Embracer Group AB, formerly THQ Nordic AB is a Sweden-based company engaged in the computer games development. The Company focuses on acquiring, developing and publishing personal computer (PC) and console games for Xbox and PlayStation platforms. The Company's game portfolio consists of owned franchises intellectual property (IP) and published titles, including Saints Row, Goat Simulator, Dead Island, Darksiders, Metro, MX vs ATV, Kingdoms of Amalur, TimeSplitters, Satisfactory and Wreckfest, among others. It offers games through various distribution channels, including digital platforms, such as Steam, PlayStation Store and Xbox Live, as well as gaming conventions, and global retailers, such as Walmart, GameStop and Amazon. The Company has around 18 internal game development studios and operates in more than 40 countries.
Flughafen Wien is the operator of Vienna Airport. Through its subsidiaries, Co. is engaged in managing airport operations and also provides a range of infrastructure services, which include the development and maintenance of infrastructure, ground handling and security services to a variety of retail, gastronomy and parking services as well as real estate marketing. Co. is responsible for the operation and maintenance of all movement areas and the terminals, the facilities involved in passenger and baggage handling as well as security controls for persons and hand luggage. Co. also provides services for aircraft and passenger handling in scheduled, charter and general aviation traffic.
Gazprom Neft PJSC is vertically integrated oil company operating in the Russian Federation, CIS and internationally. Co.'s principal activities include exploration, production and development of crude oil and gas, production of refined petroleum products and distribution and market ing operations through its retail outlets. Co.'s Upstream segment includes the exploration, development and production of crude oil and natural gas (including joint ventures results), oil field services. Co.'s Downstream segment processes crude into refined products and purchases and sells and transports crude and refined petroleum products (refining and marketing).
PKO Bank Polski is a universal commercial bank offering services to both domestic and foreign retail, corporate and other clients. Co. is licensed to hold foreign exchange and currencies and sell/buy them, as well as perform a full range of foreign exchange services; open and hold bank accounts abroad and to deposit foreign exchange in these accounts. In addition, Co. conducts activities relating to leasing, factoring, electronic settlements via payment cards, as well as renders other financial services. As of Dec 31 2009, Co. had total assets of Zl156,478,685,000 and total deposit of Zl124,628,562,000. Co. operates in the Republic of Poland, Ukraine and Sweden.
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.
Surgutneftegaz is vertically integrated oil company based in Russia. Co.'s activities include prospecting and exploration of hydrocarbons, oil and oil and- gas fields development and construction; oil products and petrochemicals manufacturing and marketing; power generation; gas processing and gas products marketing. Co.'s operations expand beyond Western Siberia in 3 oil production centers, two of which, in Eastern Siberia and Timano- Pechora, are to be built up within the next 3 years. Co. operates in 16 constituent territories of the Russian Federation from Republic of Sakha (Yakutia) to Kaliningradskaya Oblast. Co.'s mineral resource base comprises 134 license areas of 120,000 sq. km.
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.
Raiffeisen Centrobank (RCB) is a leading investment bank in Austria and the CEE region and the competence center for equities of the Raiffeisen Banking Group. The bank covers the entire spectrum of services and products around equities, derivatives and equity capital transactions and is a pioneer and market leader in the field of structured products.
RCB Company Research offers you access to in-depth equity research and the latest news on listed Austrian and CEE companies. The research universe comprises roughly 130 stocks from Austria, CEE and Russia. The Company Research team of RCB consists of roughly 20 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.
HEADLINES: • Polish Banks: conditional BUYing opportunity (PKO BP, Bank Pekao, Santander BP, mBank, ING BSK, Bank Millennium, Alior Bank, Bank Handlowy) • Kety: 2Q22 preliminary EBITDA beats consensus, 2022E forecasts hiked POSITIVE • Poland macro: inflection point • Czech Republic macro: last of the outsized rate hikes • CEZ: PM Fiala presents support for energy consumers and comments on energy market transformation POSITIVE • Public Power Corporation: may receive PSO payment, regulator to decide amount POSITIVE • Tauron: new 2030 strategy announced NEUTRAL • Asseco Poland: signs PLN 289m,...
The WIG Banks index has sunk by 35% ytd. In this report, we try to work out what has been priced in by such a profound derating. In our view, this move has already priced in the potential cost of: i) the private IPS contribution; ii) the credit holidays (we assume a 66% take-up rate); and iii) the Mortgagors Support Fund contribution, and keeps a cautious stance with regards to the trading multiples for the banks with CHF mortgage exposures. On top of this, we have also tried to forecast 2023E as a macro bottom cycle, via some pressure on the NIMs and the onset of a market interest rates norma...
AT: AT&S - Raised revenue and EBITDA-margin guidance (positive) AT: Banks, Real Estate - FMA imposes binding rules on mortgages (neutral) AT: Erste Group - Framework for share buyback for the purpose of transferring shares to employees, management board and/or Erste Employee Foundation (neutral) AT: Rosenbauer - Takeaways from the Capital Markets Day (neutral) CZ: CEZ - Government to propose increase and delay in dividend payment (positive) PL: PZU - Fined for delayed claims payments (neutral) SI: NLB Group - AGM confirmed first dividend payment of EUR 2.50 per share (neutral)
MM Group acquires Essentra Packaging for an EV of approx. EUR 365 mn The target looks like a good strategic fit, expanding the exposure to a resilient and growing end-market and complementing the geographic footprint Essentra generated revenues of about EUR 430 mn and pro-forma EBITDA of ca. EUR 37 mn in FY 21 Operational excellence as main driver to improve profitability towards industry standards, synergies should reach a low double digit mn figure until FY 24 We have an initially positive view on the acquisition
Digesting a weak starting quarter that was accompanied by a reduced guidance we have lowered our forecasts which lowers the TP to EUR 39 from EUR 42.5, while we affirm the HOLD rating The ambitious 2030 plans were presented in more detail at the Capital Markets Day but see little short-term catalysts. At the CMD Rosenbauer reiterated the objectives of roughly doubling its top line to EUR 2 bn and improving the EBIT margin to 7%. Having perceived Rosenbauer as a very growth-centred company in recent years, we appreciate the commitment to a stronger focus on operational excellence. The long lead...
BIST lost 1.21% yesterday, with selling pressure accelerating in the afternoon due to the concerns about regulation changes to be announced. Banks were weaker with 2.36% fall in their sector index, amid more pressure on AKBNK and two state lenders. ENKAI, TKFEN, AKSEN, AYDEM, BERA, DOAS, ALARK, and ISGYO led the non-bank gainers while FROTO, EREGL, THYAO, SISE, ISDMR, ASELS, ARCLK and KCHOL stood out among the decliners in the BIST100 universe. Coming to this morning, our local macro agenda involves June'22 Manufacturing Capacity Utilization Rate (CUR stood at 78.0% in May'22 and was 76.6% bac...
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