Two Directors at Gek Terna S.A. sold 90,000 shares at 16.600EUR. The significance rating of the trade was 100/100. 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 clearly...
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)
On 20 June, GEK Terna announced the long-rumoured sale of 36.59%-owned Terna Energy (TENERGY) to Masdar, the United Arab Emirates green energy vehicle, at EUR 20.0/share. Following the deal, Masdar will launch a mandatory public offer to acquire the minorities, also at EUR 20.0/share, with the whole process expected to be concluded towards the year end. The deal implies an EV/EBITDA multiple of about 16x on our 2024E estimates, but leaving aside the crystallisation of value, the sale makes stron...
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: • 11 bit studios: awaiting a major boost in 3Q24E (upgraded to BUY) • CEZ: no counter-proposal from the State on the CZK 52/share dividend • GEK Terna: close of Attiki Odos deal delayed, rather as expected • Bank Pekao/PZU: press speculation that Luminor Bank is being offered to Polish financial institutions
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: • Brisa: FY24 headwinds from softer yoy domestic demand and rising input costs NEUTRAL • GEK Terna: 1Q24 earnings expectedly solid, mainly on strength in RES NEUTRAL • Telecom Egypt: 1Q24 conference call takeaways • Al Arabia Outdoor Advertising: announces Board’s recommendation to increase capital by 10% through bonus issue NEUTRAL • Al Arabia Outdoor Advertising: Faden Media signs three previously-awarded contracts POSITIVE
EME Equity Market – April 2023 Market performance – in the black across all geographies, except for Turkey. The MSCI EM Europe Index gained 3.4% mom in EUR terms and 4.9% mom in USD in April. The Polish WIG20 Index saw the biggest gains (+11.5% mom in EUR terms), followed by the Hungarian BUX Index (+7.8% mom in EUR terms) and the Greek ASE Index (+2.9% mom in EUR terms). More muted performances were witnessed in the Czech PX Index and Romanian BET Index, both adding 1.7% mom in EUR terms for th...
HEADLINES: • mBank: bottom-line miss due to costs, but opportunity to BUY NEGATIVE • Erste Bank: books strong 1Q23 results, ahead of expectations, tweaks up FY23E guidance POSITIVE • Bank Millennium: neutral 1Q23 results - profit reported, capital still needs time to recover NEUTRAL • Otokar: 1Q23 results - miss on EBITDA and net income levels NEGATIVE • Tekfen Holding: weak 1Q23 results, due to margin hit in chemicals and one-off tax charge NEGATIVE • Garanti: 1Q23 highlights - better than expe...
HEADLINES: • GEK Terna: buy now, get paid later (stays BUY) • Romania macro: NBR on a prolonged pause • European oil and gas Monthly: March 2023 • Inter Cars: Samar raises its Polish 2023E new passenger car registrations forecast to 435k NEUTRAL • DataWalk: key takeaways from an interview with the CEO NEUTRAL • Grupa Pracuj: key takeaways from the 4Q22 earnings call NEUTRAL • LiveChat: key takeaways from the 4Q22-23 (CY 1Q23) earnings call NEUTRAL • Shoper: 2002 earnings call takeaways NEUTRA...
We have updated our estimates for GEK Terna Group and calculated the anticipated dividend stream of the parent company from its concession portfolio, renewables arm (Terna Energy) and power segment. The Group is involved in major infrastructure projects in Greece, with the latest addition being Egnatia Odos (where it is the preferred bidder), the largest motorway domestically, which should provide noteworthy dividends in the medium term, in our view. To value GEK Terna we use a sum-of-the-parts ...
We have updated our estimates for GEK Terna Group and calculated the anticipated dividend stream of the parent company from its concession portfolio, renewables arm (Terna Energy) and power segment. The Group is involved in major infrastructure projects in Greece, with the latest addition being Egnatia Odos (where it is the preferred bidder), the largest motorway domestically, which should provide noteworthy dividends in the medium term, in our view. To value GEK Terna we use a sum-of-the-parts ...
Greece posted a solid 2022, with another year of strong GDP recovery (+5%), stable politics and a positive performance for the benchmark ASE Index (+4%), despite the negative global backdrop. Looking into 2023E, the key tailwinds are a stronger local macro outlook, a potential upgrade to investment grade status, the possible return of dividends from the banking sector, and continued earnings upgrades from corporates. The key headwinds are the volatility that could be created during a prolonged e...
EME Equity Market – October 2022 Market performance – in a positive month across the board, Turkey outperforms yet again. The MSCI EM Europe Index advanced by 12.7% mom in EUR terms and 14.4% mom in USD. The ISE30 was, once again, the best-performing index in our coverage, adding 23.4% mom in EUR terms and 25.2% in local currency terms. All the other indices recorded positive performances as well, with the WIG (+14.8% EUR / 11.5% lcl), the BUX (+11.4% EUR / 8.5% lcl) and the ASE (+10.3% EUR) del...
HEADLINES: • Dom Development: slower sales and lower margins (downgraded to HOLD) • Komercni Banka: management proposes to pay extra CZK 55.5 DPS by the year-end POSITIVE • LiveChat Software: 2Q22-23 (calendar 3Q22) preliminary results - USD 15.5m sales (+8% yoy, +2% qoq) NEUTRAL • GEK Terna: 1H22 results review - stable cash flow generation • GEK Terna: 1H22 conference call highlights • Halkbank: US judges take up bank's appeal against lower court decision • Benefit Systems: strong end-3Q22...
EME Equity Market – September 2022 Market performance – in a rough month for the markets, Turkey emerges as the top-performing region, once again. The MSCI EM Europe Index declined 8.3% mom in EUR terms and 10.7% mom in USD in September; while the ISE index outperformed all the other indices once again, but with a muted performance this time, adding just 1.0% mom in EUR terms and 0.1% in local currency terms. All the other indices recorded negative performances, with the Czech PX Index losing 4....
GEK Terna has reported a solid set of 1H22 results. The group maintains its leading industry position in construction/concession and RES generation, demonstrating a rather stable cash flow profile. GEK Terna is engaged in investments across the board, with its construction backlog reaching EUR 4.9bn and its imminent RES pipeline close to 1.2GW. In the concessions division, the group has secured long maturity contracts, with major projects (Hellinikon, Kasteli airport) starting to contribute in 2...
HEADLINES: • Romanian oil and gas: value from the deep (OMV Petrom and Romgaz stay BUY - transfer of coverage) • AD Plastik: out-of-luck hero (stays HOLD) • Wirtualna Polska: acquires Szallas Group for EUR 82m POSITIVE • GEK Terna: signs land agreement with Lamda for Hellinikon • Short News (PPC)
HEADLINES: • Polish Banks: conditional BUYing opportunity (PKO BP, Bank Pekao, Santander BP, mBank, ING BSK, Bank Millennium, Alior Bank, Bank Handlowy) • Kety: 2Q22 preliminary EBITDA beats consensus, 2022E forecasts hiked POSITIVE • Poland macro: inflection point • Czech Republic macro: last of the outsized rate hikes • CEZ: PM Fiala presents support for energy consumers and comments on energy market transformation POSITIVE • Public Power Corporation: may receive PSO payment, regulator to d...
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