P ret act iune (rebazat la 21/ 02/ 17)
6.3 RON /10.7 RON
DoD WoW M oM YTD YoY
-0.2% -4.1% -11.8% -2.1% +24.7%
P/E P/B P/S EV/EBIT EV/EBITDA
16.0x 1.4x 0.9x 6.0x 4.8x
Sursa: BVB, EquityRT
F Y13 F Y14 F Y15 F Y16 Capitalizare
DPS (brut) 0.08 0.15 0.35 0.33 Capitalizare
% Distribuit 85.0% 51.2% 54.8% 51.0% Numar de actiuni
Randament 6.4% 8.2% 5.6% 5.0% Valoarea nominala
D ate f inanciare (miiR ON ) - Individuale
C umulat F Y15 F Y16 3M 17 6M 17 9M 17 F Y17 Yo Y
Bilant
Active to tale 199,199 229,283 281,427 291,341 294,173 338,865 47.8%
Datorii to tale 93,326 117,754 166,855 171,119 174,387 205,379 74.4%
Capitaluri proprii 105,872 111,529 114,573 120,222 119,786 133,486 19.7%
Cont de profit si pierdere
Venituri din exploatare 121,618 159,739 44,770 99,160 136,082 187,450 17.3% Sursa: BVB
Cheltuieli din exploatare 117,721 143,986 40,033 80,448 116,392 171,000 18.8%
EBIT 3,897 15,753 4,737 18,711 19,690 16,450 4.4%
EBITDA 5,226 19,669 5,830 20,892 22,963 20,450 4.0%
P ro f it net 11,962 12,213 3,044 14,923 14,487 11,000 -9.9%
T rimestria l 4Q15 4Q16 1Q17 2Q17 3Q17 4Q17 Yo Y
Cont de profit si pierdere
Venituri din exploatare 38,073 61,111 44,770 54,390 36,922 51,368 -15.9%
Cheltuieli din exploatare 54,317 69,963 40,033 40,415 35,944 54,608 -21.9%
EBIT -16,243 -8,852 4,737 13,975 979 -3,240 -63.4%
EBITDA -15,863 -7,757 5,830 15,062 2,071 -2,513 -67.6%
P ro f it net -19,643 -9,321 3,044 11,879 -436 -3,487 -62.6%
Info rmatii o perat io nale
F Y15 F Y16 3M 17 6M 17 9M 17 F Y17 Yo Y
Cifra de afaceri (miiRON) 130,892 152,096 18,380 85,469 100,582 n/a n/a
Piata interna (miiRON) 117,999 135,640 12,443 66,258 81,259 n/a n/a
Piata externa (miiRON) 12,893 16,457 5,937 19,211 19,323 n/a n/a Sursa: Companie
Indicato ri cheie
F Y15 F Y16 3M 17 6M 17 9M 17 F Y17 Yo Y P / E P / B
EPS LT M (RON) 0.63 0.65 0.43 0.55 0.27 0.58 -9.9% 16.0x 1.4x
BVPS (RON) 4.76 5.76 6.03 6.26 6.37 6.49 12.7% 26.5x 5.7x
SPS LT M (RON) 6.93 8.06 8.46 9.65 9.18 9.80 21.6% 14.5x 4.1x
APS (RON) 9.42 11.35 12.48 12.94 12.83 15.05 32.6% 21.5x 3.2x
ROaE⁷ 13.3% 11.2% 7.2% 8.7% 4.3% 9.0% -2.3pp 18.1x 5.5x
ROaA ⁷ 6.7% 5.7% 3.5% 4.2% 2.1% 3.9% -1.8pp 12.3x 1.2x
marja EBIT 3.0% 10.4% 25.8% 21.9% 19.6% 8.9% -1.5pp 20.0x 4.0x
marja EBITDA 4.0% 12.9% 31.7% 24.4% 22.8% 11.1% -1.9pp 18.5x 2.7x
marja Profit net 9.1% 8.0% 16.6% 17.5% 14.4% 5.9% -2.1pp
Sursa: Companie, EquityRT, BT Equity Research Sursa: Reuters, BT Equity Research
0.08 mRON
Cu o experienta de peste 90 ani in domeniul de
activitate, IARV desfasoara in prezent, conf. cod
CAEN, activitati de reparare si intretinere aeronave si
nave spatiale. Actualmente, expertiza companiei este
concentrata pe: elicoptere IAR 330L Puma (licenta
SNIAS Aerospatiale - Airbus Helicopter), elicoptere
IAR 330L Puma SOCAT, SOCAT NATO si NAVAL,
elicoptere 330 Puma SM , cat si pe elicoptere IAR 316 B
Alouette III. IARV desfasoara relatii atat pe piata
autohtona (M AN, SRI, M AI), cat si cu clienti externi
astfel: RAF Oman, M OD Liban, Indonesian Air Force,
Sofema Franta, GHQ UAE, Aeroteh (Pakistan
Army/Aviation). Compania este contro lata de Statul
roman, iar actiunile se tranzactioneaza pe piata BVB.
IARV inclusa in indicii: BET-XT, BET-XT-TR, BET-BK,
BETPlus.
D escriere D etalii de tranzact io nare 1
Ultimul pret (la 21/02/2018) 9.3 RON
Structura act io nariatului 5
C ifra de afaceri ( la 30/ 09/ 17)
Structura geografica
Principalele produse
Pret M in /M ax (LTM )3
D ividend (R ON ) 4 D etalii act iune ( la 21/ 02/ 18)
175,573,333 RON
37,671,830 EUR
18,878,853
2.50 RON
Volum zilnic mediu (LTM )2
C o mpanii co mparabile (Ult imele date)
IAR Brasov [RO]
Airbus [NL]
Safran [FR]
Dassault Aviation [FR]
BAE Systems [GB]
Leonardo [IT]
M TU Aero Engines [DE]
FACC [AT]
65%
35%
MinisterulEconomiei
Altii
-
0.50
1.00
1.50
2.00
6.0
7.5
9.0
10.5
12.0
Feb17 Jun17 Oct17 Feb18
Volume (mRON) IARV BET-XT
81%
19%Romania
Piata externa
46%
35%
3%
14%
3%Piese schimb si rep.Puma
Modernizare Puma
Revizii Puma&Alouette
Furnizare piese schimb,rep. echip.
Altele
22FEB18