reports
Kofola Ceskoslovensko A.S.: 2 directors
Two Directors at Kofola Ceskoslovensko A.S. bought 2,240 shares at between 330.000CZK and 335.000CZK. The significance rating of the trade was 52/100. 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 direc...
- Research Team
The Rear-View Mirror – EME markets: Turkey still on top (resend)
EME Equity Market – November 2022 Market performance – Turkey does it again, breezing past everyone else, once more, in November. The MSCI EM Europe Index advanced 11.6% mom in EUR terms and 16.7% mom in USD. The ISE30 index, again, boasted the best performance among our coverage, adding 18.6% mom in EUR terms and 23.9% mom in local currency (lcl) terms. Positive performances were also recorded in the WIG (+14.0% EU /13.0% lcl mom), the BUX (+12.6% EUR/12.0% lcl mom), the BET (+8.4% EUR/8.6% lcl...
EUROB EUROBANK ERGASIAS SERVICES & HOLDINGS SA
PEO BANK POLSKA KASA OPIEKI SA
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
PETG PETROL D.D.
ACP ASSECO POLAND SA
KRKG KRKA D.D.
HTO HELLENIC TELECOMMUNICATIONS ORGANIZATION SA
CDR CD PROJEKT S.A.
RBI RAIFFEISEN BANK INTERNATIONAL AG
COG COGNOR HOLDING SA
PKO PKO BANK POLSKI S.A.
ISCTR TURKIYE IS BANKASI ANONIM SIRKETI CLASS C
KOMB KOMERCNI BANKA A.S.
TITK TITAN CEMENT CO. SA
ALK ALKALOID AD SKOPJE
BHW BANK HANDLOWY W WARSZAWIE S.A.
BIMAS BIM BIRLESIK MAGAZALAR A.S.
WIZZ WIZZ AIR HOLDINGS PLC
PZU POWSZECHNY ZAKLAD UBEZPIECZEN SPOLKA AKCYJNA
DOAS DOGUS OTOMOTIV SERVIS VE TICARET A.S.
MIL BANK MILLENNIUM SA
BSK ING BANK SLASKI S.A.
FOYRK FOURLIS HOLDINGS S.A.
MTELEKOM MAGYAR TELEKOM TELECOMMUNICATIONS
SFA SOPHARMA AD
CAI CA IMMOBILIEN ANLAGEN AG
PKN POLSKI KONCERN NAFTOWY ORLEN S.A.
SAR GR. SARANTIS S.A.
SPI S IMMO AG
AEFES ANADOLU EFES BIRACILIK VE MALT SANAYII A.S.
EREGL EREGLI DEMIR YE CELIK FABRIKALARI T.A.S.
LOGO LOGO YAZILIM SANAYI VE TICARET A.S.
CCC CCC SA
CCOLA COCA-COLA ICECEK A.S.
GTC GLOBE TRADE CENTRE S.A.
DOM DOM DEVELOPMENT SA
AEGN AEGEAN AIRLINES SA
TENERGY TERNA ENERGY S.A.
TTKOM TURK TELEKOMUNIKASYON A.S.
ENA ENEA S.A.
BIZIM BIZIM TOPTAN SATIS MAGAZALARI AS
BFT BENEFIT SYSTEMS S.A. ALLOTMENT
MGROS MIGROS TICARET A.S
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.
CAR INTER CARS S.A.
AYGAZ AYGAZ A.S.
FROTO FORD OTOMOTIV SANAYI A.S.
OTKAR OTOKAR OTOMOTIV VE SAVUNMA SANAYI A.S.
THYAO TURK HAVA YOLLARI A.O.
TUPRS TURKIYE PETROL RAFINERILERI A.S.
ULKER ULKER BISKUVI SANAYI A.S.
ECH ECHO INVESTMENT
GSPARK GRAPHISOFT PARK SE
CPS CYFROWY POLSAT SA
POSR POZAVAROVALNICA SAVA
GPW WARSAW STOCK EXCHANGE
11B 11 BIT STUDIOS S.A.
TPE TAURON POLSKA ENERGIA S.A.
ALRS ALROSA PJSC
DAT DATAWALK SA
ALR ALIOR BANK SA
OTOEL AUTOHELLAS S.A.
BANK OF CYPRUS PCL
HB HELLENIC BANK LTD.
WPL WIRTUALNA POLSKA HOLDING SA
SKK SIRMA GROUP HOLDING JSC
BELA JUMBO S.A.
SAB1L SIAULIU BANKAS
BRD BRD-GROUPE SOCIETE GENERALE
TLV BANCA TRANSILVANIA S.A.
MONET MONETA MONEY BANK AS
SNG SOCIETATEA NATIONALA DE GAZE NATURALE ROMGAZ SA
BNET BITTNET SYSTEMS
SNP PETROM S.A.
HMX1R HANSAMATRIX AS
DIGI DIGI COMMUNICATIONS NV
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.
GEB BANK OF GEORGIA
TGN SOCIETATEA NATIONALA DE TRANSPORT GAZE NATURALE TRANSGAZ S.A.
A4L ALLTERCO AD
RICHT RICHTER
ALPHA ALPHA BANK
M MED LIFE
PTKHY PETKIM PETROKIMYA HOLDING AS
ADNOCDIST ADNOC DISTRIBUTION PJSC
CGEO GEORGIA CAPITAL
IIA IMMOFINANZ AG
SOKM SOK MARKETLER TICARET AS
EAT AMREST HOLDINGS SE
NLBR NLB GROUP
ENJSA ENERJISA ENERJI
SF3 STS GROUP AG
TEN TEN SQUARE GAMES
ADKO ADDIKO BANK
PEN PHOTON ENERGY NV
KOFOL KOFOLA CESKOSLOVENSKO A.S.
ILRA-R-A ILIRIJA D.D.
ALG ALLEGRO.EU SA
CZG CESKA ZBROJOVKA GROUP
DUNAHOUSE DUNA HOUSE
INPST INPOST S.A.
PCF PCF GROUP SA
HUGE HUUUGE
WINE ALRO SLATINA
4IG PURCARI WINERIES PCL
IGN1L 4IG NYRT
SHO IGNITIS GRUPE
KCEL SHOPER
GPP KCELL JSC
TNB GRUPA PRACUJ DA
7202 NLB TUTUNSKA BANKA AD SKOPJE
9526 ARABIAN INTERNET & COMMUNICATIONS SERVICES CO
ELPE JAHEZ INTERNATIONAL CO
HELLENIQ ENERGY
- Research Team
WOOD Daily: SOLUTION AB; JAHEZ AB; MOH GA; KOFOL CP; PEN CP; PKO PW; S...
HEADLINES: • Saudi Arabian tech: from oil to data and beyond (initiating on Solutions by STC with a BUY, and Jahez with a HOLD) • Motor Oil Hellas: motoring beyond oil (stays BUY) • Kofola: 3Q22 conference call takeaways NEUTRAL • Photon Energy: increases stake in Lerta, plans to take full control by the year-end • PKO BP: Puls Biznesu on potential changes in management board NEGATIVE • Shoper: key takeaways from the PAP interview with the CEO on the 2023E outlook NEUTRAL • Alrosa: Mir mine p...
- Research Team
WOOD Morning (25 November 2022)
HEADLINES: • Erste Bank: double-digit sustainable ROE for 0.7x P/BV (stays BUY) • Motor Oil Hellas: announces new strategy and acquisition of waste management company Thalis • Kofola: 3Q22 financial results NEUTRAL • Turkey macro: CBT ends rate cut cycle; but will continue with other tools • STS Group: key takeaways from the 3Q22 management call POSITIVE • Grupa Pracuj: key takeaways from the 3Q22 earnings call NEGATIVE • Asseco Poland: key takeaways from the 3Q22 earnings call NEUTRAL • KG...
- Research Team
WOOD Daily: ADNOCDIS DH; BOCH CY; OPAP GA; PPC GA; FOYRK GA; HUG PW; G...
HEADLINES: • ADNOC Distribution: pumped for growth (BUY - initiation of coverage) • Bank of Cyprus: strong ROTE uplift on the cards already (stays BUY) • OPAP: 3Q22 review - solid set of results, driven by strong online presence • Public Power Corporation: 3Q keeps company on track to meet FY22E guidance NEUTRAL • Fourlis: 3Q22 review - decent quarter and gross margin recovery • Huuuge Games: adjusted 3Q22 EBITDA in line with the preliminary figure, supportive FY guidance NEUTRAL • Warsaw St...
CDR CD PROJEKT S.A.
FOYRK FOURLIS HOLDINGS S.A.
CAI CA IMMOBILIEN ANLAGEN AG
SPI S IMMO AG
EREGL EREGLI DEMIR YE CELIK FABRIKALARI T.A.S.
TENERGY TERNA ENERGY S.A.
PGE PGE POLSKA GRUPA ENERGETYCZNA S.A.
PPC PUBLIC POWER CORPORATION S.A.
GPW WARSAW STOCK EXCHANGE
DAT DATAWALK SA
BANK OF CYPRUS PCL
WPL WIRTUALNA POLSKA HOLDING SA
FP. FONDUL PROPRIETATEA S.A. GDR (REG S)
ADNOCDIST ADNOC DISTRIBUTION PJSC
TEN TEN SQUARE GAMES
KOFOL KOFOLA CESKOSLOVENSKO A.S.
HUGE HUUUGE
IGN1L IGNITIS GRUPE
- Research Team
The Rear-View Mirror – EME markets: Turkey on top again, but muted thi...
EME Equity Market – September 2022 Market performance – in a rough month for the markets, Turkey emerges as the top-performing region, once again. The MSCI EM Europe Index declined 8.3% mom in EUR terms and 10.7% mom in USD in September; while the ISE index outperformed all the other indices once again, but with a muted performance this time, adding just 1.0% mom in EUR terms and 0.1% in local currency terms. All the other indices recorded negative performances, with the Czech PX Index losing 4....
EUROB EUROBANK ERGASIAS SERVICES & HOLDINGS SA
JMT JERONIMO MARTINS SGPS S.A.
KRU KRUK S.A.
CEZ CEZ AS
PETG PETROL D.D.
CDR CD PROJEKT S.A.
PGN POLSKIE GORNICTWO NAFTOWE I GAZOWNICTWO SA
COG COGNOR HOLDING SA
KOMB KOMERCNI BANKA A.S.
WIZZ WIZZ AIR HOLDINGS PLC
SPL SANTANDER BANK POLSKA SA
GEKTERNA GEK TERNA
MTELEKOM MAGYAR TELEKOM TELECOMMUNICATIONS
PKN POLSKI KONCERN NAFTOWY ORLEN S.A.
SAR GR. SARANTIS S.A.
CCC CCC SA
EEG1T EKSPRESS GRUPP A.S.
AEGN AEGEAN AIRLINES SA
TENERGY TERNA ENERGY S.A.
AUG1L AGROWILL GROUP AB
ENA ENEA 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.
CAR INTER CARS S.A.
FROTO FORD OTOMOTIV SANAYI A.S.
THYAO TURK HAVA YOLLARI A.O.
TUPRS TURKIYE PETROL RAFINERILERI A.S.
ECH ECHO INVESTMENT
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
OTOEL AUTOHELLAS S.A.
BANK OF CYPRUS PCL
HB HELLENIC BANK LTD.
WPL WIRTUALNA POLSKA HOLDING SA
BELA JUMBO S.A.
MONET MONETA MONEY BANK AS
SNG SOCIETATEA NATIONALA DE GAZE NATURALE ROMGAZ SA
ADPL-R-A AD PLASTIK D.D.
H4L1 HALYK SAVINGS BANK OF KAZAKHSTAN GDR
SNP PETROM S.A.
PLZL POLYUS (GDR)
COTE CONPET SA
NBGGY NATIONAL BANK OF GREECE S.A. ADS
SNN SOCIETATEA NATIONALA NUCLEARELECTRICA SA
ELSA SOCIETATEA ENERGETICA ELECTRICA
FP. FONDUL PROPRIETATEA S.A. GDR (REG S)
ALPHA ALPHA BANK
PTKHY PETKIM PETROKIMYA HOLDING AS
CGEO GEORGIA CAPITAL
SOKM SOK MARKETLER TICARET AS
EAT AMREST HOLDINGS SE
NLBR NLB GROUP
SF3 STS GROUP AG
TEN TEN SQUARE GAMES
GR6 GRADUS
FINT FINTEL ENERGIJA
KOFOL KOFOLA CESKOSLOVENSKO A.S.
ALG ALLEGRO.EU SA
CZG CESKA ZBROJOVKA GROUP
INPST INPOST S.A.
PCF PCF GROUP SA
HUGE HUUUGE
WINE PURCARI WINERIES PCL
SHO SHOPER
GPP GRUPA PRACUJ DA
- Research Team
WOOD Daily: Turkish oil and gas (TUPRS stays BUY, PETKM downgraded to ...
HEADLINES: • Turkish oil and gas: margin calls (Tupras stays BUY, Petkim downgraded to HOLD) • Hungary macro: MPC raises the policy rate to 13.00% and signals a shift of focus • mBank: to book PLN 2.3bn in FX mortgage litigation risk provisions in 3Q22E NEUTRAL • Echo: 2Q22 results - strong margin on apartments handed over, low overheads, small revaluation loss POSITIVE • Grupa Pracuj: key takeaways from the 2Q22 earnings call POSITIVE • Kofola: key takeaways from the Seznam Zprav interview wi...
- Research Team
WOOD Daily: WIZZ LN; THYAO TI; AEGN GA; KOFOL CP; EMEA Airlines; SNP R...
HEADLINES: • Wizz Air: darkest before the dawn (stays BUY) • Turkish Airlines: firing on all cylinders (upgraded to HOLD) • Aegean Airlines: increasing our 2022E on strong summer traffic (stays BUY) • Kofola: cost pressures remain high (stays HOLD) • EMEA airlines: 8M22 traffic, gains from strong summer uneven, attention turns towards winter POSITIVE • OMV Petrom/Romgaz: potential impact of 33% tax on excess profits • Tauron: Treasury offers PLN 1 for Tauron's mining unit POSITIVE • Polish ...
- Dmitry Vlasov
- Maria Mickiewicz
Kofola: cost pressures remain high (stays HOLD)
We maintain our HOLD recommendation on Kofola, cutting our price target (PT) by 4%, to CZK 293. Despite increasing our revenue forecasts, we see that high market interest rates and inflation environment feed through to higher costs, and some of the benefits are eaten away at the EBITDA level. Although we have increased our 2022E EBITDA forecast by 9%, thanks to higher inflation-driven revenue growth than expected previously, we remain a notch below management’s target. We continue to believe tha...
- Research Team
WOOD Daily: EME Macro/Strategy – Forecasts; RO Energy; KOFOL CP; CDR P...
HEADLINES: • EME Macro/Strategy: forecasts - Gazprom does not restart pipeline as planned • Romanian energy: changes in energy regulations and impact on our coverage • Kofola: 2Q22 conference call takeaways - slightly negative NEGATIVE • CD Projekt: plans to reveal "what's next" for Cyberpunk in a livestream tomorrow NEUTRAL • Wirtualna Polska: real users numbers in August 2022 NEUTRAL • Turkish automotive: ADA releases August light vehicle sales data NEUTRAL • CD Projekt: weak 2Q22E results o...
- Research Team
WOOD Daily: BOCH CY; EAT PW; AUG1L LH; KOFOL CP; RO Energy; PL Macro; ...
HEADLINES: • Bank of Cyprus: hitch your wagon to the rate hikes (stays BUY) • AmRest: 2Q22 miss; bottom line hit by EUR 53m impairment of Russian KFC business NEGATIVE • AmRest: founders return to the industry NEGATIVE • AUGA Group: 2Q22 results review - strong numbers, improved outlook POSITIVE • Kofola: 2Q22 financial results review NEUTRAL • Romanian energy: government adopts changes in energy regulations NEGATIVE • Poland macro: heated election campaign adds to inflation challenges • 4iG: ...
- Research Team
WOOD Daily: MOH GA; ACP PW; ENA PW; FP RO; JSW PW; WINE RO; EU Macro; ...
HEADLINES: • Motor Oil Hellas: 2Q22 results - beat on net income • Asseco Poland: 2Q22 review - net profit up 1% yoy, to PLN 141m, in line with preliminary estimate NEUTRAL • Enea: 2Q22 prelims - weak, due to the provision announced shortly before the results • Fondul Proprietatea: Hidroelectrica's 2Q22 net profit up 45% yoy, 15% below our estimate NEUTRAL • JSW: 2Q22 results - in line with expectations, but production outlook disappointing • Purcari Wineries: takeaways from the 2Q22 earnings...
- Research Team
WOOD Daily: Greek Oil & Gas (MOH GA, ELPE GA stay BUYs), PKN PW/LTS PW...
HEADLINES: • Greek Oil & Gas: a cracking good market (Motor Oil Hellas and Hellenic Petroleum stay BUYs) • PKN Orlen and Grupa Lotos agree on the merger price • Romania macro: 1% tax on turnover for companies with sales above EUR 100m again in discussions • OMV Petrom: the Energy Ministry is planning to sell 0.67% of the company to former Petrom employees • Romgaz: new wells put into operation, generating 230kcm/day, or 1.7% of 2021 production NEUTRAL • Kofola: 1Q22 conference call takeaway...
- Research Team
WOOD Daily: Polish banks, KOFOL CP, AUG1L LH, CIE PW, DAT PW, HUG PW, ...
HEADLINES: • Polish banks: the draft bill on mortgagors' aid is proceeding in the Parliamentary Commission • Kofola: 1Q22 financial results review POSITIVE • AUGA Group: 1Q22 review - good results, 2022 outlook remains solid • Ciech: tax office challenges PLN 2.7m tax settlement NEUTRAL • DataWalk: sales to an e-commerce platform and the BC Assembly of First Nations NEUTRAL • DataWalk: announces new incentive scheme NEGATIVE • Huuuge Games: May bookings estimate down 6% mom, but flat in flagsh...
- Research Team
The Rear-View Mirror – EME markets: Hungarian equities down 13.6% in M...
EME Equity Market – May 2022 Market performance – markets down mostly, as MSCI EM Europe Index declines 3.6%. The MSCI EM Europe Index fell 3.6% mom and 2.0% mom in EUR and USD terms, respectively, in May. The best-performing index was the Russian MOEX, which added 6.3% mom in EUR terms, but declined 3.7% mom in local currency. However, we note that, with the CBR ban on short selling and restrictions on international investors, as well various sanctions, this performance is not fully comparable ...
EUROB EUROBANK ERGASIAS SERVICES & HOLDINGS SA
GARAN TURKIYE GARANTI BANKASI ANONIM SIRKETI
OPAP GREEK ORGANISATION OF FOOTBALL PROGNOSTICS SA
EXAE HELLENIC EXCHANGES SA
MOL MOL NYRT
CEZ CEZ AS
PETG PETROL D.D.
ACP ASSECO POLAND SA
HTO HELLENIC TELECOMMUNICATIONS ORGANIZATION SA
CDR CD PROJEKT S.A.
RBI RAIFFEISEN BANK INTERNATIONAL AG
YKBNK YAPI VE KREDI BANKASI A.S.
PGN POLSKIE GORNICTWO NAFTOWE I GAZOWNICTWO SA
COG COGNOR HOLDING SA
PKO PKO BANK POLSKI S.A.
ISCTR TURKIYE IS BANKASI ANONIM SIRKETI CLASS C
KOMB KOMERCNI BANKA A.S.
TITK TITAN CEMENT CO. SA
BHW BANK HANDLOWY W WARSZAWIE S.A.
BIMAS BIM BIRLESIK MAGAZALAR A.S.
PZU POWSZECHNY ZAKLAD UBEZPIECZEN SPOLKA AKCYJNA
DOAS DOGUS OTOMOTIV SERVIS VE TICARET A.S.
BSK ING BANK SLASKI S.A.
MTELEKOM MAGYAR TELEKOM TELECOMMUNICATIONS
KTY GRUPA KETY SA
TPS ORANGE POLSKA S.A.
CAI CA IMMOBILIEN ANLAGEN AG
MYTIL MYTILINEOS S.A.
LPP LPP S.A.
SPI S IMMO AG
AEFES ANADOLU EFES BIRACILIK VE MALT SANAYII A.S.
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.
CIE CIECH S.A.
GTC GLOBE TRADE CENTRE S.A.
EEG1T EKSPRESS GRUPP A.S.
AEGN AEGEAN AIRLINES SA
TENERGY TERNA ENERGY S.A.
AUG1L AGROWILL GROUP AB
ENA ENEA S.A.
BFT BENEFIT SYSTEMS S.A. ALLOTMENT
MGROS MIGROS TICARET A.S
PGE PGE POLSKA GRUPA ENERGETYCZNA S.A.
AFLT AEROFLOT RUSSIAN AIRLINES
LVC LIVECHAT SOFTWARE SA
TBCB TBC BANK JOINT STOCK CO
PPC PUBLIC POWER CORPORATION S.A.
OTP OTP BANK NYRT
CAR INTER CARS S.A.
ARCLK ARCELIK A.S.
AYGAZ AYGAZ A.S.
FROTO FORD OTOMOTIV SANAYI A.S.
SISE TURKIYE SISE VE CAM FABRIKALARI A.S.
ULKER ULKER BISKUVI SANAYI A.S.
EUR EUROCASH S.A.
ECH ECHO INVESTMENT
FMF FAMUR SA
GSPARK GRAPHISOFT PARK SE
CPS CYFROWY POLSAT SA
POSR POZAVAROVALNICA SAVA
GPW WARSAW STOCK EXCHANGE
TPE TAURON POLSKA ENERGIA S.A.
DAT DATAWALK SA
OTOEL AUTOHELLAS S.A.
BANK OF CYPRUS PCL
WPL WIRTUALNA POLSKA HOLDING SA
SKK SIRMA GROUP HOLDING JSC
ROSN ROSNEFT OIL CO. SPONSORED GDR REGS
BRD BRD-GROUPE SOCIETE GENERALE
TLV BANCA TRANSILVANIA S.A.
KMB KOMERCIJALNA BANKA AD SKOPJE
TRP TERAPLAST
MONET MONETA MONEY BANK AS
SNG SOCIETATEA NATIONALA DE GAZE NATURALE ROMGAZ SA
H4L1 HALYK SAVINGS BANK OF KAZAKHSTAN GDR
BNET BITTNET SYSTEMS
SNP PETROM S.A.
PBK PATRIA BANK SA
TOFAS TOFAS TURK OTOMOBIL FABRIKASI A.S.
HMX1R HANSAMATRIX AS
LKODN OIL COMPANY LUKOIL PJSC SPONSORED ADR
OGZD GAZPROM (GDR)
DIGI DIGI COMMUNICATIONS NV
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.
GEB BANK OF GEORGIA
TGN SOCIETATEA NATIONALA DE TRANSPORT GAZE NATURALE TRANSGAZ S.A.
A4L ALLTERCO AD
19XX NEPI ROCKCASTLE PLC
ALPHA ALPHA BANK
ATAD TATNEFT (GDR)
M MED LIFE
ELPE HELLENIC PETROLEUM
CGEO GEORGIA CAPITAL
IIA IMMOFINANZ AG
SOKM SOK MARKETLER TICARET AS
EAT AMREST HOLDINGS SE
ZB-R-A ZAGREBACKA BURZA DD
SF3 STS GROUP AG
KAP NATIONAL ATOMIC COMPANY KAZATOMPROM
TEN TEN SQUARE GAMES
ADKO ADDIKO BANK
GR6 GRADUS
PEN PHOTON ENERGY NV
KOFOL KOFOLA CESKOSLOVENSKO A.S.
ALG ALLEGRO.EU SA
CZG CESKA ZBROJOVKA GROUP
INPST INPOST S.A.
PCF PCF GROUP SA
HUGE HUUUGE
ALR ALRO SLATINA
WINE PURCARI WINERIES PCL
4IG 4IG NYRT
IGN1L IGNITIS GRUPE
SHO SHOPER
KCEL KCELL JSC
ONE ONE UNITED PROPERTIES SA
- Research Team
WOOD Daily: DUNAHOUS HB; EME Macro/Strategy; OPAP GA; 4IG HB; PCF PW; ...
HEADLINES: • Duna House: broking loans and selling sunsets (initiation of coverage) • EME Macro/Strategy: slower growth and higher rates • OPAP: 1Q22 review - strong run rates post reopening, in line with expectations • 4iG: 1Q22 results review - solid quarter, but broadly in line with our expectations NEUTRAL • PCF Group: management call takeaways - migration to UE5 may take until 2/3Q22E NEUTRAL • Immofinanz: CPI increases its stake to 76.9% in the extended offer period NEUTRAL • Poland mac...
- Research Team
WOOD Daily: DOAS TI; FROTO TI; TOASO TI; TEN PW; FMF PW; DAT PW; FP RO...
HEADLINES: • Turkish automotive: ready for the ride (Ford Otosan and Tofas stay BUY, Dogus Otomotiv stays HOLD) • Ten Square Games: 1Q22 adjusted EBITDA in line with our and market's expectations NEUTRAL • Famur: 1Q22 EBITDA in line with expectations NEUTRAL • DataWalk: actual 1Q22 numbers fully in line with the preliminaries NEUTRAL • Fondul Proprietatea: takeaways from the call with Hidroelectrica's management NEUTRAL • Kofola: key takeaways from CEO interview with Seznam Zpravy NEUTRAL • Cyf...
FROTO FORD OTOMOTIV SANAYI A.S.
FMF FAMUR SA
CPS CYFROWY POLSAT SA
DAT DATAWALK SA
TOFAS TOFAS TURK OTOMOBIL FABRIKASI A.S.
SNN SOCIETATEA NATIONALA NUCLEARELECTRICA SA
FP. FONDUL PROPRIETATEA S.A. GDR (REG S)
ATAD TATNEFT (GDR)
TEN TEN SQUARE GAMES
KOFOL KOFOLA CESKOSLOVENSKO A.S.
- Research Team
WOOD Daily: KOFOL CP; KOMB CP; BRD RO; SHO PW; CCC PW; VESBE TI; EME M...
HEADLINES: • Kofola: a good drink, but for another time (HOLD - re-initiation of coverage) • Komercni Banka: solid 1Q22, strong ground for 2022E delivery NEUTRAL • BRD-GSG: 1Q22 - good start to 2022 • Shoper: preliminary 1Q22 sales up by a strong 67% yoy, but material margin dilution NEUTRAL • CCC: 1Q22 prelims ahead of expectations, but leverage remains excessive POSITIVE • Vestel Beyaz: 1Q22 results - better-than-expected bottom line POSITIVE • EME Macro/Strategy: US - Fed reinforces hawkish...
- Dmitry Vlasov
- Maria Mickiewicz
Kofola: a good drink, but for another time (HOLD - re-initiation of co...
We re-initiate coverage of Kofola with a HOLD recommendation and a 12M price target (PT) of CZK 306, offering almost no upside (1%). Although the company has a stable industry position, with the potential to grow its market share further in some segments, as well as an established brand, we believe that the current inflationary environment will affect its profitability negatively in 2022-23E, thus making its investment case less attractive in the near future. We expect the company to continue pa...
- Research Team
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