The recent announcement of the application of trade tariffs by the Trump administration led to a sharp correction in oil prices amidst fears of an economic slowdown as a result of a full-blown trade war. We are adopting a more cautious scenario, with oil prices now expected to reach $ 67/b for 2025, $ 65/b for 2026 and $ 67/b in the longer term. Our 2025-2030 capex scenario has been lowered by 5% and our EPS expectations by 13% on average over 2025-2027, whilst our target prices have been lowere...
La récente annonce de mise en place de droits de douanes par l’administration Trump a entraîné une vive correction des cours du pétrole sur fond de crainte de ralentissement économique à la suite d’une véritable guerre commerciale. Nous adoptons un scenario plus prudent avec un baril désormais attendu respectivement à 67 $ sur2025, 65 $ 2026 et 67 $ sur le LT. Notre scénario de Capex 2025/30 a été abaissé de 5% et nos attentes de BPA de 13% en moyenne sur 2025/27 et nos OC de 10%. Nous privilégi...
Moody's Ratings (Moody's) has today upgraded Bank Millennium S.A.'s (BM) long- and short-term deposit ratings to Baa2/P-2 from Baa3/P-3 and maintained the positive outlook on the long-term deposit ratings. Further, we also upgraded the bank's Baseline Credit Assessment (BCA) to ba2 from ba3, its A...
HEADLINES: • Enea: full 4Q24 results in line with preliminaries; PLN 7.9bn capex planned in 2025E NEGATIVE • Cyfrowy Polsat: 4Q24 results review – adjusted EBITDA up 15% yoy, in line with the consensus NEUTRAL • Kruk: issues 1Q25 trading statement NEUTRAL • Aegean Airlines: 1Q25 traffic – a strong start to the year POSITIVE • Turkish Airlines: 1Q25 traffic – 4% ASK growth yoy NEUTRAL • Auto Partner: March sales growth recovers to 13% yoy, but still well below our FY expectations NEUTRAL • Bank M...
Average Brent crude oil prices were down by USD 3.5/bbl in March vs. the previous month, and OPEC+ promised to mitigate increased supply with compensatory cuts from countries above quota. The WOOD benchmark was down USD 4.0/bbl, to USD 8.0/bbl, the lowest margin since September 2024. Only fuel oil cracks improved, while crude differentials worsened. Petrochemicals continue to disappoint.
EME Equity Market – March 2025 Türkiye hammered, once again. The MSCI EM Europe Index advanced 0.5% in EUR terms and 4.5% mom in USD terms in March. The Czech PX Index was the best performer (+7.0% mom in EUR terms), followed by the Greek ASE (+4.8% mom), Polish WIG (+3.7% mom) and Hungarian BUX(+1.3% mom) indices (all in EUR terms). There was a muted performance from the Romanian BET Index (-0.1% mom in EUR terms). The Turkish ISE30 finished in the red again, declining 9.5% mom in EUR terms.
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