BREF SELLS A KEY ASSET AT 3X ACQUISITION COST
14 October 2024
Stock Exchange Stats
Index | Close | Weekly Change % | YTD |
SOFIX | 855.40 | 0.07 | 11.80 |
BGBX 40 | 170.21 | 1.20 | 7.82 |
BGREIT | 208.71 | 1.09 | 9.67 |
Index | P/E | EV/S | P/BV |
SOFIX | 9.89 | 0.22 | 1.61 |
BGBX 40 | 13.77 | 0.44 | 2.05 |
BGREIT | 20.77 | n/a | 2.36 |
BSE Weekly Gainers & Losers
Top Gainers | Price | Change % | ||
SPDY | Speedy AD | 224.00 | 16.06 | |
ELHM | Elhim Iskra AD | 0.82 | 15.49 | |
BBRD | Billboard AD | 0.55 | 8.91 | |
SPH | Stara Planina Hold AD | 10.20 | 7.37 | |
BREF | BREF | 3.70 | 5.71 |
Top Losers | Price | Change % | ||
TXIM | Teximbank AD | 3.60 | -3.74 | |
HES | Hydraulic Elements and Systems | 5.35 | -3.60 | |
CCB | Central Cooperative Bank | 1.60 | -3.03 | |
SFB | Sopharma Buildings | 13.20 | -2.94 | |
KBG | Korado Bulgaria AD | 4.68 | -2.50 |
Market Overview (7 Oct- 11 Oct)
The main Bulgarian index SOFIX increased this week by 0.07% to 855.40 points. The broad index BGBX40 increased this week by 1.20% to 170.21 points and BGREIT increased this week to 208.71 points, up by 1.09%.
Corporate News
BREF (BREF) announced they had reached an agreement for the sale of their Bricolage Sofia property to Doverie Briko AD for EUR 18mln where 10% of the deal, i.e. EUR 1.8mln was paid immediately and the deal finalization deadline was set for November 2025 until which BREF would continue to receive the rent from it in the amount of EUR 53,000 per month. The acquisition price for the property in 2006 was EUR 6mln, which would translate to BGN 0.60975145 per share expected dividend.
Shelly Group (SLYG) announced a Day of Capital Markets on 05.11.2024 from 11:30am where the executive directors Dimitar Dimitrov and Wolfgang Kirsch will present their business and capital markets strategies, as well as their long-term planning and expectations till 2030. The meeting can be attended in person in Junghof Plaza, Junghofstrasse 16, 60311 Frankfurt am Main, Germany or online. For enquiries and registration – Sven Pauly, +49 891 2509 0331, sp@crossalliance.de
Additionally, they announced prelim sales data for Q3 2024 indicating an YoY increase of 47.2% reaching EUR 64.9mln (BGN 127mln).
Fairplay Properties REIT (FPP) announced the start of the construction of their new project The Residence in Sozopol. The tourist complex will be 7,277.60 sqm having 22 apartments and will cost BGN 8.5mln, financed with own and borrowed capital.
Wiser Technology / Bianor (BNR) announced the acquisition of the Serbian software developer Badin Soft, a company employing over 100 software engineers and with client list including BlackRock, Raiffeisen Bank, Telecom Serbia and Inspira Group. With that, the company estimates that the consolidated revenues for 2024 will go significantly over BGN 60mln. Primary reason for the acquisition was that through it Bianor will get direct access to corporate clients in key markets, such as US, UK and the DACH region.
Boleron (BLRN) announced an investor meeting on 01.11.2024 from 10am EET via Google meet at meet.google.com/ves-dutx-vjm
Economic News
- The trade deficit narrowed to BGN 792.4 mln in August from BGN 894.3 mln last year. Exports fell by 1.9% YoY to BGN 6,826.6 mln, driven by lower sales to the EU (-2.2%) and non-EU countries (-1.5%). Meanwhile, imports declined faster at 3% to BGN 7,619 mln, dragged down by arrivals from EU (-10.6%), while imports from non-EU countries increased (7%).
- Construction output rose 5.5% YoY in August 2024, accelerating an upwardly revised 2.9% increase in the previous month. This marked the eighth consecutive period of expansion and the steepest since December 2021, as output increased for civil engineering (7.9% vs 4.3% in July), while building activity declined less (-1.1% vs -1.7%).
- Retail sales rose by 4.9% year-on-year in August 2024.
- Industrial production dropped 2.6% year-on-year in August 2024.
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
The report can be downloaded in a pdf format here.
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