15NOV17

P ret act iune (rebazat la 14/ 11/ 16)

n/a

n/a

n/a 1.005 1.335

DoD WoW M oM YTD YoY

-2.7% +3.8% +3.3% -3.1% +6.8%

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

6.4x 0.6x 0.4x 6.4x 3.3x

Sursa: BVB, EquityRT

F Y13 F Y14 F Y15 F Y16 Capitalizare

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

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

Randament n/a n/a n/a n/a Valoarea nominala

D ate f inanciare (R ON mii) - Individuale

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

Bilant

Active to tale 550,632 558,248 567,005 590,483 601,928 592,252 6.1%

Datorii to tale 199,951 199,054 200,844 213,604 213,617 195,664 -1.7%

Capitaluri proprii 350,681 359,193 366,161 376,879 388,310 396,588 10.4%

Cont de profit si pierdere

Venituri din exploatare 355,302 495,848 654,521 189,459 368,507 537,687 8.4% Sursa: BVB

Cheltuieli din exploatare 325,002 462,136 611,560 177,042 344,250 503,306 8.9%

EBIT 30,300 33,711 42,961 12,417 24,257 34,381 2.0%

EBITDA 46,427 63,352 81,221 22,500 46,306 67,554 6.6%

P ro f it net 26,412 44,516 51,628 10,653 22,018 30,235 -32.1%

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

Cont de profit si pierdere

Venituri din exploatare 115,179 163,297 158,673 189,459 179,048 169,180 3.6%

Cheltuieli din exploatare 105,556 153,121 149,423 177,042 167,208 159,056 3.9%

EBIT 9,623 10,177 9,250 12,417 11,840 10,123 -0.5%

EBITDA 16,074 20,862 17,869 22,500 23,807 21,247 1.8%

P ro f it net 7,778 8,875 7,111 10,653 11,365 8,216 -7.4%

Info rmatii o perat io nale

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

Cifra de afaceri (miiRON) 348,215 485,201 638,660 187,148 364,369 531,860 9.6%

- P iata interna 107,469 119,805 155,412 37,411 72,212 146,902 22.6%

- P iata externa 240,746 365,395 483,248 149,738 292,157 384,958 5.4% Sursa: Companie

Indicato ri cheie

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

EPS LT M (RON) 0.14 0.21 0.24 0.18 0.17 0.17 -17.4% 6.4x 0.6x

BVPS (RON) 1.53 1.62 1.56 1.64 1.69 1.73 6.5% 14.5x 2.9x

SPS LT M (RON) 2.04 2.82 2.92 3.05 3.10 3.13 11.0% Delphi Automotive [GB] 19.5x 8.3x

APS (RON) 2.31 2.53 2.59 2.64 2.67 2.63 3.8% Valeo [FR] 13.9x 3.4x

ROaE⁷ 9.5% 12.7% 15.1% 10.9% 10.3% 9.9% -2.9pp Auto liv [SE] 21.2x 2.7x

ROaA ⁷ 6.3% 8.2% 9.1% 6.7% 6.5% 6.5% -1.7pp Faurecia [FR] 14.9x 2.8x

marja EBIT 8.7% 6.9% 6.7% 6.6% 6.7% 6.5% -0.5pp Schaeffler [DE] 9.5x 4.0x

marja EBITDA 13.3% 13.1% 12.7% 12.0% 12.7% 12.7% -0.4pp CIE Automotive [ES] 15.3x 4.0x

marja Profit net 7.6% 9.2% 8.1% 5.7% 6.0% 5.7% -3.5pp AC [PL] 19.7x 4.6x

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

Compa [RO]

Continental [DE]

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

P ret t inta Ultimul pret (la 14/11/2017) RON 1.1

RON 240,703,142

EUR 51,784,162

218,821,038

RON 0.10

R ating Volum zilnic mediu (LTM )2 RON 0.06mn

Structura act io nariatului 5

Venituri ( la 30/ 09/ 17)

Structura cifrei de afaceri

Distributia geografica

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

D escriere

Compa este o companie romaneasca care se ocupa de

proiectarea, producerea si comercializarea de componente si

accesorii pentru industria auto. Cu o experienta vasta in

domeniul de act ivitatea si invest it ii cont inue, CM P (top 100

exportatori din Romania) a reusit sa construiasca parteneriate

puternice, de lunga durata, cu companii importante din industria

automotive: Bosch, Delphi, Honeywell, Fuji-Kiko, Jtekt, Dacia-

Renault , Daikin, Ina Schaeff ler, Takata, Haulotte Group,

Hutchinson etc. Capitalul societat ii este privat, iar act iunile se

tranzact ioneaza pe piata la BVB (segment principal).

D ividend (R ON ) 4 D etalii act iune ( la 14/ 11/ 17)

C o mpanii co mparabile (Ult imele date)

55%45%

Asociatiasalariatilor

Altii

-

0.5

1.0

0.0

0.5

1.0

1.5

Nov16 Mar17 Jul17 Nov17

Volume (RONmn) CMP BET-XT

99.5%

0.3% 0.1%0.1%Produse finite

Servicii

Vz. Marfuri

Altele

28%

72%

Piata interna

Piata externa