Grupa Lotos

Grupa Lotos is an oil concern which deals with oil extraction and processing and trading of high quality oil products. Co. supplies the market with, unleaded petrol, diesel oil, fuel oil, aviation fuel, industrial oil, asphalt and paraffin, among other things. Co. is engaged in the production and sales of engine oils and bitumen in Poland. Co. maintains oil exploration and production activities in the Baltic, North Sea and Norwegian Sea and operates three refineries in Gdansk, Jaslo and Czechowice, Poland. Co. markets its products in wholesale markets, as well as in retail markets through a network of petrol stations.
  • TickerLTS
  • ISINPLLOTOS00025
  • ExchangeWarsaw Stock Exchange
  • SectorOil & Gas Producers
  • CountryPoland

Raiffeisen Centrobank Equity Daily 12.08.2020

 AT: Kapsch TrafficCom - 1Q 20/21 results in line with preliminaries; achieving positive EBIT in 20/21 more challenging than initially thought (negative)  AT: Wienerberger - 2Q in line with prelims. but reported earnings ahead of RCBe, l-f-f EBITDA guidance raised to 480-500 mn (positive)  HR: Valamar Riviera - The first phase of investment cycle in Lavanda Sunny Hotel by Valamar successfully completed (positive)  PL: Lotos - 2Q 20 final clean earnings fully in line with preliminaries (neutral)  PL: Polish Utilities - Environment Ministry comments on Poland's energy policy (neutral)  CE...

Sylwia Jaśkiewicz

Lotos: 2Q20 results revealed; Figures in line with preliminary figures published earlier

Lotos: 2Q20 results revealed; Figures in line with preliminary figures published earlier

Research Team

The Rear-View Mirror – EME markets: Equities back in the red in EUR terms in July

EME Equity Market – July 2020 Market performance – majority of indices in the red, with the ISE30 Index down 12.6%. Following its mediocre decline in June, the MSCI EM Europe Index declined 4.4% in EUR terms, but gained 0.4% in local currency terms in July. Following the rather large decline in the Turkish equities, the MOEX Index was also down, 3.5%, in July; while the Athens’ benchmark declined 3.3% and the Romanian BET Index fell 3.2%. Following its gain last month, the PX Index declined by 2.4%, followed by the Hungarian BUX Index, -0.4%. The only benchmark with a positive return in EUR te...

Raiffeisen Centrobank Equity Daily 27.07.2020

 AT: Kapsch TrafficCom - Loss of contracts, US cost overruns and software issues drive 1Q preliminaries deep into the red (negative)  AT: Wienerberger - Good 2Q performance, company lifts lower end of FY 20 l-f-l EBITDA guidance and now eyes EUR 460-480 mn (positive)  CZ: CEZ - Bulgarian court cancelled ban on CEZ selling local assets to Eurohold (positive)  PL: Lotos - 2Q 20 preliminary clean earnings in the black, but reported earnings heavily impacted by PLN 0.8 bn one-offs (negative)  RO: Digi Communications - Competition Council approved takeover of RGUs from its competitor AKTA (neu...

Research Team

WOOD Daily: RU Macro; PL Retail; LTS PW; ENJSA TI; PL Utilities; YNDX US; MGNT LI; MOEX RX; LVC PW

HEADLINES: • Russia macro: CBR cuts policy rate by 25bps - monetary policy to remain the playmaker in the coming year • Polish retail: Lower House of Parliament votes sugar tax through - worst for Eurocash NEGATIVE • Lotos: announces 2Q20E estimates • Enerjisa Enerji: to raise TRY 1.5bn of debt • Polish utilities: Polish coal production may end in 2036 • Yandex: 2Q20E preview - key areas of focus (due out tomorrow) • Magnit: 2Q20E preview (due on 30 July) NEUTRAL • Moscow Exchange: 2Q20E preview - well on track to meet our 2020E forecasts (due on 21 August) • LiveChat Software: 1Q20-21E ...

Dave Nicoski ...
  • Ross LaDuke

Vermilion Int'l Compass: Global Equity Strategy

MSCI EAFE inflecting, aided by strength in Japan Developed international (MSCI EAFE, local currency) is displaying a change in trend, bullishly inflecting topside its downtrend and putting an end to the YTD pattern of lower highs. Despite this incrementally positive development, our outlook remains neutral for MSCI EAFE as there are still many additional resistance areas the index needs to overcome before we would turn outright bullish... see chart below. • Japan: Not too late to add exposure. Improvements in Japan are leading broad developed int'l indexes higher. Last week we highlighted bu...

Raiffeisen Centrobank Equity Daily 12.08.2020

 AT: Kapsch TrafficCom - 1Q 20/21 results in line with preliminaries; achieving positive EBIT in 20/21 more challenging than initially thought (negative)  AT: Wienerberger - 2Q in line with prelims. but reported earnings ahead of RCBe, l-f-f EBITDA guidance raised to 480-500 mn (positive)  HR: Valamar Riviera - The first phase of investment cycle in Lavanda Sunny Hotel by Valamar successfully completed (positive)  PL: Lotos - 2Q 20 final clean earnings fully in line with preliminaries (neutral)  PL: Polish Utilities - Environment Ministry comments on Poland's energy policy (neutral)  CE...

Sylwia Jaśkiewicz

Lotos: 2Q20 results revealed; Figures in line with preliminary figures published earlier

Lotos: 2Q20 results revealed; Figures in line with preliminary figures published earlier

Research Team

The Rear-View Mirror – EME markets: Equities back in the red in EUR terms in July

EME Equity Market – July 2020 Market performance – majority of indices in the red, with the ISE30 Index down 12.6%. Following its mediocre decline in June, the MSCI EM Europe Index declined 4.4% in EUR terms, but gained 0.4% in local currency terms in July. Following the rather large decline in the Turkish equities, the MOEX Index was also down, 3.5%, in July; while the Athens’ benchmark declined 3.3% and the Romanian BET Index fell 3.2%. Following its gain last month, the PX Index declined by 2.4%, followed by the Hungarian BUX Index, -0.4%. The only benchmark with a positive return in EUR te...

Raiffeisen Centrobank Equity Daily 27.07.2020

 AT: Kapsch TrafficCom - Loss of contracts, US cost overruns and software issues drive 1Q preliminaries deep into the red (negative)  AT: Wienerberger - Good 2Q performance, company lifts lower end of FY 20 l-f-l EBITDA guidance and now eyes EUR 460-480 mn (positive)  CZ: CEZ - Bulgarian court cancelled ban on CEZ selling local assets to Eurohold (positive)  PL: Lotos - 2Q 20 preliminary clean earnings in the black, but reported earnings heavily impacted by PLN 0.8 bn one-offs (negative)  RO: Digi Communications - Competition Council approved takeover of RGUs from its competitor AKTA (neu...

Łukasz Prokopiuk

Lotos: 2Q20 preliminary figures revealed, results distorted by inventory effects

Lotos: 2Q20 preliminary figures revealed, results distorted by inventory effects.

Research Team

WOOD Daily: RU Macro; PL Retail; LTS PW; ENJSA TI; PL Utilities; YNDX US; MGNT LI; MOEX RX; LVC PW

HEADLINES: • Russia macro: CBR cuts policy rate by 25bps - monetary policy to remain the playmaker in the coming year • Polish retail: Lower House of Parliament votes sugar tax through - worst for Eurocash NEGATIVE • Lotos: announces 2Q20E estimates • Enerjisa Enerji: to raise TRY 1.5bn of debt • Polish utilities: Polish coal production may end in 2036 • Yandex: 2Q20E preview - key areas of focus (due out tomorrow) • Magnit: 2Q20E preview (due on 30 July) NEUTRAL • Moscow Exchange: 2Q20E preview - well on track to meet our 2020E forecasts (due on 21 August) • LiveChat Software: 1Q20-21E ...

Research Team

The Rear-View Mirror – EME markets: Equity returns mixed as rebound forces weaken

EME Equity Market – June 2020 Market performance – in June, Turkish equities performed the best (+7.7%), while Hungary was the weakest (-2.2%). Following its rebound in the past couple of months, the MSCI EM Europe Index declined in June, losing 1.8% in EUR terms and 0.6% in local currency terms. Turkish equities were the best performers, with the ISE30 Index +7.7%, followed by Prague’s PX Index (+3.5%), and the WIG20 (+2.3%). After its good run in May, the Romanian BET lost 0.3% in June, while the Russian MOEX was down 2%. Greek equities declined 2.1%, while the worst-performing index was the...

Research Team

WOOD Daily: EUROB GA; PEO PW; ALR PW; THYAO TI; KER PW; POSR SV; LTS PW; GPW PW; PBK RO

HEADLINES: • Eurobank: 1Q20 - solid outlook, share price grossly undervalued • Bank Pekao: updates its estimate on rate cuts impact NEGATIVE • Alior Bank: updates its estimates on rate cuts impact NEGATIVE • Turkish Airlines: 1Q20 conference call takeaways • Kernel: 3Q20 conference call takeaways POSITIVE • Sava RE: completes acquisition of NLB Vita NEUTRAL • Lotos: signs agreement for Polimery Police project • Postcards from our virtual EME Financials and Real Estate Conference • Warsaw Stock Exchange: postcard from our financials and real estate conference • Patria Bank: postcard from...

Research Team

WOOD Daily: EME Macro/Strategy; MGROS TI; MOL HB; DOM PW; AEFES TI; PKN PW; LTS PW; NRP NA; YNDX US; SAB1L LH; ATRS AV; Turkish Automotive; AFLT RX; RO Utilities

HEADLINES: • EME Macro/Strategy: German Supreme Court ruling - economists meet reality • Migros: 1Q20 results ahead of expectations, FY20E sales growth guidance raised to 19-21% POSITIVE • MOL: 1Q20 results - big net loss, but underlying earnings above expectations • Dom Development: 1Q20 - quality beat; well-positioned thanks to cash pile and low leverage POSITIVE • Anadolu Efes: 1Q20 results - weak beer performance due to headwinds in Russia NEGATIVE • PKN Orlen: 1Q20 results - dividend reduced to PLN 1/share • Lotos: board recommends PLN 1/share dividend • NEPI Rockcastle: COVID-19 ope...

Research Team

WOOD Daily: BRISA TI; EME Macro/Strategy – ESI; CPS PW; TUPRS TI; NLMK LI; OTKAR TI; SBER RX; LTS PW; YKBNK TI; AFLT RX; BELA GA; SAB1L LH; TPE PW; EVR LN; MNOD LI; KAZ LN; MBK PW; TEN PW; Rear-View Mirror; PKN PW; MOEX RX; MTSS RX; RTKM RX

HEADLINES: • Brisa: Turkish samurai (BUY - initiation of coverage) • EME Macro/Strategy: it's big • Cyfrowy Polsat: signs preliminary agreement to acquire Interia Group NEUTRAL • Tupras: suspends production at Izmir (Aliaga) Refinery • NLMK: 1Q20 results - better-than-expected FCF and dividend POSITIVE • Otokar: 1Q20 results - 7% EBITDA beat POSITIVE • Sberbank: 1Q20 financial results NEGATIVE • Lotos: massive inventory write-downs mar estimated 1Q20 results NEGATIVE • Yapi Kredi: 1Q20 highlights (beefing up on provisions) NEUTRAL • Aeroflot: RAS 1Q20 - revenues down 12% yoy vs. traffic 18...

Increased risk weighs on GRUPA LOTOS SA, penalising its rating down to Slightly Negative

The independent financial analyst theScreener just lowered the general evaluation of GRUPA LOTOS SA (PL), active in the Integrated Oil & Gas industry. As regards its fundamental valuation, the title still shows 2 out of 4 possible stars. Its market behaviour, however, has slightly deteriorated and will be qualified as risky moving forward. theScreener considers that these new qualifications justify an overall rating downgrade to Slightly Negative. As of the analysis date March 6, 2020, the closing price was PLN 52.12 and its target price was estimated at PLN 49.51.

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Ford Equity International Research Reports cover 60 countries with over 30,000 stocks traded on international exchanges. A proprietary quantitative system compares each company to its peers on proven measures of business value, growth characteristics, and investor behavior. Ford's three recommendation ratings buy, hold and sell, represent each stock’s return potential relative to its own country market.. The rating reports which are generated each week, include the fundamental details behind each recommendation and reflect the fundamental and price data as of the last trading day of the week...

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