ZAGREB (Croatia), March 21 (SeeNews) – Croatian Hypo Alpe-Adria-Bank said it has maintained its "buy" reccomendation for shares of fast moving consumer goods distributor and manufacturer of healthcare products Atlantic Grupa and has slightly raised its target price.
The bank set its new target price for Atlantic stock at 1,131 kuna ($240/156 euro), slightly up from its earleir 12-month target price, 1,124 kuna, set in December. "Thereby, we do not include potential acquisitions, where the risk mainly lies in overpaying and uncertainty over goodwill and material asset amortization," the bank said in a report issued on Thursday.
Atlantic’s shares closed at 776 kuna, down 3.0% on Thursday. Markets in Croatia were closed on Friday for a holiday. The stock is included in the domectis benchmark, the 30-share Crobex index of the Zagreb bourse.
Atlantic’s 2007 figures showed favourable changes in the product mix, the bank said.
"In 2008, we expect the company to deliver sales of 2.0 billion kuna, up 19.5% -- of which some 15 percentage points in organic growth -- with further expansion of the distribution capacities as the paramount importance for fostering sales base," it added.
Atlantic Grupa (www.atlantic.hr) was set up in 1991 as a family Business and last year went public. It includes consumer goods distributors Atlantic Trade and Atlantic s.r.l, cosmetics maker Neva, nutritional supplements manufacturers and runs a pharmacy chain.
(1 euro=7.2594 Croatian kuna)
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