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.

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

Q4 fully in-line, ’25 guidance is a big surprise

OTP’s reported net income came to HUF 250bn in Q4, which was fully in line both with our and consensus estimate. OTP may propose a DPS of HUF 964, which broadly matches our forecast of HUF 962, while the management intends to continue the SBB program. More importantly, 2025 guidance will surprise the market to the upside, and we expect a net profit of HUF 1,167bn. As a result, we raise our Dec-25 TP by 7% to HUF 30,175, implying a 22% upside including the dividends.

Krisztian Karikas
  • Krisztian Karikas

Solid performance in Q4, new markets are on track

DIGI posted its key numbers today morning, however detailed report hasn’t been published yet. Revenues increased by 14% YoY and came in at EUR 1.925bn which was boosted by additional EUR 407mn from the sale of its Spanish FTTH network in Q3, hence total revenues were EUR 2.33bn, 37% higher YoY.

Krisztian Karikas
  • Krisztian Karikas

Above guidance results in ‘24, strong mid-term growth strategy announ...

Duna House posted strong results for Q4 and cleaned core net results came in higher than the management guidance. Revenues increased by 20% YoY in 2024, reported EBITDA came in 67% higher YoY, while cleaned core EBITDA reached HUF 4.8bn, up by 80% YoY. Net profit came in 18% lower YoY, due to lower financial income on cash deposits and higher tax expenses. Cleaned core net income reached HUF 2.4bn (+35% YoY), above the higher range of HUF 2.3bn guidance. The BoD proposed HUF 43.6 DPS ...

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

Q4 fully in-line, ’25 guidance is a big surprise

OTP’s reported net income came to HUF 250bn in Q4, which was fully in line both with our and consensus estimate. OTP may propose a DPS of HUF 964, which broadly matches our forecast of HUF 962, while the management intends to continue the SBB program. More importantly, 2025 guidance will surprise the market to the upside, and we expect a net profit of HUF 1,167bn. As a result, we raise our Dec-25 TP by 7% to HUF 30,175, implying a 22% upside including the dividends.

Krisztian Karikas
  • Krisztian Karikas

Solid performance in Q4, new markets are on track

DIGI posted its key numbers today morning, however detailed report hasn’t been published yet. Revenues increased by 14% YoY and came in at EUR 1.925bn which was boosted by additional EUR 407mn from the sale of its Spanish FTTH network in Q3, hence total revenues were EUR 2.33bn, 37% higher YoY.

Krisztian Karikas
  • Krisztian Karikas

Above guidance results in ‘24, strong mid-term growth strategy announ...

Duna House posted strong results for Q4 and cleaned core net results came in higher than the management guidance. Revenues increased by 20% YoY in 2024, reported EBITDA came in 67% higher YoY, while cleaned core EBITDA reached HUF 4.8bn, up by 80% YoY. Net profit came in 18% lower YoY, due to lower financial income on cash deposits and higher tax expenses. Cleaned core net income reached HUF 2.4bn (+35% YoY), above the higher range of HUF 2.3bn guidance. The BoD proposed HUF 43.6 DPS ...

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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