InterCapital
InterCapital

InterCapital

Coverage: Croatia
InterCapital is one of the leading financial services groups in South-Eastern Europe, offering full-service, sophisticated and tailor-made financial solutions to the region’s most significant corporations, institutional, and individual investors.
Location: Zagreb

Analysts

Latest articles from InterCapital

Podravka Group: High Profitability Due to Cost Optimization and FX Help

In H1 2021 Podravka recorded sales in the amount of HRK 2,220.5m which marks an -1.1% YoY decrease. Pharma segment was up +2.8% YoY with sales amounting to HRK 503.9m. The increase came because of higher sales of prescription drugs, primarily in the ...
InterCapital Filip
Filip Gracin @ InterCapital 23 July 2021

Hrvatski Telekom: Plenty of cash with nowhere to go but back to shareholders

We update our coverage of the HT Group with a BUY recommendation and a price target of HRK 214.0 per share. The development of 5G mobile technology is in its final stages. Ensured dividend pay-out coupled with pick-up in share buyback results in abov...
InterCapital Tea
Tea Pevec @ InterCapital 26 May 2021

Valamar Riviera: Q1 21 – Cost management leads to an improved quarter

In Q1 of 2021, Croatian tourism observed a decrease in arrivals by as much as 44.7% and a decrease in tourist nights by 39.2%, as a result of the ongoing Covid-19 situation. Such a market condition affected the operations of Valamar, which noted a de...
InterCapital Tea
Tea Pevec @ InterCapital 6 May 2021

Arena Hospitality Group: Q1 21 – Challenging quarter as expected

In Q1 21, Croatian tourism observed a decrease in arrivals by as much as 44.7% and a decrease in tourist nights by 39.2%, as a result of the ongoing Covid-19 situation. Such a market condition affected the operations of Arena, which noted a sharp dec...
InterCapital Tea
Tea Pevec @ InterCapital 6 May 2021

Adris Group: Diversification has its merits

Sales of the Tourism segment amounted to HRK 41m and were 39.7% lower than in Q1 2020. The segment benefited from the closure of many restaurants which steered demand towards retail chains. Gross claims paid amounted to HRK 389.3m, which represents a...
InterCapital Tea
Tea Pevec @ InterCapital 6 May 2021

Hrvatski Telekom: Q1 21 – A solid quarter but profitability hurt by higher D&A

HT Group’s revenue in Q1 2021 increased 3.2% YoY, driven by the stronger performance on mobile (HRK 46m or +6.0%) and fixed revenue (HRK 12m or +1.5%), with partially lower System Solutions revenue (HRK 3m or -1.6%) due to different phasing of System...
InterCapital Tea
Tea Pevec @ InterCapital 6 May 2021