ODDO BHF SECURITIES LARGE CAPS MORNING NEWS 11/08/2025

ODDO BHF SECURITIES LARGE CAPS MORNING NEWS 08/11/2025

OMV : The model adjustment after Q2 only led to minor changes in our medium-term projections

OMV resilient despite macro strain, Petrochemicals remain weak

OMV reported clean CCS EBIT of EUR 1,031 mn in Q2 2025, down 11% QoQ and 16% YoY, broadly in line with the market consensus of EUR 1,022 mn. CCS net income came in at EUR 385 mn, also close to consensus. The differences between actual results and consensus were minimal, both at the aggregate and segment levels.

Upgraded guidance creates more room for payout

Magyar Telekom has reported solid results for the second quarter and beat market consensus estimates. Thanks to the efficient cost reduction and one-off items, adjusted net profit reached HUF 110bn in the first half of 2025. Such that management has lifted its full year guidance, expecting ca. 15% EBITDAaL growth over the year, at least HUF 200bn adjusted net profit and HUF 200bn free cashflow. Due to the better than expected results, we adjust our forecast for this year while keeping our long-term assumptions unchanged. We expect adj. net profit will reach HUF 204.7bn this year, result...

Record Q clean EBIT overshadowed by one-offs

Summary: Richter posted its Q2/25 results today morning. The Company beat analysts’ estimates in terms of revenues by +3% and clean EBIT by +8%, while net profit for Q2 missed estimates by -6%, but we pointed out after Abbvie’s Q2 report that the consensus may have underestimated the value-add of CNS. Quarterly clean EBIT amounted to a record of HUF 79.6bn, but net profit reached HUF 51.8bn. It was shaped by one-offs, which overall dragged on earnings. On the one hand, higher-than expected clean EBIT was attributable to the CNS, the main growth driver of operating incomes, delivering 73%...