Trigon DM, in his report dated 12th March, published recommendation “accumulate” for  wykres Inter Cars shares, with target price 116 PLN. Report was issued at share price of 100 PLN. On Friday, around 11:50 the price of one share was 100.70 PLN, after increase by 0.5%.

-Value of Inter Cars shares, based on DCF method and comparative method with foreign distributors of automotive spare parts is estimated to be 109 PLN, what implies a target 9-month price of 116 PLN per share and this made us publish recommendation “accumulate” – wrote analysts of Trigon DM. 

They also added to expect a better dividend policy of the company after 2013. – In our forecasts starting from 2014 we expect a change of current dividend policy in which dividend payout from surplus of profit above 100 million PLN is limited, taking into consideration forecasted level of free cash flows and lowering of financial leverage, will be unjustified - commented analysts.

Trigon DM forecasts that the company will report in 2013 net profit of 115 million and 155.9 million EBIT profit, with 3.23 billion PLN revenue. A year later net profit is supposed to increase to 133.2 million PLN and operational profit to 175.2 million PLN, revenue up to 3.53 billion PLN.