20FEB18

P ret act iune (rebazat la 20/ 02/ 17)

0.900 RON / 1.335 RON

DoD WoW M oM YTD YoY

-2.4% +0.6% -3.4% +0.8% -20.9%

P/E P/B P/S EV/EBIT EV/EBITDA

5.7x 0.6x 0.3x 6.8x 3.4x

Sursa: BVB, EquityRT

F Y13 F Y14 F Y15 F Y16 Capitalizare

DPS (brut) n/a n/a n/a n/a Capitalizare

% Distribuit n/a n/a n/a n/a Numar de actiuni

Randament n/a n/a n/a n/a Valoarea nominala

D ate f inanciare (miiR ON ) - Individuale

C umulat F Y15 F Y16 3M 17 6M 17 9M 17 F Y17 Yo Y

Bilant

Active to tale 564,671 567,005 590,483 601,928 592,252 596,889 5.3%

Datorii to tale 248,067 200,844 213,604 213,617 195,664 192,374 -4.2%

Capitaluri proprii 316,604 366,161 376,879 388,310 396,588 404,515 10.5%

Cont de profit si pierdere

Venituri din exploatare 491,781 654,521 189,459 368,507 537,687 713,914 9.1% Sursa: BVB

Cheltuieli din exploatare 457,625 611,560 177,042 344,250 503,306 670,742 9.7%

EBIT 34,156 42,961 12,417 24,257 34,381 43,172 0.5%

EBITDA 57,158 81,221 22,500 46,306 67,554 86,400 6.4%

P ro f it net 27,133 51,628 10,653 22,018 30,235 38,098 -26.2%

T rimestria l 4Q15 4Q16 1Q17 2Q17 3Q17 4Q17 Yo Y

Cont de profit si pierdere

Venituri din exploatare 136,479 158,673 189,459 179,048 169,180 176,227 11.1%

Cheltuieli din exploatare 132,623 149,423 177,042 167,208 159,056 167,436 12.1%

EBIT 3,856 9,250 12,417 11,840 10,123 8,791 -5.0%

EBITDA 10,731 17,869 22,500 23,807 21,247 18,846 5.5%

P ro f it net 721 7,111 10,653 11,365 8,216 7,864 10.6%

Info rmatii o perat io nale

F Y15 F Y16 3M 17 6M 17 9M 17 F Y17 Yo Y

Cifra de afaceri (miiRON) 480,431 638,660 187,148 364,369 531,860 n/a n/a

- P iata interna 139,207 155,412 37,411 72,212 146,902 n/a n/a

- P iata externa 341,224 483,248 149,738 292,157 384,958 n/a n/a Sursa: Companie

Indicato ri cheie

F Y15 F Y16 3M 17 6M 17 9M 17 F Y17 Yo Y P / E P / B

EPS LT M (RON) 0.12 0.24 0.18 0.17 0.17 0.17 -26.2% 5.7x 0.6x

BVPS (RON) 1.46 1.56 1.64 1.69 1.73 1.76 12.9% 15.2x 3.0x

SPS LT M (RON) 2.20 2.92 3.05 3.10 3.13 3.22 10.2% Delphi Automotive [GB] 14.7x 3.8x

APS (RON) 2.34 2.59 2.64 2.67 2.63 2.66 2.8% Valeo [FR] 14.2x 3.4x

ROaE⁷ 8.5% 15.1% 10.9% 10.3% 9.9% 9.9% -5.2pp Auto liv [US] 30.0x 3.1x

ROaA ⁷ 5.3% 9.1% 6.7% 6.5% 6.5% 6.5% -2.6pp Faurecia [FR] 15.3x 2.9x

marja EBIT 7.1% 6.7% 6.6% 6.7% 6.5% 6.1% -0.6pp Schaeffler [DE] 9.0x 3.8x

marja EBITDA 11.9% 12.7% 12.0% 12.7% 12.7% 12.3% -0.4pp CIE Automotive [ES] 17.0x 4.5x

marja Profit net 5.6% 8.1% 5.7% 6.0% 5.7% 5.4% -2.7pp AC [PL] 18.7x 4.4x

Sursa: Companie, EquityRT, BT Equity Research Sursa: Reuters, BT Equity Research

Continental [DE]

D escriere D etalii de tranzact io nare 1

Ultimul pret (la 19/02/2018) 1.0 RON

218,821,038 RON

46,948,237 EUR

218,821,038

0.10 RON

Volum zilnic mediu (LTM )2 0.07 mRON

Structura act io nariatului 5

Venituri ( la 30/ 09/ 17)

Structura cifrei de afaceri

Distributia geografica

Pret M in /M ax (LTM )3

D ividend (R ON ) 4 D etalii act iune ( la 19/ 02/ 18)

C o mpanii co mparabile (Ult imele date)

Compa este o companie romaneasca care se ocupa

de pro iectarea, producerea si comercializarea de

componente si accesorii pentru industria auto. Cu o

experienta vasta in domeniul de activitatea si investitii

continue, CM P (top 100 exportatori din Romania) a

reusit sa construiasca parteneriate puternice, de lunga

durata, cu companii importante din industria

automotive: Bosch, Delphi, Honeywell, Fuji-Kiko, Jtekt,

Dacia-Renault, Daikin, Ina Schaeffler, Takata, Haulotte

Group, Hutchinson etc. Capitalul societatii este privat,

iar actiunile se tranzactioneaza pe piata la BVB

(segment principal).

CM P inclusa in indicii: BET-XT, BET-XT-TR, BET-BK,

BETPlus.

Compa [RO]

55%45%

Asociatiasalariatilor

Altii

-

0.6

1.1

1.7

0.9

1.1

1.3

1.5

Feb17 Jun17 Oct17 Feb18

Volume (RONmn) CMP BET-XT

99.5%

0.3% 0.1%0.1%Produse finite

Servicii

Vz. Marfuri

Altele

28%

72%

Piata interna

Piata externa

http://btcapitalpartners.ro/analize/