Announcement.

Vestor DM raised the target price of British Automotive Holding to PLN 10.50

On the day the report was issued, the BAH share price amounted to PLN 8.30. "In 2017, BAH recognized in record sales of 2,388 JLR cars (+ 11% y / y), which in our opinion will allow the company to generate 727 million In our opinion, the potential for growth in the value of the company is still inexhaustible, while the main growth drivers will be: increase in the volume of JLR cars sold among others, thanks to the premieres of new models, the development of the dealer network, an attractive dividend policy, "wrote the report. " We slightly lower the net profit forecast to PLN 49 million in 2017, while lowering the forecast of net profit by 3 percent to 51 PLN million in 2018 and by 3% to PLN 54 million in 2019. On our forecasts, the company is currently priced at P / E 6.7x in 2018 and 6.4x in 2019 offering DY 14% in 2018 and 12% in 2019 "- added. In December 2017, the Marvipol group completed the spin-off process, which resulted in separation of automotive activities under British Automotive Holding. BAH is a general importer and distributor of cars, spare parts and accessories and offers comprehensive service for Jaguar, Land Rover and Aston Martin cars. Currently, BAH has a chain of 10 stores (including 3 own stores). Marek Szymański is the author of the Vestor DM recommendation for British Automotive Holding. The first dissemination of the Vestor DM report took place on March 28 at 8.05.

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