reports
- Research Team
The Rear-View Mirror – EME markets: only the Czech Republic in the bla...
EME Equity Market – October 2024 A red October for the EME indices, only Czechia in positive territory. The MSCI EM Europe Index declined by 6.0% in EUR terms and 8.4% in USD terms in October. The Czech PX index was the only one spared, adding 1.3% mom in EUR terms. Türkiye was battered the most, with the Turkish ISE30 declining by 7.3% mom in EUR terms, followed closely by the Polish WIG20 (-6.7% mom in EUR terms). Greece fell 4.8% mom in EUR terms, while the Hungarian BUX index lost 2.7% mom i...
JMT JERONIMO MARTINS SGPS S.A.
OPAP GREEK ORGANISATION OF FOOTBALL PROGNOSTICS SA
KRU KRUK S.A.
EBS ERSTE GROUP BANK AG
CEZ CEZ AS
ACP ASSECO POLAND SA
HTO HELLENIC TELECOMMUNICATIONS ORGANIZATION SA
CDR CD PROJEKT S.A.
RBI RAIFFEISEN BANK INTERNATIONAL AG
OMV OMV AG
PKO PKO BANK POLSKI S.A.
KOMB KOMERCNI BANKA A.S.
ALK ALKALOID AD SKOPJE
BIMAS BIM BIRLESIK MAGAZALAR A.S.
WIZZ WIZZ AIR HOLDINGS PLC
SPL SANTANDER BANK POLSKA SA
MIL BANK MILLENNIUM SA
BSK ING BANK SLASKI S.A.
BDX BUDIMEX S.A.
GEKTERNA GEK TERNA
KTY GRUPA KETY SA
TPS ORANGE POLSKA S.A.
CAI CA IMMOBILIEN ANLAGEN AG
MYTIL MYTILINEOS S.A.
SAR GR. SARANTIS S.A.
LPP LPP S.A.
AKCNS AKCANSA CIMENTO
ASELS ASELSAN ELEKTRONIK SANAYI VE TICARET A.S. CLASS B
CIMSA CIMENTO SANYAI VE TICARET A.S.
CCC CCC SA
2310 SAHARA INTERNATIONAL PETROCHEMICAL COMPANY
DOM DOM DEVELOPMENT SA
AEGN AEGEAN AIRLINES SA
MGROS MIGROS TICARET A.S
ARCLK ARCELIK A.S.
OTKAR OTOKAR OTOMOTIV VE SAVUNMA SANAYI A.S.
EUR EUROCASH S.A.
GSPARK GRAPHISOFT PARK SE
ALR ALIOR BANK SA
OTOEL AUTOHELLAS S.A.
WPL WIRTUALNA POLSKA HOLDING SA
SAB1L SIAULIU BANKAS
BRD BRD-GROUPE SOCIETE GENERALE
MONET MONETA MONEY BANK AS
SNP PETROM S.A.
TOFAS TOFAS TURK OTOMOBIL FABRIKASI A.S.
DNP DINO POLSKA S.A.
RICHT RICHTER
R22 R22
MCOV B MEDICOVER AB
ADNOCDIST ADNOC DISTRIBUTION PJSC
CGEO GEORGIA CAPITAL
SOKM SOK MARKETLER TICARET AS
KAP NATIONAL ATOMIC COMPANY KAZATOMPROM
ALG ALLEGRO.EU SA
KSPI KASPI KZ
INPST INPOST S.A.
WPS W.A.G PAYMENT SOLUTIONS PLC
ADNOCDRILL ADNOC DRILLING CO
7202 ARABIAN INTERNET & COMMUNICATIONS SERVICES CO
ELPE HELLENIQ ENERGY
4071 ARABIAN CONTRACTING SERVICES CO
AIRA AIR ASTANA JSC
GEV GEVORKYAN A.S.
- Research Team
WOOD Daily: MONET CP; ALR PW; OPL PW; KTY PW; CEZ CP; WPS LN; GE Macro...
HEADLINES: • MONETA Money Bank: solid, good, 3Q24 results in line with expectations NEUTRAL • Alior Bank: 3Q24 in line, but we may be at the peak NEUTRAL • Orange Polska: 3Q24 results – EBITDAaL up 3% yoy, 2% above consensus on one-offs; EBITDAaL excluding one-offs in line; 2024E guidance reiterated NEUTRAL • Kety: full 3Q24 results below preliminaries NEGATIVE • CEZ: Babis promoting a buyout of the CEZ minorities POSITIVE • Eurowag: solid 3Q24 trading update POSITIVE • Georgia macro: NBG keeps ...
- Research Team
WOOD Daily: ASELS TI; KTY PW; KAP LI; SHO PW; MIL PW; BHW PW; VRC PW; ...
HEADLINES: • Aselsan: 3Q24 results – top-down small beat POSITIVE • Kety: wants to increase its share in the French market NEUTRAL • Kazatomprom: EGM announced to ratify a Chinese contract NEUTRAL • Shoper: 24% yoy growth expected in 3Q24E adjusted EBITDA (due on 24 October) • Bank Millennium: 3Q24E preview (due on 29 October) • Bank Handlowy: 3Q24E preview (due on 13 November) • Vercom: 3Q24E results preview – 29% yoy adjusted EBITDA growth (due on 13 November) • CD Projekt: 3Q24E EBITDA up 35%...
- Research Team
The Rear-View Mirror – EME markets: Greece rebounds, elsewhere mostly ...
EME Equity Market - September 2024 EME indices mostly in the red in September; rebound in Greece. The MSCI EM Europe Index declined 2.0% in EUR terms and 1.1% in USD terms in September. The Greek ASE Index was the best performer in our region, advancing 1.4% mom in EUR terms. Muted performances were seen in Czechia and Hungary (+0.3% and +0.2% mom, respectively in EUR terms), with declines in Poland, Romania and Turkey (-3.6%, -2.9% and -1.5% mom, respectively in EUR terms).
PEO BANK POLSKA KASA OPIEKI SA
OPAP GREEK ORGANISATION OF FOOTBALL PROGNOSTICS SA
KRU KRUK S.A.
MOL MOL NYRT
CEZ CEZ AS
CDR CD PROJEKT S.A.
RBI RAIFFEISEN BANK INTERNATIONAL AG
BIMAS BIM BIRLESIK MAGAZALAR A.S.
WIZZ WIZZ AIR HOLDINGS PLC
PZU POWSZECHNY ZAKLAD UBEZPIECZEN SPOLKA AKCYJNA
SPL SANTANDER BANK POLSKA SA
BSK ING BANK SLASKI S.A.
LAMDA LAMDA DEVELOPMENT S.A.
GEKTERNA GEK TERNA
KTY GRUPA KETY SA
PKN POLSKI KONCERN NAFTOWY ORLEN S.A.
SAR GR. SARANTIS S.A.
LPP LPP S.A.
ASELS ASELSAN ELEKTRONIK SANAYI VE TICARET A.S. CLASS B
CIMSA CIMENTO SANYAI VE TICARET A.S.
LOGO LOGO YAZILIM SANAYI VE TICARET A.S.
CCC CCC SA
CCOLA COCA-COLA ICECEK A.S.
AEGN AEGEAN AIRLINES SA
PGSUS.E PEGASUS HAVA TASIMACILIGI AS
APR AUTO PARTNER SA
PPC PUBLIC POWER CORPORATION S.A.
CAR INTER CARS S.A.
ARCLK ARCELIK A.S.
ECH ECHO INVESTMENT
CPS CYFROWY POLSAT SA
MBR MO-BRUK S.A.
11B 11 BIT STUDIOS S.A.
OTOEL AUTOHELLAS S.A.
VGO VIGO SYSTEM SA
WPL WIRTUALNA POLSKA HOLDING SA
BELA JUMBO S.A.
H4L1 HALYK SAVINGS BANK OF KAZAKHSTAN GDR
DIGI DIGI COMMUNICATIONS NV
NBGGY NATIONAL BANK OF GREECE S.A. ADS
RICHT RICHTER
19XX NEPI ROCKCASTLE PLC
R22 R22
ADNOCDIST ADNOC DISTRIBUTION PJSC
EAT AMREST HOLDINGS SE
TEN TEN SQUARE GAMES
ALG ALLEGRO.EU SA
CZG CESKA ZBROJOVKA GROUP
DUNAHOUSE DUNA HOUSE
KSPI KASPI KZ
INPST INPOST S.A.
PCF PCF GROUP SA
HUGE HUUUGE
PCO PEPCO GROUP NV
CTPNV KAZMUNAYGAS NC JSC
VRC CTP NV
KLKIM VERCOM SA
SHO KALEKIM KIMYEVI MADDELER SANAYI VE TICARET AS
4071 SHOPER SA
TRESTATES ARABIAN CONTRACTING SERVICES CO
GEV TRADE ESTATES REIC SA
NOVAL GEVORKYAN A.S.
BOCHGR NOVAL PROPERTY
BANK OF CYPRUS
- Research Team
WOOD Daily: EME Macro/Strategy Weekly; RBI AV; 11B PW; PCF PW; KTY PW;...
HEADLINES: • EME Macro/Strategy: macro all-in-one (16-22 September) • Raiffeisen Bank International: signs agreement targeted at sale of its Belarusian operations • 11 bit studios: Frostpunk 2 post-release player reviews and player count disappoint NEGATIVE • PCF Group: updates timeframe for strategy implementation, new PLN 350m financing needed in 2025-26E NEGATIVE • Kety: takeaways from the Investor Day NEUTRAL • ADNOC Distribution: Board approves interim dividend NEUTRAL • VIGO Photonics: beg...
- Research Team
WOOD Daily: KSPI US; KTY PW; LOGO TI; WIZZ LN; AUG1L LH
HEADLINES: • Kaspi.kz: stock down 17% yesterday on report by short seller Culper • Kety: 3Q24 preliminary results close to our expectations NEUTRAL • Logo Yazilim: CMC approves cancellation of treasury shares POSITIVE • Wizz Air: 24-hour strike called for 24 September by third-party Italian union • AUGA Group: coverage discontinued • Short News (CEZ)
- Research Team
WOOD Daily: GEV CP; APR PW; CCC PW; NRP NA; KTY PW
HEADLINES: • GEVORKYAN: 2Q24 EBITDA down 12% yoy on one-off costs NEUTRAL • Auto Partner: 2Q24 slightly ahead of expectations NEUTRAL • CCC: change of Modivo CEO NEUTRAL • NEPI Rockcastle: potential acquisition of Magnolia Park • Kety: 3Q24E preview – stable EBITDA (+4% yoy) expected (due on 19 September)
- Research Team
- Jakub Bronicki
- Maria Mickiewicz
Kety: casting a wider net abroad (BUY - transfer of coverage)
Due to changes in analyst responsibilities, we transfer coverage of Kety, with a 12M price target (PT) of PLN 920/share, implying 20% upside potential and a BUY rating. Kety produces aluminium parts for the automotive industry, flexible packaging for the food industry, and aluminium systems for the construction industry. The company intends to present a new strategy by the end of this year, and we expect it to focus on foreign expansion through acquisitions. We believe this is a necessary strate...
Grupa Kęty S.A.: 1 director
A director at Grupa Kęty S.A. sold 2,096 shares at 905.000PLN and the significance rating of the trade was 83/100. 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...
Hellenic Bank: 1 director
A director at Hellenic Bank sold 1,686,245 shares at 2.560EUR and 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 clearl...
- Research Team
WOOD Flash – Coverage UNDER REVIEW
We are putting our coverage of the following stocks UNDER REVIEW, with immediate effect. We caution against using the forecasts, ratings and price target guidance issued previously on these stocks: Addiko Bank Alro Arion banki Bogdanka Cognor Holding DataWalk Gradus Grenevia Islandsbanki Kety TeraPlast
- Research Team
WOOD Daily: PZU PW; CDR PW; GPP PW; ONE RO; SFG RO; FP RO; HB CY; EL R...
HEADLINES: • PZU: 2Q23 results stronger than expected, dividend yield due next week POSITIVE • CD Projekt: 2Q23 below our forecasts, in line with consensus; CDR satisfied with PL pre-orders NEUTRAL • Grupa Pracuj: 2Q23 results - adjusted EBITDA up 10% yoy, 5% above the market consensus POSITIVE • ONE United Properties: 2Q23 - gross profit of EUR 16m, on 28% GPM, FY guidance reiterated • Sphera Group: minor miss in 2Q23 due to high base of post COVID-19 recovery NEUTRAL • Fondul Proprietatea: 1...
PZU POWSZECHNY ZAKLAD UBEZPIECZEN SPOLKA AKCYJNA
PKN POLSKI KONCERN NAFTOWY ORLEN S.A.
HB HELLENIC BANK LTD.
SAB1L SIAULIU BANKAS
ELSA SOCIETATEA ENERGETICA ELECTRICA
FP. FONDUL PROPRIETATEA S.A. GDR (REG S)
TGN SOCIETATEA NATIONALA DE TRANSPORT GAZE NATURALE TRANSGAZ S.A.
SFG SPHERA FRANCHISE GROUP SA
ONE ONE UNITED PROPERTIES SA
GPP GRUPA PRACUJ DA
ELPE HELLENIQ ENERGY
- Research Team
The Rear-View Mirror – EME markets: all geographies down in March
EME Equity Market – March 2023 Market performance – all geographies down in March. The MSCI EM Europe Index lost 7.6% mom in EUR terms and 5.7% mom in USD in March. Among a sea of red, Romania’s BET saw the smallest decline (-2.6% mom in EUR terms), followed by the Czech PX Index (-5.5% mom in EUR terms). The Greek ASE and the Hungarian BUX indices saw similar declines (-7.4% and -7.5% mom ,respectively, in EUR terms), while the worst performer for the month was the Turkish ISE30, down 10.5% mo...
PEO BANK POLSKA KASA OPIEKI SA
JMT JERONIMO MARTINS SGPS S.A.
KRU KRUK S.A.
EXAE HELLENIC EXCHANGES SA
CEZ CEZ AS
ACP ASSECO POLAND SA
KRKG KRKA D.D.
CDR CD PROJEKT S.A.
OMV OMV AG
PKO PKO BANK POLSKI S.A.
BHW BANK HANDLOWY W WARSZAWIE S.A.
BIMAS BIM BIRLESIK MAGAZALAR A.S.
PZU POWSZECHNY ZAKLAD UBEZPIECZEN SPOLKA AKCYJNA
DOAS DOGUS OTOMOTIV SERVIS VE TICARET A.S.
VER VERBUND AG CLASS A
SPL SANTANDER BANK POLSKA SA
FOYRK FOURLIS HOLDINGS S.A.
CAI CA IMMOBILIEN ANLAGEN AG
SAR GR. SARANTIS S.A.
CCC CCC SA
CCOLA COCA-COLA ICECEK A.S.
AEGN AEGEAN AIRLINES SA
ENA ENEA S.A.
BFT BENEFIT SYSTEMS S.A. ALLOTMENT
MGROS MIGROS TICARET A.S
PGE PGE POLSKA GRUPA ENERGETYCZNA S.A.
PGSUS.E PEGASUS HAVA TASIMACILIGI AS
LVC LIVECHAT SOFTWARE SA
PPC PUBLIC POWER CORPORATION S.A.
OTP OTP BANK NYRT
CAR INTER CARS S.A.
THYAO TURK HAVA YOLLARI A.O.
ULKER ULKER BISKUVI SANAYI A.S.
EUR EUROCASH S.A.
ECH ECHO INVESTMENT
CPS CYFROWY POLSAT SA
MBR MO-BRUK S.A.
11B 11 BIT STUDIOS S.A.
TPE TAURON POLSKA ENERGIA S.A.
DAT DATAWALK SA
ALR ALIOR BANK SA
HB HELLENIC BANK LTD.
WPL WIRTUALNA POLSKA HOLDING SA
BELA JUMBO S.A.
TLV BANCA TRANSILVANIA S.A.
ETEL TELECOM EGYPT
SNP PETROM S.A.
TOFAS TOFAS TURK OTOMOBIL FABRIKASI A.S.
DIGI DIGI COMMUNICATIONS NV
NBGGY NATIONAL BANK OF GREECE S.A. ADS
SNN SOCIETATEA NATIONALA NUCLEARELECTRICA SA
ELSA SOCIETATEA ENERGETICA ELECTRICA
FP. FONDUL PROPRIETATEA S.A. GDR (REG S)
TGN SOCIETATEA NATIONALA DE TRANSPORT GAZE NATURALE TRANSGAZ S.A.
RICHT RICHTER
ALPHA ALPHA BANK
PTKHY PETKIM PETROKIMYA HOLDING AS
CGEO GEORGIA CAPITAL
IIA IMMOFINANZ AG
SOKM SOK MARKETLER TICARET AS
EAT AMREST HOLDINGS SE
SF3 STS GROUP AG
KAP NATIONAL ATOMIC COMPANY KAZATOMPROM
TEN TEN SQUARE GAMES
ADKO ADDIKO BANK
ALG ALLEGRO.EU SA
CZG CESKA ZBROJOVKA GROUP
DUNAHOUSE DUNA HOUSE
INPST INPOST S.A.
PCF PCF GROUP SA
HUGE HUUUGE
4IG ALRO SLATINA
KCEL 4IG NYRT
CTPNV KCELL JSC
ONE CTP NV
KLKIM ONE UNITED PROPERTIES SA
ADNOCDRILL KALEKIM KIMYEVI MADDELER SANAYI VE TICARET AS
2381 ADNOC DRILLING CO
9526 ARABIAN DRILLING CO.
SHO JAHEZ INTERNATIONAL CO
SHOPER SA
- Research Team
WOOD Daily: EU Macro; INPST NA; CDR PW; MBR PW; IIA AV; ALE PW; SPL PW...
HEADLINES: • Europe macro: March brings good news for inflation and one red alert • InPost: 4Q22 miss on one-offs; single-digit markets growth guidance in FY23E; strong 1Q23 to date NEGATIVE • CD Projekt: 4Q22 EBITDA as expected; Phantom Liberty marketing campaign to be launched in June NEGATIVE • Mo-BRUK: 4Q22 headlines miss our expectations slightly, but due mostly to one-off costs NEUTRAL • Mo-BRUK: earnings call takeaways NEUTRAL • Immofinanz: 4Q22 - no dividend from 2022 profit, books rev...
- Research Team
WOOD Daily: HB CY; EUR PW; HUG PW; EXAE GA; ALR RO; SNP RO; PL Banks
HEADLINES: • Hellenic Bank: an accretive asset (stays BUY) • Eurocash: 13% EBITDA beat in 4Q; effective tax rate below 30% POSITIVE • Huuuge Games: FY22 adjusted EBITDA in line with preliminary guidance NEUTRAL • Athens Exchange Group: soft 4Q22, but a strong start to 2023 • Alro: takeaways from the 4Q22 earnings call • OMV Petrom: potential amendments to solidarity tax legislation NEUTRAL • Polish banks: Polish newswires on works on legislative solution for FX mortgage saga • Short News (E...
- Alex Boulougouris
- CFA
- Can Demir
Hellenic Bank: an accretive asset (stays BUY)
We reiterate our BUY rating on Hellenic Bank (HB) and upgrade our price target (PT) to EUR 2.20/share (from EUR 1.80/share previously). We expect the bank to report a very strong 2023E, with a ROTE of >16%, driven by higher ECB rates and the recent cost-efficiency measures. The bank has very strong capital ratios (with a total capital ratio of >24%), significant capacity to pay dividends and a clean balance sheet (NPE ratio of 3.6%). The low valuation (P/TBV of 0.54x and P/E of 3.5x on 2023E) an...
- Research Team
WOOD Daily: GE Macro; PL Macro; RO Macro; BELA GA; ACP PW; OMV AV; HB ...
HEADLINES: • Georgia macro: Georgian Dream withdraws legislation on "foreign agents" • Poland macro: NBP remains on hold • Romania macro: gently does it • Jumbo: strong February sales momentum and 2023E guidance • Asseco Poland: 4Q22 preliminary net profit reaches PLN 126m, in line with the consensus NEUTRAL • OMV: creates geothermal joint venture with Wien Energie • Hellenic Bank: issues EUR 200m Tier 2 subordinated notes • Public Power Corporation: signs deal to acquire Enel's Romanian a...
- Research Team
WOOD Daily: SNP RO; PEO PW; THYAO TI; HB CY; PETKM TI; 4IG HB; EAT PW;...
HEADLINES: • OMV Petrom: upside, even with the solidarity tax (stays BUY) • Bank Pekao: beat on headline 4Q22 net profit and books solid (and in line) recurrent earnings trends POSITIVE • Turkish Airlines: 4Q22 - yet another strong quarter, EBITDA 8% above the consensus POSITIVE • Hellenic Bank: FY22 results; FY23E guidance - profits could double • Petkim: 4Q22 results - weak EBITDA • 4iG: 4Q22 review - soft quarterly results, distorted by business transformation NEGATIVE • AmRest: key takea...
THYAO TURK HAVA YOLLARI A.O.
CPS CYFROWY POLSAT SA
HB HELLENIC BANK LTD.
WPL WIRTUALNA POLSKA HOLDING SA
SNP PETROM S.A.
TOFAS TOFAS TURK OTOMOBIL FABRIKASI A.S.
PTKHY PETKIM PETROKIMYA HOLDING AS
EAT AMREST HOLDINGS SE
TEN TEN SQUARE GAMES
HUGE HUUUGE
4IG 4IG NYRT
SHO SHOPER SA
- Research Team
The Rear-View Mirror – EME markets: 2022 ends with Turkey still on top
EME Equity Market – December 2022 Market performance – Turkey closed the year by outperforming the other markets, yet again. The MSCI EM Europe Index gained 2.0% mom in EUR terms and 5.9% mom in USD in December. Turkey was, again, the best performer, with the ISE30 index adding 6.3% mom in EUR terms and 10.8% mom in local currency terms. Positive performances were recorded by the WIG20 (+3.1% EUR / 3.2% lcl mom) and the ASE indices (+1.9% EUR mom) as well. On the other side, the Hungarian BUX de...
MOL MOL NYRT
CDR CD PROJEKT S.A.
OMV OMV AG
COG COGNOR HOLDING SA
PKO PKO BANK POLSKI S.A.
PZU POWSZECHNY ZAKLAD UBEZPIECZEN SPOLKA AKCYJNA
DOAS DOGUS OTOMOTIV SERVIS VE TICARET A.S.
KGH KGHM POLSKA MIEDZ S.A.
TPS ORANGE POLSKA S.A.
PKN POLSKI KONCERN NAFTOWY ORLEN S.A.
MYTIL MYTILINEOS S.A.
LPP LPP S.A.
CCC CCC SA
DOM DOM DEVELOPMENT SA
AUG1L AGROWILL GROUP AB
PGSUS.E PEGASUS HAVA TASIMACILIGI AS
LVC LIVECHAT SOFTWARE SA
PPC PUBLIC POWER CORPORATION S.A.
OTP OTP BANK NYRT
CPS CYFROWY POLSAT SA
MBR MO-BRUK S.A.
OTOEL AUTOHELLAS S.A.
HB HELLENIC BANK LTD.
BELA JUMBO S.A.
SAB1L SIAULIU BANKAS
ETEL TELECOM EGYPT
BNET BITTNET SYSTEMS
HMX1R HANSAMATRIX AS
DNP DINO POLSKA S.A.
SNN SOCIETATEA NATIONALA NUCLEARELECTRICA SA
FP. FONDUL PROPRIETATEA S.A. GDR (REG S)
A4L ALLTERCO AD
RICHT RICHTER
NLBR NLB GROUP
TEN TEN SQUARE GAMES
ADKO ADDIKO BANK
KSPI KASPI KZ
HUGE HUUUGE
4IG 4IG NYRT
SHO SHOPER
PCO PEPCO GROUP NV
ISB ISLANDSBANKI HF
ONE ARION BANKI HF
GPP ONE UNITED PROPERTIES SA
GRUPA PRACUJ DA
Unfortunately, this report is not available for the investor type or country you selected.
Report is subscription only.
Thank you, your report is ready.
Thank you, your report is ready.