MOL - Model Update – Controlled Phase Out Of Russian Oil Can Be Manageable

We set our ex-dividend 2026 year-end target price at HUF 3,660, implying an 8.2% total return including our estimated HUF 300 dividend to be paid after the 2025 financial year. Accordingly, we revise our recommendation from Accumulate to Neutral, reflecting current market conditions, as well as company-specific event risks. Russian crude availability remains the most influential factor in our view. Our previous base case assumed gradual normalization, with Russian oil remaining available. Our new base case assumes a managed phase-out of Russian crude by 2028 with partial cost pass-throug...

ODDO BHF SECURITIES LARGE CAPS MORNING NEWS 02/24/2026

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 HUF 7.521bn – 8.313bn and cc. net profit to be between HUF 4.531bn – 5.008bn which would imply 5-6%...

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 beginning of 2025, it has achieved 16.6% ROTE vs >14% guidance, suggesting that its year opening guid...

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% and came in at HUF 477.4bn (+20% YoY). EBITDA came in at HUF 18.9bn (-6.6% YoY), however, EBIT fell ...