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Andritzis develops production systems and industrial process solutions for standard and specialized products. Co. maintains five business areas. Pulp and Paper provides technology and services for production of various grades of pulp and fiber for the manufacture of paper, board and tissue. Metals develops and manufactures plants for the production of cold-rolled carbon steel, stainless steel, and non-ferrous metals strip. Environment and Process provides products and services for mechanical and thermal solid or liquid separation. Feed and Biofuel develops and produces equipment for production of feed. Hydro supplies turnkey electromechanical equipment and services for hydro power plants.
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ï‚§ AT: Andritz - Andritz received a repeat shredder order (neutral) ï‚§ AT: Warimpex - Results marginally behind expectations, increase in occupancy in Poland, still expecting positive EBITDA (neutral) ï‚§ PL: Asseco Poland - 2Q 20 net profit in line with preliminary result (neutral) ï‚§ RO: Sphera Franchise Group - Conference call takeaways (negative) ï‚§ RU: Alrosa - August trading session delivers selective price discounts (negative) ï‚§ RU: Okey - 1H 20 conference call highlights (neutral) ï‚§ RU: Petropavlovsk - MoEx index inclusion (positive) ï‚§ CEE Macro Daily
ï‚§ AT: Andritz - Decent hydro and spunlace line order received (neutral) ï‚§ PL: Dino - 2Q 20 EBITDA beats consensus by ca. 7% (positive) ï‚§ RO: Fondul Proprietatea - Hidroelectrica's 1H 20 net profit was down by 11%Ã‚ yoy to RON 805 mn mainly due to lower production (neutral) ï‚§ RU: Gazprom Neft - The company confirmed a 20% cut in capex as well as possible adjustments to 1H 20 net income (neutral) ï‚§ CEE Macro Daily
Andritz's equity story is in a limbo ahead of the announcement of capacity reductions in the Hydro and Metals segments, which should come later this year as management is still evaluating the right size for both divisions. We made our own assumptions and our baseline 35-40% drop in capital revenues from the 2015 highs renders the whole group unusually low-valued from 2021e onwards, with EV/EBITDA below 6x and P/E in the low double-digits. Despite the stalling growth story, we believe that the downside is limited. In its core growth business Pulp&Paper Andritz is still part of a global duopoly,...
In general, Unilever plc ("Unilever") is in compliance with the UK regulations relating to the organisation and procedures of the Extraordinary General Meeting. Under ITEM 1 approval is sought for a unification of Unilever under a single parent company: Unilever plc (i.e. Unilever NV will cease to exist). First of all, ECGS strongly endorses the strategic rationale of the (proposed) unification. It acknowledges the increased strategic flexibility and enhanced corporate governance in terms share structure and applicable regulators. Despite that the unification offers some corporate governanc...
Items 3 and 4: Remuneration report and policy Our concerns regarding the excessive short-term incentive overwhelm the positive features of the Hargreaves Lansdown's remuneration such as acceptable quantum and the payout adequately aligned with performance. We strongly disagree with any remuneration weighted more towards rewarding short-term performance and any LTI awards without performance conditions. Item 21: Amend the Hargreaves Lansdown Sustained Performance Plan 2017 We do not consider the proposed plan conditions satisfactory: ECGS strongly believes that the executive LTI should be su...
In general, Colruyt is compliant with the Belgian regulations relating to the organisation and procedures of an Extraordinary General Meeting. Under ITEM II.3, the board of directors seeks authorisation to increase the Company's share capital to issue shares to its employees. As a matter of principle, ECGS generally favours employee stock ownership plans since such plans help to align the interests of employees with those of their companies. However, since the authority requested is not conform to its guidelines, ECGS recommends to vote OPPOSE. In ECGS' view, ITEMS II.4 - II.8 are enabling r...
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