During 2023, Mon Perin recorded revenue growth of 44% YoY, an EBITDA increase of 40%, and a net income of EUR 5.2m, an increase of 64% YoY.

By the end of 2023, Mon Perin recorded revenue of EUR 13.8m, an increase of 44% YoY. The Company noted that during the year, Mon Perin camp recorded revenue of EUR 12m, an increase of 36% YoY. Total number of overnight stays amounted to 320k, an increase of 10% YoY.

Furthermore, individual guests’ revenue amounted to EUR 11.1m, an increase of 39% YoY, with a 15% increase in overnight stays, and 13% higher occupancy rates. On the other hand, group guests recorded EUR 813k of revenue, an increase of 6% YoY, but with a 13% reduction in the number of overnight stays, due to a lower amount of group guest contracts signed.

In terms of the revenue by the accommodation types, mobile homes recorded EUR 7.8m of revenue, a 49% YoY, while parcels recorded EUR 3.3m, an increase of 20% YoY. Moving on, operating expenses grew by 38% YoY to EUR 8.9m, mainly due to higher material expenses (+63% YoY, to EUR 5.3m), higher staff costs (+28% YoY, to EUR 801k), higher depreciation (+12% YoY, to EUR 2.1m), and higher other expenses (+27% YoY, to EUR 523k).

However, as the revenue growth outpaced OPEX increases, EBITDA grew by 40% YoY to EUR 7.3m. This would also imply an EBITDA margin of 52.7%, a 1.3 p.p. decrease YoY, due to the faster revenue than EBITDA growth. In terms of the net financial result, it was positive at EUR 81k (2022: EUR -80k), mainly due to higher revenue from financial investments, as well as no FX losses recorded during the year as was the case in 2022. As a result of all of these developments, net income amounted to EUR 5.24m, an increase of 64% YoY, implying a net income margin of 37.8%, a 4.6 p.p. growth YoY.

Mon Perin key financials (2023 vs. 2022, EURm)

Source: Mon Perin, InterCapital Research

In terms of investments, they amounted to EUR 14m in 2023. These included the construction of a wellness centre, whose completion is planned for Spring 2024, as well as the refurbishment of two camper parcel zones with 40 luxury mobile homes with the aim of repositioning Mon Perin camp into a luxury camping resort.

In terms of future investments, Mon Perin noted that it created a 5-year plan for EUR 40m of investments into the camping resort, increasing the number of luxury mobile homes, developing infrastructure, and general improvements to the quality of the offered services. Phase one of this plan was initiated and finished for the 2022 season and amounted to EUR 7.5m. The 2nd phase was initiated in October 2022, with a total planned investment of EUR 14m (these include the above-mentioned investments). This would mean that app. EUR 18.5m will be invested in the next three years, with targeted investments into camp refurbishment and general improvement in the content offered at the camp.

At the share price before the announcement, this would imply a DY of 1%. The ex-date is set for 20 May 2024, while the payment date is set for 21 June 2024. Besides the dividend, Electrica plans to issue sustainability-linked bonds totaling up to EUR 300m between 2024-2025. We detail both of these pieces of news below.

Yesterday, Electrica published its GSM convocation notice, which included the proposal for the distribution of 2023 profit in the form of dividends. According to the notice, RON 39.9m would be distributed in the form of dividends, which on a per-share basis would imply a gross dividend of RON 0.1178 DPS. Since the payment would be made from the 2023 net profit, this would imply a payout ratio of 6.4% on a consolidated basis.

Furthermore, at the share price before the announcement, this would imply a DY of 1%. The proposal is subject to approval by the GSM, which will be held on 25/26 April 2024. The ex-date is set for 20 May 2024, while the payment date is set for 21 June 2024.

Electrica dividends per share (RON) and dividend yield (%) (2015 – 2024)

Source: Electrica, InterCapital Research

Regarding the bond issuance, Electrica proposed for the GSM the issuance of up to EUR 300m for a single, or several issues of green bonds or sustainability-linked bonds, or a mix thereof, for the period 2024-2025. These may be denominated in both RON and other currencies and may be issued on the Romanian or international capital markets (EU and the US) on the basis of a flexible structure, with a fixed or variable interest rate. The bonds will be nominative, non-convertible, non-guaranteed, in dematerialized form by registration in the account, and may be issued for a maximum maturity of up to 10 years.

Further details about both of these news pieces can be found here.

Yesterday, Transport Trade Services proposed RON 1.14 DPS, implying a DY of 3.8%. Furthermore, the Company published its 2024 budget, in which they expect revenue of RON 1.1bn (-5% YoY) and net income of RON 184m (-40% YoY).

According to the press release by Transport Trade Services (TTS) yesterday, the Company announced its dividend proposal, as well as its 2024 budget. In this overview, we’ll detail both.

Starting off with the dividend, the Board of Directors proposed the distribution of RON 68.4m from the 2023 net profit, which would imply a payout ratio of 45.2% of the individual net profit of the Company (RON 151.3m). This is in line with the Company’s dividend policy. On a per-share basis, this would imply RON 1.14 DPS or a dividend yield of 3.8% at the price before the announcement.

The proposal took into account the investment of RON 204.9m made in 2023. This also marks a 102.7% higher dividend than the one distributed from the 2022 net profit. The dividend proposal is subject to approval at the OGSM, which will be held on 30 April 2024. The ex-date and the payment date are yet to be announced.

TTS revenue and op. profit (2021 – 2024 budget, RONm)

Source: Transport Trade Services, InterCapital Research

On a consolidated basis, TTS budgeted a net profit of RON 1.1bn in 2024, representing a decrease of 5.3% compared to the 2023 preliminary results, but 17.7% higher than in 2022. At the same time, the budgeted operating profit is set at RON 220.5m, a decrease of 37.3% YoY, and 4.8% higher than the op. profit achieved in 2022.

A detailed breakdown of the 2024 budget, as well as more information in general regarding this news, can be accessed here.