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 ...
HEADLINES: • mBank: solid 1Q24 results justify one of the top market valuations (1Q24 P/BV of 2.1x) POSITIVE • OTP Bank: books solid 1Q24, keeps 2024E guidance unchanged NEUTRAL • Bank Millennium: 1Q24 results in line • CCC: 40% EBITDA beat in 1Q24, on opex control POSITIVE • Dino: 2-7% EBITDA miss in 1Q24 NEGATIVE • AmRest: 1Q24 broadly in line with our forecasts, but below the consensus NEGATIVE • MOL: 1Q24 results – EBITDA below expectations on maintenance NEUTRAL • MedLife: 1Q24 results poin...
Due to the transfer of coverage, we revisited our estimates for MTELEKOM. We reiterate our Buy recommendation with a 12-m ex-div TP of HUF 1,240, implying a 37% upside potential. MTELEKOM has reported a strong set of results for the full year of 2023 and gave a very impressive guidance for 2024. We expect revenues to increase 9.9% YoY, EBITDAaL will be up by 22.9% and the adj. net profit will arrive at HUF 131bn, resulting in 65.7% increase YoY. On the 16th of April, MTELEKOM approved a DPS of ...
HEADLINES: • ING BSK: 1Q24 results softer than demanding market expectations, but our medium-term outlook confirmed NEGATIVE • Solutions by STC: mixed 1Q24 financial results NEUTRAL • EME Macro/Strategy: macro all-in-one (29 April-5 May) • Huuuge Games: April bookings estimate at USD 11m, down 21% mom NEGATIVE • Ten Square Games: April bookings estimate down 20% mom NEGATIVE • 11 bit studios: INDIKA release attracts very positive reviews on Steam, but low peak in number of players NEGATIVE • Cyf...
EME Equity Market – April 2024 Market performance – green across all geographies, with Turkey outperforming. The MSCI EM Europe Index was up 5.3% mom in EUR terms and 4.2% mom in USD in April; while the Turkish ISE30 saw the strongest performance, adding 11.6% mom; followed by the Hungarian BUX (+5.0% mom); the Czech PX (+2.8% mom); the Greek ASE (+1.8% mom), the Polish WIG20 (+1.2% mom) and the Romanian BET (+0.1% mom) (all in EUR terms).
HEADLINES: • CTP: better late than never (upgraded to BUY) • Georgia macro: protests in Tbilisi • Raiffeisen Bank International: posts solid 1Q24, keeps 2024E guidance (but only on ex. Russia and Belarus basis), facing huge pressure to address Russia and Belarus exposures from officials • Air Astana Group: 1Q24 – 15% ASK growth, RASK down slightly yoy, but CASK stable • Piraeus Financial Holdings: 1Q24 highlights NEUTRAL • Alkaloid: 1Q24 numbers a strong start to the year POSITIVE • National Ban...
AUGA group, AB has published Green Bond Report In December 2019, AUGA group, AB issued and successfully distributed its first tranche of green bonds. The Company has an obligation to publish a separate annual report regarding the use of funds. This Green Bond Report (see attachment) provides an overview on the allocation of funds raised as of December 31, 2023. Contacts: Kristupas Baranauskas, AUGA group, AB CFOPhone: Email: Attachment
AUGA group, AB has published Consolidated Annual Report AUGA group, AB (code 126264360, address Konstitucijos ave. 21C, Vilnius, Company) has published Company‘s Consolidated Annual Report, Consolidated and Separate Financial Statements and Independent Auditor‘s Report for the year ended 31 December 2023, also the Sustainability Report of the respective reporting period (hereto attached). The audited revenue for the year 2023 of AUGA group, AB and its subsidiaries (hereinafter – the Group) were EUR 77.44 million (EUR 81.41 million revenues were reported in interim financial statements for ...
AUGA group, AB paskelbė Konsoliduotąjį metinį pranešimą AUGA group, AB, kodas 126264360, adresas Konstitucijos pr. 21C, (toliau – Bendrovė) paskelbė Bendrovės konsoliduotąjį metinį pranešimą, konsoliduotąsias bei atskirąsias finansines ataskaitas ir nepriklausomo auditoriaus išvadą už metus, pasibaigusius 2023 m. gruodžio 31 d., taip pat ir ataskaitinio laikotarpio tvaraus verslo ataskaitą (pridedama). Audituotos 2023 metų AUGA group, AB ir jos dukterinių bendrovių (toliau - Grupė) pajamos siekė 77,44 mln. Eur (81,41 mln. Eur pajamos skelbtos tarpinėse finansinėse ataskaitose už 12 mėnesių...
HEADLINES: • Santander Bank Polska: 1Q24 results – 19%+ headline ROE affected only slightly by FX mortgage saga costs • Bank Pekao: 1Q24 results in line with market's expectations NEUTRAL • PCF Group: 4Q23 headlines hit heavily by write-offs, but a more limited EBITDA loss than we had expected NEUTRAL • Erste Bank: 1Q24 results NEUTRAL • OMV: 1Q24 results – chemicals stronger than expected NEUTRAL • Borouge: 1Q24 results – better than expected POSITIVE • OMV Petrom: 1Q24 results NEUTRAL • Garan...
HEADLINES: • Arcelik: weak bottom-line performance in 1Q24 NEGATIVE • Sipchem: 1Q24 results – weak net income NEGATIVE • Kruk: issues flash 1Q24 net profit of PLN 338m NEUTRAL • EME Macro/Strategy: macro all-in-one (22-28 April) • Türkiye macro: MPC takes a pause, but hiking cycle not over yet • OTP Bank: CEO Csanyi speaks at AGM on future acquisitions and Russian exposure POSITIVE • Budimex: BXF Energia acquires 60 MW photovoltaic project NEUTRAL • Inter Cars: dividend policy for 2023-25E and p...
HEADLINES: • MONETA Money Bank: strong 1Q24 delivery, on better-than- expected revenues POSITIVE • Alior Bank: books small beat on 1Q24 delivery, driven by low credit risk charges; robust 2024E outlook supported POSITIVE • Shoper: 1Q24 adjusted EBITDA 9% above our expectations; FY23 results in line with prelims POSITIVE • Mo-BRUK: 4% miss vs. our 4Q23 adjusted EBITDA forecast, weak cash flows NEGATIVE • Wizz Air: fiscal 2024 post-close trading update POSITIVE • Aselsan: CEO's comments on exports...
Edison Investment Research is terminating coverage on ABC Arbitrage (ABCA), paragon (PGN), Foresight Solar Fund (FSFL), Kendrion (KENDR), Lithium Power International (LPI), Triple Point Energy Transition (TENT), 4iG (4IG), e-therapeutics (ETX), Pharnext (ALPHA) and Shield Therapeutics (STX). Please note you should no longer rely on any previous research or estimates for this company. All forecasts should now be considered redundant. Previously published reports can still be accessed via our web...
HEADLINES: • Kaspi.kz: 1Q24 highlights Kruk: buys more portfolios in Italy • Tupras: launches USD 256m propylene investment NEUTRAL • Turkish banks: coverage UNDER REVIEW • Sipchem: 1Q24E results preview (due on 25 April) NEUTRAL • Jeronimo Martins: 1Q24E results preview – 11% yoy EBITDA growth expected (due on 26 April, before the open) • Erste Bank: 1Q24E preview (due on 30 April) • BRD-GSG: 1Q24E preview (due on 2 May) NEUTRAL • PKO BP: 1Q24E preview (due on 9 May) • Banca Transilvania: 1Q24E...
Notice on the postponement of the ordinary General Meeting of Shareholders of AUGA group, AB At the initiative and by the decision of the Board of AUGA group, AB (code 126264360, address Konstitucijos ave. 21C, Vilnius, the Company), it has been decided that the Annual General meeting (hereinafter the “AGM”) has been decided to be moved from the 30th April 2024 to the 30th May 2024. Due to delays in financial reporting and related audit processes, the Company is expected to provide the audited Annual consolidated report and the corresponding draft decisions following the AGM agenda to Share...
Pranešimas dėl AUGA group, AB eilinio visuotinio akcininkų susirinkimo datos pakeitimo AUGA group, AB, kodas 126264360, adresas Konstitucijos pr. 21C, Vilnius (toliau – Bendrovė) valdybos iniciatyva ir sprendimu buvo nuspręsta eilinio visuotino akcininkų susirinkimo (toliau – VAS) datą perkelti iš 2024 m. balandžio 30 d. į 2024 m. gegužės 30 d. Dėl vėluojančių finansinių ataskaitų rengimo ir audito procesų Bendrovė audituotą konsoliduotą metinę informaciją bei su ja susijusius sprendimo projektus VAS darbotvarkės klausimais planuoja pateikti ne vėliau nei iki 2024 m. balandžio 30 d. (imtin...
Notice on Convocation of the ordinary General Meeting of Shareholders of AUGA group, AB on 30th April 2024 At the initiative and by the decision of the Board of AUGA group, AB (code 126264360, address Konstitucijos ave. 21C, Vilnius, Company) the ordinary general meeting of shareholders of the Company is being convened on 30th April 2024, at 10.00 a.m. The meeting will be held in the registered office of the Company, address Konstitucijos ave. 21C, Quadrum North 12 floor, LT-08130 Vilnius, Lithuania. The registration of the shareholders begins at 9:30 a.m. The record date of the m...
Pranešimas apie 2024 m. balandžio 30 d. šaukiamą AUGA group, AB eilinį visuotinį akcininkų susirinkimą AUGA group, AB (kodas 126264360, buveinės adresas Konstitucijos pr. 21C, Vilnius, toliau - Bendrovė) valdybos iniciatyva ir sprendimu 2024 m. balandžio 30 d. 10:00 val. šaukiamas Bendrovės eilinis visuotinis akcininkų susirinkimas. Susirinkimas vyks Bendrovės buveinėje, adresu Konstitucijos pr. 21C, Quadrum North 12 aukštas, LT-08130 Vilnius, Lietuva. Akcininkų registracijos pradžia 9:30 val. Susirinkimo apskaitos diena – 2024 m. balandžio 23 d. Susirinkimo darbotvarkė: Bendrovės 202...
HEADLINES: • Budimex: stands out, but deserves a pause (downgraded to HOLD) • CCC: 4Q23 slightly below prelims; sales acceleration and gross margin widening in 1Q24E POSITIVE • PGE: takeaways from the 4Q23 earnings call NEUTRAL • Hungary macro: the rise of the “Peter Magyar” phenomenon • Poland macro: local elections and NBP decision show continuity • Budimex: UOHS cancels decision on choosing BDX's offer for the D11 highway NEGATIVE • Budimex: potential new contract in road construction (PLN 0...
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