Concorde Securities

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.

Gabor Bukta
  • Gabor Bukta

Guidance beat, trends remain unchanged in Q4

Key message: Waberer’s reported a consolidated EBIT for 2024 of EUR 45.0mn, which translates into a 5% increase compared to 2023. As a result, the management delivered its full-year EBIT guidance of EUR 40mn+. The report lacked forward looking statements but Waberer’s will hold an Investor Day on Friday.

Krisztian Karikas
  • Krisztian Karikas

Italian intermediation is on the rise

We have revised our forecast for Duna House and incorporated the recent developments over the last year. We set our new 12-m ex-div TP at HUF 1,137, implying 9% upside potential and 14% total return potential, including the next dividend payment. Despite the TR potential exceeding 10% now, we change our recommendation to Neutral due to the lack of short-term catalysts.

Szabolcs Pal
  • Szabolcs Pal

Strong fundamentals with limited downside risks

We cut our Dec-25 TP to 32.1 RON per share, but remain Buy rated on the stock, implying 20% upside potential including our estimated DPS of 2.1 RON. This reflects the bank’s strong capital returns. Last year TLV was active in M&A in the Romanian and Moldovan markets as they acquired OTP Bank Romania and BCR Chișinău. More importantly, around 95% of OTP customers are already with BT as of the announcement of the 2024 results. As a result, the management expects significant loan and deposit growth...

Mate Somlai-Kiss
  • Mate Somlai-Kiss

Unbelievable year, and many more to come

ANY Security Printing Co. posted FY/24 results today AMC. The company reported a stellar set of results yet again, that well exceeded our previous forecasts. Revenues came in at HUF 70.5 bn, up +27% YoY, while net profit reached HUF 7.9 bn (+86% YoY), resulting in an EPS of HUF 552. ANY plans to distribute dividends of HUF 464/share (excluding treasury shares), resulting in a DivY of 9.1%. FY/24 results convince us about longer-term elevated profitability, therefore, after reviewing ou...

Gabor Bukta
  • Gabor Bukta

The Art of Deal: OMV secures an advantageous merger deal with ADNOC

We have revised our target price for OMV, after the successful merger with ADNOC regarding the combination of Borealis and Borouge. The agreed terms are highly favourable for OMV. Accordingly, we raise our 2025 year-end ex-dividend target price from EUR 42.6 to EUR 50.0, implying an upside potential of 25.0%. The merger will result in the deconsolidation of Borealis from OMV's financial statements, with its stake in the newly formed entity will be reported as an equity-accounted investment. At ...

Gabor Bukta
  • Gabor Bukta

Guidance beat, trends remain unchanged in Q4

Key message: Waberer’s reported a consolidated EBIT for 2024 of EUR 45.0mn, which translates into a 5% increase compared to 2023. As a result, the management delivered its full-year EBIT guidance of EUR 40mn+. The report lacked forward looking statements but Waberer’s will hold an Investor Day on Friday.

Krisztian Karikas
  • Krisztian Karikas

Italian intermediation is on the rise

We have revised our forecast for Duna House and incorporated the recent developments over the last year. We set our new 12-m ex-div TP at HUF 1,137, implying 9% upside potential and 14% total return potential, including the next dividend payment. Despite the TR potential exceeding 10% now, we change our recommendation to Neutral due to the lack of short-term catalysts.

Szabolcs Pal
  • Szabolcs Pal

Strong fundamentals with limited downside risks

We cut our Dec-25 TP to 32.1 RON per share, but remain Buy rated on the stock, implying 20% upside potential including our estimated DPS of 2.1 RON. This reflects the bank’s strong capital returns. Last year TLV was active in M&A in the Romanian and Moldovan markets as they acquired OTP Bank Romania and BCR Chișinău. More importantly, around 95% of OTP customers are already with BT as of the announcement of the 2024 results. As a result, the management expects significant loan and deposit growth...

Mate Somlai-Kiss
  • Mate Somlai-Kiss

Unbelievable year, and many more to come

ANY Security Printing Co. posted FY/24 results today AMC. The company reported a stellar set of results yet again, that well exceeded our previous forecasts. Revenues came in at HUF 70.5 bn, up +27% YoY, while net profit reached HUF 7.9 bn (+86% YoY), resulting in an EPS of HUF 552. ANY plans to distribute dividends of HUF 464/share (excluding treasury shares), resulting in a DivY of 9.1%. FY/24 results convince us about longer-term elevated profitability, therefore, after reviewing ou...

Gabor Bukta
  • Gabor Bukta

The Art of Deal: OMV secures an advantageous merger deal with ADNOC

We have revised our target price for OMV, after the successful merger with ADNOC regarding the combination of Borealis and Borouge. The agreed terms are highly favourable for OMV. Accordingly, we raise our 2025 year-end ex-dividend target price from EUR 42.6 to EUR 50.0, implying an upside potential of 25.0%. The merger will result in the deconsolidation of Borealis from OMV's financial statements, with its stake in the newly formed entity will be reported as an equity-accounted investment. At ...

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...

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