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)
HEADLINES: • EME Strategy: Türkiye - inflation accounting - demystifying the enigma • Greek refiners: Finance Ministry to impose an unexpected windfall tax on refiners • GEK Terna: agrees to sell Terna Energy to Masdar of Abu Dhabi • LPP: the Prosecutor’s office has opened an investigation against Hindenburg Research • Uzbekistan macro: notes from our recent trip • Short news (MTELEKOM)
HEADLINES: • OMV Petrom: strategy update • Richter: acquires Belgian BCI Pharma to identify WHC preclinical drug candidates • Bank Millennium: ends repair programme • Kruk: announces a portfolio purchase in Spain • PCF Group: Project Gemini plan agreed and content rider concluded • 11 bit studios: Creatures of Ava to be released on 7 August • Short News (ALR, PKO BP, MTELEKOM)
OMV held a capital markets day on 13 June, to update its 2030 strategy and give new targets to the market. The overall expectations for the clean operating cash flow has been increased from EUR 7.0 to EUR 7.5bn, for a clean operating profit target from EUR 6.0bn to EUR 6.5bn, and the details are different, but the broad thrust of the strategy remains the same. Inflationary pressures have increased the annual investment budget to EUR 3.8bn, from EUR 3.5bn. The upstream part of the energy segment ...
AUCTUS PUBLICATIONS ________________________________________ Chariot (CHAR LN) C: target price of £0.50 per share: High impact well offshore Morocco on track to spud in August – The FY23 financials were in line with our forecasts. The high impact Anchois East well is expected to spud in August. A drilling success could increase the size of Anchois to over 1 tcf (300 bcf net to Chariot). Our overall unrisked NAV for Anchois, including Anchois East Footwall and Anchois East North Flank, is £0.42 p...
HEADLINES: • EME Macro/Strategy: how big should the political risk premium in Europe be? • Lamda Development: 1Q24 – with the wind in its sails • BIM: strong set of results in 1Q24 POSITIVE • LPP: 1Q24 strong, as expected; FY24E guidance maintained POSITIVE • CCC: 1Q24 results in line with prelims; positive trends maintained in 2Q24 NEUTRAL • US macro: Fed pushes back on rate cuts • Jahez: announces SAR 150m real estate purchase NEUTRAL • Text: 4Q23-24E preview – 1% yoy EBITDA drop expected (due...
HEADLINES: • Ford Otosan: getting ready to fire on all cylinders (upgraded to BUY) • Czech Republic macro: May inflation moderates, to hit the low point soon • Hungary macro: May inflation up, but in line with expectations • Richter: acquires Mithra assets for an EV of EUR 175m NEUTRAL • Jumbo: turnover +10%/+8% in May/5M24 POSITIVE • OMV Petrom: to invest EUR 750m in renewable fuels at Petrobrasi refinery NEUTRAL • Short News (ALR, PKO)
HEADLINES: • Erste Bank: strong capital position, strong returns (stays BUY) • NLB Group: presentation of offer to Addiko shareholders – takeaways NEUTRAL • Wirtualna Polska: concludes conditional agreement to acquire Romanian travel e-commerce business POSITIVE • ADNOC Drilling JV increases its stake in Gordon Technologies POSITIVE • Richter: Mithra declares bankruptcy, Richter talks continue NEUTRAL • OMV: starts up co-processing biofuels plant at Schwechat refinery NEUTRAL • LPP: 1Q24E result...
We remain BUYers of Erste Bank and increase our 12M price target (PT) to EUR 57.0/share (from EUR 49.5/share), or 27% upside. We continue to consider Erste Bank a well-capitalised bank, which should offer attractive dividend/buyback returns to shareholders and keep its optionality to deliver business growth, in our view. The bank’s double-digit ROEs imply capital generation that can fund solid single-digit growth and solid dividends at the same time, with no weakening of the very strong capital ...
HEADLINES: • Europe macro: European parliamentary elections – broadly as expected • Greece macro: 1Q GDP flash estimate shows improvement • Inter Cars: May sales up by a mere 2% yoy NEGATIVE • OMV: New Zealand to lift ban on oil exploration, which may benefit the company POSITIVE • OMV Petrom: to acquire PV projects with 130 MW capacity, with partner Renovatio NEUTRAL • Short News (BHW, HUG)
HEADLINES: • Europe macro: ECB delivers cautious introductory cut • National Bank of Greece: declares EUR 0.36/share dividend, following SSM approval POSITIVE • NLB Group: publishes takeover offer to acquire Addiko Bank NEUTRAL • European oil and gas monthly: May 2024 – gas prices’ surprising comeback • Georgia Capital: in civil dispute over education investment NEGATIVE • Auto Partner: Investor Day takeaways NEUTRAL • CCC: 5.8m shares admitted to trading NEUTRAL • Romgaz: share split; new price...
HEADLINES: • NLB Group: a tale of growth and expansion (BUY - transfer of coverage) • Greek banks: SSM greenlights banks' dividend distributions POSITIVE • Poland macro: NBP extends the pause • Piraeus Financial Holdings: revises 2024E guidance up POSITIVE • Auto Partner: May sales up by a limited 7% yoy NEGATIVE • Global airlines: French ATC strikes prompt Ryanair to call on EU to take action to protect freedom of movement NEGATIVE • mBank: announces path for succession in Management Board NEUT...
In this report, we transfer coverage of NLB Group (NLB), maintaining our BUY rating, but increasing our price target (PT) significantly, to EUR 176.0 (from EUR 100.0), offering potential upside of 56%. NLB has been expanding its position in all its key markets for several years, and is now well positioned to benefit from a supportive regional macro backdrop and, in our view, further market consolidation in the region’s banking sector. Management remains very optimistic about the bank’s future an...
HEADLINES: • Türkiye macro: inflation approaches the long-awaited peak • Eurobank Ergasias Services: increases its stake in Hellenic Bank POSITIVE • Richter: stock jumps on prospect of Vraylar paediatric extension NEUTRAL • EME Macro/Strategy: CIS plus – resilient, amidst higher global uncertainty • Duna House: 1Q24 – firing on all cylinders POSITIVE • Greece macro: May brought good news, but not enough yet • Huuuge Games: May bookings estimate up 9% mom, but flat mom for both flagship games NEU...
EME Equity Market – May 2024 Turkish equities lead, in the mostly green month of May. The MSCI EM Europe Index rose by 0.7% mom in EUR terms and 1.8% mom in LCU terms in May. The Turkish ISE30 index reported the strongest performance, adding 3.6% mom in EUR terms, followed by the Romanian BET and the Czech PX (+2.7% and 2.1% mom in EUR terms, respectively). The Hungarian BUX index and the Polish WIG20 remained broadly flat (+0.4% and +0.2% mom in EUR terms, respectively); although, in LCU terms,...
HEADLINES: • Jahez: shifting up a gear (upgraded to BUY) • Ilirija d.d.: on track for another solid summer season (NOT RATED) • Ford Otosan: 1Q24 results – operating margin evolution as expected NEUTRAL • Tofas: 1Q24 results – operating performance as expected NEUTRAL • Auto Partner: 1Q24 results in line with the prelims; 34% yoy increase in logistics costs is the major concern NEUTRAL • CA Immo: 1Q24 – rents up 6% yoy lfl, more sales above book, pre-tax FFO I of EUR 26m NEUTRAL • Wirtualna Pols...
HEADLINES: • PZU: posts solid 1Q24, confirming growth trends in the non-life segment; strategy from new management update due in 4Q24E NEUTRAL • Wirtualna Polska: 1Q24 results review – adjusted EBITDA up 11% yoy, 3% above the consensus POSITIVE • Public Power Corporation: 1Q24 EBITDA jumps, but bottom line disappoints NEGATIVE • Halyk Bank: 1Q24 highlights and notes from the conference call NEUTRAL • CEZ: proposes CZK 52 DPS from the 2023 earnings NEUTRAL • KazMunayGas: Board recommends KZT 491....
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