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

n/a

n/a

n/a RON 0.108 RON 0.149

DoD WoW M oM YTD YoY

+0.4% +0.4% -3.2% -9.1% +6.7%

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

6.9x 0.2x 0.2x 19.1x 7.7x

Sursa: BVB, EquityRT

F Y13 F Y14 F Y15 F Y16 Capitalizare

DPS (brut) 0.004 0.008 0.009 n/a Capitalizare

% Distribuit 95.1% 5.5% 33.7% n/a Numar de actiuni

Randament 5.0% 6.9% 6.6% n/a Valoarea nominala

D ate f inanciare (R ON mii) - Individuale

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

Bilant

Active to tale 240,091 274,669 274,619 276,074 274,356 277,973 1.2%

Datorii to tale 107,416 143,220 144,436 144,270 144,025 146,617 2.4%

Capitaluri proprii 132,675 131,449 130,183 131,804 130,331 131,356 -0.1%

Cont de profit si pierdere

Cifra de afaceri 42,890 47,583 91,098 136,335 181,196 50,028 5.1% Sursa: BVB

Venituri nete 42,212 46,961 89,841 134,451 178,719 49,366 5.1%

EBIT 7,737 1,980 3,456 6,189 5,978 1,424 -28.1%

EBITDA 9,200 3,736 7,070 14,342 13,353 3,537 -5.3%

P ro f it net 6,931 1,321 2,300 4,389 4,903 1,025 -22.4%

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

Cont de profit si pierdere

Cifra de afaceri 42,890 47,583 43,515 45,237 44,861 50,028 5.1%

Venituri nete 42,212 46,961 42,879 44,610 44,268 49,366 5.1%

EBIT 7,737 1,980 1,476 2,733 -211 1,424 -28.1%

EBITDA 9,200 3,736 3,334 7,272 -989 3,537 -5.3%

P ro f it net 6,931 1,321 979 2,089 514 1,025 -22.4%

Info rmatii o perat io nale

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

Cifra de afaceri, din care:

Piata interna 35,666 38,344 72,321 106,760 141,640 36,480 -4.9%

Piata externa 7,224 9,239 18,777 29,575 39,556 13,548 46.6% Sursa: Companie

Indicato ri cheie

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

EPS LT M (RON) 0.05 0.00 0.00 0.00 0.02 0.02 489.4% 6.9x 0.2x

BVPS (RON) 0.48 0.50 0.50 0.50 0.49 0.50 -0.5% 21.0x 1.8x

SPS LT M (RON) 0.63 0.70 0.69 0.68 0.69 0.70 -0.2% 15.0x 2.6x

APS (RON) 0.96 0.97 1.01 1.05 1.05 1.05 7.4% 12.2x 1.3x

ROaE⁷ 10.0% 0.6% 0.7% 0.8% 3.8% 3.5% 2.9pp 9.6x 0.7x

ROaA⁷ 5.0% 0.3% 0.4% 0.4% 1.8% 1.7% 1.4pp 10.7x 1.0x

marja EBIT 18.0% 4.2% 3.8% 4.5% 3.3% 2.8% -1.3pp 12.4x 1.3x

marja EBITDA 21.5% 7.9% 7.8% 10.5% 7.4% 7.1% -0.8pp NULL 1.2x

marja Profit net 16.2% 2.8% 2.5% 3.2% 2.7% 2.0% -0.7pp 12.0x 1.4x

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

R eco mandare B T Equity R esearch D etalii de tranzact io nare 1

P ret t inta Ultimul pret (la 19/06/2017) RON 0.121

EUR 6,940,124

264,122,096

RON 0.10

R ating Volum zilnic mediu (LTM )2 RON 0.02mn

Structura act io nariatului 5

C ifra de afaceri ( la 31/ 03/ 17)

Segmente de venit

Structura geografica

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

D escriere

Romcarbon este o companie romaneasca, cu o tradit ie de

peste 60 de ani in prelucrarea polimerilor. Societatea este

unicul producator de carbune act iv din Romania, cu puncte de

lucru in Buzau, Bucurest i, Stefanest i, Iasi, iar din 2012 si in

Germania - odata cu inf iintarea societat ii comerciale

Romcarbon Deutschland. In prezent, produce si

comercializeaza urmatoarele: f ilt re auto si industriale,

echipamente de protect ie a cailor respiratorii, produse din

poliet ilena, polist iren expandat, polipropilena, suport i t raf ic

rut ier din PVC si plast ic compounds. Din 2007, act iunile sale

sunt listate pe BVB si in prezent sunt incluse in indicele BET-

XT.

D ividend (R ON ) 4 D etalii act iune ( la 19/ 06/ 2017)

RON 31,826,713

C o mpanii co mparabile (Ult imele date)

Romcarbon [RO]

RPC Group [GB]

Groupe Guillin [FR]

ERG [PL]

PSB Industries [FR]

Karatzis [GR]

Flexopack [GR]

Przetworstwo TZPB [PL]

Assenova Krepost [BG]

21%

33%

47%

Joyful RiverLimited

Living PlasticIndustry

Altii

-

0.12

0.24

0.36

0.48

0.100

0.115

0.130

0.145

0.160

Jun16 Oct16 Feb17 Jun17

Volume (RONmn) ROCE BET-XT

69%0.03%

0.2%

28%

1.3% 1.5%Produse finite

Semifabricate

Prestari servicii

Vanzari marfuri

Venit inchirieri

Altele

73%

27% Piata interna

Piata externa

20JUN17