reports
- FIMA Research
Fima Daily Insight 06 May 2024
Please find enclosed our daily market report.Market CommentCroatia Atlantic grupa buys back 8,812 own shares Đuro Đaković is launching the production of demining machines Slovenia Slovenia's exports down 2.1% in March, imports decline by 6.7% IMF projects Slovenia to overtake Italy in purchasing power by 2029 Romania Romania's manufacturing PMI turns positive in April Bulgaria Bulgaria restricts gambling, gambling ads
- Research Team
WOOD Flash – Coverage discontinued
We discontinue our coverage of the following stocks, with immediate effect. We caution against using the forecasts, ratings and price target guidance issued previously on these stocks: AD Plastik Arena Hospitality Group Bittnet Ciech Conpet Dogus Otomotiv Ekspress Grupp Fintel Energija Immofinanz Kcell Kernel KGHM Komercijalna Banka NLB Banka Petrol Group S Immo Sava Re Shelly Group (formerly Allterco) STS Group Turk Telekom Turkcell Ulker Zagreb Stock Exchange
PETG PETROL D.D.
DOAS DOGUS OTOMOTIV SERVIS VE TICARET A.S.
KGH KGHM POLSKA MIEDZ S.A.
SPI S IMMO AG
CIE CIECH S.A.
EEG1T EKSPRESS GRUPP A.S.
ULKER ULKER BISKUVI SANAYI A.S.
POSR POZAVAROVALNICA SAVA
KMB KOMERCIJALNA BANKA AD SKOPJE
ADPL-R-A AD PLASTIK D.D.
BNET BITTNET SYSTEMS
COTE CONPET SA
A4L ALLTERCO AD
IIA IMMOFINANZ AG
ZB-R-A ZAGREBACKA BURZA DD
SF3 STS GROUP AG
ARNT-R-A ARENATURIST D.D.
FINT FINTEL ENERGIJA
KCEL KCELL JSC
TNB NLB TUTUNSKA BANKA AD SKOPJE
- Tea Pevec
Arena Hospitality Group: In Preparation of Another Strong Summer Seaso...
The positive trend recorded in Q1 carried on in Q2 2023, leading to improvements in revenue across all of the Company’s regions. Total revenue in Croatia grew by 31.1%, revenue in Germany grew by 59.2%, and revenue in the CEE region grew by 53.6% YoY. This led to a consolidated revenue growth of 40.5% YoY, while the accommodation revenue increased by 46.5%. In Croatia, the growth was driven by higher ADR of EUR 78.4 (+17.2%), and occupancy rates of 33.6% (+17.2 p.p.). Most of the operations ...
- Tea Pevec
Arena Hospitality Group: A Solid First Quarter On Track Towards a Stro...
Q1 2023 continues the story we have seen in Croatian tourism for the last year, albeit with some positive surprises. For Arena Hospitality Group (AHG) in particular, this came in the form of higher revenues across all regions, with total revenue increasing by 83% YoY. Accommodation revenue increased by 111% YoY and amounted to EUR 7.9m, with the occupancy rate also growing by 20.3 p.p. to 36.5%. ADR also increased by 39% YoY to EUR 127. In terms of regions, Croatian properties were mostly clo...
- Tea Pevec
Arena Hospitality Group: Revamped Company Ready for the New Challenges
2022 marked a return to form for Arena Hospitality Group (AHG), as it was finally able to operate without the pandemic’s influence. The 2022 total revenue amounted to HRK 825.3m, an increase of 79% YoY, and 6.1% compared to 2019. Accommodation revenue was the main driver of this, with an increase of a similar 79% YoY to HRK 685.6m, driven by good performance in Croatia and other regions. In Croatia, total revenue increased by 56% YoY, and 24% compared to 2019 and amounted to HRK 612.8m. Accom...
- Tea Pevec
Arena Hospitality Group: Record quarter despite the macroeconomic envi...
9M 2022 includes the third quarter, by far the most important one for Croatian tourism. Q3 2022 marks the 1st quarter since 2019 in which Arena has been able to operate normally. As such, in Q3 2022, total revenue amounted to HRK 512.8m, an increase of 43% YoY. Even compared to 2019, this is an increase of 21%. The Q3 growth was driven by a higher occupancy rate of 65.5%, a higher ADR of HRK 806, and a RevPAR of HRK 528.3. On the 9M 2022 basis, total revenue increased by 78% to HRK 739.6m. Oc...
- Research Team
The Rear-View Mirror – EME markets: all indices up, Turkey outperforms...
EME Equity Market – October 2022 Market performance – in a positive month across the board, Turkey outperforms yet again. The MSCI EM Europe Index advanced by 12.7% mom in EUR terms and 14.4% mom in USD. The ISE30 was, once again, the best-performing index in our coverage, adding 23.4% mom in EUR terms and 25.2% in local currency terms. All the other indices recorded positive performances as well, with the WIG (+14.8% EUR / 11.5% lcl), the BUX (+11.4% EUR / 8.5% lcl) and the ASE (+10.3% EUR) del...
PEO BANK POLSKA KASA OPIEKI SA
JMT JERONIMO MARTINS SGPS S.A.
KRU KRUK S.A.
CEZ CEZ AS
ACP ASSECO POLAND SA
KRKG KRKA D.D.
CDR CD PROJEKT S.A.
YKBNK YAPI VE KREDI BANKASI A.S.
OMV OMV AG
PGN POLSKIE GORNICTWO NAFTOWE I GAZOWNICTWO SA
COG COGNOR HOLDING SA
ISCTR TURKIYE IS BANKASI ANONIM SIRKETI CLASS C
KOMB KOMERCNI BANKA A.S.
GWI GLOBALWORTH REAL ESTATE INVESTMENTS LIMITED
ALK ALKALOID AD SKOPJE
BHW BANK HANDLOWY W WARSZAWIE S.A.
WIZZ WIZZ AIR HOLDINGS PLC
SPL SANTANDER BANK POLSKA SA
MIL BANK MILLENNIUM SA
BSK ING BANK SLASKI S.A.
FOYRK FOURLIS HOLDINGS S.A.
GEKTERNA GEK TERNA
TPS ORANGE POLSKA S.A.
PKN POLSKI KONCERN NAFTOWY ORLEN S.A.
MYTIL MYTILINEOS S.A.
LPP LPP S.A.
AKBNK AKBANK TAS
ASELS ASELSAN ELEKTRONIK SANAYI VE TICARET A.S. CLASS B
BRISA BRISA-BRIDGESTONE SABANCI LASTIK SANAYI VE TICARET A.S.
EREGL EREGLI DEMIR YE CELIK FABRIKALARI T.A.S.
CCC CCC SA
CCOLA COCA-COLA ICECEK A.S.
VESBE VESTEL BEYAZ ESYA SANAYI VE TICARET
DOM DOM DEVELOPMENT SA
BFT BENEFIT SYSTEMS S.A. ALLOTMENT
MGROS MIGROS TICARET A.S
LVC LIVECHAT SOFTWARE SA
CAR INTER CARS S.A.
ARCLK ARCELIK A.S.
FROTO FORD OTOMOTIV SANAYI A.S.
OTKAR OTOKAR OTOMOTIV VE SAVUNMA SANAYI A.S.
TKFEN TEKFEN HOLDING
CPS CYFROWY POLSAT SA
11B 11 BIT STUDIOS S.A.
TPE TAURON POLSKA ENERGIA S.A.
ALRS ALROSA PJSC
DAT DATAWALK SA
ALR ALIOR BANK SA
WPL WIRTUALNA POLSKA HOLDING SA
BELA JUMBO S.A.
SAB1L SIAULIU BANKAS
BRD BRD-GROUPE SOCIETE GENERALE
TLV BANCA TRANSILVANIA S.A.
TRP TERAPLAST
MONET MONETA MONEY BANK AS
SNG SOCIETATEA NATIONALA DE GAZE NATURALE ROMGAZ SA
SNP PETROM S.A.
TOFAS TOFAS TURK OTOMOBIL FABRIKASI A.S.
HMX1R HANSAMATRIX AS
COTE CONPET SA
TEL C.N.T.E.E. TRANSELECTRICA
ELSA SOCIETATEA ENERGETICA ELECTRICA
FP. FONDUL PROPRIETATEA S.A. GDR (REG S)
TGN SOCIETATEA NATIONALA DE TRANSPORT GAZE NATURALE TRANSGAZ S.A.
A4L ALLTERCO AD
RICHT RICHTER
CGEO GEORGIA CAPITAL
ZB-R-A ZAGREBACKA BURZA DD
SF3 STS GROUP AG
KAP NATIONAL ATOMIC COMPANY KAZATOMPROM
ARNT-R-A ARENATURIST D.D.
TEN TEN SQUARE GAMES
MINING AND METALLURGICAL COMPANY NORILSK NICKEL (GDR)
ALG ALLEGRO.EU SA
KSPI KASPI KZ
INPST INPOST S.A.
HUGE HUUUGE
WINE ALRO SLATINA
4IG PURCARI WINERIES PCL
PCO 4IG NYRT
GPP PEPCO GROUP NV
KLKIM GRUPA PRACUJ DA
KALEKIM KIMYEVI MADDELER SANAYI VE TICARET AS
- Research Team
WOOD Daily: YKBNK TI; EL RO; SAB1L LH; ALK MS; ARNT CZ; BRISA TI; CCOL...
HEADLINES: • Yapi Kredi: 3Q22 highlights - 14% beat, but spreads look tighter vs. peers • Electrica: impact of latest ordinance in the energy sector POSITIVE • Siauliu Bankas: 3Q22 - another positive surprise • Alkaloid: strong 3Q, driven by Russia/CIS and Western Europe POSITIVE • Arena Hospitality Group: reports record 3Q on strong ADRs POSITIVE • Brisa: 3Q earnings and conference call takeaways NEUTRAL • Coca-Cola Icecek: 3Q22 results - in line NEUTRAL • Vestel Beyaz: worse-than-expected r...
ALK ALKALOID AD SKOPJE
BRISA BRISA-BRIDGESTONE SABANCI LASTIK SANAYI VE TICARET A.S.
CCOLA COCA-COLA ICECEK A.S.
VESBE VESTEL BEYAZ ESYA SANAYI VE TICARET
DAT DATAWALK SA
SAB1L SIAULIU BANKAS
DIGI DIGI COMMUNICATIONS NV
ELSA SOCIETATEA ENERGETICA ELECTRICA
ARNT-R-A ARENATURIST D.D.
- Tea Pevec
Arena Hospitality Group: Arena Hospitality Group: Strong Top Line Grow...
H1 2022 marked the continuation of the travel demand surge already recorded in Q1 2022, with strong occupancy growth and solid increase across all customer segments and Arena’s operating regions. Total revenue increased by 303% YoY, amounting to HRK 226.8m, which is at 85% of 2019’s level. In Croatia, revenue increased by 213% YoY, reaching HRK 145.8m, and surpassing 2019’s level by 2%. Campsites also contributed 29% of the total revenue mix, as compared to 22% in 2019. The Group also opened ...
- Research Team
The Rear-View Mirror – EME markets: markets mostly up in July, amid a ...
EME Equity Market – July 2022 Market performance – markets mostly up during the month, but Russia’s MOEX down 9.4% in EUR terms. The MSCI EM Europe Index added 2.3% mom in EUR, but lost 0.5% mom in USD in July. The Greek ASE Index was the best performing benchmark, advancing 5.0% mom in EUR. Hungary’s benchmark, the BUX Index, added 4.4% mom and 6.5% mom in EUR and HUF terms, respectively. Romania’s BET Index gained 1.7% mom in EUR terms and 1.3% mom in local currency, while Turkey’s ISE20 added...
GARAN TURKIYE GARANTI BANKASI ANONIM SIRKETI
JMT JERONIMO MARTINS SGPS S.A.
OPAP GREEK ORGANISATION OF FOOTBALL PROGNOSTICS SA
KRU KRUK S.A.
EXAE HELLENIC EXCHANGES SA
MOL MOL NYRT
YNDX YANDEX NV CLASS A
CEZ CEZ AS
CDR CD PROJEKT S.A.
YKBNK YAPI VE KREDI BANKASI A.S.
OMV OMV AG
PGN POLSKIE GORNICTWO NAFTOWE I GAZOWNICTWO SA
TITK TITAN CEMENT CO. SA
WIZZ WIZZ AIR HOLDINGS PLC
SPL SANTANDER BANK POLSKA SA
MIL BANK MILLENNIUM SA
FOYRK FOURLIS HOLDINGS S.A.
TPS ORANGE POLSKA S.A.
PKN POLSKI KONCERN NAFTOWY ORLEN S.A.
MYTIL MYTILINEOS S.A.
AKBNK AKBANK TAS
TENERGY TERNA ENERGY S.A.
BFT BENEFIT SYSTEMS S.A. ALLOTMENT
POLY POLYMETAL INTERNATIONAL PLC
LVC LIVECHAT SOFTWARE SA
CAR INTER CARS S.A.
ARCLK ARCELIK A.S.
FROTO FORD OTOMOTIV SANAYI A.S.
OTKAR OTOKAR OTOMOTIV VE SAVUNMA SANAYI A.S.
THYAO TURK HAVA YOLLARI A.O.
LTS GRUPA LOTOS S.A.
CPS CYFROWY POLSAT SA
DAT DATAWALK SA
OTOEL AUTOHELLAS S.A.
BANK OF CYPRUS PCL
WPL WIRTUALNA POLSKA HOLDING SA
BELA JUMBO S.A.
SAB1L SIAULIU BANKAS
KMB KOMERCIJALNA BANKA AD SKOPJE
TRP TERAPLAST
MONET MONETA MONEY BANK AS
ADPL-R-A AD PLASTIK D.D.
H4L1 HALYK SAVINGS BANK OF KAZAKHSTAN GDR
SNP PETROM S.A.
TOFAS TOFAS TURK OTOMOBIL FABRIKASI A.S.
PLZL POLYUS (GDR)
NBGGY NATIONAL BANK OF GREECE S.A. ADS
SNN SOCIETATEA NATIONALA NUCLEARELECTRICA SA
TEL C.N.T.E.E. TRANSELECTRICA
ELSA SOCIETATEA ENERGETICA ELECTRICA
FP. FONDUL PROPRIETATEA S.A. GDR (REG S)
ZB-R-A ZAGREBACKA BURZA DD
NLBR NLB GROUP
KAP NATIONAL ATOMIC COMPANY KAZATOMPROM
ARNT-R-A ARENATURIST D.D.
TEN TEN SQUARE GAMES
PEN PHOTON ENERGY NV
FINT MINING AND METALLURGICAL COMPANY NORILSK NICKEL (GDR)
ALG FINTEL ENERGIJA
KSPI ALLEGRO.EU SA
TNB KASPI KZ
HUGE NLB BANKA
ALR HUUUGE
IGN1L ALRO SLATINA
SHO IGNITIS GRUPE
PCO SHOPER
PINK PEPCO GROUP NV
KCEL PILULKA LEKARNY AS
GPP KCELL JSC
GRUPA PRACUJ DA
- Research Team
WOOD Daily: PINK CP; WIZZ LN; MYTIL GA; TITC GA; GARAN TI; FROTO TI; S...
HEADLINES: • Pilulka Lekarny: blowing with the e-commerce wind (HOLD - initiation of coverage) • Wizz Air: thoughts on capital increase post 1Q FY23 results, CASK and RASK comparison vs. RYA • Mytilineos: strong second quarter, 2H22E should be even better • Titan Cement: 2Q22 - price increases restoring profitability • Garanti: 2Q22 highlights - beat, with lower quality • Ford Otosan: 2Q22 results - strong beat POSITIVE • Siauliu Bankas: 2Q22 - another strong quarter POSITIVE • Arena Hosp...
TITK TITAN CEMENT CO. SA
WIZZ WIZZ AIR HOLDINGS PLC
TPS ORANGE POLSKA S.A.
MYTIL MYTILINEOS S.A.
FROTO FORD OTOMOTIV SANAYI A.S.
SAB1L SIAULIU BANKAS
KMB KOMERCIJALNA BANKA AD SKOPJE
SNP PETROM S.A.
ARNT-R-A ARENATURIST D.D.
MINING AND METALLURGICAL COMPANY NORILSK NICKEL (GDR)
PINK PILULKA LEKARNY AS
- Tea Pevec
Arena Hospitality Group: Gearing Towards a Strong Summer Season
Q1 2022 marked a period of gradual improvement in demand compared to the same period last year, as the travel restrictions across Europe were eased. The performance across all three regions (Croatia, Germany, and CEE region) recorded an improvement, especially in the CEE region where Arena franz ferdinand in Nassfeld contributed 40% (or HRK 17.4m) of the Group’s total revenue during Q1, with an occupancy rate of 66%. Combined with the rest of the CEE region (of which only 88 Rooms in Belgrade...
- Research Team
WOOD Daily: GEKTERNA GA; SPI AV; SAR GA; GR6 BU; SGH BU; PGN PW; ARNT ...
HEADLINES: • GEK Terna: FY21 results - broadly in line • S Immo: CPI to increase offer price to EUR 23.5/share, management to support the bid; EGM on 1 June POSITIVE • Sarantis: FY21 results fully in line with expectations • Gradus: final 4Q21 figures slightly better than preliminaries, but still in negative territory POSITIVE • Sirma Group Holding: 4Q21 EBITDA below preliminary estimate, leverage up qoq NEGATIVE • PGNiG: 1Q22E estimates - another strong quarter • Arena Hospitality Group: 1Q2...
- Tea Pevec
Arena Hospitality Group: Cautious recovery in uncertain times
Recovery in tourism and positive developments on the CAPEX is supportive of a higher price, but current inflationary and geopolitical pressure could impact our estimate. However, the Company has proven its ability in dealing with uncertainty, and as such, we value AHG at HRK 330 per share, giving it a BUY recommendation. Revenue in 2022 to exceed record 2019 levels, with profitability following closely. Compared to our last estimate, we expect the Company's revenue to exceed 2019 levels on th...
- Research Team
The Rear-View Mirror – EME markets: MSCI EM Europe Index loses half it...
EME Equity Market – March 2022 Market performance – regional benchmarks mostly in the black, despite the MSCI EM Europe Index losing half of its value. Following its decline in February, the MSCI EM Europe Index lost in March as well, declining by 49.5% in EUR terms and 50.1% in USD terms. Russia’s MOEX Index added 13.2% in EUR terms and 9.4% RUB terms (we note that Russian companies’ GDRs are still suspended for trading). The Turkish ISE30 Index added 8.2% in EUR terms and 13.3% in local curren...
PEO BANK POLSKA KASA OPIEKI SA
KER KERNEL HOLDING S.A.
JMT JERONIMO MARTINS SGPS S.A.
OPAP GREEK ORGANISATION OF FOOTBALL PROGNOSTICS SA
KRU KRUK S.A.
EXAE HELLENIC EXCHANGES SA
TCELL TURKCELL ILETISIM HIZMETLERI A.S.
MOL MOL NYRT
EBS ERSTE GROUP BANK AG
CEZ CEZ AS
ACP ASSECO POLAND SA
CDR CD PROJEKT S.A.
RBI RAIFFEISEN BANK INTERNATIONAL AG
OMV OMV AG
PGN POLSKIE GORNICTWO NAFTOWE I GAZOWNICTWO SA
KOMB KOMERCNI BANKA A.S.
TITK TITAN CEMENT CO. SA
BHW BANK HANDLOWY W WARSZAWIE S.A.
BIMAS BIM BIRLESIK MAGAZALAR A.S.
WIZZ WIZZ AIR HOLDINGS PLC
PZU POWSZECHNY ZAKLAD UBEZPIECZEN SPOLKA AKCYJNA
FOYRK FOURLIS HOLDINGS S.A.
GEKTERNA GEK TERNA
CAI CA IMMOBILIEN ANLAGEN AG
PKN POLSKI KONCERN NAFTOWY ORLEN S.A.
SAR GR. SARANTIS S.A.
LPP LPP S.A.
CCOLA COCA-COLA ICECEK A.S.
CIE CIECH S.A.
ANY ALLAMI NYOMDA
AST ASTARTA HOLDING
GTC GLOBE TRADE CENTRE S.A.
DOM DOM DEVELOPMENT SA
EEG1T EKSPRESS GRUPP A.S.
AEGN AEGEAN AIRLINES SA
AUG1L AGROWILL GROUP AB
TTKOM TURK TELEKOMUNIKASYON A.S.
ENA ENEA S.A.
BFT BENEFIT SYSTEMS S.A. ALLOTMENT
MGROS MIGROS TICARET A.S
LWB LUBELSKI WEGIEL BOGDANKA S.A.
PGE PGE POLSKA GRUPA ENERGETYCZNA S.A.
POLY POLYMETAL INTERNATIONAL PLC
LVC LIVECHAT SOFTWARE SA
TPEIR PIRAEUS BANK SA
PPC PUBLIC POWER CORPORATION S.A.
OTP OTP BANK NYRT
PPA PIRAEUS PORT AUTHORITY S.A.
CAR INTER CARS S.A.
FROTO FORD OTOMOTIV SANAYI A.S.
OTKAR OTOKAR OTOMOTIV VE SAVUNMA SANAYI A.S.
THYAO TURK HAVA YOLLARI A.O.
ULKER ULKER BISKUVI SANAYI A.S.
EUR EUROCASH S.A.
ECH ECHO INVESTMENT
FMF FAMUR SA
CPS CYFROWY POLSAT SA
POSR POZAVAROVALNICA SAVA
MAIL MAIL.RU GROUP LTD. SPONSORED GDR
GPW WARSAW STOCK EXCHANGE
MTSS MOBILE TELESYSTEMS PJSC
11B 11 BIT STUDIOS S.A.
TPE TAURON POLSKA ENERGIA S.A.
ALRS ALROSA PJSC
DAT DATAWALK SA
ALR ALIOR BANK SA
TCS TCS GROUP HOLDING PLC SPONSORED GDR CLASS A REGS
BANK OF CYPRUS PCL
HB HELLENIC BANK LTD.
WPL WIRTUALNA POLSKA HOLDING SA
SKK SIRMA GROUP HOLDING JSC
BELA JUMBO S.A.
TLV BANCA TRANSILVANIA S.A.
NVTK NOVATEK JSC SPONSORED GDR REGS
SNG SOCIETATEA NATIONALA DE GAZE NATURALE ROMGAZ SA
H4L1 HALYK SAVINGS BANK OF KAZAKHSTAN GDR
BNET BITTNET SYSTEMS
SNP PETROM S.A.
LKODN OIL COMPANY LUKOIL PJSC SPONSORED ADR
OGZD GAZPROM (GDR)
DNP DINO POLSKA S.A.
COTE CONPET SA
NBGGY NATIONAL BANK OF GREECE S.A. ADS
SNN SOCIETATEA NATIONALA NUCLEARELECTRICA SA
TEL C.N.T.E.E. TRANSELECTRICA
ELSA SOCIETATEA ENERGETICA ELECTRICA
FP. FONDUL PROPRIETATEA S.A. GDR (REG S)
BVB S.C. BURSA DE VALORI BUCURESTI S.A.
TGN SOCIETATEA NATIONALA DE TRANSPORT GAZE NATURALE TRANSGAZ S.A.
A4L ALLTERCO AD
ALPHA ALPHA BANK
EAT AMREST HOLDINGS SE
KAP NATIONAL ATOMIC COMPANY KAZATOMPROM
ARNT-R-A ARENATURIST D.D.
TEN TEN SQUARE GAMES
ADKO ADDIKO BANK
ALG ALLEGRO.EU SA
CZG CESKA ZBROJOVKA GROUP
INPST INPOST S.A.
PCF PCF GROUP SA
HUGE HUUUGE
WINE ALRO SLATINA
4IG PURCARI WINERIES PCL
ONE 4IG NYRT
ONE UNITED PROPERTIES SA
- Research Team
WOOD Daily: ARNT CZ; BOCH CY; PZU PW; CZG CP; CAI AV; AEGN GA; KTY PW;...
HEADLINES: • Arena Hospitality Group: more pleasure, less business (upgraded to BUY) • Bank of Cyprus: unjustified valuation gap (stays BUY) • PZU: very strong 4Q21, on strong real estate investment result and restarting of GWP growth POSITIVE • Ceska zbrojovka Group: big miss in 4Q21 due to one-offs, but FY22E guidance is upbeat POSITIVE • CA Immo: 4Q21 - massive revaluation gain and strong sales result, but weak underlying FFO • Aegean Airlines: 4Q21 - capacity continues to recover, but pro...
ACP ASSECO POLAND SA
PZU POWSZECHNY ZAKLAD UBEZPIECZEN SPOLKA AKCYJNA
KTY GRUPA KETY SA
KGH KGHM POLSKA MIEDZ S.A.
CAI CA IMMOBILIEN ANLAGEN AG
AEGN AEGEAN AIRLINES SA
ENA ENEA S.A.
LWB LUBELSKI WEGIEL BOGDANKA S.A.
PGE PGE POLSKA GRUPA ENERGETYCZNA S.A.
CPS CYFROWY POLSAT SA
BANK OF CYPRUS PCL
TLV BANCA TRANSILVANIA S.A.
OGZD GAZPROM (GDR)
ELSA SOCIETATEA ENERGETICA ELECTRICA
ARNT-R-A ARENATURIST D.D.
CZG CESKA ZBROJOVKA GROUP
ONE ONE UNITED PROPERTIES SA
- Alex Boulougouris
- CFA
- Bram Buring
- CFA
Arena Hospitality Group: more pleasure, less business (upgraded to BUY...
Following Arena’s 4Q21 results, and the rolling over of our DCF model, we have upgraded the company to BUY (from Hold), with an updated price target (PT) of HRK 344/share (upside of c.20%). Europe’s appetite for leisure travel is returning and, with the ongoing easing of the travel restrictions and strong average daily rate (ADR) growth, due to Arena’s investment in quality, we believe the revenues from Arena’s Croatian business this year could meet or beat the 2019 levels. Business travel, on t...
- Tea Pevec
Arena Hospitality Group: Recovery across all lines, with more room for...
With the strong recovery experienced in 2021 across the whole tourism industry, AHG followed suit. This was especially evident in Q3, where the Company’s revenue reached 93% of 2019’s revenue. In the entire year, they recorded accommodation revenue of HRK 384m, an increase of 100% YoY. In total, revenue amounted to HRK 460.7m, 59% of pre-pandemic levels in 2019. 2021 was a year of solid recovery for AHG across all P&L lines. ADR grew by 10.2% to HRK 590.7, and an occupancy rate of 33.1% (2020...
- Research Team
WOOD Daily: ASELS TI; ALR PW; LPP PW; ONE RO; MGROS TI; ENA PW; AUG1L ...
HEADLINES: • Aselsan: 4Q21 - strong beat, but bearish FY22E guidance • Alior Bank: 4Q21 headline profits miss hides solid operating result and clean-up of small issues POSITIVE • LPP: PLN 520m write-downs in FY21; optimistic guidance for FY22E POSITIVE • ONE United Properties: FY21 - a milestone year; can 2022E meet the elevated expectations? • Migros: 4Q21 earnings above expectations on deferred taxes, in line operationally NEUTRAL • Enea: 4Q21 results review - strong numbers, EBITDA in line ...
RBI RAIFFEISEN BANK INTERNATIONAL AG
OMV OMV AG
ASELS ASELSAN ELEKTRONIK SANAYI VE TICARET A.S. CLASS B
AUG1L AGROWILL GROUP AB
ENA ENEA S.A.
MGROS MIGROS TICARET A.S
PPC PUBLIC POWER CORPORATION S.A.
OTP OTP BANK NYRT
GPW WARSAW STOCK EXCHANGE
ALR ALIOR BANK SA
SKK SIRMA GROUP HOLDING JSC
PLZL POLYUS (GDR)
A4L ALLTERCO AD
EAT AMREST HOLDINGS SE
NLBR NLB GROUP
ARNT-R-A ARENATURIST D.D.
TEN TEN SQUARE GAMES
HUGE HUUUGE
WINE ALRO SLATINA
ONE PURCARI WINERIES PCL
ONE UNITED PROPERTIES SA
- Research Team
The Rear-View Mirror – EME markets: Most markets end October in the bl...
EME Equity Market – October 2021 Market performance – most markets end October in the black, WIG20 +4.1%. The MSCI EM Europe Index added 3.6% in EUR terms and 3.4% in USD. Poland was the best-performing equity market, gaining 4.1% in both EUR and PLN terms. The Russian MOEX followed, adding 3.9% in EUR and 1.1% in local currency. The Greek ASE Index added 3.8%, while the Hungarian BUX Index advanced by 2.3% and 2.5% in EUR and local currency, respectively. Turkey’s ISE30 Index gained 0.5% in EUR...
PEO BANK POLSKA KASA OPIEKI SA
KER KERNEL HOLDING S.A.
JMT JERONIMO MARTINS SGPS S.A.
OPAP GREEK ORGANISATION OF FOOTBALL PROGNOSTICS SA
ATRS ATRIUM EUROPEAN REAL ESTATE LIMITED
MOL MOL NYRT
YNDX YANDEX NV CLASS A
CEZ CEZ AS
ACP ASSECO POLAND SA
HTO HELLENIC TELECOMMUNICATIONS ORGANIZATION SA
CDR CD PROJEKT S.A.
RBI RAIFFEISEN BANK INTERNATIONAL AG
OMV OMV AG
PGN POLSKIE GORNICTWO NAFTOWE I GAZOWNICTWO SA
ISCTR TURKIYE IS BANKASI ANONIM SIRKETI CLASS C
TITK TITAN CEMENT CO. SA
BHW BANK HANDLOWY W WARSZAWIE S.A.
BIMAS BIM BIRLESIK MAGAZALAR A.S.
WIZZ WIZZ AIR HOLDINGS PLC
SPL SANTANDER BANK POLSKA SA
MIL BANK MILLENNIUM SA
GEKTERNA GEK TERNA
KTY GRUPA KETY SA
TPS ORANGE POLSKA S.A.
PKN POLSKI KONCERN NAFTOWY ORLEN S.A.
MYTIL MYTILINEOS S.A.
LPP LPP S.A.
AKBNK AKBANK TAS
BRISA BRISA-BRIDGESTONE SABANCI LASTIK SANAYI VE TICARET A.S.
LOGO LOGO YAZILIM SANAYI VE TICARET A.S.
CCC CCC SA
CCOLA COCA-COLA ICECEK A.S.
VESBE VESTEL BEYAZ ESYA SANAYI VE TICARET
AST ASTARTA HOLDING
EEG1T EKSPRESS GRUPP A.S.
AEGN AEGEAN AIRLINES SA
BFT BENEFIT SYSTEMS S.A. ALLOTMENT
LWB LUBELSKI WEGIEL BOGDANKA S.A.
AFKS SISTEMA PJSFC
LVC LIVECHAT SOFTWARE SA
PPC PUBLIC POWER CORPORATION S.A.
PPA PIRAEUS PORT AUTHORITY S.A.
CAR INTER CARS S.A.
ARCLK ARCELIK A.S.
AYGAZ AYGAZ A.S.
FROTO FORD OTOMOTIV SANAYI A.S.
THYAO TURK HAVA YOLLARI A.O.
PJP X5 RETAIL GROUP N.V. SPONSORED GDR REGS
LTS GRUPA LOTOS S.A.
CPS CYFROWY POLSAT SA
POSR POZAVAROVALNICA SAVA
MAIL MAIL.RU GROUP LTD. SPONSORED GDR
RTKM ROSTELECOM PJSC
2ET ETALON GROUP (GDR)
ALRS ALROSA PJSC
ALR ALIOR BANK SA
TCS TCS GROUP HOLDING PLC SPONSORED GDR CLASS A REGS
HB HELLENIC BANK LTD.
WPL WIRTUALNA POLSKA HOLDING SA
BELA JUMBO S.A.
SAB1L SIAULIU BANKAS
TLV BANCA TRANSILVANIA S.A.
NVTK NOVATEK JSC SPONSORED GDR REGS
KMB KOMERCIJALNA BANKA AD SKOPJE
TRP TERAPLAST
MONET MONETA MONEY BANK AS
SNG SOCIETATEA NATIONALA DE GAZE NATURALE ROMGAZ SA
ADPL-R-A AD PLASTIK D.D.
SNP PETROM S.A.
5M71 MAGNIT PJSC SPONSORED GDR REGS
KCEL KCELL JOINT STOCK COMPANY
HMX1R HANSAMATRIX AS
LKODN OIL COMPANY LUKOIL PJSC SPONSORED ADR
OGZD GAZPROM (GDR)
DIGI DIGI COMMUNICATIONS NV
DNP DINO POLSKA S.A.
ELSA SOCIETATEA ENERGETICA ELECTRICA
FP. FONDUL PROPRIETATEA S.A. GDR (REG S)
TGN SOCIETATEA NATIONALA DE TRANSPORT GAZE NATURALE TRANSGAZ S.A.
RICHT RICHTER
19XX NEPI ROCKCASTLE PLC
M MED LIFE
CGEO GEORGIA CAPITAL
SOKM SOK MARKETLER TICARET AS
EAT AMREST HOLDINGS SE
ZB-R-A ZAGREBACKA BURZA DD
KAP NATIONAL ATOMIC COMPANY KAZATOMPROM
HHR HEADHUNTER
ARNT-R-A ARENATURIST D.D.
TEN TEN SQUARE GAMES
ADKO ADDIKO BANK
ALG ALLEGRO.EU SA
TNB NLB BANKA
HUGE HUUUGE
4IG ALRO SLATINA
SHO 4IG NYRT
GDEV SHOPER
NEXTERS
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