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15NOV 17 Pret actiune (rebazat la 14/11/16) n/a n/a n/a RON 1.2 /RON 3.4 DoD Wo W MoM YTD YoY +2.4% +6.3% +51.4% +187.2% +177.7% P/E P/B P/S EV/EBIT EV/EBITDA 10.6x 2.0x 1.0x 4.5x 3.7x Sursa: BVB, EquityRT F Y 13 F Y 14 F Y 15 F Y 16 Capitalizare DPS (brut) 0.00 0.00 0.00 0.09 Capitalizare % Distribuit n/a n/a n/a 100.0% Numar de actiuni Randament n/a n/a n/a 6.4% Valoarea nominala Date financiare (RONmn) Cumulat 9M 15 9M 16 F Y 16 3M 17 6M 17 9M 17 YoY B ilant Active totale 2,270 2,379 2,395 2,457 2,472 2,528 6.3% Datorii totale 1,114 1,251 1,263 1,248 1,252 1,240 -0.8% Capitaluri proprii 1,156 1,129 1,132 1,209 1,220 1,288 14.1% Cont de profit si pierdere Venituri totale 1,774 1,590 2,141 635 1,263 1,866 17.4% Sursa: BVB Cheltuieli totale 1,556 1,479 1,971 531 1,078 1,593 7.7% EB IT 218 111 170 104 186 273 146.2% EBITDA 266 167 247 126 227 336 100.9% Profit net 73 64 67 78 15 6 223 250.2% Trimestrial 3 Q 15 3 Q 16 4 Q 16 1Q 17 2 Q 17 3 Q 17 YoY Cont de profit si pierdere Venituri totale 552 468 551 635 629 603 28.8% Cheltuieli totale 516 435 492 531 547 515 18.2% EB IT 36 32 59 104 82 88 172.6% EBITDA 52 49 79 126 101 109 121.3% Profit net 5 25 3 78 78 67 173.0% Informatii operationale 9M 15 9M 16 F Y 16 3M 17 6M 17 9M 17 YoY Productie aluminiu (miitone) 263 263 352 n/a 182 274 4.2% Vanzari aluminiu (miitone) n/a n/a 230 n/a 120 n/a n/a Pret mediu aluminiu (USD/t) 1,717 1,570 1,605 1,851 1,880 1,924 22.5% Sursa: Companie Indicatori cheie 9M 15 9M 16 F Y 16 3M 17 6M 17 9M 17 YoY P/E P/B EPS LTM (RON) 0.3 (0.0) 0.09 0.2 0.3 0.3 n/a 10.6x 2.0x BVPS (RON) 1.5 1.6 1.5 1.6 1.6 1.7 5.8% 19.2x 1.5x SPS LTM (RON) 3.3 3.0 3.0 3.1 3.2 3.4 14.4% 7.5x 2.7x APS (RON) 3.0 3.3 3.3 3.4 3.4 3.4 5.6% 31.9x 2.9x ROaE⁷ 16.9% -2.9% 6.1% 10.2% 15.8% 18.8% 21.7pp 14.9x 2.7x ROaA ⁷ 8.3% -1.4% 2.9% 4.9% 7.6% 9.2% 10.7pp 10.6x 2.1x marja EB IT 12.3% 7.0% 8.0% 16.4% 14.7% 14.7% 7.6pp 11.6x 1.6x marja EBITDA 15.1% 10.6% 11.6% 19.9% 18.0% 18.0% 7.4pp NULL 0.7x marja Profit net 4.1% 4.0% 3.2% 12.3% 12.4% 12.0% 8.0pp Sursa: Companie, EquityRT, BT Equity Research Sursa: Reuters, BT Equity Research AMAG Austria [AT] Grupa Kety [PL] Granges [SE] Alcomet [BG] Alum [RO] Companii comparabile (Ultimele date) Alro [RO] Norsk Hydro [NO] United Co. RUSAL [CY] Recomandare BT Equity Research Detalii de tranzactionare 1 Pret tinta Ultimul pret (la 14/11/17) RON 3.4 EUR 515,962,715 713,779,135 RON 0.50 Rating Volum zilnic mediu (LTM ) 2 RON 0.09mn Structura actionariatului 5 Venituri + Volume (la 30/09/17) Structura veniturilor Productie (tone) Potential P ret M in /M ax (LTM ) 3 Descriere Alro este singurul producator de aluminiu si aliaje din aluminiu din Romania, dar si cel mai mare producator de aluminiu din Europa Continentala (excl. Rusia, Peninsula Scandinava). Acesta face parte dintr-un grup integrat de productie a aluminiului, care acopera intregul lant tehnologic, fiind organizat pe urm. segmente: Bauxita, Alumina, Aluminiu Primar si Aluminiu Procesat (acestea doua din urma fac parte din structura organizatorica a societatii Alro). ALR produce: sarma, bare, sleburi, lingouri, placi, table si benzi din aluminiu. Desfacerea pentru produsele Alro este realizata pe piata principala a UE (DE, IT, PL, CZ, RO), cat si in SUA si Asia. Actiunile sale sunt tranzactionate pe segmentul principal BVB. Dividend (RON) 4 Detalii actiune (la 14/11/17) RON 2,398,297,894 55% 44% 1% Aluminiu primar Aluminiu procesat Altele 78% 77% 22% 23% 9M16 9M17 Aluminiu pr ocesa t Aluminiu primar 84% 10% 6% Vimetco N.V. FP Altii - 0.2 0.4 0.6 0.8 1.0 1.5 2.0 2.5 3.0 3.5 Nov16 Mar17 Jul17 Nov17 Volume (RONmn) ALR BET-XT
