Kernel - Weak 3QFY12 creates entry point, upgrade to BUY



21 травня 2012 года
Конкорд Капитал

Кернел (KER)


While 3QFY12 results released on Tuesday were below our expectations and consensus, they fit our conservative long-term view on the company’s profitability. We upgrade our valuation after incorporating recent acquisitions and greenfield oil plant construction in Russia. We believe that the poor 3Q results, broad market weakness and 9% month-to-day zloty devaluation vs. the US dollar create a perfect entry point. We upgrade our recommendation to BUY and our 12M target price to PLN 91.2/share, which suggests 53% upside.

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Источник: Конкорд Капитал



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