reports
Raiffeisen Research Institutional Equity Daily 29.11.2022
AT: AGRANA - Defining sustainability targets (neutral) AT: Andritz - Andritz received a follow-up tissue machine order from Xuan Mai paper in Vietnam (neutral) AT: Telekom Austira - No agreements treached in wage negotiations (neutral) DE: Encavis - Encavis acquired a 55 MW solar park in Spain (neutral) PL: PKN - Solid earnings despite a less supportive macro environment (positive)
Raiffeisen Research Institutional Equity Daily 28.11.2022
AT: IMMOFINANZ - Reaches agreement with former COO Dietmar Reindl on the use of affordable housing concept (neutral) AT: PORR - FY 22 outlook fine-tuned to the upside, now in line with RBIe (neutral) AT: S IMMO - Mandate of Herwig Teufelsdorfer extended until December 2025 (neutral) AT: S IMMO - Q3 earnings ahead of estimates (positive) DE: Encavis - Encavis acquired a 69 MW wind park in Lithuania (neutral) PL: PKN - Domestic gas producer to be compensated for gas price difference (n...
Raiffeisen Research Institutional Equity Daily 24.11.2022
AT: CA Immo - Higher Opex impact Q3, guidance confirmed, strategy overview (neutral) AT: IMMOFINANZ - Strong Q3 result as trigger for raised FY 22 guidance (positive) AT: SBO - Q3 results in line with RBIe, bookings at all-time high, bright 2023 sector outlook (positive) AT: UBM Development - Quarter reflects current challenges, break-even EBT (negative) CZ: Komercni Banka - Shareholders approve CZK 55.50 special dividend per share (neutral) DE: Encavis - Encavis acquired 14 MW subsi...
Raiffeisen Research Institutional Equity Daily 15.11.2022
AT: Rosenbauer - Operating loss in Q3 amplified by restructuring costs, unchanged FY guidance of sales of ca. EUR 1 bn and positive EBIT requires major earnings uptick in Q4 (neutral) AT: Vienna Insurance Group - Strong earnings driven by underwriting and investment performance (neutral) DE: Encavis - Q3 22 above RBIe and consensus without EUR 30 mn provision for potential government revenue skimming, guidance confirmed (neutral) RO: Conpet - Q3 22 net profit up by 27% yoy, on the back o...
Raiffeisen Research Institutional Equity Daily 09.11.2022
AT: FACC - Negative EBIT and bottom line loss in Q3 22, FY outlook confirmed (negative) AT: S IMMO - Acquiring properties in Budapest from CPI Property Group (neutral) AT: Vienna Insurance Group - Application for listing on the Budapest Stock Exchange submitted (neutral) AT: voestalpine - Q2 results live up to pre-announced indication, NWC remains cash flow burden (neutral) CEE: Banks - KBC reports lower Q3 net profit qoq in CZ, but higher in BG and HU (neutral) CZ: CTP - Q3 trends i...
KOMB KOMERCNI BANKA A.S.
VOE VOESTALPINE AG
MTELEKOM MAGYAR TELEKOM TELECOMMUNICATIONS
SPI S IMMO AG
OTP OTP BANK NYRT
VIG VIENNA INSURANCE GROUP AG WIENER VERSICHERUNG GRUPPE
FACC FACC AG
TLV BANCA TRANSILVANIA S.A.
SNP PETROM S.A.
NLBR NOVA LJUBLJANSKA BANKA DD LJUBLJANA
ADKO ADDIKO BANK
CAP ENCAVIS AG
CTPNV CTP NV
Raiffeisen Research Institutional Equity Daily 20.10.2022
AT: OMV - Austria's government to discuss about OMV's future with Abu Dhabi's MPPH (neutral) AT: UBM Development - Receival of building permit for LeopoldQuartier (positive) CZ: Banks/Utilities - Confusing government comments regarding plans to collect windfall profit tax already in 2022 (neutral) DE: Encavis - Encavis closes project financing for two solar parks in Denmark (neutral) PL: Bank Pekao - Management expects net profit in FY 2022 despite the net loss in Q3 (neutral) PL: CC...
Raiffeisen Research Institutional Equity Daily 16.09.2022
ATX indices review - FFF changes in S IMMO and Flughafen Wien, small NoS changes in IMMOFINANZ and Marinomed; Andritz to replace voestalpine in the ATX five; CECE index review - No additions/deletions but changes in FFF and/or NoS in Colt, Moneta, Magyar Telekom, OTP, PKN, PGE FTSE Index September review - AllWorld (ML) add: Medlife, One United Properties; AllWorld (ML) del: CD Projekt, Cyfrowy Polsat, ams-OSRAM; M->L: Moneta Money Bank, MOL, Gedeon Richter, Banca Transilvania, OMV Petrom ...
CDR CD PROJEKT S.A.
RBI RAIFFEISEN BANK INTERNATIONAL AG
OMV OMV AG
VOE VOESTALPINE AG
LNZ LENZING AG
MTELEKOM MAGYAR TELEKOM TELECOMMUNICATIONS
PKN POLSKI KONCERN NAFTOWY ORLEN S.A.
SPI S IMMO AG
PGE PGE POLSKA GRUPA ENERGETYCZNA S.A.
RICHTER CHEMICAL WORKS OF GEDEON RICHTER PLC
OTP OTP BANK NYRT
ANDR ANDRITZ AG
CPS CYFROWY POLSAT SA
FLU FLUGHAFEN WIEN AG
TLV BANCA TRANSILVANIA S.A.
MONET MONETA MONEY BANK AS
SNP PETROM S.A.
MOL MOL HUNGARIAN OIL & GAS PLC CLASS A
M MED LIFE
IIA IMMOFINANZ AG
CAP ENCAVIS AG
ONE ONE UNITED PROPERTIES SA
Raiffeisen Research Institutional Equity Daily 13.09.2022
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...
Raiffeisen Research Institutional Equity Daily 02.09.2022
STOXX Europe 600 Index review - Encavis to be added, Raiffeisen Bank Intl. to be deleted WIG20/WIG30 indices review - No change in constituents AT: AT&S - New CFO and extension of the management board by the CTO position (neutral) AT: OMV - Restart of the crude oil unit at Schwechat refinery in September (neutral) RO: Digi Communications - AGM approved dividend for 2021 of RON 0.85 per share, DY 2.3% (neutral) RO: Electrica - Romanian government approved further caps energy prices un...
Raiffeisen Research Institutional Equity Daily 23.08.2022
AT: Andritz - Andritz acquired Italian battery cell equipment manufacturer Sovema (neutral) CZ: CEZ - CEZ to build industrial PV parks on location of its lignite-fired power plants (neutral) DE: Encavis - Encavis acquired a 26 MW solar park in the UK (neutral)
Raiffeisen Research Institutional Equity Daily 22.08.2022
FTSE Index September review - AllWorld (ML) add: Medlife, One United Properties; AllWorld (ML) del: CD Projekt, Cyfrowy Polsat, ams-OSRAM; M->L: Moneta Money Bank, MOL, Gedeon Richter, Banca Transilvania, OMV Petrom DE: Encavis - Encavis acquired a solar park portfolio in the Netherlands (neutral) RO: One United Properties - Q2 22 net profit a.m. of RON 146 mn (+56% yoy) on the back of lower expenses for inventory property (positive) SK: Ratings - Slovakia receives another outlook downgr...
Encavis preliminary Q2 22 - Another quarter of additional merchant pow...
Preliminary results up significantly yoy thanks to renewables capacities that are allowed to sell on merchant conditions FY guidance upgrade reflects strong Q2, given management caution and unclear time horizon of the current gas supply crisis we would even expect more upside Our take is positive
Raiffeisen Research Institutional Equity Daily 21.07.2022
AT: BAWAG Group - Q2 22 net profit marginally ahead of consensus and RBIe / 2022 ROE target of >17% confirmed and greenlight for the share buyback by ECB (positive) DE: Encavis - Encavis Asset Management acquired 21.8 MW wind park in Germany (neutral) EU: Gas supply - Gas flows through Nord Stream I resumed at 40% capacity (neutral) PL: Bank Millennium - Rating downgrade by Moody's due to capital risk (negative) PL: Consumer discretionary - Shopping malls record a 1.4% increase in footfall in J...
Raiffeisen Research Institutional Equity Daily 28.06.2022
AT: AGRANA - Adjusting plants to oil from gas (neutral) CZ: CEZ - Czech pirates party proposed windfall profit tax of 25% for power generation (negative) DE: Encavis - 29.7% share dividend acceptance (neutral) PL: Dino - Dino added new activities to its statute, potentially opening the door for Sunday operations (positive) RO: BRD-GSG, Banca Transilvania - Both retail and corporate lending recorded positive growth rates in May (neutral) RU: Petropavlovsk - To be excluded from MOEX ...
Raiffeisen Research Institutional Equity Daily 12.05.2022
AT: Verbund - Soaring Q1 results, but only in line adjusted for hedging, lower end of guidance range lifted as expected (neutral) AT: Wienerberger - Q1 results confirmed strong trading statement a month ago, confident wording on Q2 trading conditions, FY EBITDA guidance again reiterated (neutral) CEE: Banks - UniCredit in talks to sell Russia DE: Encavis - Final Q1 22 results in line with very strong preliminaries, FY 22 guidance confirmed (neutral) HU: Magyar Telekom - Upbeat Q1 22 p...
PEO BANK POLSKA KASA OPIEKI SA
PGN POLSKIE GORNICTWO NAFTOWE I GAZOWNICTWO SA
PKO PKO BANK POLSKI S.A.
VER VERBUND AG CLASS A
SPL SANTANDER BANK POLSKA SA
MIL BANK MILLENNIUM SA
MTELEKOM MAGYAR TELEKOM TELECOMMUNICATIONS
WIE WIENERBERGER AG
EUR EUROCASH S.A.
LTS GRUPA LOTOS S.A.
CPS CYFROWY POLSAT SA
ALR ALIOR BANK SA
EONR UNIPRO
SNG SOCIETATEA NATIONALA DE GAZE NATURALE ROMGAZ SA
SNP PETROM S.A.
UNCFF UNICREDIT S.P.A.
NLBR NOVA LJUBLJANSKA BANKA DD LJUBLJANA
CAP ENCAVIS AG
Raiffeisen Research Institutional Equity Daily 06.04.2022
DE: Encavis - Encavis acquired a 11.5 MW wind farm in Denmark (neutral) HU: EU to trigger rule of law mechanism against Hungary (negative) RO: Banca Transilvania, BRD-GSG - National Bank of Romania raises key interest rate by 50 bps to 300 bps (neutral) RO: Purcari Wineries - Proposes dividend for 2021 of RON 0.51 per share (DY 4.4%) and the option for the capital increase (positive) RU: Russian Oil statistics - Daily oil output declines by 4% (negative)
Encavis Final Q4 21 and Outlook 2022 - Getting ready for more dynamic ...
Revenues, operating EBITDA and net profit in FY 21 slightly ahead of preliminaries Outlook 2022 significantly ahead of RBIe and consensus, not fully unexpected given current power prices and preliminary earnings beat Management expects sales of EUR > 380 mn, operating EBITDA of EUR > 285 mn, operating cash flow of EUR > 260 mn and operating EPS of EUR 0.51 per share Dividend proposal as expected at EUR 0.30 per share (scrip dividend option), policy change to annual decision due to dynamic market...
Raiffeisen Research Institutional Equity Daily 30.03.2022
AT: FACC - FY 21 results in line with preliminaries, outlook wording confirmed AT: Utilities - Drought likely to affect Q1 22 hydro output (negative) AT: Wienerberger - 0.69% of the capital repurchased so far (neutral) DE: Encavis - Encavis delivers on results and guidance beat (positive) RU: Inter RAO - Not discussing delisting from the Moscow Exchange (positive) RU: RusHydro - Paying agent blocks coupon payment on RUB eurobond over British sanctions (negative) RU: Russia - Minist...
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