Raiffeisen analysts have lowered the target price of Podravka shares to 263 kuna, while the recommendation remains the same as in last year’s analysis, which is – hold.
In the analysis signed by Ana Franin, it is emphasized that Podravka’s results were below expectations, especially in the Food and Beverage segment, while the Pharmaceuticals segment performed in line with forecasts.
– Profitability fell below expectations, primarily due to one-off costs of 83.6 million kuna in the last quarter of last year. The gross margin pleasantly surprised, both in the Food and Beverage segment and in the Pharmaceuticals segment – states the analysis.
In the Food and Beverage segment (-0.9 percent), the largest decline was recorded in Meat and Fish (5 percent), while the Beverages segment fell by four percent, Baby Food grew by 0.7 percent, while the Pharmaceuticals segment increased by 3.1 percent year-on-year, mainly due to good sales in foreign markets.
Raiffeisen analysts conclude that the recommendation, as well as the target price of Podravka shares, remain under consideration.
The last recorded price of this share on the Zagreb Stock Exchange was 265 kuna.
