Podravka Group: Impact on Pharma due to Russian crisis evidenced

Information in this report is intended for informative purposes only and does not represent the solicitation to buy or sell any financial instruments or participate in any particular trading strategy. The information contained in this report has been obtained from public sources as well as directly from Companies’ Management. Although we believe our information and price quotes to be reasonably reliable, we do no guarantee their accuracy or completeness. In addition, the price or value of financial instruments described in this report may fluctuate and realize gains or losses. InterCapital Securities Ltd, headquartered in Zagreb, Masarykova 1, does not assume any responsibility for the damage caused by the use of information and projections contained in this report. Opinions expressed in this report constitute current judgment of the author(s) as of the date of this report and are subject to change without notice. InterCapital Securities Ltd uses various methods in Company valuations. Among the rest are comparative analyses of peer companies, discounted cash flow methods and other.

Fundamental analysis is a financial analysis of industries and companies based on factors such as sales, assets, profit, products or services, markets and management. In conducting fundamental analysis, InterCapital Securities Ltd uses various methods to determine a value of the Issuer. Among the rest, analysis of comparable companies, discounted cash flow and other methods are being used. Although InterCapital Securities Ltd uses models commonly accepted in the financial industry and theory, the results of these models depend on plans and information obtained from the Issuer as well as subjective opinions of analysts. The company InterCapital Securities Ltd. acts as a market maker for ADPLRA ZA, PODRRA ZA, HTRA ZA, KOEIRA ZA, ARNTRA ZA, ATGRRA ZA, RIVPRA ZA, ADRSPA ZA, ADRSRA ZA, KRKG SV, ZVTG SV, PETG SV, POSR SV.

Any investments indicated in the report constitute risk, are not readily available in all jurisdictions, can be illiquid and may not be suitable for all investors. Value or income realized on any one investment mentioned in the report may vary. If a financial instrument is denominated in a currency other than an investor's currency, a change in exchange rates may adversely affect the investment. Past performance is not necessarily indicative of future results. Investors must make their own informed investment decisions without depending on this Recommendation. Only investors with sufficient knowledge and expertise in financial dealings who are able to evaluate risk and return may consider investing in any form of securities or markets indicated herein. Before entering into any transaction in financial instruments, please take into consideration you might assume, as a result of transactions in such instruments, financial commitments and other additional obligations, including contingent liabilities, additional to the cost of acquiring the instruments. Investment in financial instrument may assume risks involved in trading such instruments, such as: Market risk (the risk that changes in market prices have adverse effect on financial instrument), Liquidity risk (the risk that an investor cannot easily sell or buy a specific financial instrument at a certain point in time, or is only able to do so on terms that are considerably poorer than the norm in an active market at any time), Interest rate risk (the risk that changes in interest rates have adverse effect on the value of a financial instrument), Currency risk (exchange rates fluctuate and financial instruments that are registered in foreign currency can entail currency risk), Economic risk (risk of economic fluctuations, including risk between countries and different economies, on the value of financial instruments), Country risk (this refers to the economic factors that could have a significant impact on the business environment in the country in which the financial instrument is registered), Counterparty risk (the risk that a counterparty will not meet his contractual obligations in full), Settlement risk (the risk related to a counterparty not meeting the contractual obligations on the settlement date). More specifically, risks associated with shares may involve the following risks: Company risk (in the event of bankruptcy, the shareholder may lose the funds that it originally contributed since priority is not given to shareholders’ claims during bankruptcy proceedings), Price risk (the price of shares may fall and/or rise without it being possible to predict the timing or duration of such fluctuations), Dividend risk (the amount of dividends, if any, which investors receive from their shareholdings, is determined by the profits of the company in question and its dividend policy. Dividend payments may cease should the company suffer losses.) Protection of copyright and data base contained in this Recommendation is of great importance. The report may not be reproduced, distributed or published by any person for any purpose without prior consent given by InterCapital Securities Ltd. Please cite source when quoting. All rights are reserved.

The Analyst certifies that the views and forecasts expressed in this report accurately reflect their personal views about the subject, securities, or issuers specified herein. In addition, the Analyst certifies that no part of their compensation was, is, or will be directly or indirectly related to the specific recommendations or views expressed in this report.

Research ratings explanation and full Tellimer disclaimers

This research is produced by a third party. The Tellimer team has had no editorial input into the content of the note.