Polski Dom Maklerski: net profit of TIM Group after QI 2018 far exceeded our conservative forecasts
Polski Dom Maklerski in the report of 25/05/2018 comments on the financial results that the TIM Capital Group achieved in Q1. 2018, writing among others about “reasonable cost policy” and high cashflows from operating activities, which “reconfirm the good standing of the Group”. PDM concludes: “We stand by our positive attitude to TIM and our belief about the attractiveness of its valuation”.
As Emil Popławski, stock analyst, notes: “The current market valuation in our opinion still does not reflect the fair value of the distributor’s securities. 0.25 EV/S ‘ 18 and 1.2 P/BV ‘ 18 still imply big growth potential of TIM valuation”.
PDM reiterates the current “buy” recommendation, indicating PLN14.86 as the target price.