reports
- Research Team
WOOD Daily: CZG CP; PGSUS TI; ALE PW; ECH PW; APR PW; HSBK LI
HEADLINES: • Colt CZ Group SE: full metal jacket (stays BUY) • Pegasus Airlines: another good year (stays HOLD) • Allegro: 2Q24 above expectations, but growth deceleration guided for 3Q24E NEUTRAL • Echo Investment: 2Q24 ahead of PAP consensus expectations • Auto Partner: key takeaways from the 2Q24 earnings call NEUTRAL • Halyk Bank: announces programme to buy back up to USD 50m of its GDRs
- Jakub Caithaml
- Peter Palovic
Pegasus Airlines: another good year (stays HOLD)
We have increased our 12M price target (PT) for Pegasus to TRY 248/share, while maintaining our HOLD rating. After two years of stellar margins, 2024E is shaping up to be another good year. We expect Pegasus to fly 13% more ASK, while keeping its RASK flat yoy (lower fares offset by a higher load factor). Pegasus remains one of the lowest unit cost producers globally. Its efficiency is underpinned by its modern neo fleet, which is not affected by the P&W GTF engine issue – an important competiti...
- Research Team
WOOD Daily: WPL PW; ASELS TI; CAR PW; CAR PW; PCF PW; SPL PW; KAP LI
HEADLINES: • Wirtualna Polska: WP boosts media margins (stays BUY) • Aselsan: 2Q24 IAS 29 results – strong execution POSITIVE • Inter Cars: 2Q24 EBITDA 10% above our forecast and 5% above the consensus, on higher margin POSITIVE • Inter Cars: August sales growth at 8% yoy, in line with our expectations NEUTRAL • PCF Group: new work-for-hire agreement with Krafton; PLN 7m write-off on Project Red POSITIVE • Santander Bank Polska: strategic investor wants to reduce its stake • Kazatomprom: obtains...
- Lukasz Wachelko
- CFA
- Piotr Raciborski
- CFA
Wirtualna Polska: WP boosts media margins (stays BUY)
We maintain our BUY rating on Wirtualna Polska (WPL) and lift our 12M price target (PT) to PLN 133.2/share (from PLN 131.5), implying c.44% upside. WPL’s share price has declined 22% ytd, due mainly to the Media segment’s growth stalling, even despite the relatively solid market environment. It seems that, finally, the group’s management has recognised the reasons behind the issues, and has implemented a series of initiatives aimed at boosting the growth and profitability of the segment, includi...
- Research Team
WOOD Daily: DUNAHOUS HB; EME Macro/Strategy Weekly; HUG PW; APR PW; CD...
HEADLINES: • Duna House: loan ranger, with dividends to boot (BUY) • EME Macro/Strategy: macro all-in-one (2-8 September) • Huuuge Games: 2Q24 earnings call takeaways NEUTRAL • Auto Partner: August sales growth decelerates to just 7% yoy NEGATIVE • CD Projekt: class action lawsuit in the US regarding technical solutions used by GOG NEUTRAL • PCF Group: termination of credit facilities at Bank Pekao NEUTRAL • DIGI Communications: delivers first part of FTTH network in Spain NEUTRAL
Edison issues report on Georgia Capital (CGEO)
Edison Investment Research Limited Edison issues report on Georgia Capital (CGEO) 03-Sep-2024 / 11:34 GMT/BST The issuer is solely responsible for the content of this announcement. London, UK, 3 September 2024 Edison issues report on Georgia Capital (CGEO) Edison issues report on Georgia Capital (LSE: CGEO). Georgia Capital’s (GCAP’s) net asset value (NAV) per share decreased by 12.8% quarter-on-quarter in Q224 in Georgian lari (down 16.5% in sterling terms). This was mostly due to the widening of bond yields and credit spreads amid the latest political turmoil in Georgi...
- Pedro Fonseca
Georgia Capital - Business as usual despite political turmoil
Georgia Capital’s (GCAP’s) net asset value (NAV) per share decreased by 12.8% quarter-on-quarter in Q224 in Georgian lari (down 16.5% in sterling terms). This was mostly due to the widening of bond yields and credit spreads amid the latest political turmoil in Georgia. The de-rating of Bank of Georgia’s (BoG’s) shares had a 7.1pp impact on GCAP’s NAV, while higher discount rates applied to value the private portfolio companies contributed a further 7.5pp drag. Meanwhile, portfolio companies cont...
- Research Team
WOOD Daily: CBF PW; SAR GA; VRC PW; EME Macro/Strategy – DE Macro; KZ ...
HEADLINES: • cyber_Folks: 2Q24 results review – 21% yoy adjusted EBITDA growth, 4% above our estimate POSITIVE • Sarantis: 1H24 EBITDA up 45% yoy, 8% ahead of our expectations; FY24E guidance maintained POSITIVE • Vercom: 2Q24 results review – 29% yoy EBITDA growth, 6% above our estimate POSITIVE • EME Macro/Strategy: reflections on the consequences of a weak Germany • Kazakhstan macro: Tokayev’s 2024 state-of-the-nation address • Türkiye macro: GDP underperforms in 2Q • 4iG: key takeaways from ...
- Research Team
The Rear-View Mirror – EME markets: only Czech PX index in positive te...
EME Equity Market – August 2024 A red month for the EME indices, with only the Czech PX index in positive territory. The MSCI EM Europe index declined by 4.7% in EUR terms and 2.6% in USD terms in August. The Czech PX index was the only index to report a positive figure, adding 0.5% mom in EUR terms. The rest of the indices were in the red: the Turkish ISE30 index was down 11.5% mom in EUR terms, followed by Greece (-3.2% mom), Romania (-2.6% mom) and Hungary (-1.2% mom; all in EUR terms). The P...
EUROB EUROBANK ERGASIAS SERVICES & HOLDINGS SA
PEO BANK POLSKA KASA OPIEKI SA
KRU KRUK S.A.
MOL MOL NYRT
EBS ERSTE GROUP BANK AG
BOCH BANK OF COMMERCE HOLDINGS
CEZ CEZ AS
ACP ASSECO POLAND SA
HTO HELLENIC TELECOMMUNICATIONS ORGANIZATION SA
CDR CD PROJEKT S.A.
OMV OMV AG
PKO PKO BANK POLSKI S.A.
KOMB KOMERCNI BANKA A.S.
BHW BANK HANDLOWY W WARSZAWIE S.A.
WIZZ WIZZ AIR HOLDINGS PLC
PZU POWSZECHNY ZAKLAD UBEZPIECZEN SPOLKA AKCYJNA
BSK ING BANK SLASKI S.A.
BDX BUDIMEX S.A.
MTELEKOM MAGYAR TELEKOM TELECOMMUNICATIONS
CAI CA IMMOBILIEN ANLAGEN AG
PKN POLSKI KONCERN NAFTOWY ORLEN S.A.
AKCNS AKCANSA CIMENTO
BRISA BRISA-BRIDGESTONE SABANCI LASTIK SANAYI VE TICARET A.S.
CIMSA CIMENTO SANYAI VE TICARET 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
BFT BENEFIT SYSTEMS S.A. ALLOTMENT
MGROS MIGROS TICARET A.S
TKNSA TEKNOSA IC VE DIS TICARET AS
PGSUS.E PEGASUS HAVA TASIMACILIGI AS
LVC LIVECHAT SOFTWARE SA
TBCB TBC BANK JOINT STOCK CO
ALPHA ALPHA BANK AE
PPC PUBLIC POWER CORPORATION S.A.
OTP OTP BANK NYRT
CAR INTER CARS S.A.
FROTO FORD OTOMOTIV SANAYI A.S.
THYAO TURK HAVA YOLLARI A.O.
TUPRS TURKIYE PETROL RAFINERILERI A.S.
EUR EUROCASH S.A.
CPS CYFROWY POLSAT SA
MBR MO-BRUK S.A.
GPW WARSAW STOCK EXCHANGE
11B 11 BIT STUDIOS S.A.
ALR ALIOR BANK SA
OTOEL AUTOHELLAS S.A.
WPL WIRTUALNA POLSKA HOLDING SA
BRD BRD-GROUPE SOCIETE GENERALE
TLV BANCA TRANSILVANIA S.A.
ETEL TELECOM EGYPT
MONET MONETA MONEY BANK AS
SNG SOCIETATEA NATIONALA DE GAZE NATURALE ROMGAZ SA
H4L1 HALYK SAVINGS BANK OF KAZAKHSTAN GDR
PBK PATRIA BANK SA
TOFAS TOFAS TURK OTOMOBIL FABRIKASI A.S.
DIGI DIGI COMMUNICATIONS NV
DNP DINO POLSKA S.A.
NBGGY NATIONAL BANK OF GREECE S.A. ADS
BVB S.C. BURSA DE VALORI BUCURESTI S.A.
GEB BANK OF GEORGIA
RICHT RICHTER
19XX NEPI ROCKCASTLE PLC
M MED LIFE
SFG SPHERA FRANCHISE GROUP SA
ADNOCDIST ADNOC DISTRIBUTION PJSC
NLBR NLB GROUP
ESLT ELBIT SYSTEMS LTD
KAP NATIONAL ATOMIC COMPANY KAZATOMPROM
TEN TEN SQUARE GAMES
DUNAHOUSE DUNA HOUSE
KSPI KASPI KZ
PCF PCF GROUP SA
HUGE HUUUGE
4IG 4IG NYRT
IGN1L IGNITIS GRUPE
CTPNV CTP NV
ONE ONE UNITED PROPERTIES SA
GPP GRUPA PRACUJ DA
BCG BALTIC CLASSIFIEDS GROUP PLC
ADNOCDRILL ADNOC DRILLING CO
2381 ARABIAN DRILLING CO.
7202 ARABIAN INTERNET & COMMUNICATIONS SERVICES CO
9526 JAHEZ INTERNATIONAL CO
ELPE HELLENIQ ENERGY
SHO SHOPER SA
4071 ARABIAN CONTRACTING SERVICES CO
7203 ELM CO
AQ AQUILA PART PROD COM
TRESTATES TRADE ESTATES REIC SA
AIRA AIR ASTANA JSC
NOVAL NOVAL PROPERTY
- Piotr Raciborski
- CFA
WOOD Flash – 4iG: 2Q24 results review – 4% yoy drop in reported EBITDA...
On Friday (30 August), 4iG reported its 2Q24 results, with sales of HUF 170.7bn (up 13% yoy, in line with our estimate), EBITDA of HUF 56.4bn (down 4% yoy, 3% below our estimate) and a net loss of HUF 11.5bn (vs. HUF 3.2bn in net profit in 2Q23 and our PLN 5.7m net loss forecast). Despite the EBITDA coming in 3% below our estimate, we see the outcome of the 2Q24 results as neutral, and we do not expect them to trigger any major market reaction.
- Research Team
WOOD Daily: PBK RO; DUNAHOUS HB; 4IG HB; SFG RO; EME Macro/Strategy We...
HEADLINES: • Patria Bank: solid bottom-line print in 2Q24 POSITIVE • Duna House: 2Q24 – EBITDA up 40% yoy in Italy POSITIVE • 4iG: 2Q24 results review – 4% yoy drop in reported EBITDA NEUTRAL • Sphera Group: key takeaways from the 1H24 conference call NEUTRAL • EME Macro/Strategy: macro all-in-one (25 August-1 September) • Mo-BRUK: Public Procurement Office (KIO) rejects MBR’s appeal regarding tender in Szczecin NEUTRAL • Sarantis: 1H24E preview – 34% yoy EBITDA growth expected, on Stella and or...
- Research Team
WOOD Daily: DIGI RO; PZU PW; MOH GA; CDR PW; MBR PW; DOM PW; CAI AV; D...
HEADLINES: • DIGI Communications: heavyweight European telco champion (upgraded to BUY) • PZU: posts PLN 1.19bn of net profit in 2Q24; results affected by higher combined ratio in P&C NEUTRAL • Motor Oil Hellas: 2Q24 results POSITIVE • CD Projekt: 2Q24 EBITDA 4-7% above expectations; Polaris to enter production phase “very soon” NEUTRAL • Mo-BRUK: 2Q24 EBITDA 8% above our forecast, but in line with the consensus NEUTRAL • Dom Development: 2Q24 – in line, at first glance NEUTRAL • CA Immo: 2Q24 i...
- Atinc Ozkan
- Piotr Raciborski
- CFA
DIGI Communications: heavyweight European telco champion (upgraded to ...
We upgrade our rating on DIGI Communications (DIGI) to BUY (from Hold) and lift our price target (PT) to RON 87.4/share (from RON 38.0), 40% upside potential. We see DIGI as a unique mix of a growth and value telco name. On the one hand, it offers an impressive growth outlook (a 12% 2023-26E EBITDA CAGR), driven by geographical expansion and strengthening its position in the local market; while, on the other, the company holds a valuable infrastructure asset, with the market value, according to ...
- Research Team
WOOD Daily: KRU PW; EUR PW; ACP PW; 11B PW; GPP PW; ONE RO; WPL PW; TE...
HEADLINES: • Kruk: 2Q24 results – recently-announced miss caused by higher costs and negative revaluations in Spain NEUTRAL • Eurocash: weak 2Q24 across the board NEGATIVE • Asseco Poland: 2Q24 review – net profit down 10% yoy, 7% above the consensus POSITIVE • 11 bit studios: 2Q24 adjusted EBITDA slightly below our expectations, but bottom line boosted by associates NEUTRAL • Grupa Pracuj: 2Q24 results – adjusted EBITDA flat yoy, 2% above the market consensus; bottom-line miss on revaluation of...
- Research Team
WOOD Daily: KOMB CP; MONET CP; TEN PW; WPL PW; MBR PW; ELPE GA; MOH GA...
HEADLINES: • Komercni Banka: awaiting a NII inflection point (stays BUY) • MONETA Money Bank: valuation prices in higher ROE and strong yield (stays HOLD) • Ten Square Games: 2Q24 adjusted EBITDA 16% above our forecast; TEN confirms mom bookings recovery in July POSITIVE • Wirtualna Polska: 2Q24 results review – adjusted EBITDA down 2% yoy, in line with the consensus NEGATIVE • Mo-BRUK: new tenders for ecological bombs decommissioning on the market NEUTRAL • HELLENiQ Energy: 2Q24E results previe...
- Mihaly Gajda
Romgaz reported a decline in earnings in its Q2 2024 financial results
The EBITDA in Q2 2024 was RON 770 million, representing a 40% y/y decrease, with an EBITDA margin of 47.4%. The net profit also decreased by 17.3% y/y, totaling RON 592 million, with a net profit margin of 36.4%. Romgaz faced financial pressures in Q2 2024 due to lower gas prices, while it maintained strong operational performance and continued to invest in key strategic projects.
- Krisztian Karikas
Life at 3,500 MHz – Q2 Earnings review
DIGI has reported its Q2 2024 earnings and beat consensus estimate by 1.3% on the top line and by 3% on the EBITDA front. Revenues increased by 14.1% YoY, mainly driven by the Spanish segment where the revenue increased by 22.5% YoY. While the OPEX and DD&A both increased YoY, the EBITDA grew by 16.4% YoY. EBIT increased 29.6% YoY and Net profit came 80% higher YoY, beating the market consensus by 23%. Key messages: The key markets, Romania and Spain have maintained a strong performance....
- Research Team
WOOD Daily: CCOLA TI; HSBK LI; BOCH LN; CCC PW; DNP PW; KAP LI
HEADLINES: • Coca-Cola Icecek: mixed results in 2Q24; 2024E guidance revised downwards NEGATIVE • Halyk Bank: 2Q24 highlights – quarter in line, margin makes up for soft COR and fee growth • Bank of Cyprus: to hold EGM on 13 September • CCC: to purchase 2.5% Modivo shares for PLN 100m NEUTRAL • Dino: 2Q24E preview – 4% yoy EBITDA erosion expected (due on 22 August) • Kazatomprom: 2Q24E results preview (due on 26 August) NEUTRAL
- Research Team
WOOD Daily: ESLT IT; AQ RO; IGN1L LH; DIGI RO; ETEL EY; PL Macro; RO M...
HEADLINES: • Elbit Systems: 2Q24 results – strong growth, and improved cash flows and margins POSITIVE • Aquila Part Prod Com S.A.: earnings remain on target for FY24E POSITIVE • Ignitis Group: raises FY24E adjusted EBITDA guidance after the 2Q24 results POSITIVE • DIGI Communications: key takeaways from the 2Q24 earnings call NEUTRAL • Telecom Egypt: key takeaways from the 2Q24 earnings call NEUTRAL • Poland macro: flash GDP surprises positively • Romania macro: 2Q GDP flash estimate underperfo...
- Russell Waller
Digi (Equal Weight) Q2 24: Good results, capex guidance lifted
Digi has reported a good set of Q2 numbers vs consensus expectations, with EBITDAaL +7% ahead. Capex guidance has been lifted for the second quarter in a row however, but the increase is due to a pull-forward of 5G capex in Romania rather than higher than expected start-up capex in Belgium/Portugal.
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