Concorde Securities Ltd. is Hungary’s leading independent company engaged in investment banking activities. It provides its clients with integrated financial services, including securities trading, research, corporate financing advisory, capital market transactions, wealth management and investment advisory. The operational management of the company is the responsibility of the CEO, while the owners/managers (who control one-third of the company through their shares and options) are in charge of its strategic governance. Concorde Securities Ltd. is a member of the Budapest, Frankfurt, Warsaw and Bucharest stock exchanges, as well as of the Hungarian Association of Investment Service Providers.
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Mate Somlai-Kiss
- Mate Somlai-Kiss
St rong year , attractive dividend – business as usual
Summary: ANY posted solid FY25 results . Revenue reached HUF 71.9bn, up 2% on the year. EBITDA and EPS both grew by 9% YoY, coming in at HUF 14.3bn and HUF 594, respectively. Q4 slightly weighed on the full -year results, as the monetization of the next milestone income s related to Angola did not occur before the end of the fiscal year. As a result, earnings came in marginally below our estimates. However, this does not raise any concerns, as ANY is expected to recognize these milestone re...
Krisztian Karikas
- Krisztian Karikas
Record profit in Q4, further growth ahead
DH Group posted record results today morning. Strong performance was seen across all markets. For the full year, cleaned core EBITDA amounted to HUF 7.52bn (+58% YoY) while cc. net profit reached HUF 4.46bn (+82% YoY) both are exceeding management guidance. After the great results management proposed HUF 2.5bn dividend payment for the AGM, equaling to a DPS of HUF 72.7 and a decent 5.1% dividend yield based on yesterday’s close price. 2026 guidance assumes cc. EBITDA to come in a range of H...
Mihaly Gajda
- Mihaly Gajda
Erste Q4 beat confirms conservative guidance; 2026 outlook broadly i
Regarding 2025 Q4 results Erste has beet market consensus on most important line items and on the bottom line as well, achieving EUR 944 mn net profit compared to EUR 824 mn of consensus and EUR 830 mn of Concorde’s estimate. Reported results were also supported by EUR 144 mn of one-off items within other results; however, even excluding these, pre-provision operating profit still came in above consensus. The whole 2026 year’s results was considerably above its guidance published at the beg...
Mate Somlai-Kiss
- Mate Somlai-Kiss
Downbeat results, bumpy road ahead
Summary: We place our TP and rating Under Revision on AutoWallis as we are reassessing our investment case and estimates based on recent developments and the FY25 earnings. AutoWallis posted downbeat FY, and slightly more encouraging Q4 results today morning. Results are in line with what we saw in the first three quarters: Top-line growth remains great, driven by both organic and inorganic expansion, while profitability is still sluggish. FY revenues overachieved our expectations by 3% an...
Krisztian Karikas
- Krisztian Karikas
Massive payout drives valuation upwards
Magyar Telekom has reported solid results for the last quarter, and the full year results exceeded management guidance. The full year adjusted net profit came mostly in-line with guidance as net profit reached HUF 208.5bn. Management increased the payout ratio to 90% and proposed a total shareholder remuneration of HUF 186.4bn which exceeded our expectations. The initial guidance for 2026 assumes low single digit revenue and EBITDAaL growth YoY and mid-single digit adjusted net profit grow...
Mate Somlai-Kiss
- Mate Somlai-Kiss
St rong year , attractive dividend – business as usual
Summary: ANY posted solid FY25 results . Revenue reached HUF 71.9bn, up 2% on the year. EBITDA and EPS both grew by 9% YoY, coming in at HUF 14.3bn and HUF 594, respectively. Q4 slightly weighed on the full -year results, as the monetization of the next milestone income s related to Angola did not occur before the end of the fiscal year. As a result, earnings came in marginally below our estimates. However, this does not raise any concerns, as ANY is expected to recognize these milestone re...
Krisztian Karikas
- Krisztian Karikas
Record profit in Q4, further growth ahead
DH Group posted record results today morning. Strong performance was seen across all markets. For the full year, cleaned core EBITDA amounted to HUF 7.52bn (+58% YoY) while cc. net profit reached HUF 4.46bn (+82% YoY) both are exceeding management guidance. After the great results management proposed HUF 2.5bn dividend payment for the AGM, equaling to a DPS of HUF 72.7 and a decent 5.1% dividend yield based on yesterday’s close price. 2026 guidance assumes cc. EBITDA to come in a range of H...
Mihaly Gajda
- Mihaly Gajda
Erste Q4 beat confirms conservative guidance; 2026 outlook broadly i
Regarding 2025 Q4 results Erste has beet market consensus on most important line items and on the bottom line as well, achieving EUR 944 mn net profit compared to EUR 824 mn of consensus and EUR 830 mn of Concorde’s estimate. Reported results were also supported by EUR 144 mn of one-off items within other results; however, even excluding these, pre-provision operating profit still came in above consensus. The whole 2026 year’s results was considerably above its guidance published at the beg...
Mate Somlai-Kiss
- Mate Somlai-Kiss
Downbeat results, bumpy road ahead
Summary: We place our TP and rating Under Revision on AutoWallis as we are reassessing our investment case and estimates based on recent developments and the FY25 earnings. AutoWallis posted downbeat FY, and slightly more encouraging Q4 results today morning. Results are in line with what we saw in the first three quarters: Top-line growth remains great, driven by both organic and inorganic expansion, while profitability is still sluggish. FY revenues overachieved our expectations by 3% an...
Krisztian Karikas
- Krisztian Karikas
Massive payout drives valuation upwards
Magyar Telekom has reported solid results for the last quarter, and the full year results exceeded management guidance. The full year adjusted net profit came mostly in-line with guidance as net profit reached HUF 208.5bn. Management increased the payout ratio to 90% and proposed a total shareholder remuneration of HUF 186.4bn which exceeded our expectations. The initial guidance for 2026 assumes low single digit revenue and EBITDAaL growth YoY and mid-single digit adjusted net profit grow...
Sandor Jobbagy
- Sandor Jobbagy
NBH Rate-setting meeting Central bank continued lowering its effectiv...
At the August 29 Monetary Council (MC) meeting theNBH lowered the effective 1-day depo rate by 100bpsto 14%.Similarly, the top of the interest rate corridor waslowered by 100bps. The base rate was left unchangedat 13.00%. The decisions were in line with the marketconsensus and came as neutral for the forint andother Hungarian assets. Subsequent central bankcomments were similar to the previous ones in termsof cautiousness. Referring to the approaching mergerof the effective depo rate and the bas...
Sandor Jobbagy
- Sandor Jobbagy
HU CPI: 16.4% in August, slightly higher-than-expected
August CPI: ongoing disinflation, though with higher m/m index Y/Y: 16.4% (Bloomberg consensus: 16.3%, previous: 17.6%) M/M: 0.7% (Bloomberg consensus: 0.5%, previous: 0.3% )Disinflation slowed down slightly due to an 8.2% m/m jump of car fuel prices in August. Still, the y/y CPI indexdropped more than 1pp compared to the July figure. Base effect has remained on the rise, but m/m repricingwas less favourable (+0.3%) compared to the May-July period. The food prices rose, but below the average.H...
Sandor Jobbagy
- Sandor Jobbagy
HU CPI: 17.6% in July, in line with the consensus
July CPI: faster disinflation, with low m/m index Y/Y: 17.6% (Bloomberg consensus: 17.7%, previous: 20.1%) M/M: 0.3% (Bloomberg consensus: 0.1%, previous: 0.3% )CPI index (y/y) dropped below 20% for the first time after 10 months. Base effect has been on the rise, butm/m reprcing was also moderate (+0.3%). Food prices once again showed deflation, -0.9% m/m in July after -0.4% in June. A total of three main categories were in deflation (clothes and durable goods too), whilehousehold energy’s ha...
Sandor Jobbagy
- Sandor Jobbagy
NBH Rate-setting meeting Central bank continued lowering its effectiv...
At the July 25 Monetary Council (MC) meeting theNBH lowered the effective 1-day depo rate by 100bpsto 15%.Similarly, the top of the interest rate corridor waslowered by 100bps. The base rate was left unchangedat 13.00%. The decisions were in line with the marketconsensus and came as neutral for the forint andother Hungarian assets. Subsequent central bankcomments were similar to that of the comments inJune: they highlighted ongoing cautious stance andsuggested that further rate cuts may arrive p...
Sandor Jobbagy
- Sandor Jobbagy
NBH Rate-setting meeting: Central bank continued lowering its effectiv...
At the June 20 Monetary Council (MC) meeting theNBH lowered the effective 1-day depo rate by 100bpsto 16%.Similarly, the top of the interest rate corridor waslowered by 100bps. The base rate was left unchangedat 13.00%. The decisions were in line with the marketconsensus and came as neutral for the forint andother Hungarian assets. Subsequent central bankcomments were similar to that of the comments inMay: they highlighted ongoing cautious stance andsuggested that further rate cuts may arrive pr...