HEADLINES: • BIM: weak results in 1Q25 NEGATIVE • MOL: 1Q25 results – strong EBITDA, big net income beat POSITIVE • OTP Bank: neutral 1Q25 results, but supported strongly by Russian operations NEUTRAL • AmRest: 1Q25 below expectations, due to EUR 5m negative one-off NEUTRAL • NLB Group: small bottom-line miss in 1Q25, but guidance maintained NEUTRAL • National Bank of Greece: 1Q25 highlights POSITIVE • Eurobank Ergasias Services: 1Q25 highlights NEUTRAL • Alpha Services and Holdings: 1Q25 highli...
TBC has reported 1Q25 net income of GEL 318m, falling 14% short of our estimate (GEL 372m) and 10% below the consensus forecast of GEL 352m. Total revenues missed our estimate by 5%. There was a small GEL 11m NII miss that was mitigated by a GEL 8m beat in fees. Trading and other income was 25% below expectations; however, this line is typically volatile. The more material and complex deviation was in provisions, which came in at GEL 118m vs. our GEL 83m expectation. The miss was related to a GE...
HEADLINES: • ING BSK: 1Q25 results in line with expectations and our annual 2025E expectations NEUTRAL • Jeronimo Martins: beat in 1Q25; Biedronka margin stabilised, despite adverse calendar effect; FY25E guidance maintained POSITIVE • Bank Handlowy: dull 1Q25 results; dividend recommendation due later in May; uncertainty over impact of sale of retail operations persisting NEUTRAL • Budimex: 1Q25 EBITDA misses forecast slightly, backlog down marginally qoq, but rising amount of pending contracts...
NOS has reported a solid set of numbers, with Telco revenue and EBITDAaL +0.8% and +0.9% ahead of consensus expectations respectively. However, there is now evidence of Digi’s impact on the numbers, particularly in the mobile prepaid net adds, and NOS’s commitment to not raising prices in 2025 is likely to lead to a further slowdown in consumer revenue trends during 2025 and feed through to EBITDA trends.
HEADLINES: • Coca-Cola Icecek: 1Q25 misses expectations NEGATIVE • Kalekim: 1Q25 results – in line NEUTRAL • Isbank: 1Q25 highlights – better-than-expected NI, due to tax credit NEUTRAL • Piraeus Financial Holdings: 1Q25 highlights – NI in line; upside to guidance on fees NEUTRAL • VIGO Photonics: key takeaways from the 4Q24 earnings call POSITIVE • CEZ: court grants EDF review of nuclear tender NEUTRAL • PZU: recommends a DPS of PLN 4.47 from the 2024 net profit NEUTRAL • Gentoo Media: 1Q25E fi...
HEADLINES: • Bank Pekao: very solid 1Q25, supporting our 2025E 20%+ ROE, trading at 1.3x BV and a 9%+ yield very attractive • Komercni Banka: beat on 1Q25 bottom line driven by LLPs releases, pre-provision profit falls short of expectations NEUTRAL • Erste Bank: 1Q25 results in line; 2025E ROTE guidance sustained, but market focus on potential big M&A effort • mBank: 1Q25 solid, but valuation reflects recovery already; 2025E revenue guidance a little disappointing • Santander Bank Polska: solid ...
A director at Powszechny Zaklad Ubezpieczen SA bought 1,520 shares at 56.560PLN and 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 directors over the last...
EME Equity Market – March 2025 Türkiye hammered, once again. The MSCI EM Europe Index advanced 0.5% in EUR terms and 4.5% mom in USD terms in March. The Czech PX Index was the best performer (+7.0% mom in EUR terms), followed by the Greek ASE (+4.8% mom), Polish WIG (+3.7% mom) and Hungarian BUX(+1.3% mom) indices (all in EUR terms). There was a muted performance from the Romanian BET Index (-0.1% mom in EUR terms). The Turkish ISE30 finished in the red again, declining 9.5% mom in EUR terms.
HEADLINES: • Orange Polska: strategy focused on growth (stays BUY) • Ignitis Group: making headway (BUY - transfer of coverage) • PZU: 4Q24 well ahead of expectations, holding structure to be created within PZU group POSITIVE • Grupa Pracuj: 4Q24 results – EBITDA up 9% yoy, 9% above our forecast and 1% above the consensus POSITIVE • Colt CZ Group SE: FY24 results review NEUTRAL • Public Power Corporation: 4Q24 earnings, and preview of a potential mega data centre NEUTRAL • Lamda Development: 4Q2...
A director at Digi Communications NV sold 38,700 shares at 65.538RON and the significance rating of the trade was 60/100. 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 ...
EME Equity Market – February 2025 Poland outperforms, again; Türkiye declines. The MSCI EM Europe Index advanced by 3.1% in EUR terms and 2.9% mom in USD terms in February. The Polish WIG20 was, once again, the best performer, adding 7.3% mom in February; followed by the Czech PX Index (+6.1% mom); while Greece (+3.8% mom), Hungary (+3.5% mom) and Romania (+3.0% mom) all reported rather similar performances. The Turkish ISE30 was the worst performer, declining 4.5% mom.
DIGI posted its key numbers today morning, however detailed report hasn’t been published yet. Revenues increased by 14% YoY and came in at EUR 1.925bn which was boosted by additional EUR 407mn from the sale of its Spanish FTTH network in Q3, hence total revenues were EUR 2.33bn, 37% higher YoY.
HEADLINES: • EME Macro/Strategy: macro all-in-one (24 February-2 March) • National Bank of Greece: 4Q24 results and 2025-27E guidance highlights NEUTRAL • Patria Bank: 4Q24 bottom-line miss due mostly to lower non-interest income NEGATIVE • 4iG: 4Q24 results review – 22% yoy reported EBITDA increase, in line with our estimate; bottom-line miss, on D&A hike NEUTRAL • Sphera Group: 4Q24 soft, as expected; webcast takeaways NEGATIVE • Duna House: 4Q24 – FY results in line, lower DPS, but possible u...
In today's Morning Views publication we comment on developments of the following high yield issuers: Digi Communications, Sunrise, Telenet, Air France-KLM, Ineos Quattro, Atalian, Picard, Casino Guichard-Perrachon, Scan Global Logistics, Forvia (formerly Faurecia), Lottomatica (formerly Gamenet)
ELO (Auchan): our comments on the full-year earnings release and meeting|Forvia: 2024 results in line (or even higher) but 2025 guidance disappointing|Nexity: a mixed 2024 publication|FY 24 results: In line with expectations, increases the dividend and aims for 3-5% growth in FY 25|
ELO (Auchan) : Nos commentaires sur la publication annuelle et la réunion|Forvia : résultats 2024 en ligne (voire supérieurs) mais guidance 2025 décevante|Nexity : une publication 2024 en demi-teinte|FY 24 results: In line with expectations, increases the dividend and aims for 3-5% growth in FY 25|
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