A director at Kruk S.A. sold 20,000 shares at 466.030PLN and the significance rating of the trade was 71/100. 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 clearly show...
Key Message Romgaz reported a solid quarter with RON 1581 mn EBITDA, down 16% YoY andup 43.8% QoQ. The company was able to improve QoQ profitability despite significantly lower gas prices, primarily due to a substantial reduction in windfall taxes from RON 477 mn to RON 77 mn from Q1 2023 to Q1 2024. Other parametersremained relatively stable.
HEADLINES: • Georgia Capital: announces two new buyback programmes POSITIVE • HELLENiQ Energy: 1Q24 results – mildly above expectations POSITIVE • Warsaw Stock Exchange: bottom-line miss and further margin compression in the 1Q24 results NEGATIVE • Bank of Cyprus: 1Q24 highlights POSITIVE • Alpha Services and Holdings: 1Q24 highlights – trading-related beat, but NIM and fees evolve better than expected • Eurobank Ergasias Services: 1Q24 highlights – helped by trading income, but good quarter ove...
HEADLINES: • Benefit Systems: strong 1Q24, but May card base estimate disappoints POSITIVE • Magyar Telekom: 1Q24E results review – EBITDA up 46% yoy, 6% above the consensus; 2024E guidance upgraded POSITIVE • Patria Bank: strong bottom-line print in 1Q24, but loan book development remains absent POSITIVE • GEVORKYAN: 1Q24 EBITDA up 24% yoy, 17% above our estimate POSITIVE • Mo-BRUK: 1Q24 EBITDA 5% above our forecast, 6% miss vs. the consensus NEUTRAL • DataWalk: 1Q24 numbers fully in line with ...
Digi has reported a solid set of Q1 numbers vs expectations: Both SR and EBITDA growth rates are slower, but remain impressive. A launch in Portugal has been pushed back to H2 (same timing as for Belgium) and no further details were given on the launch particulars. We remain unconvinced that Digi can build NPV positive businesses in either market, but we think it will launch in both, with all the associated costs– indeed, Digi upped capex guidance for 2024 to €650m-€700m from €650m. This drag to...
A director at Šiaulių bankas AB sold 77,000 shares at 0.707EUR and the significance rating of the trade was 54/100. 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 clearl...
Notifications on the transactions concluded by manager in issuer's securities Šiaulių Bankas AB, company code 112025254, address of the head office Tilžės str. 149, Šiauliai, Lithuania. Šiaulių bankas AB has received the notifications of manager on transactions in securities issued by the bank (see attachment). Deputy Head of Securities Operations Department Inga Lasauskaitė is authorized by the Issuer to provide additional information and is available on tel.: . Attachments
Today (15 May), Sphera reported another strong set of results, and held a webcast, to discuss them. While the sales growth remained in single-digit territory (+9% yoy), the company continued to surprise on the profitability end. With EBTDA of RON 40m, up 69% yoy, the company came in 15% ahead of our expectations.
HEADLINES: • InPost: strong 1Q24, as expected; FY24E guidance maintained; slight volume deceleration in 2Q24 so far POSITIVE • Graphisoft Park: 1Q24 – occupancy and results stable so far; guidance maintained POSITIVE • Sphera Group: 1Q24 above our expectations POSITIVE • Hidroelectrica: 1Q24 – lower power prices offset by no tax on producers NEGATIVE • DIGI Communications: 1Q24 results – adjusted EBITDA up 22% yoy, 6% above our estimate POSITIVE • AROBS Transilvania Software: weak 1Q24 results, ...
Two Directors at Tekfen Holding A.S. bought/maiden bought 54,000 shares at between 51.600TRY and 52.500TRY. The significance rating of the trade was 54/100. 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...
Four Directors at Verbund AG bought 5,399 shares at 71.794EUR. The significance rating of the trade was 63/100. 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 clearly sh...
Harvard Business School publishes Kaspi.kz case study ALMATY, Kazakhstan, May 14, 2024 (GLOBE NEWSWIRE) -- Joint Stock Company Kaspi.kz (“Kaspi.kz”) (Nasdaq: KSPI) announces that the company is the subject of a Harvard Business School (HBS) case study ‘Kaspi.kz: Building Trust through Innovation’. This is the second Kaspi.kz case study, following on from HBS’s 2019 case study ‘Kaspi.kz IPO’. HBS’s latest Kaspi.kz case study examines how the company’s unique corporate culture, including its obsession with the quality of its services has helped Kaspi.kz to build the trust of its custom...
HEADLINES: • CEZ: 1Q24 – strong beat on supply and generation POSITIVE • Eurocash: weak 1Q24 across the board NEGATIVE • BIM: 4Q23 results – strong beat POSITIVE • Richter: 1Q24 operations in line, net beat on FX revaluation NEUTRAL • Arabian Drilling: 1Q24 interim results – net income below expectations NEUTRAL • CE4/Greece macro: the consumption recovery – pivoting from necessities to discretionary • Türkiye macro: our takes from our Symposium; a focus on Coca-Cola Icecek, Tupras, and Aselsan ...
Last week, WOOD held its second annual symposium in Istanbul (hosting the C-level management of 12 BIST-listed bluechips), which was highly appreciated by both investors and corporates. Overall, sentiment was consistent with our recent pre-elections trip report (followed by our report concerning the elections). The transition towards a more orthodox macroeconomic framework appears both credible and convincing, in terms of the measures implemented, in our view. In the paragraphs below, we focus o...
As food deflation risks increasingly diverge from one market to another, we take a fresh look at local price war risks and at the sector earnings cycle. We remain puzzled by the YTD sector derating and underperformance while FY 2024-25 expected EPS growth is still strong. Many investors seem to be
OTP reported higher than expected profit for Q1/24. Consolidated PAT totalled HUF 240bn(+8% vs. consensus), driven by improving NIM QoQ, cost efficiency and credit quality.Total risk cost surprisingly comprised HUF +7bn, massively beating analysts’ expectationsof HUF -20bn and our estimate of HUF -25bn) due to provision releases in OTP Core, CRand UKR, offset by UZB, RU and RO. Importantly, Uzbekistan risk cost dropped two-thirdQoQ. Total assets grew +5% QoQ to HUF 41,482bn), driven by a 1% incr...
Key Message Group-level clean CCS EBITDA totalled USD 718 mn in Q1 2024, falling 3% shortof market consensus and 5% below Concorde estimates. While the consumerservices segment delivered a positive surprise, the Petrochemical segment underperformed expectations. We anticipate that these results may slightly disappoint investors. However, thecompany is set to pay a HUF 250 dividend, offering an 8% yield, which is exceptional among Hungarian blue-chips. The ex-dividend date is scheduled for May2...
HEADLINES: • Banca Transilvania: NIM resilience and strong loan book expansion the key positives of 1Q24 bottom-line beat, on non-recurring revenue, low provisions and a one-off POSITIVE • ADNOC Drilling: 1Q24 results – new venture and updated dividend policy POSITIVE • Otokar: lacklustre 1Q24 results, but strong backlog NEGATIVE • TBC Bank: 1Q24 results and conference call NEUTRAL • Elm: mixed 1Q24 financial results NEGATIVE • Isbank: 1Q24 highlights – margin pressure worsening • Polish banks: ...
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