reports
- Adrian Pehl
GBF BILFINGER SE
GYC GRAND CITY PROPERTIES SA
BEN BENETEAU SA
TPE PVA TEPLA AG
TRI TRIGANO SA
MBB MBB INDUSTRIES SE
MTELEKOM MAGYAR TELEKOM TELECOMMUNICATIONS
ROS ROSENBAUER INTERNATIONAL AG
INH INDUS HOLDING AG
SIX2 SIXT SE
CWC CEWE STIFTUNG & CO KGAA
SEM SEMPERIT HOLDING AG
DLG DE'LONGHI S.P.A.
PAT PATRIZIA AG
JEN JENOPTIK AG
CLA CLARANOVA SE
KTA KNAUS TABBERT
DEME DEME GROUP NV
TUI TUI AG
SHUR SHURGARD SELF STORAGE LIMITED
R3NK RENK GROUP AG
HBX HBX GROUP INTERNATIONAL PLC
- Adrian Pehl
GBF BILFINGER SE
GYC GRAND CITY PROPERTIES SA
BEN BENETEAU SA
TPE PVA TEPLA AG
TRI TRIGANO SA
MBB MBB INDUSTRIES SE
MTELEKOM MAGYAR TELEKOM TELECOMMUNICATIONS
ROS ROSENBAUER INTERNATIONAL AG
INH INDUS HOLDING AG
SIX2 SIXT SE
CWC CEWE STIFTUNG & CO KGAA
SEM SEMPERIT HOLDING AG
DLG DE'LONGHI S.P.A.
PAT PATRIZIA AG
JEN JENOPTIK AG
CLA CLARANOVA SE
KTA KNAUS TABBERT
DEME DEME GROUP NV
TUI TUI AG
SHUR SHURGARD SELF STORAGE LIMITED
R3NK RENK GROUP AG
HBX HBX GROUP INTERNATIONAL PLC
- Markus Remis
- Stefano Toffano
- Thomas Zlowodzki
TKA THYSSENKRUPP AG
MT ARCELORMITTAL SA
BEKB BEKAERT SA
DGE DIAGEO PLC
AAL ANGLO AMERICAN PLC
APAML APERAM SA
OUT1V OUTOKUMPU OYJ
RI PERNOD RICARD SA
SSAB A SSAB AB CLASS A
RCO REMY COINTREAU SA
CEN GROUPE CRIT SA
IDL ID LOGISTICS GROUP
SDG SYNERGIE SA
SBS STRATEC SE
GYC GRAND CITY PROPERTIES SA
POM PLASTIC OMNIUM SE
SCR SCOR SE
SZG SALZGITTER AG
ITP INTERPARFUMS
AUB AUBAY SA
FNAC FNAC DARTY SA
VNA VONOVIA SE
VOE VOESTALPINE AG
ACX ACERINOX SA
MBB MBB INDUSTRIES SE
BB SOCIETE BIC SA
ERA ERAMET SA
ROS ROSENBAUER INTERNATIONAL AG
VRNL VERNEUIL PARTICIPATIONS
CTAC CTAC N.V.
NDA AURUBIS AG
TPS ORANGE POLSKA S.A.
TEG TAG IMMOBILIEN AG
SESL SES-IMAGOTAG SA
AMG AMG ADVANCED METALLURGICAL GROUP N.V.
LEG LEG IMMOBILIEN AG
PYT POLYTEC HOLDING
CSM CORBION NV
WLN WORLDLINE SA
COFA COFACE SA
GLPG GALAPAGOS NV
RIO RIO TINTO PLC
XFAB X-FAB SILICON FOUNDRIES SE
BHP BHP GROUP LTD
AMAG AMAG AUSTRIA METALL AG
VOS VOSSLOH AG
VRLA VERALLIA SAS
CPR DAVIDE CAMPARI-MILANO N.V.
FUR FUGRO NV
AZE AZELIS GROUP NV
SPM SAIPEM S.P.A.
FLOW FLOW TRADERS LTD
- Stefano Toffano
- Thomas Zlowodzki
TKA THYSSENKRUPP AG
MT ARCELORMITTAL SA
BEKB BEKAERT SA
DGE DIAGEO PLC
AAL ANGLO AMERICAN PLC
APAML APERAM SA
OUT1V OUTOKUMPU OYJ
RI PERNOD RICARD SA
SSAB A SSAB AB CLASS A
RCO REMY COINTREAU SA
CEN GROUPE CRIT SA
IDL ID LOGISTICS GROUP
SDG SYNERGIE SA
SBS STRATEC SE
GYC GRAND CITY PROPERTIES SA
POM PLASTIC OMNIUM SE
SCR SCOR SE
SZG SALZGITTER AG
ITP INTERPARFUMS
AUB AUBAY SA
FNAC FNAC DARTY SA
VNA VONOVIA SE
VOE VOESTALPINE AG
ACX ACERINOX SA
MBB MBB INDUSTRIES SE
BB SOCIETE BIC SA
ERA ERAMET SA
ROS ROSENBAUER INTERNATIONAL AG
VRNL VERNEUIL PARTICIPATIONS
CTAC CTAC N.V.
NDA AURUBIS AG
TPS ORANGE POLSKA S.A.
TEG TAG IMMOBILIEN AG
SESL SES-IMAGOTAG SA
AMG AMG ADVANCED METALLURGICAL GROUP N.V.
LEG LEG IMMOBILIEN AG
PYT POLYTEC HOLDING
CSM CORBION NV
WLN WORLDLINE SA
COFA COFACE SA
GLPG GALAPAGOS NV
RIO RIO TINTO PLC
XFAB X-FAB SILICON FOUNDRIES SE
BHP BHP GROUP LTD
AMAG AMAG AUSTRIA METALL AG
VOS VOSSLOH AG
VRLA VERALLIA SAS
CPR DAVIDE CAMPARI-MILANO N.V.
FUR FUGRO NV
AZE AZELIS GROUP NV
SPM SAIPEM S.P.A.
FLOW FLOW TRADERS LTD
- Markus Remis
Rosenbauer : From double turnaround to value creation
Rosenbauer is emancipating itself from an operational and financial turnaround story to an earnings and margin growth centric case, in our view. After the completion of the capital increase, we expect the management around new CEO Robert Ottel to focus on realising the self-help potential in terms of operations and working capital efficiency. Against this backdrop, we forecast a return to value-creating territory. A record order backlog and a compelling end-market outlook combined with streamlin...
- Julian Dobrovolschi
TKA THYSSENKRUPP AG
MT ARCELORMITTAL SA
BEKB BEKAERT SA
ALLIX WALLIX GROUP SA
DB1 DEUTSCHE BOERSE AG
AAL ANGLO AMERICAN PLC
APAML APERAM SA
OUT1V OUTOKUMPU OYJ
SSAB A SSAB AB CLASS A
MF WENDEL SE
LSEG LONDON STOCK EXCHANGE GROUP PLC
LEI LEIFHEIT AG
SZG SALZGITTER AG
GXI GERRESHEIMER AG
EKI EKINOPS SA
RF EURAZEO SA
ALCLS CELLECTIS SA
VOE VOESTALPINE AG
ACX ACERINOX SA
A1XA4J CARBIOS SA
ERA ERAMET SA
POS PORR AG
ROS ROSENBAUER INTERNATIONAL AG
NDA AURUBIS AG
KRN KRONES AG
PAT PATRIZIA AG
AMG AMG ADVANCED METALLURGICAL GROUP N.V.
RIO RIO TINTO PLC
TKO TIKEHAU CAPITAL SCA
BHP BHP GROUP LTD
AMAG AMAG AUSTRIA METALL AG
ANTIN ANTIN INFRASTRUCTURE PARTNERS
ALLFG ALLFUNDS (UK) LTD
FLOW FLOW TRADERS LTD
SCHOTT PHARMA AG
CVC CVC CAPITAL PARTNERS PLC
HAVAS HAVAS N.V
- Julian Dobrovolschi
TKA THYSSENKRUPP AG
MT ARCELORMITTAL SA
BEKB BEKAERT SA
ALLIX WALLIX GROUP SA
DB1 DEUTSCHE BOERSE AG
AAL ANGLO AMERICAN PLC
APAML APERAM SA
OUT1V OUTOKUMPU OYJ
SSAB A SSAB AB CLASS A
MF WENDEL SE
LSEG LONDON STOCK EXCHANGE GROUP PLC
LEI LEIFHEIT AG
SZG SALZGITTER AG
GXI GERRESHEIMER AG
EKI EKINOPS SA
RF EURAZEO SA
ALCLS CELLECTIS SA
VOE VOESTALPINE AG
ACX ACERINOX SA
A1XA4J CARBIOS SA
ERA ERAMET SA
POS PORR AG
ROS ROSENBAUER INTERNATIONAL AG
NDA AURUBIS AG
KRN KRONES AG
PAT PATRIZIA AG
AMG AMG ADVANCED METALLURGICAL GROUP N.V.
RIO RIO TINTO PLC
TKO TIKEHAU CAPITAL SCA
BHP BHP GROUP LTD
AMAG AMAG AUSTRIA METALL AG
ANTIN ANTIN INFRASTRUCTURE PARTNERS
ALLFG ALLFUNDS (UK) LTD
FLOW FLOW TRADERS LTD
SCHOTT PHARMA AG
CVC CVC CAPITAL PARTNERS PLC
HAVAS HAVAS N.V
- Markus Remis
- Usama Tariq
GTT GAZTRANSPORT & TECHNIGAZ SA
LEI LEIFHEIT AG
POM PLASTIC OMNIUM SE
ISS ISS A/S
ATE ALTEN SA
COR CORTICEIRA AMORIM SGPS SA
ROS ROSENBAUER INTERNATIONAL AG
HEIJM HEIJMANS N.V. CERT
MBWS
KRN MARIE BRIZARD WINE & SPIRITS SA
KENDR KRONES AG
BRNL KENDRION NV
TWEKA BRUNEL INTERNATIONAL N.V.
POSR TKH GROUP N.V. CERT
COFA POZAVAROVALNICA SAVA
TKO COFACE SA
NKT TIKEHAU CAPITAL SCA
HFG NKT A/S
TMV HELLOFRESH SE
CABKA TEAMVIEWER AG
FLOW CABKA N.V.
FLOW TRADERS LTD
- Markus Remis
- Markus Remis
- Stephane Houri
PEO BANK POLSKA KASA OPIEKI SA
TKA TELEKOM AUSTRIA AG
EBS ERSTE GROUP BANK AG
CEZ CEZ AS
UNIQA INSURANCE GROUP AG
EVN EVN AG
MMK MAYR-MELNHOF KARTON AG
ZVTG ZAVAROVALNICA TRIGLAV D.D.
CDR CD PROJEKT S.A.
OMV OMV AG
PKO PKO BANK POLSKI S.A.
KOMB KOMERCNI BANKA A.S.
VOE VOESTALPINE AG
WIZZ WIZZ AIR HOLDINGS PLC
PZU POWSZECHNY ZAKLAD UBEZPIECZEN SPOLKA AKCYJNA
VER VERBUND AG CLASS A
SPL SANTANDER BANK POLSKA SA
POS PORR AG
MIL BANK MILLENNIUM SA
LNZ LENZING AG
MTELEKOM MAGYAR TELEKOM TELECOMMUNICATIONS
ROS ROSENBAUER INTERNATIONAL AG
TPS ORANGE POLSKA S.A.
CAI CA IMMOBILIEN ANLAGEN AG
PAL PALFINGER AG
WIE WIENERBERGER AG
ATS AT & S AUSTRIA TECHNOLOGIE & SYSTEMTECHNIK AKTIENGESELLSCHAFT
SEM SEMPERIT HOLDING AG
PKN POLSKI KONCERN NAFTOWY ORLEN S.A.
LPP LPP S.A.
SBO SCHOELLER-BLECKMANN OILFIELD EQUIPMENT AG
UBS UBM DEVELOPMENT AG
CCC CCC SA
KTCG KAPSCH TRAFFICCOM
OTP OTP BANK NYRT
EUR EUROCASH S.A.
VIG VIENNA INSURANCE GROUP AG WIENER VERSICHERUNG GRUPPE
PYT POLYTEC HOLDING
ZAG ZUMTOBEL GROUP AG
POST OSTERREICHISCHE POST AG
ANDR ANDRITZ AG
STR STRABAG SE
POSR POZAVAROVALNICA SAVA
11B 11 BIT STUDIOS S.A.
ALR ALIOR BANK SA
FLU FLUGHAFEN WIEN AG
FACC FACC AG
BRD BRD-GROUPE SOCIETE GENERALE
TLV BANCA TRANSILVANIA S.A.
SNG SOCIETATEA NATIONALA DE GAZE NATURALE ROMGAZ SA
SNP PETROM S.A.
DIGI DIGI COMMUNICATIONS NV
MOL MOL HUNGARIAN OIL & GAS PLC CLASS A
BG BAWAG GROUP AG
IMP IMPACT DEVELOPER & CONTRACTOR S.A.
DNP DINO POLSKA S.A.
AMAG AMAG AUSTRIA METALL AG
SFG SPHERA FRANCHISE GROUP SA
AGR AGRANA BETEILIGUNGS-AG
EAT AMREST HOLDINGS SE
FQT FREQUENTIS AG WIENER
NLBR NOVA LJUBLJANSKA BANKA DD LJUBLJANA
ALG ALLEGRO.EU SA
INPST INPOST S.A.
ANR ANSWEAR.COM
ONE ONE UNITED PROPERTIES SA
ACAG AUSTRIACARD HOLDINGS AG
AMS AMS-OSRAM AG
- Ahmed Ben Salem
- Marc Lavaud
- Thomas Zlowodzki
- Youssef Besbes
UBI UBISOFT ENTERTAINMENT SA
TKA THYSSENKRUPP AG
EQNR EQUINOR ASA
ETL EUTELSAT COMMUNICATIONS SA
GALP GALP ENERGIA SGPS SA CLASS B
OUT1V OUTOKUMPU OYJ
TFI TELEVISION FRANCAISE 1 SA
UTDI UNITED INTERNET AG
BLC BASTIDE LE CONFORT MEDICAL SA
LSS LECTRA SA
ENI ENI S.P.A.
ERA ERAMET SA
REP REPSOL SA
ROS ROSENBAUER INTERNATIONAL AG
NVG NAVIGATOR COMPANY SA
DKG DEUTSCHE KONSUM REIT-AG
ECONT ECONOCOM GROUP SE CLASS D
BP. BP P.L.C.
UMI UMICORE
SANT S&T AG
TE TECHNIP ENERGIES NV
SHEL SHELL PLC
ALHG LOUIS HACHETTE GROUP
- Ahmed Ben Salem
- Marc Lavaud
- Thomas Zlowodzki
- Youssef Besbes
UBI UBISOFT ENTERTAINMENT SA
TKA THYSSENKRUPP AG
EQNR EQUINOR ASA
ETL EUTELSAT COMMUNICATIONS SA
GALP GALP ENERGIA SGPS SA CLASS B
OUT1V OUTOKUMPU OYJ
TFI TELEVISION FRANCAISE 1 SA
UTDI UNITED INTERNET AG
BLC BASTIDE LE CONFORT MEDICAL SA
LSS LECTRA SA
ENI ENI S.P.A.
ERA ERAMET SA
REP REPSOL SA
ROS ROSENBAUER INTERNATIONAL AG
NVG NAVIGATOR COMPANY SA
DKG DEUTSCHE KONSUM REIT-AG
ECONT ECONOCOM GROUP SE CLASS D
BP. BP P.L.C.
UMI UMICORE
SANT S&T AG
TE TECHNIP ENERGIES NV
SHEL SHELL PLC
ALHG LOUIS HACHETTE GROUP
- Markus Remis
- Bruno Cavalier
- Christophe-Raphaël Ganet
- Markus Remis
- Stephane Houri
LUFTHANSA DEUTSCHE LUFTHANSA AKTIENGESELLSCHAFT
AAL ANGLO AMERICAN PLC
MC LVMH MOET HENNESSY LOUIS VUITTON SE
TKA TELEKOM AUSTRIA AG
RI PERNOD RICARD SA
UHR SWATCH GROUP LTD. BEARER
RMS HERMES INTERNATIONAL SCA
EBS ERSTE GROUP BANK AG
CEZ CEZ AS
UNIQA INSURANCE GROUP AG
EVN EVN AG
MMK MAYR-MELNHOF KARTON AG
ZVTG ZAVAROVALNICA TRIGLAV D.D.
CDR CD PROJEKT S.A.
EL ESSILORLUXOTTICA SA
OMV OMV AG
PKO PKO BANK POLSKI S.A.
KOMB KOMERCNI BANKA A.S.
IAG INTERNATIONAL CONSOLIDATED AIRLINES GROUP SA
BRBY BURBERRY GROUP PLC
KER KERING SA
VOE VOESTALPINE AG
WIZZ WIZZ AIR HOLDINGS PLC
PZU POWSZECHNY ZAKLAD UBEZPIECZEN SPOLKA AKCYJNA
BAS BASF SE
VER VERBUND AG CLASS A
EZJ EASYJET PLC
RY4C RYANAIR HOLDINGS PLC
SPL SANTANDER BANK POLSKA SA
01913 PRADA S.P.A.
POS PORR AG
MIL BANK MILLENNIUM SA
LNZ LENZING AG
MTELEKOM MAGYAR TELEKOM TELECOMMUNICATIONS
ROS ROSENBAUER INTERNATIONAL AG
TPS ORANGE POLSKA S.A.
CAI CA IMMOBILIEN ANLAGEN AG
PAL PALFINGER AG
WIE WIENERBERGER AG
ATS AT & S AUSTRIA TECHNOLOGIE & SYSTEMTECHNIK AKTIENGESELLSCHAFT
SEM SEMPERIT HOLDING AG
PKN POLSKI KONCERN NAFTOWY ORLEN S.A.
LPP LPP S.A.
SBO SCHOELLER-BLECKMANN OILFIELD EQUIPMENT AG
UBS UBM DEVELOPMENT AG
CCC CCC SA
KTCG KAPSCH TRAFFICCOM
MONC MONCLER SPA
INW INFRASTRUTTURE WIRELESS ITALIANE S.P.A.
TIT TELECOM ITALIA S.P.A.
EUR EUROCASH S.A.
VIG VIENNA INSURANCE GROUP AG WIENER VERSICHERUNG GRUPPE
PYT POLYTEC HOLDING
ZAG ZUMTOBEL GROUP AG
POST OSTERREICHISCHE POST AG
ANDR ANDRITZ AG
STR STRABAG SE
POSR POZAVAROVALNICA SAVA
11B 11 BIT STUDIOS S.A.
BC BRUNELLO CUCINELLI S.P.A.
ALR ALIOR BANK SA
CFR COMPAGNIE FINANCIERE RICHEMONT SA
FLU FLUGHAFEN WIEN AG
FACC FACC AG
CLNX CELLNEX TELECOM S.A.
BRD BRD-GROUPE SOCIETE GENERALE
TLV BANCA TRANSILVANIA S.A.
SNG SOCIETATEA NATIONALA DE GAZE NATURALE ROMGAZ SA
SNP PETROM S.A.
DIGI DIGI COMMUNICATIONS NV
MOL MOL HUNGARIAN OIL & GAS PLC CLASS A
BG BAWAG GROUP AG
IMP IMPACT DEVELOPER & CONTRACTOR S.A.
DNP DINO POLSKA S.A.
AMAG AMAG AUSTRIA METALL AG
SFG SPHERA FRANCHISE GROUP SA
AGR AGRANA BETEILIGUNGS-AG
EAT AMREST HOLDINGS SE
FQT FREQUENTIS AG WIENER
NLBR NOVA LJUBLJANSKA BANKA DD LJUBLJANA
ALG ALLEGRO.EU SA
INPST INPOST S.A.
ANR ANSWEAR.COM
ONE ONE UNITED PROPERTIES SA
P911 DR. ING. H.C. F. PORSCHE AKTIENGESELLSCHAFT
ACAG AUSTRIACARD HOLDINGS AG
AF AIR FRANCE - KLM
AMS AMS-OSRAM AG
Rosenbauer confirmed at HOLD, TP EUR 38 - Model update: Cutting FY 22 ...
We maintain the HOLD recommendation but tweak the target price to EUR 38 from EUR 39 We project break-even EBIT (guidance: positive EBIT) and a net loss for FY 22e. We think a dividend omission is well possible Given several guidance revisions in the last two years, a track record needs to be restored. We think there is reason to believe that next year could mark a turning point Apart from a certain relief from retreated material costs and less strained supply chains as well as the non-recurrenc...
Raiffeisen Research Institutional Equity Daily 15.11.2022
AT: Rosenbauer - Operating loss in Q3 amplified by restructuring costs, unchanged FY guidance of sales of ca. EUR 1 bn and positive EBIT requires major earnings uptick in Q4 (neutral) AT: Vienna Insurance Group - Strong earnings driven by underwriting and investment performance (neutral) DE: Encavis - Q3 22 above RBIe and consensus without EUR 30 mn provision for potential government revenue skimming, guidance confirmed (neutral) RO: Conpet - Q3 22 net profit up by 27% yoy, on the back o...
Rosenbauer Q2 22 - Operating loss in line, FY earnings outlook more ca...
Despite higher than assumed sales of EUR 253 mn, operating loss of EUR -4.5 mn met RBIe Backlog increase to EUR 1.33 bn as main positive factor Highest H1 operating cash burn on record FY 22 sales target of ca. EUR 1 bn confirmed but EBIT outlook of positive EBIT as opposed to margin of 1-3% sounds more cautious
Raiffeisen Research Institutional Equity Daily 12.08.2022
MSCI August Index Review - No changes in constituents in our coverage universe AT: Rosenbauer - Operating loss in Q2 in line with RBIe despite much stronger sales, strong order intake, FY earnings outlook more cautious (negative) RO: Digi Communications - Q2 22 net profit from operations of EUR 3.5 mn due to higher operating expenses (negative) RO: Romgaz - Net profit of RON 746 mn on the back of strong gas prices (neutral) SI: NLB Group - Q2 22 conference call highlights (positive)
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