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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Mihaly Gajda
- Mihaly Gajda
Challenging economic environment and rising tax burden: headwinds for ...
We have updated our financial model to reflect recent macroeconomic developments, setting a 2025 year-end ex-dividend target price of 2,950 HUF, representing a 21.43% upside including the anticipated HUF 275 dividend following the 2024 fiscal year. Consequently, we maintain our Accumulate recommendation for MOL.
Mihaly Gajda
- Mihaly Gajda
CIG Pannonia achieved solid growth in 2024 Q1-Q3 period
Key Message In 2024 Q3 gross written premium reached HUF 13,647 mn, representing a 5.9% QoQ decline and 32.2% YoY improvement. In 2024 Q1-Q3 gross written premium reached HUF 40,274 mn, representing a 27% increase YoY. Net profit, excluding extra taxes, was HUF 3,706 mn for 2024 Q1-Q3, an 27% YoY improvement, driven by substantial growth in premium income across multiple insurance segments due to effective sales strategies, portfolio expansion, and successful new product introductions....
Krisztian Karikas
- Krisztian Karikas
Solid results in Q3, guidance reiterated
Duna House continued its solid performance in the third quarter of this year as well. Revenues increased by 37% YoY, cleaned core EBITDA was up by 38% YoY and cleaned core net profit came 11% lower YoY given the strong loan intermediation while the Forest Hill apartment sales also contributed to the results.
Mate Somlai-Kiss
- Mate Somlai-Kiss
Record profit exceeds our FY estimates, raises our TP
ANY posted Q3/24 results yesterday, AMC. The company reported results that exceeded our full-year forecasts, with revenues of HUF 18 bn, up +1% YoY, while net profit reached HUF 2 bn (+3% YoY). This translates into a quarterly EPS of HUF 144. 9M/24 EPS of HUF 409 (excluding treasury shares) exceeded our FY/24 forecast of HUF 399. Considering the results of the first three quarters, after reviewing our model we made changes to our estimates. Despite the exceptional performance of the company...
Mate Somlai-Kiss
- Mate Somlai-Kiss
Encouraging top line with weak profitability, while Mobility outperfor...
AutoWallis posted mixed Q3/24 results this morning. Quarterly revenues increased by 9% on the year to HUF 96 bn, while 9M revenues are up 3.4% YoY. EBITDA came in at HUF 5 bn, while EBIT reached HUF 3.4 bn. Results are in line with the dynamics seen in H1, however, below EBIT level they are missing our current estimates (Concorde FY24 estimated EPS: HUF 16.5 vs. 9M actual EPS: HUF 8.7). Depressed profitability is partly due to the weaker performance of the Retail BU, where PBT came in at ...
Mihaly Gajda
- Mihaly Gajda
Challenging economic environment and rising tax burden: headwinds for ...
We have updated our financial model to reflect recent macroeconomic developments, setting a 2025 year-end ex-dividend target price of 2,950 HUF, representing a 21.43% upside including the anticipated HUF 275 dividend following the 2024 fiscal year. Consequently, we maintain our Accumulate recommendation for MOL.
Mihaly Gajda
- Mihaly Gajda
CIG Pannonia achieved solid growth in 2024 Q1-Q3 period
Key Message In 2024 Q3 gross written premium reached HUF 13,647 mn, representing a 5.9% QoQ decline and 32.2% YoY improvement. In 2024 Q1-Q3 gross written premium reached HUF 40,274 mn, representing a 27% increase YoY. Net profit, excluding extra taxes, was HUF 3,706 mn for 2024 Q1-Q3, an 27% YoY improvement, driven by substantial growth in premium income across multiple insurance segments due to effective sales strategies, portfolio expansion, and successful new product introductions....
Krisztian Karikas
- Krisztian Karikas
Solid results in Q3, guidance reiterated
Duna House continued its solid performance in the third quarter of this year as well. Revenues increased by 37% YoY, cleaned core EBITDA was up by 38% YoY and cleaned core net profit came 11% lower YoY given the strong loan intermediation while the Forest Hill apartment sales also contributed to the results.
Mate Somlai-Kiss
- Mate Somlai-Kiss
Record profit exceeds our FY estimates, raises our TP
ANY posted Q3/24 results yesterday, AMC. The company reported results that exceeded our full-year forecasts, with revenues of HUF 18 bn, up +1% YoY, while net profit reached HUF 2 bn (+3% YoY). This translates into a quarterly EPS of HUF 144. 9M/24 EPS of HUF 409 (excluding treasury shares) exceeded our FY/24 forecast of HUF 399. Considering the results of the first three quarters, after reviewing our model we made changes to our estimates. Despite the exceptional performance of the company...
Mate Somlai-Kiss
- Mate Somlai-Kiss
Encouraging top line with weak profitability, while Mobility outperfor...
AutoWallis posted mixed Q3/24 results this morning. Quarterly revenues increased by 9% on the year to HUF 96 bn, while 9M revenues are up 3.4% YoY. EBITDA came in at HUF 5 bn, while EBIT reached HUF 3.4 bn. Results are in line with the dynamics seen in H1, however, below EBIT level they are missing our current estimates (Concorde FY24 estimated EPS: HUF 16.5 vs. 9M actual EPS: HUF 8.7). Depressed profitability is partly due to the weaker performance of the Retail BU, where PBT came in 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...