reports
- 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
LHA 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)
Raiffeisen Research Institutional Equity Daily 01.08.2022
AT: Erste Group - Q2 net profit 11% ahead of consensus on risk costs release / 2022 outlook marginally lifted / max risk costs of 90 bps in 2022 and 85 bps in 2023 in stress scenario (positive) AT: Rosenbauer - Resignation of CEO Siegel, CFO Wolf to resume CEO position in personal union (neutral) CZ: CEZ - CEZ started withdrawal from Turkey (positive) DE: Real Estate - Q2 market data shows first increases in yields (negative) GE: Baader Bank - announces the subscription price for stock...
CEZ CEZ AS
PGN POLSKIE GORNICTWO NAFTOWE I GAZOWNICTWO SA
ROS ROSENBAUER INTERNATIONAL AG
BWB BAADER BANK AG
CAI CA IMMOBILIEN ANLAGEN AG
SPI S IMMO AG
UBS UBM DEVELOPMENT AG
WXF WARIMPEX FINANZ UND BETEILIGUNG
MOL MOL HUNGARIAN OIL & GAS PLC CLASS A
IIA IMMOFINANZ AG
ONE ONE UNITED PROPERTIES SA
Rosenbauer confirmed at HOLD, TP EUR 39 - Capital Markets Day review; ...
Digesting a weak starting quarter that was accompanied by a reduced guidance we have lowered our forecasts which lowers the TP to EUR 39 from EUR 42.5, while we affirm the HOLD rating The ambitious 2030 plans were presented in more detail at the Capital Markets Day but see little short-term catalysts. At the CMD Rosenbauer reiterated the objectives of roughly doubling its top line to EUR 2 bn and improving the EBIT margin to 7%. Having perceived Rosenbauer as a very growth-centred company in rec...
Raiffeisen Research Institutional Equity Daily 23.06.2022
AT: Lenzing - Update of corporate strategy with ambitious EBITDA 27e target of >EUR 1 bn (positive) AT: Oesterreichische Post - increasing stake in smaller Austrian subsidiary Sendhybrid (neutral) AT: Rosenbauer - Takeover of the remaining 25% stake in the American subsidiary (neutral) AT: Vienna Insurance Group - Shareholder action for annulment of all resolutions from AGM (neutral) CZ: Czechia - resolutely hikes base rate again, this time by 125bp
Raiffeisen Research Institutional Equity Daily 21.06.2022
AT: AT&S - Raised revenue and EBITDA-margin guidance (positive) AT: Banks, Real Estate - FMA imposes binding rules on mortgages (neutral) AT: Erste Group - Framework for share buyback for the purpose of transferring shares to employees, management board and/or Erste Employee Foundation (neutral) AT: Rosenbauer - Takeaways from the Capital Markets Day (neutral) CZ: CEZ - Government to propose increase and delay in dividend payment (positive) PL: PZU - Fined for delayed claims payments...
Rosenbauer Q1 22 - Weak Q1 results following yesterday's profit warnin...
Operating loss of EUR -19 mn in Q1 amid 14% sales drop Operating CF at EUR -97 mn in Q1, reaching breakeven in FY 22 will be challenging Guidance cut announced yesterday, margin seen at 1-3% Company plans realisation of cost savings of ca. EUR 22 mn in FY 22
Raiffeisen Research Institutional Equity Daily 10.05.2022
AT: Rosenbauer - Weak Q1 results following yesterday's profit warning (negative) AT: Verbund - Verbund acquired 82 MWp PV portfolio and 2,100 MW development pipeline in Spain, price tag rumoured at EUR 1 bn (neutral) CZ: CEZ - Q1 22 results a massive earnings beat, FY 22 guidance raised (positive) RO: Romgaz, OMV Petrom - Offshore Law expected to be voted on Wednesday by the Senate (neutral)
Rosenbauer Company News - Guidance cut
FY 22 top line target reduced to approx. EUR 1 bn from above EUR 1 bn EBIT margin objective cut to 1-3% from prior ambition of stable margin of ~3.6% Q1 22 results will be released tomorrow morning We have already been below the former guidance but the new margin target heralds further downside to RBIe
Raiffeisen Research Institutional Equity Daily 02.05.2022
AT: Rosenbauer - Stake in its American subsidiary increased by 25% to 75% as flagged (neutral) CZ: CTP - Convenes EGM to vote on DIR merger and hive-down proceedings (neutral) HR: Podravka - Published Q1 22 results come above RBIe (positive) HR: Valamar Riviera - Published Q1 22 sales ahead of RBIe (neutral) PL: PGNiG - Strong Q1 preliminary earnings on higher oil and gas prices and significantly lower losses from gas trading (positive) RO: Fondul Proprietatea - Fondul will be able ...
Rosenbauer confirmed at HOLD, TP EUR 42.5 - Headwinds to stay strong i...
We believe that Rosenbauers FY 22 guidance of revenues > EUR 1 bn and a stable operating margin could pan out too optimistic We project a further 50 bps margin contraction to 3.1% amid stable sales. Chassis supplies in Europe are a particular area of concern In response to the severe problems with missing materials/parts Rosenbauer announced the introduction of short-time work at the production facilities in Leonding On June 20, Rosenbauer will host its CMD where management will present details...
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