This morning (5 September), Eurowag posted what, in our view, are solid 1H24 numbers, with the adjusted EBITDA – the company’s primary metric – up by 18% on a like-for-like basis. During the earnings call, management reiterated that it is ready start going live with the new EW Office platform in 4Q, and that the trial users – roughly 7k – are mostly pleased with what they have seen; hopefully, this is a sign that the remaining users can be migrated swiftly and with the minimum of churn. The cape...
EME Equity Market – June 2024 Another positive month for most of the EME indices, with the Hungarian BUX Index outperforming. The MSCI EM Europe Index rose by 1.0% in EUR terms, but declined -0.2% in USD terms in June. The Hungarian BUX index reported the strongest performance, adding 4.8% in EUR terms, followed by the Romanian BET and the Polish WIG20 (+3.7% and 2.1%, in EUR terms, respectively), and the Turkish ISE30 (+0.9% in EUR terms). Greece and the Czech Republic were in negative territor...
HEADLINES: • WAG Payment Solutions (Eurowag): migration season starts now (stays BUY) • OMV: the company and its Partners have been awarded a second CO2 storage licence in Norway • GEK Terna: agrees to sell Terna Energy to Masdar of Abu Dhabi • Terna Energy: coverage discontinued • Short News (WPL, MTELEKOM)
HEADLINES: • WAG Payment Solutions (Eurowag): migration season starts now (stays BUY) • OMV: the company and its Partners have been awarded a second CO2 storage licence in Norway • GEK Terna: agrees to sell Terna Energy to Masdar of Abu Dhabi • Terna Energy: coverage discontinued • Short News (WPL, MTELEKOM)
We have updated our estimates for WAG Payment Solutions (Eurowag, EW), to reflect the most recent news on the rollout of its SaaS platform, and reduce our 12-month price target by 14% to GBP 120/share. Since our June 2023 initiation, economic headwinds for the trucking industry have impacted Eurowag’s core payment solutions business, from which it is only just recovering, while wage and technological costs have risen more quickly. Our new forecasts imply a 2022-25E net revenues CAGR of 21% and 2...
HEADLINES: • Tofas: fortune favours the bold (stays BUY) • LPP: 4Q23 in line with prelims; FY24E guidance maintained; stellar rollout plans NEUTRAL • Aselsan: strong pre-IAS29 4Q23 results, bullish FY24E guidance POSITIVE • Hungary macro: MNB turns cautious, with a slower pace of rate cuts • Logo Yazilim: weak 4Q23 results, but the details matter NEGATIVE • Eurowag: takeaways from the 2H23 earnings call NEUTRAL • Wirtualna Polska: key takeaways from the 4Q23 earnings call POSITIVE • Ten Square G...
EME Equity Market – February 2024 Market performance – a positive February, with the Polish WIG20 outperforming. The MSCI EM Europe Index added 4.2% mom in EUR terms and 3.7% mom in USD in February. The Polish WIG20 saw the strongest performance, adding 6.4% mom in EUR terms, followed by the Greek ASE (+4.2% mom), the Turkish ISE30 (+4.0% mom) and the Romanian BET (+2.6% mom) (all in EUR terms). There was a relatively muted performance in Hungary (+0.6% mom in EUR terms) and a decline in the Cze...
EME Equity Market – January 2024 Market performance – Turkey off to the races in January. The MSCI EM Europe Index added 4.2% mom in EUR terms and 2.2% mom in USD in the first month of the year. There was a V-shape recovery in the Turkish ISE30, with the index adding 12.6% mom in EUR terms. The Greek ASE and Hungarian BUX indices also reported strong performances, adding 5.7% and 5.3% mom, respectively, in EUR terms. The Czech PX Index advanced by 2.2% mom, while the Romanian BET 0.9% mom in EUR...
Headlines: • mBank: to add additional PLN 199m of FX mortgage portfolio provisions in 4Q23E • Transgaz: 2024 budget shows strong growth in profitability from 2025E • Eurowag: 4Q23 trading statement in line NEUTRAL • EME Strategy: OFEs' 2023 annual holdings • PCF Group: Bulletstorm VR released yesterday; few reviews so far, but rather disappointing NEGATIVE • Borouge: 4Q23E preview (due on 1 February) NEUTRAL • OMV: 4Q23E preview (due on 1 February) NEUTRAL
HEADLINES: • WOOD's Winter Wonderland EME Conference 2023: postcards from Prague • CEZ: postcard from Prague • Colt CZ Group SE: postcard from Prague • Eurowag: postcard from Prague • Pilulka Lekarny: postcard from Prague • Athens Exchange Group: postcard from Prague • Elbit Systems: postcard from Prague • Siauliu Bankas: postcard from Prague • Budimex: postcard from Prague • CD Projekt: postcard from Prague • Cyber_folks: postcard from Prague • Cyfrowy Polsat: postcard from Prague ...
EME Equity Market – October 2023 Market performance – election results prompt stellar market reaction in Poland; sell-off in Turkey. The MSCI EM Europe Index added 1.7% mom in EUR terms and 2.0% mom in USD in October. Poland staged a massive rebound, post the elections, with the WIG20 advancing 16.4% mom in EUR terms. Apart from Turkey, where October was a sell-off, with the ISE30 declining 13.7% mom in EUR terms, there were relatively muted performances everywhere else (BUX +2.1% / PX +0.4% / B...
HEADLINES: • Orlen: it'll be great when it's finished (stays BUY) • Santander Bank Polska: books solid profitability in 3Q23 • Yapi Kredi: 3Q23 highlights - better than expected, on the back of core revenues • Eurowag: 3Q23 revenues +33% yoy, FY23E margin guidance reconfirmed • Sipchem: 3Q23 results • Hungary macro: MNB cuts by 75bps, as expected • Polish banks: ZBP estimates cost of credit holidays extension at PLN 4.7-6.4bn • Orange Polska: key takeaways from the 3Q23 earnings call NEUT...
EME Equity Market – September 2023 Market performance – positive developments in Romania and Turkey, declines everywhere else. The MSCI EM Europe Index lost 3.7% mom in EUR terms and 6.0% mom in USD in September. Romania took the spotlight, with the BET Index advancing 7.4% mom in EUR terms, followed by the Turkish ISE30 (+4.6% mom). The Polish WIG20 declined the most (-8.7% mom), followed by the Greek ASE, the Hungarian BUX and, finally, the Czech PX (-7.9%, -1.9% and -0.6% mom, respectively).
HEADLINES: • Huuuge Games: 2Q23 in line with our forecasts, slightly above consensus; sound short-term guidance NEUTRAL • Inter Cars: 2Q23 in line with preliminary figures; gross margin down 2.5ppts yoy NEUTRAL • Aegean Airlines: 2Q23 - even stronger pricing than last year, cost increases contained POSITIVE • Eurowag: 1H net revenues in line, but earnings quality below expectations NEUTRAL • Turkey macro: initial thoughts on the MTP and Simsek presentation • DataWalk: key takeaways from the 2Q2...
EME Equity Market – June 2023 Market performance – in the mostly green month of June, Czech Index’s red performance stands out; Turkish gains eclipsed by TRY devaluation. The MSCI EM Europe Index gained 3.3% mom in EUR terms and 6.0% mom in USD in June. The Polish WIG20 advanced the most (+11.1% mom in EUR terms), followed by the Hungarian BUX Index (+6.2% mom in EUR terms), the Greek ASE Index (+4.9% mom in EUR terms) and the Romanian BET Index (with a more modest, but positive performance: +2....
HEADLINES: • WAG Payment Solutions (Eurowag): democratising digitalisation for small truckers (BUY - initiation) • AUGA Group: Agtech direction clearly set (stays BUY) • InPost: key takeaways from the Capital Markets Days NEUTRAL
We initiate coverage on WAG Payment Solutions, known (and trading) as Eurowag, with a BUY and a price target (PT) of GBp 140/share, offering c.59% upside. Eurowag’s product suite enables (predominantly) small road transport operators to digitalise most aspects of their business, such as payments and route planning, as well as regulatory compliance and cash flow management. Digital freight forwarding, i.e. leveraging its platform create a ‘load marketplace’, is the next step forward, we believe. ...
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