ECONOMY

Fourlis to open Bulgaria Ikea store in 2010

Fourlis Holdings, the Ikea franchise-holder for Greece, Cyprus and Bulgaria, said yesterday it plans to open its first Bulgarian store in Sofia in 2010. Fourlis, whose shares are listed on the Athens bourse, also said it had increased its stake in its Bulgarian Ikea franchise to 100 percent from 70 percent. It plans to operate three Ikea stores in Bulgaria by 2013. Proton Bank described the news as having a positive impact on the share’s valuation and reiterated its outperform rating on the stock. Proton’s target price on Fourlis is 12.40 euros, implying an upside of 141 percent from current price levels. ‘Any hit in Fourlis’s performance due to the upcoming recession should be discounted at current price levels,’ Proton said in a note. Shares in Fourlis added 0.39 percent to 5.14 euros yesterday versus a 2.21 percent rise on the Athens bourse’s benchmark general index.