reports
- Research Team
WOOD Daily: CAR PW; EBS AV; MBK PW; YKBNK TI; BRISA TI; KAP LI; PEO PW...
HEADLINES: • Inter Cars: momentum persisting (stays BUY) • Erste Bank: posts strong 3Q21 bottom line and upgrades 2021E outlook POSITIVE • mBank: pushes 10%+ ROE target to 2025E (from 2023E) NEGATIVE • Yapi Kredi: 3Q21 highlights - decent quarter, 2-3x P/E area and sword of Damocles • Brisa: 3Q21 - financial expenses hit net profit; sales, EBITDA and volumes in line NEUTRAL • Kazatomprom: 3Q21 operating update, new guidance NEUTRAL • Bank Pekao: loses long-term CFO, Tomasz Kubiak NEGATIVE • Pu...
PEO BANK POLSKA KASA OPIEKI SA
OPAP GREEK ORGANISATION OF FOOTBALL PROGNOSTICS SA
EBS ERSTE GROUP BANK AG
BRISA BRISA-BRIDGESTONE SABANCI LASTIK SANAYI VE TICARET A.S.
PPC PUBLIC POWER CORPORATION S.A.
CAR INTER CARS S.A.
MAIL MAIL.RU GROUP LTD. SPONSORED GDR
BRD BRD-GROUPE SOCIETE GENERALE
KAP NATIONAL ATOMIC COMPANY KAZATOMPROM
HHR HEADHUNTER
TEN TEN SQUARE GAMES
HUGE HUUUGE
GDEV NEXTERS
- Research Team
The Rear-View Mirror – EME markets: Most markets end October in the bl...
EME Equity Market – October 2021 Market performance – most markets end October in the black, WIG20 +4.1%. The MSCI EM Europe Index added 3.6% in EUR terms and 3.4% in USD. Poland was the best-performing equity market, gaining 4.1% in both EUR and PLN terms. The Russian MOEX followed, adding 3.9% in EUR and 1.1% in local currency. The Greek ASE Index added 3.8%, while the Hungarian BUX Index advanced by 2.3% and 2.5% in EUR and local currency, respectively. Turkey’s ISE30 Index gained 0.5% in EUR...
PEO BANK POLSKA KASA OPIEKI SA
KER KERNEL HOLDING S.A.
JMT JERONIMO MARTINS SGPS S.A.
OPAP GREEK ORGANISATION OF FOOTBALL PROGNOSTICS SA
ATRS ATRIUM EUROPEAN REAL ESTATE LIMITED
MOL MOL NYRT
YNDX YANDEX NV CLASS A
CEZ CEZ AS
ACP ASSECO POLAND SA
HTO HELLENIC TELECOMMUNICATIONS ORGANIZATION SA
CDR CD PROJEKT S.A.
RBI RAIFFEISEN BANK INTERNATIONAL AG
OMV OMV AG
PGN POLSKIE GORNICTWO NAFTOWE I GAZOWNICTWO SA
ISCTR TURKIYE IS BANKASI ANONIM SIRKETI CLASS C
TITK TITAN CEMENT CO. SA
BHW BANK HANDLOWY W WARSZAWIE S.A.
BIMAS BIM BIRLESIK MAGAZALAR A.S.
WIZZ WIZZ AIR HOLDINGS PLC
SPL SANTANDER BANK POLSKA SA
MIL BANK MILLENNIUM SA
GEKTERNA GEK TERNA
KTY GRUPA KETY SA
TPS ORANGE POLSKA S.A.
PKN POLSKI KONCERN NAFTOWY ORLEN S.A.
MYTIL MYTILINEOS S.A.
LPP LPP S.A.
AKBNK AKBANK TAS
BRISA BRISA-BRIDGESTONE SABANCI LASTIK SANAYI VE TICARET A.S.
LOGO LOGO YAZILIM SANAYI VE TICARET A.S.
CCC CCC SA
CCOLA COCA-COLA ICECEK A.S.
VESBE VESTEL BEYAZ ESYA SANAYI VE TICARET
AST ASTARTA HOLDING
EEG1T EKSPRESS GRUPP A.S.
AEGN AEGEAN AIRLINES SA
BFT BENEFIT SYSTEMS S.A. ALLOTMENT
LWB LUBELSKI WEGIEL BOGDANKA S.A.
AFKS SISTEMA PJSFC
LVC LIVECHAT SOFTWARE SA
PPC PUBLIC POWER CORPORATION S.A.
PPA PIRAEUS PORT AUTHORITY S.A.
CAR INTER CARS S.A.
ARCLK ARCELIK A.S.
AYGAZ AYGAZ A.S.
FROTO FORD OTOMOTIV SANAYI A.S.
THYAO TURK HAVA YOLLARI A.O.
PJP X5 RETAIL GROUP N.V. SPONSORED GDR REGS
LTS GRUPA LOTOS S.A.
CPS CYFROWY POLSAT SA
POSR POZAVAROVALNICA SAVA
MAIL MAIL.RU GROUP LTD. SPONSORED GDR
RTKM ROSTELECOM PJSC
2ET ETALON GROUP (GDR)
ALRS ALROSA PJSC
ALR ALIOR BANK SA
TCS TCS GROUP HOLDING PLC SPONSORED GDR CLASS A REGS
HB HELLENIC BANK LTD.
WPL WIRTUALNA POLSKA HOLDING SA
BELA JUMBO S.A.
SAB1L SIAULIU BANKAS
TLV BANCA TRANSILVANIA S.A.
NVTK NOVATEK JSC SPONSORED GDR REGS
KMB KOMERCIJALNA BANKA AD SKOPJE
TRP TERAPLAST
MONET MONETA MONEY BANK AS
SNG SOCIETATEA NATIONALA DE GAZE NATURALE ROMGAZ SA
ADPL-R-A AD PLASTIK D.D.
SNP PETROM S.A.
5M71 MAGNIT PJSC SPONSORED GDR REGS
KCEL KCELL JOINT STOCK COMPANY
HMX1R HANSAMATRIX AS
LKODN OIL COMPANY LUKOIL PJSC SPONSORED ADR
OGZD GAZPROM (GDR)
DIGI DIGI COMMUNICATIONS NV
DNP DINO POLSKA S.A.
ELSA SOCIETATEA ENERGETICA ELECTRICA
FP. FONDUL PROPRIETATEA S.A. GDR (REG S)
TGN SOCIETATEA NATIONALA DE TRANSPORT GAZE NATURALE TRANSGAZ S.A.
RICHT RICHTER
19XX NEPI ROCKCASTLE PLC
M MED LIFE
CGEO GEORGIA CAPITAL
SOKM SOK MARKETLER TICARET AS
EAT AMREST HOLDINGS SE
ZB-R-A ZAGREBACKA BURZA DD
KAP NATIONAL ATOMIC COMPANY KAZATOMPROM
HHR HEADHUNTER
ARNT-R-A ARENATURIST D.D.
TEN TEN SQUARE GAMES
ADKO ADDIKO BANK
ALG ALLEGRO.EU SA
TNB NLB BANKA
HUGE HUUUGE
4IG ALRO SLATINA
SHO 4IG NYRT
GDEV SHOPER
NEXTERS
- Research Team
WOOD Daily: GDEV US; AST PW; ALRS RM; ATRS AV; HTO GA; RO Energy; EL R...
HEADLINES: • Nexters: on the winner's side (BUY - initiation of coverage) • Astarta Holding: 3Q21 trading update - strong pricing indicates quarterly revenues at four-year high POSITIVE • Alrosa: 3Q21 trading update - diamond revenue down 20% qoq, but up 59% yoy NEUTRAL • Atrium: Gazit offer revised to EUR 3.63/share (EUR 0.6 via DPS by Atrium, EUR 3.03 cash by Gazit) POSITIVE • OTE: update on the extraordinary dividend NEUTRAL • Romanian energy: Liberal party proposes caps on power and gas pr...
- Dmitry Vlasov
- Ildar Davletshin
- CFA
Nexters: On the winner’s side (BUY - initiation of coverage)
We initiate coverage of Nexters, with a BUY recommendation and a USD 12.7 price target (PT), which offers 41% upside from the current share price. Nexters, in our view, ticks most of the boxes of a high-quality company, with an above industry average level of conversion, retention and monetisation, a thorough and dynamic approach to game development and marketing, strong recurring cash flows, and founders who run the company, being majority shareholders. Under our base-case assumptions, the comp...
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