reports
- Egor Fedorov
- James Wilson
EM Credit Spark/EM credit weekly
EM sovereigns have coped well with the volatility and higher rates environment seen from the US but spread levels could be shaken up from near all-time tights by January issuance and more clarity on the impact from Trump's economic policies. For now, generally improving fundamentals are supportive, but political risks as always remain key.
Moody's Ratings affirms Banca Transilvania S.A.'s ratings; outlook cha...
Moody's Ratings (Moody's) has today affirmed the Baa2/P-2 long- and short-term deposit ratings and the Baa3/P-3 long- and short-term issuer ratings of Banca Transilvania S.A. (BT). The outlook on the long-term deposit and issuer ratings was changed to positive from stable. We also affirmed BT's ba...
- Maissa Keskes
- Stephane Houri
TEMN TEMENOS AG
LEI LEIFHEIT AG
ITP INTERPARFUMS
IPH INNATE PHARMA SA CLASS A
VOE VOESTALPINE AG
TPE PVA TEPLA AG
SIX2 SIXT SE
WIE WIENERBERGER AG
TEG TAG IMMOBILIEN AG
DLG DE'LONGHI S.P.A.
JUN3 JUNGHEINRICH AG PREF
TKWY JUST EAT TAKEAWAY.COM N.V.
BSGR B&S GROUP S.A.
AG1 AUTO1 GROUP
SPAC 468 SPAC I SE
IOS IONOS GROUP SE
R3NK RENK GROUP AG
- Maissa Keskes
- Stephane Houri
TEMN TEMENOS AG
LEI LEIFHEIT AG
ITP INTERPARFUMS
IPH INNATE PHARMA SA CLASS A
VOE VOESTALPINE AG
TPE PVA TEPLA AG
SIX2 SIXT SE
WIE WIENERBERGER AG
TEG TAG IMMOBILIEN AG
DLG DE'LONGHI S.P.A.
JUN3 JUNGHEINRICH AG PREF
TKWY JUST EAT TAKEAWAY.COM N.V.
BSGR B&S GROUP S.A.
AG1 AUTO1 GROUP
SPAC 468 SPAC I SE
IOS IONOS GROUP SE
R3NK RENK GROUP AG
- Chaima Ferrandon
- Sven Edelfelt
Wienerberger : One step forward, two steps back…
>Contraction in Q3 EBITDA, in line with our expectations but below the consensus - Wienerberger yesterday published Q3 2024 sales reflecting an increase to € 1,179m (volumes -2%, scope +14%, prices -3%) and underlying EBITDA down 4.3% to € 202m, in line with our expectations but below the consensus (-13%, although we do not consider the consensus to be entirely reliable). The fall in EBITDA was due to lower volumes (-€ 31m) and a negative price/cost effect (-€ 36m), n...
- Chaima Ferrandon
- Sven Edelfelt
EQS-News: wienerberger: Solide Ergebnisse in Q3 bestätigen Resilienz u...
EQS-News: Wienerberger AG / Schlagwort(e): 9-Monatszahlen wienerberger: Solide Ergebnisse in Q3 bestätigen Resilienz und nachhaltiges Wachstum 12.11.2024 / 07:00 CET/CEST Für den Inhalt der Mitteilung ist der Emittent / Herausgeber verantwortlich. wienerberger: Solide Ergebnisse in Q3 bestätigen Resilienz und nachhaltiges Wachstum Highlights Mit stabilem Renovierungs- und Infrastrukturgeschäft profitiert wienerberger von robuster Nachfrage in beiden Sektoren Makroökonomischen Herausforderungen begegnet das Unternehmen mit intensiviertem Kostenmanagement und Effizienzve...
EQS-News: wienerberger: Solid Q3 Results Highlight Resilience and Sust...
EQS-News: Wienerberger AG / Key word(s): 9 Month figures wienerberger: Solid Q3 Results Highlight Resilience and Sustainable Growth 12.11.2024 / 07:00 CET/CEST The issuer is solely responsible for the content of this announcement. wienerberger: Solid Q3 Results Highlight Resilience and Sustainable Growth Highlights Stable operations in renovation and infrastructure enable wienerberger to capitalize on robust sectoral demand More intensified cost management and efficiency improvements to counteract macroeconomic challenges Revenues in total of € 3,392 million, operatin...
- Research Team
WOOD Daily: TLV RO; LOGO TI; SOKM TI; ONE RO; ALARABIA AB; ALPHA GA; C...
HEADLINES: • Banca Transilvania: stellar 3Q24 print sponsored by OTP RO integration POSITIVE • Logo Yazilim: 3Q24 results – small beat; FY24E guidance reiterated; buyback programme expires POSITIVE • Sok Marketler: highly weak set of results in 3Q24 NEGATIVE • ONE United Properties: 3Q24 broadly in line with recent trends NEUTRAL • Al Arabia Outdoor Advertising: weak 3Q24 financial results NEGATIVE • Alpha Services and Holdings: 3Q24 results highlights – improved outlook NEUTRAL • Inter Cars: Oc...
HTO HELLENIC TELECOMMUNICATIONS ORGANIZATION SA
PZU POWSZECHNY ZAKLAD UBEZPIECZEN SPOLKA AKCYJNA
LOGO LOGO YAZILIM SANAYI VE TICARET A.S.
ALPHA ALPHA BANK AE
CAR INTER CARS S.A.
TLV BANCA TRANSILVANIA S.A.
RICHT RICHTER
SOKM SOK MARKETLER TICARET AS
ONE ONE UNITED PROPERTIES SA
4071 ARABIAN CONTRACTING SERVICES CO
- Research Team
The Rear-View Mirror – EME markets: only the Czech Republic in the bla...
EME Equity Market – October 2024 A red October for the EME indices, only Czechia in positive territory. The MSCI EM Europe Index declined by 6.0% in EUR terms and 8.4% in USD terms in October. The Czech PX index was the only one spared, adding 1.3% mom in EUR terms. Türkiye was battered the most, with the Turkish ISE30 declining by 7.3% mom in EUR terms, followed closely by the Polish WIG20 (-6.7% mom in EUR terms). Greece fell 4.8% mom in EUR terms, while the Hungarian BUX index lost 2.7% mom i...
JMT JERONIMO MARTINS SGPS S.A.
OPAP GREEK ORGANISATION OF FOOTBALL PROGNOSTICS SA
KRU KRUK S.A.
EBS ERSTE GROUP BANK AG
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
PKO PKO BANK POLSKI S.A.
KOMB KOMERCNI BANKA A.S.
ALK ALKALOID AD SKOPJE
BIMAS BIM BIRLESIK MAGAZALAR A.S.
WIZZ WIZZ AIR HOLDINGS PLC
SPL SANTANDER BANK POLSKA SA
MIL BANK MILLENNIUM SA
BSK ING BANK SLASKI S.A.
BDX BUDIMEX S.A.
GEKTERNA GEK TERNA
KTY GRUPA KETY SA
TPS ORANGE POLSKA S.A.
CAI CA IMMOBILIEN ANLAGEN AG
MYTIL MYTILINEOS S.A.
SAR GR. SARANTIS S.A.
LPP LPP S.A.
AKCNS AKCANSA CIMENTO
ASELS ASELSAN ELEKTRONIK SANAYI VE TICARET A.S. CLASS B
CIMSA CIMENTO SANYAI VE TICARET A.S.
CCC CCC SA
2310 SAHARA INTERNATIONAL PETROCHEMICAL COMPANY
DOM DOM DEVELOPMENT SA
AEGN AEGEAN AIRLINES SA
MGROS MIGROS TICARET A.S
ARCLK ARCELIK A.S.
OTKAR OTOKAR OTOMOTIV VE SAVUNMA SANAYI A.S.
EUR EUROCASH S.A.
GSPARK GRAPHISOFT PARK SE
ALR ALIOR BANK SA
OTOEL AUTOHELLAS S.A.
WPL WIRTUALNA POLSKA HOLDING SA
SAB1L SIAULIU BANKAS
BRD BRD-GROUPE SOCIETE GENERALE
MONET MONETA MONEY BANK AS
SNP PETROM S.A.
TOFAS TOFAS TURK OTOMOBIL FABRIKASI A.S.
DNP DINO POLSKA S.A.
RICHT RICHTER
R22 R22
MCOV B MEDICOVER AB
ADNOCDIST ADNOC DISTRIBUTION PJSC
CGEO GEORGIA CAPITAL
SOKM SOK MARKETLER TICARET AS
KAP NATIONAL ATOMIC COMPANY KAZATOMPROM
ALG ALLEGRO.EU SA
KSPI KASPI KZ
INPST INPOST S.A.
WPS W.A.G PAYMENT SOLUTIONS PLC
ADNOCDRILL ADNOC DRILLING CO
7202 ARABIAN INTERNET & COMMUNICATIONS SERVICES CO
ELPE HELLENIQ ENERGY
4071 ARABIAN CONTRACTING SERVICES CO
AIRA AIR ASTANA JSC
GEV GEVORKYAN A.S.
- Research Team
WOOD Daily: EBS AV; MBK PW; ING PW; JMT PL; KOMB CP; MCOVB SS; TKNSA T...
HEADLINES: • Erste Bank: 3Q24 results – strong NII delivery • mBank: underlying 3Q34 business delivery in line; beat on headline net profit due to tax charges NEUTRAL • ING BSK: 3Q24 results – minor miss on high credit risk charges, as corporate NPL ratio surges NEUTRAL • Jeronimo Martins: beat in 3Q24, Biedronka at -2% lfl and stable margin erosion; price war continues POSITIVE • Komercni Banka: 3Q24 results – net profit largely in line with expectations • Medicover: 3Q24 operating numbers in l...
JMT JERONIMO MARTINS SGPS S.A.
EBS ERSTE GROUP BANK AG
HTO HELLENIC TELECOMMUNICATIONS ORGANIZATION SA
KOMB KOMERCNI BANKA A.S.
BSK ING BANK SLASKI S.A.
BDX BUDIMEX S.A.
AKCNS AKCANSA CIMENTO
PGE PGE POLSKA GRUPA ENERGETYCZNA S.A.
TKNSA TEKNOSA IC VE DIS TICARET AS
CAR INTER CARS S.A.
TPE TAURON POLSKA ENERGIA S.A.
SAB1L SIAULIU BANKAS
BRD BRD-GROUPE SOCIETE GENERALE
DIGI DIGI COMMUNICATIONS NV
MCOV B MEDICOVER AB
ADNOCDIST ADNOC DISTRIBUTION PJSC
- Research Team
WOOD Daily: FTSHP CP; PL Macro; SAR GA; HU Macro; PKO PW; WPL PW; MYTI...
HEADLINES: • Footshop (FTSHP CP): a sneakerhead’s dream – soft coverage (NOT RATED) • Poland macro: weaker consumption boosts prospects for early rate cuts • Sarantis: 3Q trading update in line, FY24E guidance maintained NEUTRAL • Hungary macro: MNB signals a longer pause • PKO BP: CEO Midera gives the gist of key strategic directions in Puls Biznesu interview NEUTRAL • Wirtualna Polska: Wakacje.pl and Itaka extend cooperation NEUTRAL • Metlen Energy & Metals: 9M24 trading update preview (due ou...
EQS-News: First wienerberger Investor Day: Focus on Sustainable Growth...
EQS-News: Wienerberger AG / Key word(s): Conference/Sustainability First wienerberger Investor Day: Focus on Sustainable Growth in Piping and Roofing Business 21.10.2024 / 10:00 CET/CEST The issuer is solely responsible for the content of this announcement. First wienerberger Investor Day: Focus on Sustainable Growth in Piping and Roofing Business › wienerberger continues successful growth path of developing holistic solutions for sustainable construction › Strategic innovations in water & energy management and roofing systems position wienerberger to meet rising demand...
- Charlotte Vaisse
- Jerôme Bodin
- Marc Lavaud
ODDO BHF Small & MIDCAP MORNING NEWS - 10/18/2024
The recovery in growth in the IT & engineering services sector is undermined by the still mixed macroeconomic climate and the setbacks in the automotive and aerospace sectors. The improvement in sector momentum will therefore be minimal in H2 2024 with a growing decorrelation between the US which should be robust and a stagnating Europe. This leads us to adopt a more cautious approach on companies in our sector (revision to our 2025 growth estimates for 12 companies) and to prefer Acc...
- Charlotte Vaisse
- Jerôme Bodin
- Marc Lavaud
ODDO BHF Small & MIDCAP MORNING NEWS - 18/10/2024
La reprise de la croissance du secteur IT & Engineering Services est mise à mal par un contexte macro toujours mitigé et par les déboires des secteurs Auto et Aéro. Ainsi, l’amélioration de la dynamique du secteur sera minimale au S2 2024 et probablement aussi au S1 2025, avec une décorrélation grandissante entre les US qui devraient être solides et une Europe stagnante. Ceci nous amène à adopter une approche plus prudente pour les sociétés de notre secteur (révision de croissance 202...
- Chaima Ferrandon
- Sven Edelfelt
Wienerberger : Keep dreaming bigger
>An Investor Day dedicated to pipes and roofing - Yesterday, Wienerberger organised a visit to its FloPlast pipe manufacturing plant in Sittingbourne, south-east London. The aim of this Investor Day was to present the group's pipe/roofing activities in the UK and Ireland (~15% of the group). The group has set itself ambitious long-term targets, aiming to achieve sales of € 2bn for each of these segments in Europe (compared with € 1.2bn and € 1.3bn respectively at pres...
- Chaima Ferrandon
- Sven Edelfelt
Wienerberger : Toujours rêver plus haut
>Un « Investor Day » dédié aux tuyaux et à la toiture - Wienerberger a organisé hier une visite de son usine de fabrication de tuyaux FloPlast à Sittingbourne dans le sud-est de Londres. L'objectif de cet Investor Day était de présenter les activités du groupe au UK et en Irlande dans les activités tuyaux/ toiture (~15% du groupe). Le groupe affiche des objectifs long terme ambitieux et vise un CA de 2 Md€ pour chacun de ces segments en Europe (vs respectivement 1.2 M...
- Research Team
WOOD Daily: ELPE GA; MOH GA; VGO PW; ALE PW; INPST NA; OPL PW; CPS PW;...
HEADLINES: • Greek oil refiners: need a little time to shake things up (HELLENiQ Energy downgraded to HOLD, Motor Oil Hellas stays BUY) • VIGO Photonics: 3Q24 sales down 5% yoy, to PLN 15.7m NEGATIVE • Allegro: announces another change in CEO post NEGATIVE • InPost: acquisition of remaining 70% stake in Menzies for GBP 60m POSITIVE • Orange Polska: key takeaways from an interview with the CFO NEUTRAL • Polish media: TVN put on sale for PLN 5bn, according to Newsweek NEUTRAL • ING BSK: 3Q24E prev...
EQS-News: wienerberger acquires Czech concrete pavers manufacturer to ...
EQS-News: Wienerberger AG / Key word(s): Takeover/Strategic Company Decision wienerberger acquires Czech concrete pavers manufacturer to meet growing demand and strengthen local value-creation 15.10.2024 / 08:00 CET/CEST The issuer is solely responsible for the content of this announcement. wienerberger acquires Czech concrete pavers manufacturer to meet growing demand and strengthen local value-creation With the acquisition of Betonarna Lesonice s.r.o. wienerberger reinforces its position in the construction and infrastructure sector for concrete paving and innovative ...
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