The Greek retail, industrial and distribution giant Sarantis announced it set up a wholly owned subsidiary in Portugal, where it already had a presence since 2009 through a sub-distributor with annual sales of EUR 800,000.
The company said it aims to boost its revenues to EUR 4 mln a year and strengthen its presence in the market where it supplies fragrances and cosmetics (BU, C-THRU, STR8 and BIOTEN), while it also aims to enter the household products market through the brand FINO.
The move by ASE-listed Sarantis is in line with the company’s strategy to seek opportunities on its core business activities.
“On a first glance, the aforementioned activity is estimated at 1.5% our FY14e sales forecasts. We estimate a 1.2% upside in our FY14e PAT forecasts, eying for some additional EUR 0.2m in the bottom line,” said Natalia Svyrou-Svyriadi, a research analyst at the Investment Bank of Greece.
“We reiterate our accumulate rating,” Svyrou-Svyriadi said in a note to investors. According to IBG, Sarantis was trading at 6.62 euros for a market cap of 230.2mln.
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