Investorideas.com – big ideas for global investors Search www.investorideas.com
   Member Access       Sign-up       Listings        Stock Directories       Research       Cleantech       Headlines        Video       New Ventures   




Quarterly Results: Grupo Argos (HOLD) - New business units starting to take-off and positive surprises in Celsia

Price: COP 21,300; Target Price: COP 24,460

Ideas get bigger when you share them...

May 6, 2014 (www.investorideas.com newswire) Revenues in line with our estimations. Positive surprises in EBITDA came from new business units (ports and real estate namely) and Celsia, while Cemargos' results were below our estimates.

Join Investor Ideas Members to access the Renewable Energy stocks directory, water stocks, biotech stocks, defense stocks directories and the Insiders Corner

Please read Quarterly Results: Celsia (released Apr-29).

Cemargos showed double-digit growth throughout its P&L (+12.3% y/y), however, results in terms of EBITDA came below our estimates due to lower margins in Honduras related to price controls from authorities and previous drops in purchases from construction and specialized stores, which according to the company, were pursuing this price-related-policy.

Situm's (Real Estate) revenues stood at COP 29 bn, 6.3x higher than those reported in 1Q13, while EBITDA grew 214% y/y. In the urbanism front, the company obtained licenses for the Lago Alto project (with a potential to build 1,127 housing units) and filed deeds in the Palmas Río project (valued at COP 28.1 bn). In the property business unit, the holding acquired an important set of stores in the Aventura Shopping Mall located in Medellin for USD 17 mn. Situm will continue searching for commercial projects with an IRR in the 10.5%-11.5% range and a hurdle rate of 12.5%-13% in terms of ROE which we deem as positive. Compas' (Ports) revenues were 31% higher (COP 31 bn) than in 1Q13 and EBITDA grew 81% y/y as a result of positive operating figures and cost efficiency. CAPEX for 2014 stands at COP 100 bn to be funded by equity (30%) and debt (70%).

With no relevant surprises in results or perspectives, we maintain our T.P. and rating unchanged.

Regards,
Credicorp Capital

La información contenida en este mensaje es confidencial y para conocimiento exclusivo del destinatario. La información y opiniones contenidas en este mensaje pertenecen únicamente al remitente, excepto cuando en el cuerpo del mensaje se establezca lo contrario y el remitente esté autorizado para enviar dicha información con carácter definitivo y oficial de Credicorp Capital. La información relacionada con su cuenta, los extractos, informes financieros y de productos, sólo será vinculante en la medida en que sea remitida por los canales y en los formatos que Credicorp Capital determine. Las opiniones, conclusiones o cualquier otra clase de información contenida en este correo no relacionadas con los fines del negocio de Credicorp Capital, deben entenderse como personales y bajo ninguna circunstancia son avaladas por Credicorp Capital. Si usted ha recibido este mensaje por error por favor proceda a eliminarlo, y notificar al remitente. De cualquier manera, usted no debe usar, divulgar, revelar, distribuir, imprimir, copiar o adulterar en forma parcial o total este mensaje. Credicorp Capital no se hace responsable por la eventual transmisión de virus o programas dañinos por este medio. Credicorp Capital, no se responsabiliza por eventuales daños o alteraciones como consecuencia de la recepción o uso del presente mensaje.

To View Complete Report: Grupo Argos

More Info:

This news is published on the Investorideas.com Newswire and its syndicated partner network

Publish Your News - Send a release
News now!

Get free news alerts: Sign up here

Published at the Investorideas.com Newswire - Big ideas for Global Investors

Disclaimer/ Disclosure:The Investorideas.com newswire is a third party publisher of news and research as well as creates original content as a news source. Original content created by investorideas is protected by copyright laws other than syndication rights. Investorideas is a news source on Google news and Linkedintoday plus hundreds of syndication partners. Our site does not make recommendations for purchases or sale of stocks or products. Nothing on our sites should be construed as an offer or solicitation to buy or sell products or securities. All investment involves risk and possible loss of investment. This site is currently compensated by featured companies, news submissions, content marketing and online advertising. Contact each company directly for press release questions. Disclosure is posted on each release if required but otherwise the news was not compensated for and is published for the sole interest of our readers. More disclaimer info: http://www.investorideas.com/About/Disclaimer.asp

BC Residents and Investor Disclaimer : Effective September 15 2008 - all BC investors should review all OTC and Pink sheet listed companies for adherence in new disclosure filings and filing appropriate documents with Sedar. Read for more info: http://www.bcsc.bc.ca/release.aspx?id=6894. Global investors must adhere to regulations of each country.



Free News Alerts
Email:  

Read more News





TOP

Investor Ideas © 2000 - 2014 InvestorIdeas.com®, ECON

Free Investor Stock Alerts
Sign up here

login | logout | about us | contact | disclaimer / disclosure |
advertise | company profile directory | partners / links |
job search | privacy policy | trade | services | sitemap |