[tilenrexi]
Glede na to, da je tudi volume precej povečan, je to dober znak. :D

Alta dviguje target price na 2.8 eur. Za CICG in ZVTG ohranja trenutni TP.

Intereuropa 1Q18: Strong results, but investors are likely more awaiting M&A newsflow.

Sales grew 9.5% YoY to EUR 38.8m while EBITDA grew by 6.4% to EUR 3.6m. This is above companies plan while company reported strongest 1Q in years. This translated into profit of EUR 1.2m, 55% more YoY and more than double of management plan. Net debt was further reduced by 4.9% to EUR 55m (pure net debt ex investments EUR 66.1m). Multiples are lowering while economic environment remains favourable (adjusted EV/EBITDA 9.2x, P/E 14.7x). In addition recent intent to buy Gorenje at hefty multiples are likely to improve sentiment on LJSE and on similar acquisition candidates (note a sale process for majority stake in Intereuropa is in place). We are consequently upgrading recommendation to buy while target price is raised to EUR 2.8. However note that debt overhang is still there as adjusted net debt to EBITDA is at 4.3x while pure net debt to EBITDA at 5.1x. With lower liquidity investors need to be careful.