The Rear-View Mirror – EME markets: EME indices mostly in the red in April

EME Equity Market – April 2025 EME indices mostly in the red in April, Hungarian BUX and Greek ASE the exceptions. The MSCI EM Europe Index declined by 2.0% mom in EUR terms, but was up 2.9% mom in USD terms in April. The Hungarian BUX was the best performer, followed by the Greek ASE index (+3.5% and 0.8% mom in EUR terms, respectively). There was a slight decline in the Polish WIG20, and more pronounced deteriorations in the Romanian BET and Czech PX indices (-0.6%, -2.0% and -4.2% mom in EUR terms, respectively). The Turkish ISE30 Index was, again, the worst performer (-12.0% mom in EUR ter...

ODDO BHF SECURITIES LARGE CAPS MORNING NEWS 04/30/2025

ODDO BHF SECURITIES LARGE CAPS MORNING NEWS 30/04/2025

WOOD Flash – Gentoo Media: 1Q25E financial results preview (due on 14 May)

Gentoo Media will publish its 1Q25E financial results on 14 May and host a conference call on the same day. We expect the top line to decline qoq, as the fourth quarters are the strongest seasonally, but also due to the weakness of the Brazilian market, amid the market restructuring following regulatory changes. On the EBITDA line, we also expect that the elevated costs related to the recent M&A activity will weigh on margins in the quarter. We expect Gentoo Media to announce its 2025E guidance during the conference call. We forecast 13% yoy revenue growth in 2025E, with a 47% EBITDA margin.

WOOD Daily: RBI AV; ADNOCDIS UH; ENA PW; TITC GA; RO Macro; BRISA TI; CAR PW; Erste Group; CPS PW; WPL PW; TL Automotive; RICHT HB; ADNOCDRI UH; ALARABIA AB; INPST NA; SHO PW

HEADLINES: • Raiffeisen Bank International: 1Q25 results largely in line NEUTRAL • ADNOC Distribution: 1Q25 results NEUTRAL • Enea: preliminary 1Q25 EBITDA 13% above our expectations, driven by strong Supply; only 8% of 2025E capex plan realisation POSITIVE • Titan America: soft 1Q25 results, guidance unchanged NEUTRAL • Romania macro: reflections on the resignation of PM Ciolacu • Brisa: takeaways from the 1Q25 earnings call NEUTRAL • Inter Cars: earnings call takeaways - targeting 2025E revenue growth of 10-13% yoy NEUTRAL • Erste Group: enters Poland by buying a controlling stake in Santand...

WOOD Flash – Romania macro: reflections on the resignation of PM Ciolacu

The first round of the presidential elections, held over the weekend, resulted in AUR leader George Simion and Bucharest Mayor Nicușor Dan advancing to the runoff. As a result of the defeat of the PSD-supported candidate, for the second time, Prime Minister Ciolacu has decided to resign and the party will not endorse anyone in the second round. The budget execution in the first three months of the year and the high costs of the pension reform introduced last year imply that either the government passes sizeable budget corrections by early summer, or this year’s deficit will match, if not excee...