20JUN17

P ret act iune (rebazat la 20/ 06/ 16)

n/a

n/a

n/a RON 0.4 /RON 0.7

DoD WoW M oM YTD YoY

+3.4% +8.7% +17.9% +38.4% +80.9%

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

11.3x 1.9x 1.0x 31.3x 10.3x

Sursa: BVB, EquityRT

F Y13 F Y14 F Y15 F Y16 Capitalizare

DPS (brut) n/a n/a 0.02 0.02 Capitalizare

% Distribuit n/a n/a 27.9% 23.1% Numar de actiuni

Randament n/a n/a n/a 3.3% Valoarea nominala

D ate f inanciare (R ON mn) - C o nso lidate

C umulat 3M 15 3M 16 6M 16 9M 16 F Y16 3M 17 Yo Y

Bilant

Active to tale 269 315 331 322 307 309 -1.7%

Datorii to tale 114 125 137 117 90 91 -27.2%

Capitaluri proprii 155 190 194 205 217 219 15.1%

Cont de profit si pierdere

Venituri to tale 69 93 201 315 403 71 -23.9% Sursa: BVB

Cheltuieli to tale 65 84 177 279 357 68 -18.6%

EBIT 4 9 23 36 47 2 -74.8%

EBITDA 10 13 28 47 61 7 -50.8%

P ro f it net 4 7 19 30 39 2 -76.6%

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

Cont de profit si pierdere

Venituri to tale 69 93 108 115 88 71 -23.9%

Cheltuieli to tale 65 84 93 102 78 68 -18.6%

EBIT 4 9 14 13 10 2 -74.8%

EBITDA 10 13 15 19 14 7 -50.8%

P ro f it net 4 7 12 11 9 2 -76.1%

Info rmatii o perat io nale (R ON mn)

3M 15 3M 16 6M 16 9M 16 F Y16 3M 17 Yo Y

Cifra de afaceri, din care: n/a n/a 193 n/a 399 n/a n/a

Romania n/a n/a 153 n/a 311 n/a n/a

Europa n/a n/a 40 n/a 88 n/a n/a Sursa: Companie

Info rmatii cheie

3M 15 3M 16 6M 16 9M 16 F Y16 3M 17 Yo Y P / E P / B

EPS LT M (RON) n/a 0.12 0.12 0.10 0.09 0.06 -48.5% 11.3x 1.9x

BVPS (RON) n/a 0.53 0.51 0.45 0.44 0.36 -32.0% 21.9x 1.7x

SPS LT M (RON) n/a 1.29 1.21 1.02 0.88 0.67 -48.1% 23.9x 2.6x

APS (RON) n/a 0.91 0.91 0.79 0.68 0.55 -39.2% 29.0x 5.1x

ROaE⁷ n/a 21.9% 23.1% 22.9% 19.6% 16.6% -5.3pp NULL 0.4x

ROaA⁷ n/a 12.8% 12.9% 13.1% 12.7% 10.8% -2.0pp 12.8x 6.6x

marja EBIT 6.3% 9.3% 11.5% 11.5% 11.5% 3.1% -6.2pp 18.7x 2.9x

marja EBITDA 14.7% 14.5% 14.1% 15.0% 15.2% 9.3% -5.1pp

marja Profit net 6.1% 7.6% 9.5% 9.6% 9.8% 2.3% -5.3pp

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

Uponor [FI]

Korporacja Budow. [PL]

Eurocell [GB]

Polypipe Group [GB]

C o mpanii co mparabile (Ult imele date)

Teraplast [RO]

Deceuninck [BE]

Rockwool Int'l [DK]

R eco mandare B T Equity R esearch D etalii de tranzact io nare1

P ret t inta Ultimul pret (la 19/06/2017) RON 0.7

EUR 83,002,845

566,432,660

RON 0.10

R ating Volum zilnic mediu (LTM )2 RON 0.07mn

Structura act io nariatului 5

A lte graf ice ( la Yo Y)

Cifra de afaceri

Structura geografica

P o tent ial Pret M in /M ax (LTM )3

D escriere

Teraplast este o societate pe act iuni inf iintata in 1992, iar

incepand din 2008 compania este listata la BVB, simbol

bursier (TRP). Grupul Teraplast este unul dintre cei mai

important i producatori de materiale pentru construct ii si

instalat ii din Romania, compania mama, Teraplast (TRP), f iind

actualmente cel mai mare procesatori de PVC din tara. Integrat

pe orizontala, Grupul isi desfasoara act ivitatea prin intermediul

a 5 linii de business: Instalat ii&Amenajari, Prof ile tamplarie si

Granule (segmente apart inand de societatea-mama), Tamplarie

termoizolanta (subsidiara Teraglass), Panouri termoizolante si

structuri metalice (subsidiara Terasteel), product ia de Tevi din

poliet ilena (Politub)

D ividend (R ON ) 4 D etalii act iune ( la 19/ 06/ 17)

RON 380,642,748

86%

14%

0.4%productia proprie

revanzareamarfurilor

alte activitati

47%

10%

43%

Goia Dorel

KJK Fund IISicav-SIF

alti actionari

-

0.5

1.0

0.2

0.4

0.6

0.8

Jun16 Oct16 Feb17 Jun17

Volume (RONmn) TRP BET-XT

78%

22%

Romania Europa

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