianor Holding (BNR) – published very positive Q2 results showing sales growing 192% YoYo to BGN 8.5mln. The result excludes the acquired earlier through the year companies, which when included would show increase in sales of more than 9x reaching BGN 27mln. A presentation of the performance of the company and their plans consolidating the acquisitions, as well as the future strategy, will be held on 11.09.2024 in Hyatt Regency Sofia at 4pm.

Eurohold (EUBG) – showed EBITDA growing 19.3% to BGN 166mln and Net Profit going from BGN 6.7mln loss to BGN 17.5mln profit amid decreasing energy sales (revenues down 13% to BGN 1,280mln) indicating greater efficiency (expenses for main activity decreasing by 16% to BGN 1,036mln).

Chimimport (CHIM) – recorded over 43% rise in Net Profit to BGN 75mln. It was the result of Non Financial businesses increasing 6.2% to BGN 213mln and their banking line increasing over 26% to BGN 122.4mln net interest income.

Bulgarian Stock Exchange (BSE) – marked a 10% increase in revenue to BGN 9.2mln, which together with financial revenues from buyback agreements shot Net Profit up 53% to BGN8mln.

Meanwhile, National Electric Company filed a lawsuit against BSE for BGN 6.3mln for losses due to technical incident on 05.01.2022.

Economic News

• Producer prices rose 1.4% YoY in July, rebounding from a downwardly revised 0.2% drop in the previous month. This marked the first growth in producer prices since March 2023, as deflation slowed for electricity, gas, steam, and air conditioning supply (-3.1% vs -10.4% in June).
• The number of tourist arrivals grew by 3.4% YoY to 1.89mln in July, following a 5.8% rise in the previous month

Ivaylo Valchev
Equity Analyst
Tel.: +359 2 937 9862
e-mail: valchev@sis.bg

Svetozar Abrashev
Senior Managing Partner
Tel.: +359 2 937 9869
e-mail: abrashev@sis.bg

Sofia International Securities
Sofia 1000,
140 G. S. Rakovski Str.
Tel.: + 359 2 937 98 65
e-mail: info@sis.bg

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