Please find enclosed our daily market report.Market CommentCroatia European industrial production falls in May; Croatia recovers Building permits issued in May up nearly 10% YoY Slovenia NLB raises takeover bid for Addiko by 10% to EUR 22 per share Romania EBRD makes minority equity investment in Arobs Transilvania Software Hidroelectrica’s CIO Bogdan Badea sells RON 133,000 worth of shares Romania's current account deficit widens 34% YoY to EUR 9.17 bln in January-May 2024 ...
AT: AMAG - Q2 figures meet forecasts, sustained cash drain from NWC, more optimistic EBITDA guidance of EUR 220-250 mn (positive) AT: FACC - Airbus revises production forecasts (negative) AT: OMV - Better than expected 2Q clean earnings, strong operating CF generation, positive 2H 22 outlook (positive) AT: Verbund - Q2 22 results below expectations on trading position valuation, FY guidance range slighty up (neutral) CZ: Moneta Money Bank - Q2 22 net profit of CZK 1.58 bn modestly ahea...
AT: AMAG - Q1 results in line with RBIe but above consensus, major cash drain from NWC, FY 22 EBITDA guidance of > EUR 200 mn heralds (expected) upside to estimates (neutral) AT: Andritz - Record order backlog, in-line results and guidance confirmed (positive) AT: Erste Group - Q1 22 net profit beating expectations / strong core revenues offset by higher opex and weak trading result / guidance for 2022 marginally tweaked upwards / CET1 drop should be only temporary (positive) AT: Oester...
AT: S IMMO - CPI Property Group calls for S IMMO EGM to decide on voting rights cap (positive) AT: STRABAG - EGM to recall two supervoisory board members associated with Rasperia Trading to convene on May 5 (neutral) AT: voestalpine - 80% of HBI plant sold to ArcelorMittal for total EV valuation of EUR 900 mn (positive) HR: Adris grupa - Proposed dividend in the amount of HRK 15.5 per share (positive) HU: OTP - Update on 2022 guidance/takeover in Uzbekistan put on hold (positive) PL...
AT: Andritz - Andritz received a batt forming line order from South Africa (neutral) AT: BAWAG Group - Q4 21 net profit slightly ahead of consensus and 24% ahead of RBIe / 2022 ROTE guidance >17% vs. 16% in 2021 / DPS plan of EUR 3.00 / no exposure to Russia and Ukraine (positive) AT: OMV - Fitch rating agency confirmed OMV's A- rating with a negative outlook (neutral) AT: OMV - Shell's decision to exit its Russian ventures, including Nord Stream 2, could mount pressure on other project...
Q3 21 EBITDA of the Tourism segment surpassed our estimates Croatia osiguranjes bottom line significantly above RBIe Top line of Cromaris continued to grow at a strong pace yoy We see the published results as a catalyst for a positive share price development
Full Article at IIR has reaffirmed its Recommended rating for PIA after undertaking a review post the appointment of a new Portfolio Manager, Harding Loevner. The full report can be found on the IIR website. On 26 July 2021, Pengana International Equities Limited (PIA) announced a fully franked dividend of 1.35 cents per share for the June quarter. This represents an 8% increase on the March quarter dividend and takes the total dividends declared for FY21 of 5.1 cents per share, fully franked....
Q2 21 EBITDA of the Tourism segment surpassed our estimates Croatia osiguranjes business activities severely impacted by adverse weather conditions Top line of Cromaris continued to grow at a double-digit percentage figure yoy We see the results as neutral
AT: OMV - Borealis to sell nitrogene business (neutral) AT: UNIQA - Hike of PBT 21e guidance to EUR 330 - 350 mn (positive) EU: Industrials - EU car registration figures released by the ACEA show a 10% yoy increase in June HR: Valamar Riviera/Adris grupa - Croatian coast turns orange on new ECDC map (negative/negative) RU: Gazprom - EU top court rejects Germany's appeal on OPAL (negative) RU: Magnit - FAS approved deal to acquire DIXY with certain conditions (neutral)
MSCI May Index Review - SmallCap indices (SC) changes: ADD: Lenta; Frontier Markets (FM) changes: DEL: Adris (to SC), Electrica (to SC); Digi Communications (from SC) AT: CA Immo - Q1 solid, but guidance lower than expected (negative) AT: EVN - Q2 20/21 EBITDA slightly up yoy, in line with RBIe, FY 20/21 guidance confirmed (neutral) AT: FACC - Airbus plans to hike A320 family production rates above the 2019 rate in 2023 (positive) AT: Kapsch TrafficCom - Andreas Hämmerle appointed as ...
AT: Erste Group - Q1 2021 net profit clearly above expectations on lower risk costs and strong fees / reiterating the 2021 guidance with only marginally positive wording on F&CI (positive) AT: Palfinger - Q1 sales and EBIT in line with guidance and confimative for FY 21 targets, strong CF (neutral) AT: STRABAG - FY 20 results in line with RBIe, dividend of EUR 1.90 (6% yield) ahead of RBIe as was strong CF generation, FY 21 guidance reiterated (positive) HR: Adris grupa - Q1 21 results: ...
Croatia osiguranjes GWP declined in Q1 21, net earned premiums above expectations Top line of Cromaris significantly surpassed our estimates Tourism business still strongly affected by imposed pandemic measures in domestic and most important inbound tourism markets We reckon with a neutral market reaction on the published figures
Croatia osiguranjes yoy growth of GWP in Q4 20 was above market average in Croatia Top line of Cromaris was boosted by a strong export to the Italian market Tourism business was significantly impacted by stricter pandemic measures in Q4 20 We reckon with a neutral market reaction
AT: CA Immo - Sale of two office buildings in Bratislava (positive) AT: CA Immo - Starwood raises offer to EUR 36.0 per share (positive) AT: Flughafen Wien - Austrian Airlines reduces its long-haul fleet (neutral) HR: Adris grupa - 4Q 20 results confirm Insurance and Food business resilience to COVID-19 (neutral) HR: Adris grupa - Acquisition of the remaining 22.22% stake in Expertus (neutral) HR: Podravka - FY 20 ends with strong quarterly results (neutral) PL: Banks - Interview w...
Tourism business was negatively affected by the COVID-19 crisis but the food industry and insurance SBUs successfully mitigated part of the adverse effect on the groups top and bottom lines Strong performance in cash generation is expected in the following years We reinitiate our coverage with a HOLD recommendation for preferred shares and a HOLD recommendation for common shares Adris grupa has proven its excellence in managing the operating activities of its three strategic business units (SB...
AT: Austria - New measures to curb Covid-19 infections will be announced on Saturday AT: Addiko Bank - Henning Giesecke announced resignation from the Supervisory Board (neutral) AT: Andritz - Andritz announced order for two tissue machines by Sun Paper (neutral) AT: AT&S - Apple's iPhone sales disappoint, but CEO sees tailwinds for new 5G phones (negative) AT: Flughafen Wien - Austrian Airlines to reduce capacity further (negative) AT: Palfinger - FCF generation main highlight in 3Q...
ï‚§ AT: Flughafen Wien - Laudamotion to cut capacities (negative) ï‚§ HR: Adris - Sharebuyback programme (positive) ï‚§ RO: BRD-GSG - BRD's Board decided to renew the mandates of CEO and Deputy CEO Projects and Operation for a period of 4 years (neutral) ï‚§ RU: Enel Russia - Shareholders approve the 2019 dividend (neutral) ï‚§ RU: Moscow Exchange - Opens evening trading session for equity (neutral)
ï‚§ FTSE Index June review - AllCap (SML) add: Verallia ï‚§ AT: Addiko Bank - CFO stepped down (negative) ï‚§ AT: Flughafen Wien - Number 2 airline Lauda closes Vienna base (negative) ï‚§ HR: Adris - AGM to be held in July (neutral) ï‚§ PL: Alior Bank - Termination of a loan contract with Nextbike (negative) ï‚§ RO: Transgaz - Media reports that the Ungheni-Chisinau pipeline might be completed by August 1 (neutral) ï‚§ RU: Alrosa - 2020e production outlook trimmed down to 28-31 mct (neutral) ï‚§...
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