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AAA Auto Group Rises on Foreign Expansion Plans: Prague Mover

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Oct. 8 (Bloomberg) -- AAA Auto Group NV rose to its highest level in about two months after announcing plans to enter Hungary, Poland, Ukraine and add branches in the three states where it already has operations.

The stock rose 0.93 koruna, or 4.3 percent, to 22.38 koruna in Prague trading. That’s the highest level since Aug.4.

AAA plans to reopen its business in Hungary in 2014, start operations in Poland in 2015 and in Ukraine the following year, the company said in a statement published on its website late on Oct.5. AAA also plans to add new branches in the Czech Republic, Slovakia and Russia.

“It is a challenge they set for themselves but if this scenario is fulfilled it is a definitely positive news for the stock,” Cyrrus AS’ analyst Jiri Simara said by phone today. “The company would grow threefold and the earnings per share would rise as well.”

Simara has the stock “under review.”

To contact the reporter on this story: Lenka Ponikelska in Prague at lponikelska1@bloomberg.net

To contact the editor responsible for this story: James M. Gomez at jagomez@bloomberg.net

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