reports
Raiffeisen Research Institutional Equity Daily 22.11.2022
AT: IMMOFINANZ, S IMMO - IMMOFINANZ to buy S IMMO stake from CPI Property Group (negative, positive) AT: S IMMO - CPI Property Group holds 88.37% stake following additional acceptance period (neutral) HU: OTP - Government caps interest rates on banks' deposits from financial institutions and retail clients (neutral) SI: NLB Group - Issued EUR 225 mn Tier 2 subordinated bonds at 10-75% coupon (neutral)
Raiffeisen Research Institutional Equity Daily 18.11.2022
AT: Energy - Austrian government to present windfall profit tax proposal today (negative) AT: Flughafen Wien - Optimistic wording in yesterday's results conference call (positive) AT: Flughafen Wien - Security staff to demand higher wages (neutral) HR: Windfall profit taxes - Introduction of the proposal of a windfall tax (negative) PL: Answear.com - Q3 22 EBITDA grew by 70% yoy and topped consenus by 7% (positive) SI: NLB Group - Postponing of the planned Tier 2 issuance (negative)
Raiffeisen Research Institutional Equity Daily 15.11.2022
AT: Rosenbauer - Operating loss in Q3 amplified by restructuring costs, unchanged FY guidance of sales of ca. EUR 1 bn and positive EBIT requires major earnings uptick in Q4 (neutral) AT: Vienna Insurance Group - Strong earnings driven by underwriting and investment performance (neutral) DE: Encavis - Q3 22 above RBIe and consensus without EUR 30 mn provision for potential government revenue skimming, guidance confirmed (neutral) RO: Conpet - Q3 22 net profit up by 27% yoy, on the back o...
NLB Group Q3 22 - Beat from risk costs, 2022/23e ROE guidance confirme...
-Strong beat to expectations despite indications by management in the forefront of the release -2022/23 ROE guidance confirmed albeit at tweaked operating profit outlook on better income generation despite lowering the lending outlook -We regard the Q3 package overall slightly positive
Raiffeisen Research Institutional Equity Daily 09.11.2022
AT: FACC - Negative EBIT and bottom line loss in Q3 22, FY outlook confirmed (negative) AT: S IMMO - Acquiring properties in Budapest from CPI Property Group (neutral) AT: Vienna Insurance Group - Application for listing on the Budapest Stock Exchange submitted (neutral) AT: voestalpine - Q2 results live up to pre-announced indication, NWC remains cash flow burden (neutral) CEE: Banks - KBC reports lower Q3 net profit qoq in CZ, but higher in BG and HU (neutral) CZ: CTP - Q3 trends i...
KOMB KOMERCNI BANKA A.S.
VOE VOESTALPINE AG
MTELEKOM MAGYAR TELEKOM TELECOMMUNICATIONS
SPI S IMMO AG
OTP OTP BANK NYRT
VIG VIENNA INSURANCE GROUP AG WIENER VERSICHERUNG GRUPPE
FACC FACC AG
TLV BANCA TRANSILVANIA S.A.
SNP PETROM S.A.
NLBR NOVA LJUBLJANSKA BANKA DD LJUBLJANA
ADKO ADDIKO BANK
CAP ENCAVIS AG
CTPNV CTP NV
Raiffeisen Research Institutional Equity Daily 27.10.2022
AT: AMAG - Q3 headline earnings in line with forecasts, CF trend reversal, almost unchanged outlook implies major EBITDA deceleration in Q4 (neutral) AT: Andritz - Competitor posted in-line results, sees good market conditions in the short term (positive) AT: AT&S - Main customers to report earnings tonight (neutral) AT: Telekom Austria - S&P upgraded rating to A- from BBB+, outlook stable (positive) CEE: Banks - UniCredit's CEE subsidiaries delivered better profit qoq on the wings of ...
KOMB KOMERCNI BANKA A.S.
BWB BAADER BANK AG
ATS AT & S AUSTRIA TECHNOLOGIE & SYSTEMTECHNIK AKTIENGESELLSCHAFT
OTP OTP BANK NYRT
ANDR ANDRITZ AG
BRD BRD-GROUPE SOCIETE GENERALE
SAN BANCO SANTANDER S.A.
TLV BANCA TRANSILVANIA S.A.
MONET MONETA MONEY BANK AS
SNG SOCIETATEA NATIONALA DE GAZE NATURALE ROMGAZ SA
AMAG AMAG AUSTRIA METALL AG
FP S.C. FONDUL PROPRIETATEA S.A.
NLBR NOVA LJUBLJANSKA BANKA DD LJUBLJANA
ONE ONE UNITED PROPERTIES SA
Raiffeisen Research Institutional Equity Daily 21.09.2022
CZ: CTP - Capital market day today, guidance for FY 23 released (neutral) PL: Bank Pekao - Increasing rates on deposits (neutral) PL: PKN - Lotos gas station rebranding (neutral) RO: Medlife - Alina Irinoiu takes over the position of CFO (neutral) SI: NLB - Intended issuance of EUR 82 mn Additional Tier 1 at 9.7% coupon (negative)
Raiffeisen Research Institutional Equity Daily 12.08.2022
MSCI August Index Review - No changes in constituents in our coverage universe AT: Rosenbauer - Operating loss in Q2 in line with RBIe despite much stronger sales, strong order intake, FY earnings outlook more cautious (negative) RO: Digi Communications - Q2 22 net profit from operations of EUR 3.5 mn due to higher operating expenses (negative) RO: Romgaz - Net profit of RON 746 mn on the back of strong gas prices (neutral) SI: NLB Group - Q2 22 conference call highlights (positive)
NLB Group Q2 22 - Beat from risk costs, 2022/23e ROE guidance confirme...
-Robust performance across the P&L which was largely flagged in the forefront of the release -2022e ROE guidance of ~10% and 2023e ROE of >10% confirmed albeit at tweaked operating profit outlook on better lending prospects, rate sensitivity but higher cost inflation -We regard the Q2 figures and guidance slightly positive with ROE outlook supporting our investment case
NLB Group confirmed at BUY, TP EUR 89 - Downside risks priced in ahead...
- We confirm our BUY call at marginally lowered 12m TP to EUR 89 (was EUR 91) following the mix of model adjustments to account for higher interest rates but also economic and regulatory headwinds as well as increasing geopolitical sparks in the region. - We reiterate our expectations for a gradual mid-term risk costs normalization towards 50 bps area and consider a 65 bps assumption in the terminal value. - After digesting takeovers of KB in Serbia and N Banka in Slovenia (former Sberbank) and...
Raiffeisen Research Institutional Equity Daily 27.07.2022
CEE: Banks - Unicredit reported good set of Q2 figures in CEE and raises guidance for 2022 excl. Russia (positive) AT: OMV/Verbund - OMV and Verbund started up expanion of PV plan in Schönkirchen (neutral) EU: Gas supply - German regulator sees potentially no need for next phase of gas emergency (neutral) PL: Bank Millennium - Main takeaways after Q2 22 conference call (neutral) RO: One United Properties - One bought a plot of land in Bucharest for approximately EUR 60 mn
Raiffeisen Research Institutional Equity Daily 26.07.2022
EU: Oil&Gas/Utilities - Russia cuts gas deliveries to Europe via Nord Stream I (positive/negative) PL: Bank Millennium - Q2 broadly in line with expectations, further progress in own FX mortgage agreements, guided Tier 1 at 110-174 bps below minimum due to upfront booking of loan holidays in Q3 (neutral) RO: BRD-GSG, Banca Transilvania - The lending activity recorded positive growth rates in June (neutral) SI: NLB Group - Pre-earnings call points to solid performance in Q2 (neutral)
Raiffeisen Research Institutional Equity Daily 21.06.2022
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...
Raiffeisen Research Institutional Equity Daily 13.05.2022
MSCI May Index Review - Standard indices (STD) changes: DEL: Raiffeisen Bank Intl.; SmallCap indices (SC) changes: ADD: STRABAG SE, DEL: Zumtobel AT: AGRANA - Final FY 21/22 results match preliminary figures, FY 22/23e guidance confirmed (neutral) AT: AT&S - AT&S proposed dividend of EUR 0.90/share for 2021/22e (neutral) AT: Oesterreichische Post - Final Q1 22 numbers in line with prliminary figures, outlook reiterated (neutral) AT: Palfinger - Takeover of remaining 35% stake in French...
PEO BANK POLSKA KASA OPIEKI SA
RBI RAIFFEISEN BANK INTERNATIONAL AG
PKO PKO BANK POLSKI S.A.
BHW BANK HANDLOWY W WARSZAWIE S.A.
ARHOF AMREST HOLDING
SPL SANTANDER BANK POLSKA SA
POG PETROPAVLOVSK PLC
MIL BANK MILLENNIUM SA
PAL PALFINGER AG
ZAG ZUMTOBEL GROUP AG
POST OSTERREICHISCHE POST AG
STR STRABAG SE
GAZP GAZPROM PJSC
ALR ALIOR BANK SA
SNG SOCIETATEA NATIONALA DE GAZE NATURALE ROMGAZ SA
COTE CONPET SA
M MED LIFE
SFG SPHERA FRANCHISE GROUP SA
AGR AGRANA BETEILIGUNGS-AG
NLBR NOVA LJUBLJANSKA BANKA DD LJUBLJANA
Raiffeisen Research Institutional Equity Daily 12.05.2022
AT: Verbund - Soaring Q1 results, but only in line adjusted for hedging, lower end of guidance range lifted as expected (neutral) AT: Wienerberger - Q1 results confirmed strong trading statement a month ago, confident wording on Q2 trading conditions, FY EBITDA guidance again reiterated (neutral) CEE: Banks - UniCredit in talks to sell Russia DE: Encavis - Final Q1 22 results in line with very strong preliminaries, FY 22 guidance confirmed (neutral) HU: Magyar Telekom - Upbeat Q1 22 p...
PEO BANK POLSKA KASA OPIEKI SA
PGN POLSKIE GORNICTWO NAFTOWE I GAZOWNICTWO SA
PKO PKO BANK POLSKI S.A.
VER VERBUND AG CLASS A
SPL SANTANDER BANK POLSKA SA
MIL BANK MILLENNIUM SA
MTELEKOM MAGYAR TELEKOM TELECOMMUNICATIONS
WIE WIENERBERGER AG
EUR EUROCASH S.A.
LTS GRUPA LOTOS S.A.
CPS CYFROWY POLSAT SA
ALR ALIOR BANK SA
EONR UNIPRO
SNG SOCIETATEA NATIONALA DE GAZE NATURALE ROMGAZ SA
SNP PETROM S.A.
UNCFF UNICREDIT S.P.A.
NLBR NOVA LJUBLJANSKA BANKA DD LJUBLJANA
CAP ENCAVIS AG
NLB Group Q1 22 - Higher badwill gain adds to the expected robust perf...
-Q1 inflated by the badwill gain of EUR 172 mn after the takeover of local Sberbank -Robust performance across the P&L which was largely flagged in the forefront of the release -2022 ROE guidance of ~10% and 2023 KPIs confirmed -We regard the Q1 slightly positive and refer to the inaugural CMD taking place today
Raiffeisen Research Institutional Equity Daily 27.04.2022
AT: EVN - Cutoff of Russian gas delivieries only minor on Bulgarian electricity generation, potential regional price effect though (neutral) AT: IMMOFINANZ - FY 22 guidance withdrawn due to bond repurchase (negative) AT: Telekom Austria - Robust trends trigger earnings beat, guidance confirmed (positive) AT: Warimpex - FY 21 significantly ahead of expectations (positive) PL: Alior Bank - Q1 22 net profit missed expectations on one-offs and weaker NII / pessimistic costs outlook in 2022...
EVN EVN AG
PGN POLSKIE GORNICTWO NAFTOWE I GAZOWNICTWO SA
PKO PKO BANK POLSKI S.A.
SPL SANTANDER BANK POLSKA SA
MIL BANK MILLENNIUM SA
WXF WARIMPEX FINANZ UND BETEILIGUNG
LTS GRUPA LOTOS S.A.
GAZP GAZPROM PJSC
ALR ALIOR BANK SA
IIA IMMOFINANZ AG
NLBR NOVA LJUBLJANSKA BANKA DD LJUBLJANA
ONE ONE UNITED PROPERTIES SA
Raiffeisen Research Institutional Equity Daily 25.04.2022
AT: Andritz - Andritz received paper machine upgrade order from the Netherlands (neutral) PL: Banks - PFR head sees 5.5%-6% new rte equilibrium (neutral) RU: Gazprom - EC sees gas payments in RUB may be possible (positive) RU: Petropavlovsk - Weaker qoq Q1 22 trading update likely mispriced by the market (negative) SI: NLB/Addiko - Change of the political climate in Slovenia after yesterday's parliamentary elections (negative)
Raiffeisen Research Institutional Equity Daily 24.03.2022
AT: CA Immo - FY 21 and Q4 defined by capital rotation and lower occupancy, as expected (neutral) AT: EVN - Lower Austria presents Energy Transition Acceleration Package (neutral) AT: Vienna Insurance Group - Acquisition of Aegon Hungary closed (neutral) HU: MOL - Divestment of UK upstream assets for a total consideration of USD 305 mn (neutral) PL: Cyfrowy Polsat - Q4 21 net income beats consensus by ca. 20% (positive) PL: PGNiG - Final Q4 results fully in line with preliminaries (n...
PGN POLSKIE GORNICTWO NAFTOWE I GAZOWNICTWO SA
PZU POWSZECHNY ZAKLAD UBEZPIECZEN SPOLKA AKCYJNA
CAI CA IMMOBILIEN ANLAGEN AG
VIG VIENNA INSURANCE GROUP AG WIENER VERSICHERUNG GRUPPE
CPS CYFROWY POLSAT SA
BRD BRD-GROUPE SOCIETE GENERALE
TLV BANCA TRANSILVANIA S.A.
PLZL POLYUS (GDR)
MOL MOL HUNGARIAN OIL & GAS PLC CLASS A
NLBR NOVA LJUBLJANSKA BANKA DD LJUBLJANA
ONE ONE UNITED PROPERTIES SA
Raiffeisen Research Institutional Equity Daily 14.03.2022
AT: Verbund - Press reports on windfall profit politics, special dividend in discussion (neutral) CEE: Banks - Deutsche Bank and Commerzbank announced withdrawal from Russia (neutral) CZ: CEZ - Tender for new block at Dukovany nuclear power plant to be launched this week (neutral) RU: Russia - Stock market to stay frozen another week (neutral) RU: Russian Steel - EU bans steel import from Russia (negative) RU: Russian Steel - Government plans to reduce domestic steel prices by restri...
PEO BANK POLSKA KASA OPIEKI SA
CEZ CEZ AS
PKO PKO BANK POLSKI S.A.
BHW BANK HANDLOWY W WARSZAWIE S.A.
VER VERBUND AG CLASS A
SPL SANTANDER BANK POLSKA SA
MIL BANK MILLENNIUM SA
NLMK NOVOLIPETSK STEEL
CHMF SEVERSTAL PAO
OTP OTP BANK NYRT
MAGN MAGNITOGORSK IRON & STEEL WORKS PJSC
ALR ALIOR BANK SA
MOEX MOSCOW EXCHANGE MICEX-RTS PJSC
NLBR NOVA LJUBLJANSKA BANKA DD LJUBLJANA
ADKO ADDIKO BANK
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