HEADLINES: • Wizz Air: summer traffic in line, but consensus seems too bullish on earnings • Benefit Systems: net additions of 20k sport cards in 3Q24 POSITIVE • PCF Group: earnings call takeaways - Echo to be smaller than the other WFH projects NEUTRAL • Polish consumer staples: Netto plans to open 350 discount stores in Poland by 2028E NEGATIVE • 11 bit studios: delays the release of The Alters to 1Q25E NEGATIVE • Huuuge Games: September bookings estimate up 10% mom, but flat for the flagship ...
EME Equity Market - September 2024 EME indices mostly in the red in September; rebound in Greece. The MSCI EM Europe Index declined 2.0% in EUR terms and 1.1% in USD terms in September. The Greek ASE Index was the best performer in our region, advancing 1.4% mom in EUR terms. Muted performances were seen in Czechia and Hungary (+0.3% and +0.2% mom, respectively in EUR terms), with declines in Poland, Romania and Turkey (-3.6%, -2.9% and -1.5% mom, respectively in EUR terms).
HEADLINES: • Medicover: private healthcare pioneer keeps on rolling (BUY - initiation of coverage) • OTE: safe dividend play (upgraded to BUY) • National Bank of Greece: HFSF launches the sale of a 10% stake in NBG NEUTRAL • PCF Group: 2Q24 results in negative territory, below our expectations NEGATIVE • mBank: issues traditional profit warning related to the CHF mortgage saga, ahead of 3Q24E results NEUTRAL • InPost: 4.9% price hike for Allegro NEUTRAL • Allegro: introduction of spirits from 21...
HEADLINES: • 11 bit studios: risk profile increased materially (downgraded to HOLD) • Lamda Development: breaking ground (stays BUY) • Georgia macro: important elections approaching • CTP: 2024 CMD, the demand led growth continues • NEPI Rockcastle: buys Magnolia Park in Wroclaw for EUR 373m POSITIVE • PZU: has paid more than PLN 111m of claims related to floods, and serviced 70% of filed cases so far POSITIVE • Bank Pekao: incoming CEO talks to Forbes • 11 bit studios: interview with the CEO on...
HEADLINES: • BIM: weak results in 2Q24 NEGATIVE • GEK Terna: 1H24 EBITDA climbs 7%, to EUR 269m, as broadly expected NEUTRAL • Jumbo: 1H24 results in line, EGM approves share buyback plan NEUTRAL • LPP: key takeaways from the 2Q24 results call POSITIVE • Bank Pekao: appoints Marcin Zygmanowicz and dismisses Magdalena Zmitrowicz from the management board NEUTRAL • Cyfrowy Polsat: Solorz announces plans to dismiss his children from the company NEUTRAL • Mo-BRUK: signs new PLN 12.2m contract for “e...
HEADLINES: • EME Macro/Strategy: macro all-in-one (16-22 September) • Raiffeisen Bank International: signs agreement targeted at sale of its Belarusian operations • 11 bit studios: Frostpunk 2 post-release player reviews and player count disappoint NEGATIVE • PCF Group: updates timeframe for strategy implementation, new PLN 350m financing needed in 2025-26E NEGATIVE • Kety: takeaways from the Investor Day NEUTRAL • ADNOC Distribution: Board approves interim dividend NEUTRAL • VIGO Photonics: beg...
HEADLINES: • Kaspi.kz: stock down 17% yesterday on report by short seller Culper • Kety: 3Q24 preliminary results close to our expectations NEUTRAL • Logo Yazilim: CMC approves cancellation of treasury shares POSITIVE • Wizz Air: 24-hour strike called for 24 September by third-party Italian union • AUGA Group: coverage discontinued • Short News (CEZ)
HEADLINES: • Al Arabia Outdoor Advertising: waiting for better times (downgraded to HOLD) • Noval Property: 1H24 – recurring results in line with our estimates NEUTRAL • Motor Oil Hellas: fire at refinery NEGATIVE • Inter Cars: key takeaways from the 2Q24 earnings call NEUTRAL • Lamda Development: another land plot sales tranche, to lift NAV by 6% POSITIVE • mBank: UniCredit seeks regulator's approval to reach 30% stake in Commerzbank • CTP: raises EUR 300m through an ABB, at EUR 16.0/share • 11...
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...
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
AUGA group, AB presentation of financial results for the 6 months of 2024 AUGA group, AB (hereinafter, the “Company”) presented the Company‘s unaudited financial results for the 6 months of 2024 in an online webinar for investors on September 4 of 2024. The presentation (see attachment) covers detailed information on the results of each business segment of the group and general financial indicators. Kęstutis Juščius, Chair of the Company, presented the results and answered questions from webinar participants.The webinar was recorded. It will be available to see on Nasdaq Baltic youtube.com...
AUGA group, AB 2024 m. 6 mėnesių finansinių rezultatų pristatymas AUGA group, AB (toliau – „Bendrovė“) internetiniame seminare investuotojams š.m. rugsėjo 4 d. pristatė 2024 m. 6 mėnesių neaudituotus finansinius rezultatus. Prezentacijoje (žiūrėti priedą) pateikta detali informacija apie kiekvieno grupės verslo segmento rezultatus ir bendrus finansinius rodiklius. Rezultatus pristatė ir po prezentacijos į dalyvių klausimus atsakė Kęstutis Juščius, Bendrovės valdybos pirmininkas. Internetinis seminaras buvo įrašytas. Jį bus galima pamatyti Nasdaq Baltic youtube.com paskyroje arba Bendr...
Correction to the EBITDA guidance of AUGA group, AB for 2024 For the sake of transparency and keeping investors duly informed regarding the predicted financial results for 2024, on 7 December 2023, AUGA group, AB, and its subsidiaries (hereinafter – the Group) published preliminary EBITDA for 2024 along with the key assumptions used to forecast gross profit by segment and the Group's overall EBITDA figure. Given that the first half of 2024 has now passed and that the Group has published actual financial results for that period and notes the trends in the financial results for July an...
Patikslinimas dėl AUGA group, AB EBITDA 2024 m. prognozės Siekiant skaidrumo bei tinkamo investuotojų informavimo dėl prognozuojamų 2024 m. finansinių rezultatų, 2023 m. gruodžio mėn. 7 d. AUGA group, AB ir jos dukterinės bendrovės (toliau – Grupė) paskelbė preliminarią 2024 m. EBITDA kartu su pagrindinėmis prielaidomis, kuriomis remiantis buvo prognozuojamas bendrasis pelnas pagal segmentus ir bendras Grupės EBITDA rodiklis. Atsižvelgiant į tai, kad praėjus 2024 m. I pusmečiui, Grupė yra paskelbusi faktinius minėto laikotarpio finansinius rezultatus ir fiksuoja 2024 m. liepos bei rugp...
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 ...
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...
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.
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...
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