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BUCHAREST STOCK EXCHANGE (BVB) reported FY12 preliminary RAS set of results posting a bottom line of RON 8.97m, almost halved YoY and 23% below our estimate, mainly impacted by higher decline in operating revenues than in opex. The steeper decline in operating revenues to RON 17.51m (-19% YoY) than in opex (-12% YoY) along with a net financial result halved YoY at RON 6m, broadly in line with our forecast, trimmed BVBs bottom line by 47% YoY down to RON 8.97m. Higher than assumed opex trimmed our bottom line forecast by 23%, as revenues landed 5% below our estimate of RON 18.3m. Trading revenues dropped by 30.8% YoY to RON 7.2bn, impacted also by the lower number of trading days in 2012 vs. 2011. Weaker margins of 27% vs. 33% in 2011 trimmed the EBITDA by 35% YoY down to RON 4.6m, 28% below our estimate at RON 6.4m. At first impression, posted results call for a fine tune on our top line and a lowering of the bottom line forecast on weaker margins assumptions. We put our target price under revision and we will revert with details.
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