ORCO PROPERTY GRP

ORC: 3Q08 Earnings Preview

3Q08 Earnings Preview

Czech Republic

Orco: 3Q08 results preview, due on November 27



Orco is scheduled to report its 3Q08 results on Thursday, 27 November, after the market closes. We

expect the company to report net profit after

minorities of € 1.0m for 3Q08, down 92.6% y/y and 91.2% q/q. Results

should be influenced negatively by lower revaluations gains and higher loss at financial level. We

expect a neutral market reaction to the results,

especially given the fact that the stock has been sold heavily lately on the

back of announcement of CEO, Jean-Francois Ott regarding the decrease of his stake in the company.



Total sales are expected to come in at € 85.0m for 3Q08, implying a

decrease of 0.2% y/y but an increase of 28.5% q/q. The biggest increase is expected to come from

development due to our forecasted increased number of deliveries and from hospitality services as 3Q

is very strong for hotel business while on renting segment we expect results in line with previous

quarter.

EBIT excluding revaluation is expected to come in at € 16.7m for 3Q08,

up 62.5% y/y and 95.9% q/q. The EBIT should be influenced positively in

our view by better operational result on development business where the

company registered negative EBITDA levels in previous quarters and the

hospitality business.

EBIT including revaluation is expected to come in at € 18.0m, up 85.0%

y/y but lower 6.2% q/q. This should be the result of our implied net

revaluation gains in the amount of € 1.3m.

Net financial result is expected to come in at a loss of € 17.6m for 3Q08,

versus a loss of € 21.7m in 3Q07 and a loss of € 0.4m in 2Q08. The result should be influenced

by the depreciation of CZK and HUF against the € and higher interest rates.



Overview of the expected results, see:

http://www.postimage.org/image.php?v=Pq1TGofi



Orco: Buy

Fair Value 43.90



=======EPS =====P/E

FY07 ===8.1 ======2.0

FY08E = -1.7 ======n.m.

FY09E ==4.7 ======3.5

Hé mec , ta maladie ça se soigne ?



P't'être bin q't'es a la CMU , et ki'a pas un toubib qui veut te prendre , peu importe mais

fou le camp chez les dégénérés d'en face , parait qui z'on une super medecine pour les

animaux.



Mais peu être que tu crois , être sain d'esprit , si c'est le cas , pourquoi tu jactes sur un

site Français , dans une langue ké pas d'chez nous ?



Mais je suis sur que que t'es tellement naze , que t'es incapable d'apporter une réponce

cohérente a cette question .



-- en Français SVP ---

courts pas aprés les cons nosibé, tu perds ton temps!!

a+

Orco Fiar value 43,90 selon Luyckxj

soit potentiel de + de 540 %



Analyse CT MT baissière

Résistance 7,70 8,31

Support 6,50 6,00 puis 3,99 3,29



à suivre donc

CA T3 demain