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

http://btcapitalpartners.ro/analize/