reports
- Research Team
WOOD Morning (21 November 2024)
HEADLINES: • PZU: 3Q24 not as weak as feared – once the special claims end, should deliver a very strong profitability profile POSITIVE • Cyfrowy Polsat: 3Q24 results review – adjusted EBITDA up 13% yoy, 2% above our estimate POSITIVE • Grupa Pracuj: 3Q24 results – adjusted EBITDA up 8% yoy, 3% above our forecast and 6% above the consensus POSITIVE • OPAP: 3Q24 earnings beat expectations, as EBITDA jumps 24% yoy POSITIVE • Motor Oil Hellas: 3Q24 results – CCS EBITDA in line NEUTRAL • Elbit Syste...
- Research Team
WOOD Daily: AEGN GA; GTC PW; AQ RO; GEV CP; HSBK LI; BFT PW; MOH GA; K...
HEADLINES: • Aegean Airlines: high net cash position and strong FCFF yield (upgraded to BUY) • GTC: buys German residential portfolio worth EUR 448m • Aquila Part Prod Com S.A.: gross margin and wage costs weigh on the 3Q24 results NEUTRAL • GEVORKYAN: 3Q24 broadly in line with our expectations; new signed contracts for defence and high-tech industries NEUTRAL • Halyk Bank: 3Q24 highlights – solid, on the back of better-than-expected NIM • Benefit Systems: 3Q24 call takeaways – strong long-term ...
- Chaima Ferrandon
- Sven Edelfelt
FGR EIFFAGE SA
ALV ALLIANZ SE
TEP TELEPERFORMANCE SE
MRK MERCK KGAA
EOAN E.ON SE
ALO ALSTOM SA
RWE RWE AG
SAN SANOFI
NEX NEXANS SA
DTE DEUTSCHE TELEKOM AG
TIT TELECOM ITALIA S.P.A.
HLAG HAPAG-LLOYD AG
SIE SIEMENS AG
ASML ASML HOLDING NV
ALG ALLEGRO.EU SA
ENR SIEMENS ENERGY AG
DSY DASSAULT SYSTEMES SA
CVC CVC CAPITAL PARTNERS PLC
- Chaima Ferrandon
- Sven Edelfelt
FGR EIFFAGE SA
ALV ALLIANZ SE
TEP TELEPERFORMANCE SE
MRK MERCK KGAA
EOAN E.ON SE
ALO ALSTOM SA
RWE RWE AG
SAN SANOFI
NEX NEXANS SA
DTE DEUTSCHE TELEKOM AG
TIT TELECOM ITALIA S.P.A.
HLAG HAPAG-LLOYD AG
SIE SIEMENS AG
ASML ASML HOLDING NV
ALG ALLEGRO.EU SA
ENR SIEMENS ENERGY AG
DSY DASSAULT SYSTEMES SA
CVC CVC CAPITAL PARTNERS PLC
- Stefano Toffano
Allegro : A good quarter, but growth for the group is expected to flat...
>Q3 24 results roughly in line with expectations - Allegro reported Q3 24 results that were relatively in line with expectations, with overall results roughly reflecting the quarterly guidance. Active Buyers and GMV/Active Buyer metrics continue to increase at a healthy pace, contributing to solid yoy group revenue growth (+8% yoy, driven by +17% yoy for the Polish operations). Advertising revenue in Poland continues to show strength, growing again at +30% yoy, and is...
- Research Team
WOOD Daily: EAT PW; EUR PW; CBF PW; MBR PW; ALE PW; VRC PW; TEN PW; PK...
HEADLINES: • AmRest: 3Q24 in line, on a EUR 9m positive one-off NEGATIVE • Eurocash: 3Q24 weak, as expected; FY25E guidance cancelled NEGATIVE • cyber_Folks: 3Q24 results review – 26% yoy adjusted EBITDA growth, 2% above our estimate POSITIVE • Mo-BRUK: 3Q24 EBITDA up 26% yoy, 22-28% above our and the market's expectations POSITIVE • Allegro: 3Q24 EBITDA beat, but yoy decline guided for 4Q24E, due to international operations NEUTRAL • Vercom: 3Q24 results - 28% yoy EBITDA growth, in line with ou...
MTELEKOM MAGYAR TELEKOM TELECOMMUNICATIONS
PKN POLSKI KONCERN NAFTOWY ORLEN S.A.
PGE PGE POLSKA GRUPA ENERGETYCZNA S.A.
LVC LIVECHAT SOFTWARE SA
PPC PUBLIC POWER CORPORATION S.A.
OTP OTP BANK NYRT
EUR EUROCASH S.A.
MBR MO-BRUK S.A.
ETEL TELECOM EGYPT
DIGI DIGI COMMUNICATIONS NV
R22 R22
EAT AMREST HOLDINGS SE
TEN TEN SQUARE GAMES
ALG ALLEGRO.EU SA
VRC VERCOM SA
- Research Team
WOOD Daily: BIMAS TI; CEZ CP; PGSUS TI; RICHT HB; APR PW; SNP RO; PPC ...
HEADLINES: • BIM: weak operating results in 3Q24 NEGATIVE • CEZ: 3Q24 bottom-line miss due to accounting changes; EBITDA guidance raised by 7% POSITIVE • Pegasus Airlines: 3Q24 – 22% higher caskx alleviated by 4% higher RASK and 12% lower fuel cask (in line with the consensus) • Richter: 3Q24 operating results in line NEUTRAL • Auto Partner: preliminary 3Q24 EBIT falls 22% yoy, 9-12% below our expectations and the market NEGATIVE • Auto Partner: October sales growth at 13% yoy, broadly as expect...
- Julian Dobrovolschi
ENX EURONEXT NV
VIE VEOLIA ENVIRONNEMENT SA
ENGI ENGIE SA.
EDP EDP-ENERGIAS DE PORTUGAL SA
IAG INTERNATIONAL CONSOLIDATED AIRLINES GROUP SA
HOT HOCHTIEF AG
GRF GRIFOLS S.A. CLASS A
HEI HEIDELBERGCEMENT AG
VER VERBUND AG CLASS A
HEN3 HENKEL AG & CO. KGAA PREF
CRG CRH PLC
NEM NEMETSCHEK SE
AMS AMADEUS IT GROUP SA CLASS A
UCG UNICREDIT S.P.A.
LEG LEG IMMOBILIEN AG
INX IMCD N.V.
AUTO AUTO TRADER GROUP PLC
GRF.P GRIFOLS S.A. PREF CLASS B
LDO LEONARDO SPA
AD KONINKLIJKE AHOLD DELHAIZE N.V.
PIRC PIRELLI & C. S.P.A.
RMV RIGHTMOVE PLC
NEXI NEXI S.P.A.
INPST INPOST S.A.
DTG DAIMLER TRUCK
TEN TENARIS S.A.
- Julian Dobrovolschi
ENX EURONEXT NV
VIE VEOLIA ENVIRONNEMENT SA
ENGI ENGIE SA.
EDP EDP-ENERGIAS DE PORTUGAL SA
IAG INTERNATIONAL CONSOLIDATED AIRLINES GROUP SA
HOT HOCHTIEF AG
GRF GRIFOLS S.A. CLASS A
HEI HEIDELBERGCEMENT AG
VER VERBUND AG CLASS A
HEN3 HENKEL AG & CO. KGAA PREF
CRG CRH PLC
NEM NEMETSCHEK SE
AMS AMADEUS IT GROUP SA CLASS A
UCG UNICREDIT S.P.A.
LEG LEG IMMOBILIEN AG
INX IMCD N.V.
AUTO AUTO TRADER GROUP PLC
GRF.P GRIFOLS S.A. PREF CLASS B
LDO LEONARDO SPA
AD KONINKLIJKE AHOLD DELHAIZE N.V.
PIRC PIRELLI & C. S.P.A.
RMV RIGHTMOVE PLC
NEXI NEXI S.P.A.
INPST INPOST S.A.
DTG DAIMLER TRUCK
TEN TENARIS S.A.
- Stefano Toffano
- Wim Gille
InPost : Solid progress in all regions
>Continued good margin expansion - InPost published yet another good set of results, with good progress on almost all KPIs. Group parcel volumes grew +24.8% yoy in Q3 24 (ccs +22.1%, AAOBe +19.6%), pushing group revenues up +22.6% yoy in (~25% ex FX, ccs +23.0%). InPost was able to continue to generate operating leverage, expanding the group’s adj. EBITDA margin by +2.7ppt yoy to 33.6% (ccs 32.4%, AAOBe 33.1%). We are pleased to once again see healthy free cash flow g...
- Research Team
WOOD Daily: OTP HB; CCC PW; DNP PW; INPST NA; MOL HB; WIZZ LN; EUROB G...
HEADLINES: • OTP Bank: solid 3Q24 results, in line with our forecasts; future share price performance depends on growth guidance and/or capital distribution NEUTRAL • CCC: historically-best quarterly EBITDA 9% above our expectations, due to opex control POSITIVE • Dino Polska: 4-8% EBITDA beats in 3Q24, EBITDA back on the rise POSITIVE • InPost: 3Q24 in line with expectations; FY24E guidance upgrade POSITIVE • MOL: 3Q24 results – EBITDA in line with our and the consensus estimates NEUTRAL • Wizz...
MOL MOL NYRT
WIZZ WIZZ AIR HOLDINGS PLC
BDX BUDIMEX S.A.
CCC CCC SA
OTP OTP BANK NYRT
CPS CYFROWY POLSAT SA
GPW WARSAW STOCK EXCHANGE
TPE TAURON POLSKA ENERGIA S.A.
WPL WIRTUALNA POLSKA HOLDING SA
DNP DINO POLSKA S.A.
NBGGY NATIONAL BANK OF GREECE S.A. ADS
NLBR NLB GROUP
INPST INPOST S.A.
GEV GEVORKYAN A.S.
- Jonathan Lamb
European Oil and Gas Monthly: October 2024 – refining margins up again
The underlying weakness in oil demand has not disappeared, but fears of a conflict escalation early in October drove oil prices above USD 80/bbl. As the fears receded, so did prices. The WOOD benchmark margin returned to above-average levels, boosted by better differentials. Higher oil prices squeezed petrochemicals margins, although methanol remained stable.
- Research Team
WOOD Daily: MTELEKOM HB; SHO PW; THYAO TI; CCOLA TI; TOASO TI; AIRA LI...
HEADLINES: • Magyar Telekom: another record strong year ahead (stays BUY) • Shoper: 3Q24 adjusted EBITDA up 28% yoy, broadly as expected NEUTRAL • Turkish Airlines: 3Q24 – EBIT and EBITDA in line with our estimates, 4-5% above the consensus POSITIVE • Coca-Cola Icecek: weak results in 3Q24, revenue growth guidance lowered NEGATIVE • Tofas: highly weak set of results in 3Q24 NEGATIVE • Air Astana Group: 3Q24 in line with our estimates NEUTRAL • Isbank: 3Q24 highlights – core bank still loss makin...
CCOLA COCA-COLA ICECEK A.S.
THYAO TURK HAVA YOLLARI A.O.
CPS CYFROWY POLSAT SA
MBR MO-BRUK S.A.
WPL WIRTUALNA POLSKA HOLDING SA
TOFAS TOFAS TURK OTOMOBIL FABRIKASI A.S.
ALG ALLEGRO.EU SA
GPP GRUPA PRACUJ DA
ADNOCDRILL ADNOC DRILLING CO
9526 JAHEZ INTERNATIONAL CO
SHO SHOPER SA
AIRA AIR ASTANA JSC
- 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: MONET CP; ALR PW; OPL PW; KTY PW; CEZ CP; WPS LN; GE Macro...
HEADLINES: • MONETA Money Bank: solid, good, 3Q24 results in line with expectations NEUTRAL • Alior Bank: 3Q24 in line, but we may be at the peak NEUTRAL • Orange Polska: 3Q24 results – EBITDAaL up 3% yoy, 2% above consensus on one-offs; EBITDAaL excluding one-offs in line; 2024E guidance reiterated NEUTRAL • Kety: full 3Q24 results below preliminaries NEGATIVE • CEZ: Babis promoting a buyout of the CEZ minorities POSITIVE • Eurowag: solid 3Q24 trading update POSITIVE • Georgia macro: NBG keeps ...
- Maissa Keskes
- Stephane Houri
- Thomas Zlowodzki
ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 10/17/2024
We measured the impact of the contribution from Michel Barnier’s exceptional tax on 88 stocks exposed to France. Some 17 of them would experience a (negative) impact on their EPS of more than 4% on average over 2024 and 2025: LDC (-8.3%), Synergie (-8%), Eiffage (-7.9%), ADP (-7.9%), Dassault Aviation (-7%), Crit (-6.9%), Derichebourg (-6.3%), Hermès (-5.6%), Safran (-5.6%), Bouygues (-5.6%), M6 (-5.2%), Thales (-5%), TF1 (-4.9%), Nexans (-4.9%), Vinci (-4.7%), Compagnie des Alpes (...
FP TOTAL SE
PUB PUBLICIS GROUPE SA
GET GETLINK SE
IPN IPSEN SA
EQNR EQUINOR ASA
GALP GALP ENERGIA SGPS SA CLASS B
MC LVMH MOET HENNESSY LOUIS VUITTON SE
KPN ROYAL KPN NV
RI PERNOD RICARD SA
GFC GECINA SA
UHR SWATCH GROUP LTD. BEARER
RMS HERMES INTERNATIONAL SCA
WTB WHITBREAD PLC
ABB ABB LTD.
KORI KORIAN SA
SRT3 SARTORIUS AG PREF
NOKIA NOKIA OYJ
EL ESSILORLUXOTTICA SA
NESN NESTLE S.A.
BLC BASTIDE LE CONFORT MEDICAL SA
BRBY BURBERRY GROUP PLC
VIRP VIRBAC SA
VETO VETOQUINOL SA
VLS VALNEVA SE
LNA LNA SANTE SA
GBT GUERBET SA
KER KERING SA
ENI ENI S.P.A.
SCHP SCHINDLER HOLDING AG PREF
AIR AIRBUS SE
01913 PRADA S.P.A.
REP REPSOL SA
MONC MONCLER SPA
DIM SARTORIUS STEDIM BIOTECH SA
SKF B SKF AB CLASS B
BC BRUNELLO CUCINELLI S.P.A.
CFR COMPAGNIE FINANCIERE RICHEMONT SA
VACN VAT GROUP AG
BHP BHP GROUP LTD
BP. BP P.L.C.
BIM BIOMERIEUX SA
INPST INPOST S.A.
SHEL SHELL PLC
EAPI EUROAPI
ORP ORPEA
- Maissa Keskes
- Stephane Houri
- Thomas Zlowodzki
ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 17/10/2024
Nous avons mesuré l’impact de la contribution exceptionnelle Barnier sur 88 valeurs exposées à la France. 17 d’entre elles auraient un impact (négatif) sur leurs BPA de plus de 4% en moyenne sur 2024 et 2025 : LDC (-8,3%), Synergie (-8%), Eiffage (-7,9%) ADP (-7,9%), Dassault Aviation (-7%), Crit (-6,9%), Derichebourg (-6,3%), Hermès (-5,6%), Safran (-5,6%), Bouygues (-5,6%), M6 (-5,2%), Thalès (-5%), TF1 (-4,9%), Nexans (-4,9%), Vinci (-4,7%), Compagnie des Alpes (-4,4%), FDJ (-4%). - ...
FP TOTAL SE
PUB PUBLICIS GROUPE SA
GET GETLINK SE
IPN IPSEN SA
EQNR EQUINOR ASA
GALP GALP ENERGIA SGPS SA CLASS B
MC LVMH MOET HENNESSY LOUIS VUITTON SE
KPN ROYAL KPN NV
RI PERNOD RICARD SA
GFC GECINA SA
UHR SWATCH GROUP LTD. BEARER
RMS HERMES INTERNATIONAL SCA
WTB WHITBREAD PLC
ABB ABB LTD.
KORI KORIAN SA
SRT3 SARTORIUS AG PREF
NOKIA NOKIA OYJ
EL ESSILORLUXOTTICA SA
NESN NESTLE S.A.
BLC BASTIDE LE CONFORT MEDICAL SA
BRBY BURBERRY GROUP PLC
VIRP VIRBAC SA
VETO VETOQUINOL SA
VLS VALNEVA SE
LNA LNA SANTE SA
GBT GUERBET SA
KER KERING SA
ENI ENI S.P.A.
SCHP SCHINDLER HOLDING AG PREF
AIR AIRBUS SE
01913 PRADA S.P.A.
REP REPSOL SA
MONC MONCLER SPA
DIM SARTORIUS STEDIM BIOTECH SA
SKF B SKF AB CLASS B
BC BRUNELLO CUCINELLI S.P.A.
CFR COMPAGNIE FINANCIERE RICHEMONT SA
VACN VAT GROUP AG
BHP BHP GROUP LTD
BP. BP P.L.C.
BIM BIOMERIEUX SA
INPST INPOST S.A.
SHEL SHELL PLC
EAPI EUROAPI
ORP ORPEA
- Stefano Toffano
- Wim Gille
InPost : Preview Q3 24 results (8 November)
>InPost’s international operations are notching it up - InPost’s performance over H1 24 was overall slightly better than our expectations and ahead of ccs. More importantly, the company’s growth units (i.c. its international activities) are now clearly stepping up to the plate. At Q2 24 results (September 6) InPost noted that Q3 24 trading so far reflected group volume growth of roughly 20% yoy, with Poland volumes growing in the mid to high teens % and international ...
- Research Team
WOOD Daily: KRU PW; ALE PW; MCOVB SS; SOLUTION AB; EBS AV; CBF PW; APR...
HEADLINES: • Kruk: announces PLN 356m of net profit in 3Q24 POSITIVE • Allegro: introduction of spirits suspended NEGATIVE • Medicover: seeking approval to acquire laboratories in Romania • Solutions by STC: signs contract with Saudi Telecom Company • Erste Bank: 3Q24E preview (due on 31 October) • cyber_Folks: 3Q24E results preview – 24% yoy adjusted EBITDA growth (due on 13 November) • Auto Partner: 3Q24E EBITDA down 6% yoy (due on 19 November) • Short News (4iG)
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