Credit Morning 01/31/2025

Kantar plans to raise a $ 250m TLB and other debt to refinance its 2026 bonds|

Morning Crédit 31/01/2025

Kantar compte émettre un TLB de 250 m USD et d’autres dettes pour refinancer les obligations 2026|

WOOD Daily: MONET CP; MIL PW; KRKG SV; AKBNK TI; WIZZ LN; Poland macro...

HEADLINES: • • MONETA Money Bank: solid 4Q24, solid dividend, material upgrade to MT guidance but all priced in very generously POSITIVE • Millennium: 4Q24 adjusted results in line on pre-provision profit, beat from low LLPs POSITIVE • Krka: preliminary 4Q24 numbers seem weak NEGATIVE • Akbank: 4Q24 results and 2025E guidance highlights NEUTRAL • Wizz Air: 3Q FY25 – a miss, as groundings weigh on costs • Poland macro: positive GDP preliminary estimate, 2.9% for 2024 overall • Hungary macro: econ...

WOOD Flash - Wizz Air: 3Q FY25 - a miss, as groundings weigh on costs

Wizz Air’s 3Q FY25 results disappointed on the elevated opex, as groundings continue to weigh on cost efficiency. Despite the RASK being up 12% yoy in 3Q FY25 (calendar 4Q24), the EBITDA missed the consensus by almost 40%, as the ex-fuel cask (CASKX) was up 17%, far ahead of both our and the consensus estimates. The impact on the bottom line was exacerbated by a EUR 160m non-cash FX loss, a function of the strong dollar, a hit that was expected. Yet again, the company has reviewed its ex-fuel ca...

ODDO BHF Small & MIDCAP MORNING NEWS – 01/30/2025

ODDO BHF Small & MIDCAP MORNING NEWS – 30/01/2025

Wizz Air : FX and maintenance costs weight heavily on Q3 2024-25

Wizz Air : FX and maintenance costs weight heavily on Q3 2024-25

WOOD Daily: TXT PW; ELM AB; WIZZ LN; GE Macro; GARAN TI; KLKIM TI; PKN...

HEADLINES: • Text: AI revolution – a threat or an opportunity? (downgraded to HOLD) • Elm: new horizons (upgraded to BUY) • Wizz Air: 3Q FY25 – miss on lower revenue and higher CASKX NEGATIVE • Georgia macro: NBG decision and MoU in Abu Dhabi • Garanti Bank: 4Q24 results and 2025E guidance highlights NEUTRAL • Kalekim: exercises option to acquire a plant in Mugla POSITIVE • Orlen: to issue USD 1.25bn of 10-year bonds NEUTRAL • PKO BP: 4Q24E preview (due on 13 March) • Short News (CBF, CEZ)

WOOD Flash – Global oil and gas: uh-oh, Canada – the oil markets and p...

This weekend (1-2 February), the US government may impose 25% tariffs on all Canadian goods entering the US. It may seem of little consequence from our perspective, but we believe that it could have a significant impact on the global oil and refining markets. Canada produces 5m barrels of oil per day and exports 80% to the US. About 25% of all crude oil processed in the US is from Canada. The trade was worth approximately USD 100bn in 2024. The oil is too heavy for most global refineries and the...

WOOD Daily: EMEA Airlines; PZU PW; PCF PW; KRKG SV; ALR PW

HEADLINES: • EMEA airlines: 4Q24 traffic; could constrained capacity support fares in 2025E? • PZU: CEO Olech dismissed, former CEO Klesyk returns • PCF Group: reveals details behind Maverick work-for-hire project NEUTRAL • Krka: 4Q24E earnings preview (due on 30 January) • Alior Bank: 4Q24E preview (due on 4 March)

WOOD Flash – EMEA Airlines: 4Q24 traffic; could constrained capacity s...

In 2024, European aviation capacity grew by around 9%. This was faster than the slow-growing economy could absorb, leading to fares underperforming expectations. For many carriers, we have also seen cost inflation. The lower fuel prices were an important tailwind, preventing margin erosion exceeding 1-2ppts (EBITDA) for the European carriers. Looking ahead, we expect capacity in Europe to grow by around a mid-single digit pace in 2025E, constrained by supply bottlenecks and engine durability iss...

WOOD Daily: EME Macro/Strategy Weekly; KMGZ KZ; SHO PW; PCO PW; MTELEK...

HEADLINES: • EME Macro/Strategy: macro all-in-one (20-26 January) • KazMunayGas: KMG and partners achieve first oil at the Future Growth Project POSITIVE • Shoper: PLN 3.2m positive one-off related to updated liability values NEUTRAL • Pepco Group: local press reports on potential acquisition of a competitor NEGATIVE • Magyar Telekom: sells ViDaNet NEUTRAL • Short News (MIL)

WOOD Daily: RBI AV; CEZ CP; EME Macro/Strategy; MIL PW; MBK PW; KRU PW...

HEADLINES: • RBI: to book provisions due to the Russian court decision NEGATIVE • CEZ: buyout of the CEZ minorities to be plank in ANO's election platform NEUTRAL • EME Macro/Strategy: Macro all-in-one (13-19 January) • Bank Millennium: 4Q24E preview (due on 31 January) • mBank: 4Q24E preview (due on 6 February) • Kruk: 4Q24E preview (due on 27 February) • Bank Handlowy: 4Q24E preview (due on 12 March)

Erste Group Bank AG: 1 director

A director at Erste Group Bank AG bought 3,183 shares at 58.840EUR and the significance rating of the trade was 55/100. 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 cl...

WOOD Daily: PBK RO; THYAO TI; MIL PW; HUG PW

HEADLINES: • Patria Bank: making progress, but still some way to go (stays HOLD) • Turkish Airlines: 8% ASK growth in 2024 NEUTRAL • Bank Millennium: to book PLN 483m of FX mortgage saga provisions in 4Q24E NEUTRAL • Huuuge Games: 4Q24 bookings up 7% qoq NEUTRAL

Model update - RASK improves, but the FX distorts

Wizz Air will report its fiscal Q3/25 earnings on the 30th of January BMO. We expect the PAT to come in at EUR -206mn, driven by a significant FX revaluation loss of EUR 200mn on the back of USD appreciation. EBIT may come in at EUR 4mn in fiscal Q3, up by EUR 184mn compared to a year ago, resulting from a mix of RASK improvement and fuel cost savings. We roll-over our TP to Mar-26 and set it at GBP 22.1 a share, implying an upside potential of 59%

The Rear-View Mirror – EME markets: positive performances from all ind...

EME Equity Market – December 2024 A green December. The MSCI EM Europe Index advanced 2.9% in EUR terms and 0.8% in USD terms in December. The Greek ASE Index (+5.5% mom in EUR terms) was the best performer, followed closely by the Czech PX Index (+5.0% mom in EUR terms). Solid performances were also reported by the BET (+2.4% mom), BUX (+2.2% mom) and ISE 30 (+1.5% mom) indices (all in EUR terms). The Polish WIG 20 Index (+0.4% mom in EUR terms) reported a muted performance.

WOOD Daily: WIZZ LN; DAT PW; OPL PW

HEADLINES: • Wizz Air: slower yoy traffic in December, in line with the guidance NEUTRAL • DataWalk: key takeaways from the interview with the CEO NEUTRAL • Orange Polska: 4Q24E – 1% EBITDAaL growth yoy expected (due on 12 February)

WOOD Daily: CEZ CP; WIZZ LN; MBK PW; MBR PW; WPL PW; HUG PW; TEN PW; 1...

HEADLINES: • CEZ: government may try to include support for coal plants in draft gas bill NEUTRAL • Wizz Air: extends compensation agreement with PW until YE26 NEUTRAL • mBank: sees PLN 907m of FX mortgage saga costs in 4Q24E NEUTRAL • Mo-BRUK: update on increased fees in Wałbrzych for 2018 NEUTRAL • Wirtualna Polska: agrees to acquire Invia Group for c.EUR 240m POSITIVE • Huuuge Games: December bookings estimate jumps by 18% mom, to USD 13m POSITIVE • Ten Square Games: December bookings estimat...