AT: Energy - Austrian government to present windfall profit tax proposal today (negative) AT: Flughafen Wien - Optimistic wording in yesterday's results conference call (positive) AT: Flughafen Wien - Security staff to demand higher wages (neutral) HR: Windfall profit taxes - Introduction of the proposal of a windfall tax (negative) PL: Answear.com - Q3 22 EBITDA grew by 70% yoy and topped consenus by 7% (positive) SI: NLB Group - Postponing of the planned Tier 2 issuance (negative)
AT: BAWAG Group - Q3 pre-earnings call notes (positive) Oil & Gas - Oil price cap: EU ambassadors agree to impose a price cap on Russian oil Oil & Gas: OPEC+ meeting - OPEC+ decided to cut its daily production by 2.0 mn bbl in November PL: Alior Bank - Adjustment to the initial loan moratoria impact for Q3 (negative) PL: Answear - Preliminary Q3 revenues reach PLN 233 mn (+50% yoy) beating our estimate by 13.7% (positive) PL: Banks - Restructuring GNB/Velobank plans a return to grow...
AT: Flughafen Wien - August traffic figures (neutral) AT: UBM - Acquisition in Germany to build a 10,000 m2 timber-hybrid office building (neutral) CZ: Macro - Czech year-on-year inflation dynamics decreased after 14 months DE: Encavis - Scope confirmed the investment grade BBB- rating for Encavis, raised outlook (neutral) EU: Utilities - EU to announce liquidity support scheme for utilities on Wednesday (neutral) HU: MOL - Change in the number of treasury shares (neutral) PL: Answ...
We initiate coverage of Answear, an e-commerce multibrand fashion retailer active in eleven countries, with a 12-m TP of PLN 25.0 and BUY recommendation. The company operates a streamlined business model targeting relatively well off and fashion-conscious CEE customers focussing its efforts on premium brands and on its margin-accretive own brand. While FY 22e profitability should not impress we project a rebound of the EBITDA margin from 4.9% in FY22e to 6.0% in FY 24e, a beat of the incentive ...
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