Report

Raiffeisen Research Institutional Equity Daily 18.11.2021

 AT: Kapsch TrafficCom - Q2 revenues below expectations, but adj. EBIT above RBIe and consensus, FY 21/22 sales seen at EUR 550 mn, EBIT margin at 3% (neutral)
 AT: UNIQA - Earnings beat from lower Life benefits and opex savings; FY 21 guidance confirmed (positive)
 AT: Vienna Insurance Group - Stronger growth, otherwise Q3 as expected (neutral)
 DE: Encavis - EUR 250 mn perpetual placed at 1.875% coupon with optional conversion at EUR 22.06/share (35% premium on VWAP) until 2027 (neutral)
 PL: PZU - Q3 meets expectations, GWP growth and recovery in Life (neutral)
Underlyings
Kapsch Trafficcom

Kapsch TrafficCom is an international supplier of superior intelligent transportation systems (ITS). Co. subdivided into the following three segments: Road Solution Projects; Services, System Extensions, Components Sales; and Others. The segment Road Solution Projects relates to the installation of ITS solutions. The segment Services, System Extensions, Components Sales relates to the sale of services and components in the area of ITS solutions. The segment Others relates to non-core business activities conducted by Kapsch Components KG. In this segment, Co. offers engineering solutions, electronic manufacturing and logistics services to affiliated entities and third parties.

Powszechny Zaklad Ubezpieczen Spolka Akcyjna

Powszechny Zaklad Ubezpieczen is an insurance group based in Poland. Co. is engaged in offering a broad range of insurance and financial products. Co. pursues three main lines of business: Property and Casualty Insurance, offered by PZU; Life Insurance, offered by PZU Zycie; and Open-end Pension Funds, offered by PTE PZU, the manager of OFE PZU Zlota Jesien. Co. maintains a network of sales and service outlets including 500 outlets throughout Poland, including 243 shared outlets (common for PZU and PZU Zycie), 137 outlets of PZU Zycie and 120 outlets of PZU. Co.'s business is focused on the Polish market but it also conducts insurance business in the Lithuanian and Ukrainian markets.

UNIQA Insurance Group AG

UNIQA Versicherungen is a provider of insurance products and related services. Co.operates in three business segments: property and casualty insurance, life insurance and health insurance. Co. provides property and casualty insurance; personal insurance, including health, accident and life insurance. Co. is also a direct marketer of accident, life and health insurance products, including online sales. Co.develops solutions for unit-linked products for the whole group.Co. provides its products and services through sales channels, including brokers and general agencies, banks and direct sales.

Vienna Insurance Group AG Wiener Versicherung Gruppe

Vienna Insurance is an insurance group based in Austria. Co. is engaged in the provision of insurance services in both life and non-life areas in 24 countries of Central and Eastern Europe. The business lines in which Co. operates are property/casualty, life and health insurance. Outside its Austrian core market, Co. is active in Albania, Belarus, Bulgaria, Croatia, Czech Republic, Estonia, Georgia, Germany, Hungary, Latvia, Liechtenstein, Lithuania, Macedonia, Montenegro, Poland, Romania, Russia, Serbia, Slovakia, Turkey and Ukraine. Co. also has branch offices in Italy and Slovenia.

Provider
Raiffeisen Bank International AG - Institutional Equity
Raiffeisen Bank International AG - Institutional Equity

The Institutional Equity Research team of Raiffeisen Bank International AG covers 85 stocks from Austria, Central & Eastern Europe with sell-side research and thus levers our local broker status with excellent company relationships. For corporates in Austria, CEE and Western Europe, we offer co-sponsored research, which includes research coverage and marketing activities to investors. Additionally, through our Spotlight Research product we also shed light on leading European small and micro-caps, seeking greater visibility with investors.

The Institutional Equity Research team consists of roughly 15 analysts, both in Vienna and the CEE countries. Our analysts provide long-standing sector expertise in tandem with profound local market know how and a sectoral approach across the entire region.

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