Fortuna with its FY2012 results tops estimates on all lines

The management of the Company will propose to the AGM a 100% dividend pay-out of 2012 net profit which means an increase in pay-out ratio from 90% and should lead to similar dividend as last year (0.23 EUR per share; 6.4% dividend yield at the moment). Fortuna also consider a dividend pay-out from retained earnings (18 mln. EUR at the end of 2011; i.e. 0.35 EUR per share) which may attract some investors. On the other hand, EBITDA outlook for 2013 of 23.1 mln. EUR may cause a disappointment as BBG consensus count with 25 mln. EUR. The loss making lottery project is under review including potential partnership deal but the initially planned break-even in the 1H13 should be achieved according to Fortuna. Overall, NEUTRAL outcome in our view.