14AUG17

P ret act iune (rebazat la 11/ 08/ 16)

n/a

n/a

n/a RON 0.117 RON 0.149

DoD WoW M oM YTD YoY

-1.9% +0.8% +4.8% -0.4% +10.0%

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

7.9x 0.3x 0.2x 18.6x 7.3x

Sursa: BVB, EquityRT

F Y13 F Y14 F Y15 F Y16 Capitalizare

DPS (brut) 0.004 0.008 0.009 0.008 Capitalizare

% Distribuit 95.1% 5.5% 33.7% 36.4% Numar de actiuni

Randament 5.0% 6.9% 6.6% 5.8% Valoarea nominala

D ate f inanciare (R ON mii) - Individuale

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

Bilant

Active to tale 261,157 274,619 276,074 274,356 277,973 273,614 -0.4%

Datorii to tale 129,682 144,436 144,270 144,025 146,617 141,480 -2.0%

Capitaluri proprii 131,475 130,183 131,804 130,331 131,356 132,134 1.5%

Cont de profit si pierdere

Cifra de afaceri 88,607 91,098 136,335 181,196 50,028 98,817 8.5% Sursa: BVB

Venituri nete 87,297 89,841 134,451 178,719 49,366 97,423 8.4%

EBIT 8,990 3,456 6,189 5,978 1,424 2,707 -21.7%

EBITDA 11,896 7,070 14,342 13,353 3,537 6,913 -2.2%

P ro f it net 7,738 2,300 4,389 4,903 1,025 1,803 -21.6%

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

Cont de profit si pierdere

Cifra de afaceri 45,717 43,515 45,237 44,861 50,028 48,789 12.1%

Venituri nete 45,086 42,879 44,610 44,268 49,366 48,057 12.1%

EBIT 1,253 1,476 2,733 -211 1,424 1,283 -13.1%

EBITDA 2,696 3,334 7,272 -989 3,537 3,377 1.3%

P ro f it net 807 979 2,089 514 1,025 778 -20.5%

Info rmatii o perat io nale

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

Cifra de afaceri, din care:

Piata interna 74,328 72,321 106,760 141,640 36,480 72,669 0.5%

Piata externa 14,279 18,777 29,575 39,556 13,548 26,148 39.3% Sursa: Companie

Indicato ri cheie

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

EPS LT M (RON) 0.04 0.004 0.004 0.02 0.02 0.02 362.2% 7.9x 0.3x

BVPS (RON) 0.48 0.50 0.50 0.49 0.50 0.50 0.3% 23.4x 2.0x

SPS LT M (RON) 0.63 0.69 0.68 0.69 0.70 0.72 4.0% 14.4x 2.5x

APS (RON) 0.95 1.01 1.05 1.05 1.05 1.04 2.3% 11.6x 1.3x

ROaE⁷ 8.2% 0.7% 0.8% 3.8% 3.5% 3.4% 2.6pp 10.5x 0.8x

ROaA ⁷ 4.2% 0.4% 0.4% 1.8% 1.7% 1.6% 1.3pp 10.3x 1.0x

marja EBIT 10.1% 3.8% 4.5% 3.3% 2.8% 2.7% -1.1pp 11.7x 1.2x

marja EBITDA 13.4% 7.8% 10.5% 7.4% 7.1% 7.0% -0.8pp NULL 1.3x

marja Profit net 8.7% 2.5% 3.2% 2.7% 2.0% 1.8% -0.7pp 11.9x 1.4x

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

ERG [PL]

PSB Industries [FR]

Karatzis [GR]

Flexopack [GR]

Przetworstwo TZPB [PL]

Assenova Krepost [BG]

C o mpanii co mparabile (Ult imele date)

Romcarbon [RO]

RPC Group [GB]

Groupe Guillin [FR]

Structura act io nariatului 5

C ifra de afaceri ( la 30/ 06/ 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 11/ 08/ 2017)

RON 34,864,117

EUR 7,615,578

264,122,096

RON 0.10

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

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

P ret t inta Ultimul pret (la 11/08/2017) RON 0.132

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

Aug16 Dec16 Apr17 Aug17

Volume (RONmn) ROCE BET-XT

71%0.03%

0.2%

26%

1.4% 1.6%Produse finite

Semifabricate

Prestari servicii

Vanzari marfuri

Venit inchirieri

Altele

74%

26% Piata interna

Piata externa