reports
- Research Team
WOOD Daily: GSPARK HB (stays BUY); OMV AV; SNP RO; WPL PW; Polish tele...
HEADLINES: • Graphisoft Park: still great value (stays BUY) • OMV: 3Q24 trading statement NEUTRAL • OMV Petrom: 3Q24 trading statement NEUTRAL • Wirtualna Polska: real users in September 2024 NEGATIVE • Polish telecoms: mobile number portability in 3Q24 NEUTRAL • EME macro/strategy: macro all-in-one (30 September-6 October)
- Jean-François Granjon
Verallia : The bottle is half empty...or half full... – New target pri...
>Still recovering - As we mentioned at end-July following a road show with management, the weakness in volumes is due to lower demand (see comments from beverages and spirits companies, etc.) and also a destocking phenomenon after the post-Covid upturn. The improvement in stocks in the chain is difficult to gauge. Following a company contact, we understand that the improvement is gradual. The destocking trend is gradually diminishing. Volumes should gradually return t...
- Jean-François Granjon
Verallia : La bouteille à moitié vide… ou à moitié pleine… – Nouvel OC...
>Toujours en convalescence - Comme nous le mentionnons fin juillet au terme d’un Road-Show avec le management, la faiblesse des volumes est imputable à une moindre demande (cf. les commentaires des sociétés de boissons et spiritueux…) et également à un phénomène de déstockage après l’embellie connue post-covid. L’appréciation des stocks dans la chaine est difficile à appréhender. Suite à un contact avec la société, nous comprenons que l’amélioration est progressive. L...
- Ahmed Ben Salem
- Ahmed Ben Salem
Zumtobel Ag: 1 director
A director at Zumtobel Ag bought 10,000 shares at 5.873EUR and the significance rating of the trade was 56/100. Is that information sufficient for you to make an investment decision? This report gives details of those trades and adds context and analysis to them such that you can judge whether these trading decisions are ones worth following. Included in the report is a detailed share price chart which plots discretionary trades by all the company's directors over the last two years clearly sh...
- Mihaly Gajda
Petrom slightly exceeded expectations in Q2 2024
Key Message The company reported a clean CCS operating profit of RON 1,379 mn, marking a 15% decline YoY and a 11% decrease quarter-over-quarter. The decline was primarily driven by the weak performance of the Gas & Power segment due to lower sales, higher gas storage obligations, and a decreased refining indicator margin in the R&M segment, partially offset by higher hydrocarbon prices, increased refined product sales, and higher retail and commercial margins in R&M.
- Research Team
The Rear-View Mirror – EME markets: Greek ASE – best performer in July
EME Equity Market – July 2024 Greece the biggest winner, while Poland the clear loser in July. The MSCI EM Europe Index declined by 1.1% in EUR terms and 0.3% in USD terms in July. The Greek ASE Index posted the best performance for the month, advancing by 5.3% mom in EUR terms. There was a broadly similar performance in Hungary, Czechia and Romania (+ 2.9%, 2.7% and 2.1% mom in EUR terms, respectively). The Turkish ISE30 Index declined by 1.6% mom in EUR terms, but the clear loser was the Polis...
PEO BANK POLSKA KASA OPIEKI SA
JMT JERONIMO MARTINS SGPS S.A.
KRU KRUK S.A.
EXAE HELLENIC EXCHANGES SA
CEZ CEZ AS
KRKG KRKA D.D.
HTO HELLENIC TELECOMMUNICATIONS ORGANIZATION SA
RBI RAIFFEISEN BANK INTERNATIONAL AG
OMV OMV AG
PKO PKO BANK POLSKI S.A.
ALK ALKALOID AD SKOPJE
WIZZ WIZZ AIR HOLDINGS PLC
PZU POWSZECHNY ZAKLAD UBEZPIECZEN SPOLKA AKCYJNA
SPL SANTANDER BANK POLSKA SA
MIL BANK MILLENNIUM SA
BDX BUDIMEX S.A.
LAMDA LAMDA DEVELOPMENT S.A.
MTELEKOM MAGYAR TELEKOM TELECOMMUNICATIONS
TPS ORANGE POLSKA S.A.
MYTIL MYTILINEOS S.A.
CCC CCC SA
CCOLA COCA-COLA ICECEK A.S.
2310 SAHARA INTERNATIONAL PETROCHEMICAL COMPANY
AEGN AEGEAN AIRLINES SA
BFT BENEFIT SYSTEMS S.A. ALLOTMENT
MGROS MIGROS TICARET A.S
PGSUS.E PEGASUS HAVA TASIMACILIGI AS
APR AUTO PARTNER SA
LVC LIVECHAT SOFTWARE SA
TBCB TBC BANK JOINT STOCK CO
TPEIR PIRAEUS BANK SA
PPC PUBLIC POWER CORPORATION S.A.
OTP OTP BANK NYRT
CAR INTER CARS S.A.
ARCLK ARCELIK A.S.
THYAO TURK HAVA YOLLARI A.O.
MBR MO-BRUK S.A.
OTOEL AUTOHELLAS S.A.
VGO VIGO SYSTEM SA
WPL WIRTUALNA POLSKA HOLDING SA
SAB1L SIAULIU BANKAS
MONET MONETA MONEY BANK AS
SNP PETROM S.A.
GEB BANK OF GEORGIA
RICHT RICHTER
19XX NEPI ROCKCASTLE PLC
M MED LIFE
NLBR NLB GROUP
KAP NATIONAL ATOMIC COMPANY KAZATOMPROM
TEN TEN SQUARE GAMES
KSPI KASPI KZ
HUGE HUUUGE
4IG 4IG NYRT
PCO PEPCO GROUP NV
GPP GRUPA PRACUJ DA
ADNOCDRILL ADNOC DRILLING CO
AROBS AROBS TRANSILVANIA SOFTWARE SA
7202 ARABIAN INTERNET & COMMUNICATIONS SERVICES CO
9526 JAHEZ INTERNATIONAL CO
SHO SHOPER SA
BOROUGE BOROUGE
7203 ELM CO
NOVAL NOVAL PROPERTY
- Charlotte Vaisse
- Juan Ros-Padilla
NK IMERYS SA
NXI NEXITY SA CLASS A
NTG NETGEM SA
NRG NRJ GROUP SA
MRN MERSEN SA
MTU MANITOU BF SA
ALTA ALTAREA SCA
MBB MBB INDUSTRIES SE
BIG BIGBEN INTERACTIVE SA
FAE FAES FARMA S.A.
ECV ENCAVIS AG
VIS VISCOFAN S.A.
FCC FOMENTO DE CONSTRUCCIONES Y CONTRATAS S.A.
AED AEDIFICA SA
INW INFRASTRUTTURE WIRELESS ITALIANE S.P.A.
MELE MELEXIS NV
ENC ENCE ENERGIA Y CELULOSA SA
COL INMOBILIARIA COLONIAL SOCIMI SA
TLGO TALGO SA
IDR INDRA SISTEMAS S.A. CLASS A
PSG PROSEGUR COMPANIA DE SEGURIDAD SA
TKO TIKEHAU CAPITAL SCA
UNI UNICAJA BANCO S.A.
DUFN DUFRY AG
CGG CGG
TKWY JUST EAT TAKEAWAY.COM N.V.
TMV TEAMVIEWER AG
VRLA VERALLIA SAS
NACON NACON SASU
ZEL PHARMA MAR SA
AG1 AUTO1 GROUP
EBUS EBUSCO HLDG NV
AELIS AELIS FARMA SA
EAPI EUROAPI
BRE BREMBO S.P.A.
- Charlotte Vaisse
- Juan Ros-Padilla
NK IMERYS SA
NXI NEXITY SA CLASS A
NTG NETGEM SA
NRG NRJ GROUP SA
MRN MERSEN SA
MTU MANITOU BF SA
ALTA ALTAREA SCA
ATE ALTEN SA
MBB MBB INDUSTRIES SE
BIG BIGBEN INTERACTIVE SA
FAE FAES FARMA S.A.
ECV ENCAVIS AG
VIS VISCOFAN S.A.
FCC FOMENTO DE CONSTRUCCIONES Y CONTRATAS S.A.
AED AEDIFICA SA
MELE MELEXIS NV
ENC ENCE ENERGIA Y CELULOSA SA
COL INMOBILIARIA COLONIAL SOCIMI SA
TLGO TALGO SA
IDR INDRA SISTEMAS S.A. CLASS A
PSG PROSEGUR COMPANIA DE SEGURIDAD SA
TKO TIKEHAU CAPITAL SCA
UNI UNICAJA BANCO S.A.
DUFN DUFRY AG
CGG CGG
TKWY JUST EAT TAKEAWAY.COM N.V.
TMV TEAMVIEWER AG
VRLA VERALLIA SAS
NACON NACON SASU
ZEL PHARMA MAR SA
AG1 AUTO1 GROUP
EBUS EBUSCO HLDG NV
AELIS AELIS FARMA SA
EAPI EUROAPI
BRE BREMBO S.P.A.
- Jean-François Granjon
Verallia : On track for a gradual recovery
>Market environment under pressure - At a road show, management (CEO, CFO, HIR) explained in great detail the reasons why it chose to lower its guidance. Market conditions are behind the fall in volumes seen since the end of Q3 2023. This decline is due to lower demand (e.g. beer and spirits markets, etc.) and destocking after a very strong recovery in the post-Covid market. The European glass market dropped 12% in 2023, after sharp increases in 2021-22 vs a 10-year a...
- Research Team
WOOD Daily: ARCLK TI; GARAN TI; OMV AV; BOROUGE UH; SNP RO; HU Macro; ...
HEADLINES: • Arcelik: weak set of results in 2Q24 NEGATIVE • Garanti Bank: 2Q24 highlights – good margin management, guidance intact • OMV: 2Q24 results NEGATIVE • Borouge: 2Q24 results – sales growth drives profit increase POSITIVE • OMV Petrom: 2Q24 results – in line with the consensus NEUTRAL • Hungary macro: materially weaker than expected • Czech Republic macro: GDP picks up pace in 2Q, no surprises • CCC: 2Q24E prelims preview – 61% yoy EBITDA growth expected (due on 7 August) NEUTRAL • VI...
- Jean-François Granjon
Verallia : Vers un redressement progressif
>Un environnement de marché sous contrainte - Pendant le roadshow, le management (CEO, CFO, HIR) est largement revu sur les raisons de la révision en baisse des guidances. Les conditions de marché justifient la baisse des volumes constatée depuis la fin du 3ème trimestre 2023. Cette baisse s’explique par une moindre demande (cf. marché de la bière, des spiritueux…) mais aussi pas un effet de déstockage après une très forte reprise du marché post-COVID. Le marché europ...
- Jerôme Bodin
IPS IPSOS
SOP SOPRA STERIA GROUP SA
ROG ROCHE HOLDING LTD
EO FAURECIA SA
NOVN NOVARTIS AG
CEN GROUPE CRIT SA
SDG SYNERGIE SA
MERY MERCIALYS SA
VIV VIVENDI SE
AUB AUBAY SA
NRG NRJ GROUP SA
FNAC FNAC DARTY SA
HOT HOCHTIEF AG
ACX ACERINOX SA
BAMNB KONINKLIJKE BAM GROEP NV
SAN SANOFI
ELIS ELIS SA
MAREL MAREL HF.
VASTN VASTNED RETAIL NV
VID VIDRALA SA
AIXA AIXTRON SE
ARCAD ARCADIS NV
ALVIV VISIATIV SA
AALB AALBERTS N.V.
CARM CARMILA SAS
LOG COMPANIA DE DISTRIBUCION INTEGRAL LOGISTA HOLDINGS S.A.
WAF SILTRONIC AG
A3TV ATRESMEDIA CORPORACION DE MEDIOS DE COMUNICACION SA
ARG ARGAN SA
SIFG SIF HOLDING NV
ASS APPLUS SERVICES S.A.
VLTSA VOLTALIA
AZN ASTRAZENECA PLC
ECONT ECONOCOM GROUP SE CLASS D
BFSA BEFESA SA
PWG PRODWAYS GROUP SA
VOS VOSSLOH AG
WAVE WAVESTONE SA
S30 SOLUTIONS 30 SE
VRLA VERALLIA SAS
TCH TECHNICOLOR SA
AML ASTON MARTIN LAGONDA GLOBAL HOLDINGS
FUR FUGRO NV
FORSE FORSEE POWER SA
MTRK MOTORK LTD
ALVGO VOGO SA
IVG IVECO GROUP
SPM SAIPEM S.P.A.
GSK GSK PLC
AF AIR FRANCE - KLM
NOVO B NOVO NORDISK A/S
- Jerôme Bodin
IPS IPSOS
SOP SOPRA STERIA GROUP SA
ROG ROCHE HOLDING LTD
EO FAURECIA SA
NOVN NOVARTIS AG
CEN GROUPE CRIT SA
SDG SYNERGIE SA
MERY MERCIALYS SA
VIV VIVENDI SE
AUB AUBAY SA
NRG NRJ GROUP SA
FNAC FNAC DARTY SA
HOT HOCHTIEF AG
ACX ACERINOX SA
BAMNB KONINKLIJKE BAM GROEP NV
SAN SANOFI
ELIS ELIS SA
MAREL MAREL HF.
VASTN VASTNED RETAIL NV
VID VIDRALA SA
AIXA AIXTRON SE
ARCAD ARCADIS NV
ALVIV VISIATIV SA
AALB AALBERTS N.V.
CARM CARMILA SAS
LOG COMPANIA DE DISTRIBUCION INTEGRAL LOGISTA HOLDINGS S.A.
WAF SILTRONIC AG
A3TV ATRESMEDIA CORPORACION DE MEDIOS DE COMUNICACION SA
ARG ARGAN SA
SIFG SIF HOLDING NV
ASS APPLUS SERVICES S.A.
VLTSA VOLTALIA
AZN ASTRAZENECA PLC
ECONT ECONOCOM GROUP SE CLASS D
BFSA BEFESA SA
PWG PRODWAYS GROUP SA
VOS VOSSLOH AG
WAVE WAVESTONE SA
S30 SOLUTIONS 30 SE
VRLA VERALLIA SAS
TCH TECHNICOLOR SA
AML ASTON MARTIN LAGONDA GLOBAL HOLDINGS
FUR FUGRO NV
FORSE FORSEE POWER SA
MTRK MOTORK LTD
ALVGO VOGO SA
IVG IVECO GROUP
SPM SAIPEM S.P.A.
GSK GSK PLC
AF AIR FRANCE - KLM
NOVO B NOVO NORDISK A/S
- Carole Braudeau
AC ACCOR SA
GET GETLINK SE
CA CARREFOUR SA
RNO RENAULT SA
ORA ORANGE SA
SW SODEXO SA
MERY MERCIALYS SA
DEC JCDECAUX SA
FNAC FNAC DARTY SA
KER KERING SA
ALO ALSTOM SA
NEX NEXANS SA
ELIS ELIS SA
SPIE SPIE SA
SAN BANCO SANTANDER S.A.
VOD VODAFONE GROUP PLC
ULA UNIBAIL-RODAMCO-WESTFIELD SE STAPLED SECS CONS OF 1 SH UNIBAIL RODAMCO + 1 SH WFD UNIB ROD
VRLA VERALLIA SAS
ERF EUROFINS SCIENTIFIC SOCIETE EUROPEENNE
SPM SAIPEM S.P.A.
AF AIR FRANCE - KLM
- Jean-François Granjon
Verallia : Performance stabilisation expected in H2
>Interim results in line with our forecasts - Verallia has published unsurprising half-year results showing a clear deterioration in performance. H1 revenues amounted to € 1,764.6m (€ 1,717.5m est., consensus € 1,742m) down 17.6% and -10.4% organically (o/w -12.7% in Q1 and -8.1% in Q2). H1 EBITDA amounted to € 431.3m (€ 437.2m, consensus € 456.2m) down 34.5%, representing an EBITDA margin of 24.4% (25.5% est., consensus 26.2%) vs 30.8% (-640bp). Q1 EBITDA was down 3...
- Carole Braudeau
AC ACCOR SA
GET GETLINK SE
CA CARREFOUR SA
RNO RENAULT SA
ORA ORANGE SA
SW SODEXO SA
MERY MERCIALYS SA
DEC JCDECAUX SA
FNAC FNAC DARTY SA
KER KERING SA
ALO ALSTOM SA
NEX NEXANS SA
ELIS ELIS SA
SPIE SPIE SA
SAN BANCO SANTANDER S.A.
VOD VODAFONE GROUP PLC
ULA UNIBAIL-RODAMCO-WESTFIELD SE STAPLED SECS CONS OF 1 SH UNIBAIL RODAMCO + 1 SH WFD UNIB ROD
VRLA VERALLIA SAS
ERF EUROFINS SCIENTIFIC SOCIETE EUROPEENNE
SPM SAIPEM S.P.A.
AF AIR FRANCE - KLM
- Jean-François Granjon
Verallia : Une stabilisation des performances attendue au S2
>Résultats semestriels en ligne avec nos attentes - Verallia publie des résultats semestriels sans surprise affichant une nette dégradation des performances. Le CA S1 ressort à 1764.6 M€ (1717.5 M€ estimés, 1742 M€ pour le css) en repli de 17.6% et de -10.4% en organique (o/w -12.7% au T1 et -8.1% au T2). L’EBITDA S1 ressort à 431.3 M€ (437.2 M€ estimés, 456.2 M€ pour le css) en baisse de 34.5% soit une marge d’EBITDA de 24.4% (25.5% estimés, 26.2% pour le css) vs 30...
Résultats du premier semestre 2024 : Reprise confirmée de l’activité m...
PARIS--(BUSINESS WIRE)-- Regulatory News: Verallia (Paris:VRLA) : FAITS MARQUANTS Chiffre d'affaires en recul à 1 765 M€ au S1 2024, soit -17,6 % par rapport au S1 2023 (-10,4 % à taux de change et périmètre constants)1 EBITDA ajusté2 à 431 M€ (marge de 24,4 %, en ligne avec le T1 2024) contre 659 M€ au S1 2023 (marge de 30,8 %) Reprise progressive des volumes au T2 2024, qui reste cependant plus lente qu’anticipé Hausse du ratio d’endettement net à 1,9x l'EBITDA ajusté des 12 derniers mois, contre 1,2x au 31 décembre 2023 et 1,3x au 30 juin 2023 Succès de la 9ème offre d’ac...
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