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
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 ...
Krisztian Karikas
- Krisztian Karikas
Consistent growth in Q3, net profit boosted by Spanish network sale
DIGI has reported its Q3 2024 earnings today morning. Revenues increased by 14.2% YoY, mainly driven by the Spanish segment where the revenue increased by 22.1% YoY. While the OPEX and DD&A both increased YoY, the EBIT came in ten times higher at EUR 447mn driven by an EUR 390mn other income coming from the partial sale of its Spanish FTTH network. EBITDA arrived at 565.4 in Q3, up by 276% YoY and Net profit rose to EUR 342.8mn from last year’s EUR 13mn.
Krisztian Karikas
- Krisztian Karikas
Gabor Bukta
- Gabor Bukta
Guidance maintained after a strong Q3 despite Polish Link weighing on ...
Key message: Waberer’s reported Q3 consolidated EBIT of EUR 10.1mn, which translates into a 26% increase compared to the same period last year. The company maintained fullyear EBIT guidance of EUR 40mn+ while clarified its revenue guidance at EUR 770-780 mn. ITS became unprofitable again on EBIT level (EUR -1.9mn) due to the unfavourable tax policy changes affecting the segment’s polish subsidiary (LINK). As a result, the company decided to implement a strategic change in LINK’s operations, ...
Gabor Bukta
- Gabor Bukta
Guidance unchanged, clean EBIT beat estimates
Summary: Richter posted its Q3/24 results today morning. The Company matched the consensus for revenues at HUF 217bn, while the clean EBIT beat estimates by 3% as it came in at HUF 75bn. However, normal EBIT of HUF 64bn and net profit of HUF 37bn fell short of even our depressed expectation as an inventory impairment (HUF 9bn), provision (HUF 5bn) and an unrealized FX loss (HUF 20.8bn) dragged down earnings. The management fully reiterated its 2024 guidance. They continue to guide revenues ...
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 ...
Krisztian Karikas
- Krisztian Karikas
Consistent growth in Q3, net profit boosted by Spanish network sale
DIGI has reported its Q3 2024 earnings today morning. Revenues increased by 14.2% YoY, mainly driven by the Spanish segment where the revenue increased by 22.1% YoY. While the OPEX and DD&A both increased YoY, the EBIT came in ten times higher at EUR 447mn driven by an EUR 390mn other income coming from the partial sale of its Spanish FTTH network. EBITDA arrived at 565.4 in Q3, up by 276% YoY and Net profit rose to EUR 342.8mn from last year’s EUR 13mn.
Krisztian Karikas
- Krisztian Karikas
Gabor Bukta
- Gabor Bukta
Guidance maintained after a strong Q3 despite Polish Link weighing on ...
Key message: Waberer’s reported Q3 consolidated EBIT of EUR 10.1mn, which translates into a 26% increase compared to the same period last year. The company maintained fullyear EBIT guidance of EUR 40mn+ while clarified its revenue guidance at EUR 770-780 mn. ITS became unprofitable again on EBIT level (EUR -1.9mn) due to the unfavourable tax policy changes affecting the segment’s polish subsidiary (LINK). As a result, the company decided to implement a strategic change in LINK’s operations, ...
Gabor Bukta
- Gabor Bukta
Guidance unchanged, clean EBIT beat estimates
Summary: Richter posted its Q3/24 results today morning. The Company matched the consensus for revenues at HUF 217bn, while the clean EBIT beat estimates by 3% as it came in at HUF 75bn. However, normal EBIT of HUF 64bn and net profit of HUF 37bn fell short of even our depressed expectation as an inventory impairment (HUF 9bn), provision (HUF 5bn) and an unrealized FX loss (HUF 20.8bn) dragged down earnings. The management fully reiterated its 2024 guidance. They continue to guide revenues ...
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...