reports
- Haidje Rustau
Digi Communications - Earnings Flash - Q1 FY 2025 Results - Lucror Ana...
Digi Communications has released its Q1/25 numbers. Revenues rose 19.7% y-o-y to EUR 533 mn, driven by improvement across divisions. EBITDA growth was more modest at 4.6%, while the margin narrowed. Subscriber trends remained robust. OCF generation was solid, supported by the EBITDA increase, while cash generation and capex were largely stable. We calculate net leverage of 2.7x. Management was pleased with the results, highlighting that Digi has delivered another record quarter. Its focus re...
- Felix Fischer
- Haidje Rustau
- Jayanth Kandalam
- Peter Low
- Si Yong Ng
- Tanvi Arora
Lucror Analytics - Morning Views Europe
In today's Morning Views publication we comment on developments of the following high yield issuers: Vallourec, Aggreko, TK Elevator, Aston Martin, Techem, Bite, Virgin Media O2, NewDay, Sunrise, Digi Communications, Telecom Italia, Banijay, Liberty Global, Solenis, Air France-KLM, Flos B&B Italia (formerly International Design Group), Forvia (formerly Faurecia), Flora Food Group (formerly Upfield), Premier Foods, The Very Group, Lecta, Air Baltic, Teva, Standard Profil
- Russell Waller
Digi (Underweight) Q1 25: Full steam ahead on Portugal fibre roll
Digi has given KPIs for Portugal for the first time on a LFL basis and has added +68k in mobile and +10k for broadband. This is ahead of the full year run rate in our model, and so if this pace can be maintained, it would be doing well we think.
- Mihaly Gajda
OMV Misses Clean CCS EBIT Consensus Amid Continued Refining Weakness
OMV reported a clean CCS EBIT of EUR 1,160 mn in Q1 2025, down 16% quarter-on-quarter and 22% year-on-year, missing the market consensus of EUR 1,232 mn. The shortfall was primarily driven by the continued weak performance of the refining segment, which also disappointed significantly in Q4.
- Adrian Pehl
UBI UBISOFT ENTERTAINMENT SA
BEKB BEKAERT SA
SBMO SBM OFFSHORE NV
PBB DEUTSCHE PFANDBRIEFBANK AG
INF INFOTEL SA
BRBY BURBERRY GROUP PLC
JCQ JACQUET METALS SA
TPE PVA TEPLA AG
G24 SCOUT24 AG
INH INDUS HOLDING AG
ATS AT & S AUSTRIA TECHNOLOGIE & SYSTEMTECHNIK AKTIENGESELLSCHAFT
TEG TAG IMMOBILIEN AG
CPINV CARE PROPERTY INVEST SA
EUR EUROCASH S.A.
PYT POLYTEC HOLDING
LTA ALTAMIR ACT PORTEUR
FLU FLUGHAFEN WIEN AG
BOSN BOSSARD HOLDING AG
SFSN SFS GROUP AG
DKG DEUTSCHE KONSUM REIT-AG
TRE TECNICAS REUNIDAS SA
SNG SOCIETATEA NATIONALA DE GAZE NATURALE ROMGAZ SA
DUFN DUFRY AG
DIGI DIGI COMMUNICATIONS NV
DUE DURR AG
MDM MAISONS DU MONDE SA
DMP DERMAPHARM HOLDING SE
TGN SOCIETATEA NATIONALA DE TRANSPORT GAZE NATURALE TRANSGAZ S.A.
SFG SPHERA FRANCHISE GROUP SA
DSC1 DUTCH STAR C SHAR
VK VALLOUREC SA
IVG IVECO GROUP
SPAC 468 SPAC I SE
TUI TUI AG
SCHOTT PHARMA AG
HBX HBX GROUP INTERNATIONAL PLC
- Adrian Pehl
UBI UBISOFT ENTERTAINMENT SA
BEKB BEKAERT SA
SBMO SBM OFFSHORE NV
PBB DEUTSCHE PFANDBRIEFBANK AG
INF INFOTEL SA
BRBY BURBERRY GROUP PLC
JCQ JACQUET METALS SA
TPE PVA TEPLA AG
G24 SCOUT24 AG
INH INDUS HOLDING AG
ATS AT & S AUSTRIA TECHNOLOGIE & SYSTEMTECHNIK AKTIENGESELLSCHAFT
TEG TAG IMMOBILIEN AG
CPINV CARE PROPERTY INVEST SA
EUR EUROCASH S.A.
PYT POLYTEC HOLDING
LTA ALTAMIR ACT PORTEUR
FLU FLUGHAFEN WIEN AG
BOSN BOSSARD HOLDING AG
SFSN SFS GROUP AG
DKG DEUTSCHE KONSUM REIT-AG
TRE TECNICAS REUNIDAS SA
SNG SOCIETATEA NATIONALA DE GAZE NATURALE ROMGAZ SA
DUFN DUFRY AG
DIGI DIGI COMMUNICATIONS NV
DUE DURR AG
MDM MAISONS DU MONDE SA
DMP DERMAPHARM HOLDING SE
TGN SOCIETATEA NATIONALA DE TRANSPORT GAZE NATURALE TRANSGAZ S.A.
SFG SPHERA FRANCHISE GROUP SA
DSC1 DUTCH STAR C SHAR
VK VALLOUREC SA
IVG IVECO GROUP
SPAC 468 SPAC I SE
TUI TUI AG
SCHOTT PHARMA AG
HBX HBX GROUP INTERNATIONAL PLC
- Carole Braudeau
Credit Morning 05/15/2025
Maxeda: solid Q4 results and Q1 expected to be strong. Further bond buybacks.|Ubisoft: sharp decline in 2024/25 earnings, no rebound expected in 2025/26|Forvia is considering selling its spare parts division|Techem Q2 25 results: Good earnings print; ownership change and mandatory call remain open|
- Martin Marandon-Carlhian
- Stephane Houri
- Carole Braudeau
Morning Crédit 15/05/2025
Maxeda : de bons résultats T4 et un T1 qui devrait l’être tout autant. Poursuite des rachats de dettes.|Ubisoft : résultats 2024/25 en forte baisse, pas de rebond attendu en 2025/26|Forvia envisagerait la cession de sa division de pièces détachées|Techem Q2 25 results: Good earnings print; ownership change and mandatory call remain open|
- Martin Marandon-Carlhian
- Stephane Houri
- Bojan Djurickovic
- Research Team
WOOD Daily: PZU PW; CEZ CP; EUR PW; GPW PW; SFG RO; TLV RO; BVB RO; DI...
HEADLINES: • PZU: solid 1Q25 results, ahead of the market's expectations; some upside risk for2025E EPS forecasts POSITIVE • CEZ: 1Q25 beat on distribution and sales segments, disposal of Polish assets POSITIVE • Eurocash: 1Q25 – weak, as expected NEGATIVE • Warsaw Stock Exchange: strong 1Q25, with a significant net income beat POSITIVE • Sphera Group: 1Q25 softer than expected; FY25E budget below our forecasts NEGATIVE • Banca Transilvania: bottom-line miss, due mainly to asset quality deterior...
HTO HELLENIC TELECOMMUNICATIONS ORGANIZATION SA
PZU POWSZECHNY ZAKLAD UBEZPIECZEN SPOLKA AKCYJNA
MTELEKOM MAGYAR TELEKOM TELECOMMUNICATIONS
PKN POLSKI KONCERN NAFTOWY ORLEN S.A.
OTP OTP BANK NYRT
EUR EUROCASH S.A.
GPW WARSAW STOCK EXCHANGE
VGO VIGO SYSTEM SA
TLV BANCA TRANSILVANIA S.A.
SNG SOCIETATEA NATIONALA DE GAZE NATURALE ROMGAZ SA
DIGI DIGI COMMUNICATIONS NV
BVB S.C. BURSA DE VALORI BUCURESTI S.A.
M MED LIFE
SFG SPHERA FRANCHISE GROUP SA
GIG KAZMUNAYGAS NC JSC
4071 GAMING INNOVATION GROUP
ARABIAN CONTRACTING SERVICES CO
- Szabolcs Pal
- Felix Fischer
- Haidje Rustau
- Jayanth Kandalam
- Peter Low
- Si Yong Ng
- Tanvi Arora
- Trung Nguyen
- Research Team
WOOD Daily: BIMAS TI; MOL HB; OTP HB; EAT PW; NLBR SV; ETE GA; EUROB G...
HEADLINES: • BIM: weak results in 1Q25 NEGATIVE • MOL: 1Q25 results – strong EBITDA, big net income beat POSITIVE • OTP Bank: neutral 1Q25 results, but supported strongly by Russian operations NEUTRAL • AmRest: 1Q25 below expectations, due to EUR 5m negative one-off NEUTRAL • NLB Group: small bottom-line miss in 1Q25, but guidance maintained NEUTRAL • National Bank of Greece: 1Q25 highlights POSITIVE • Eurobank Ergasias Services: 1Q25 highlights NEUTRAL • Alpha Services and Holdings: 1Q25 highli...
MOL MOL NYRT
ACP ASSECO POLAND SA
HTO HELLENIC TELECOMMUNICATIONS ORGANIZATION SA
TITK TITAN CEMENT CO. SA
BIMAS BIM BIRLESIK MAGAZALAR A.S.
BDX BUDIMEX S.A.
PGSUS.E PEGASUS HAVA TASIMACILIGI AS
TBCB TBC BANK JOINT STOCK CO
ALPHA ALPHA BANK AE
OTP OTP BANK NYRT
11B 11 BIT STUDIOS S.A.
DIGI DIGI COMMUNICATIONS NV
NBGGY NATIONAL BANK OF GREECE S.A. ADS
EAT AMREST HOLDINGS SE
NLBR NLB GROUP
7203 ELM CO
- Russell Waller
NOS (Neutral, TP: €3.7, +1%) Q1 25: Digi starting to have an impact
NOS has reported a solid set of numbers, with Telco revenue and EBITDAaL +0.8% and +0.9% ahead of consensus expectations respectively. However, there is now evidence of Digi’s impact on the numbers, particularly in the mobile prepaid net adds, and NOS’s commitment to not raising prices in 2025 is likely to lead to a further slowdown in consumer revenue trends during 2025 and feed through to EBITDA trends.
- Marine Leleux
- Maureen Schuller
- Suvi Platerink Kosonen
- Research Team
WOOD Daily: RBI AV; ADNOCDIS UH; ENA PW; TITC GA; RO Macro; BRISA TI; ...
HEADLINES: • Raiffeisen Bank International: 1Q25 results largely in line NEUTRAL • ADNOC Distribution: 1Q25 results NEUTRAL • Enea: preliminary 1Q25 EBITDA 13% above our expectations, driven by strong Supply; only 8% of 2025E capex plan realisation POSITIVE • Titan America: soft 1Q25 results, guidance unchanged NEUTRAL • Romania macro: reflections on the resignation of PM Ciolacu • Brisa: takeaways from the 1Q25 earnings call NEUTRAL • Inter Cars: earnings call takeaways - targeting 2025E revenu...
RBI RAIFFEISEN BANK INTERNATIONAL AG
TITK TITAN CEMENT CO. SA
BRISA BRISA-BRIDGESTONE SABANCI LASTIK SANAYI VE TICARET A.S.
ENA ENEA S.A.
CAR INTER CARS S.A.
FROTO FORD OTOMOTIV SANAYI A.S.
CPS CYFROWY POLSAT SA
WPL WIRTUALNA POLSKA HOLDING SA
TOFAS TOFAS TURK OTOMOBIL FABRIKASI A.S.
RICHT RICHTER
ADNOCDIST ADNOC DISTRIBUTION PJSC
INPST INPOST S.A.
ADNOCDRILL ADNOC DRILLING CO
SHO SHOPER SA
4071 ARABIAN CONTRACTING SERVICES CO
- Research Team
The Rear-View Mirror – EME markets: EME indices mostly in the red in A...
EME Equity Market – April 2025 EME indices mostly in the red in April, Hungarian BUX and Greek ASE the exceptions. The MSCI EM Europe Index declined by 2.0% mom in EUR terms, but was up 2.9% mom in USD terms in April. The Hungarian BUX was the best performer, followed by the Greek ASE index (+3.5% and 0.8% mom in EUR terms, respectively). There was a slight decline in the Polish WIG20, and more pronounced deteriorations in the Romanian BET and Czech PX indices (-0.6%, -2.0% and -4.2% mom in EUR ...
PEO BANK POLSKA KASA OPIEKI SA
JMT JERONIMO MARTINS SGPS S.A.
OPAP GREEK ORGANISATION OF FOOTBALL PROGNOSTICS SA
KRU KRUK S.A.
MOL MOL NYRT
EBS ERSTE GROUP BANK AG
CEZ CEZ AS
KRKG KRKA D.D.
YKBNK YAPI VE KREDI BANKASI A.S.
OMV OMV AG
ISCTR TURKIYE IS BANKASI ANONIM SIRKETI CLASS C
KOMB KOMERCNI BANKA A.S.
TITK TITAN CEMENT CO. SA
SPL SANTANDER BANK POLSKA SA
MIL BANK MILLENNIUM SA
BDX BUDIMEX S.A.
GEKTERNA GEK TERNA
MTELEKOM MAGYAR TELEKOM TELECOMMUNICATIONS
KTY GRUPA KETY SA
DOC DO & CO AKTIENGESELLSCHAFT
TPS ORANGE POLSKA S.A.
PKN POLSKI KONCERN NAFTOWY ORLEN S.A.
MYTIL MYTILINEOS S.A.
LPP LPP S.A.
AKBNK AKBANK TAS
AKCNS AKCANSA CIMENTO
ASELS ASELSAN ELEKTRONIK SANAYI VE TICARET A.S. CLASS B
CIMSA CIMENTO SANYAI VE TICARET A.S.
CCC CCC SA
AEGN AEGEAN AIRLINES SA
ENA ENEA S.A.
BFT BENEFIT SYSTEMS S.A. ALLOTMENT
PGE PGE POLSKA GRUPA ENERGETYCZNA S.A.
TKNSA TEKNOSA IC VE DIS TICARET AS
PGSUS.E PEGASUS HAVA TASIMACILIGI AS
APR AUTO PARTNER SA
LVC LIVECHAT SOFTWARE SA
PPC PUBLIC POWER CORPORATION S.A.
OTP OTP BANK NYRT
CAR INTER CARS S.A.
ARCLK ARCELIK A.S.
FROTO FORD OTOMOTIV SANAYI A.S.
OTKAR OTOKAR OTOMOTIV VE SAVUNMA SANAYI A.S.
THYAO TURK HAVA YOLLARI A.O.
TUPRS TURKIYE PETROL RAFINERILERI A.S.
CPS CYFROWY POLSAT SA
MBR MO-BRUK S.A.
GPW WARSAW STOCK EXCHANGE
11B 11 BIT STUDIOS S.A.
TPE TAURON POLSKA ENERGIA S.A.
ALR ALIOR BANK SA
OTOEL AUTOHELLAS S.A.
VGO VIGO SYSTEM SA
WPL WIRTUALNA POLSKA HOLDING SA
SAB1L SIAULIU BANKAS
BRD BRD-GROUPE SOCIETE GENERALE
TLV BANCA TRANSILVANIA S.A.
MONET MONETA MONEY BANK AS
H4L1 HALYK SAVINGS BANK OF KAZAKHSTAN GDR
SNP PETROM S.A.
TOFAS TOFAS TURK OTOMOBIL FABRIKASI A.S.
DNP DINO POLSKA S.A.
RICHT RICHTER
MAVI MAVI GIYIM SANAYI VE TICARET A.S.
MCOV B MEDICOVER AB
KAP NATIONAL ATOMIC COMPANY KAZATOMPROM
TEN TEN SQUARE GAMES
CZG CESKA ZBROJOVKA GROUP
INPST INPOST S.A.
PCF PCF GROUP SA
HUGE HUUUGE
7202 ARABIAN INTERNET & COMMUNICATIONS SERVICES CO
4071 ARABIAN CONTRACTING SERVICES CO
BOROUGE BOROUGE
7203 ELM CO
TRESTATES TRADE ESTATES REIC SA
THEON THEON INTERNATIONAL PLC
GEV GEVORKYAN A.S.
BOCHGR BANK OF CYPRUS
DSPW DOOSAN SKODA POWER A.S.
DIAG DIAGNOSTYKA SA
- Ahmed Ben Salem
DHLN DHL GROUP
FP TOTAL SE
EQNR EQUINOR ASA
MT ARCELORMITTAL SA
KNEBV KONE OYJ CLASS B
TKA TELEKOM AUSTRIA AG
FORTUM FORTUM OYJ
DAI DAIMLER AG
RXL REXEL SA
MMK MAYR-MELNHOF KARTON AG
OMV OMV AG
AMUN AMUNDI SA
SCHP SCHINDLER HOLDING AG PREF
SAN SANOFI
NEX NEXANS SA
VOW3 VOLKSWAGEN AG PREF
CAP CAPGEMINI SE
REP REPSOL SA
ASM ASM INTERNATIONAL N.V.
NEM NEMETSCHEK SE
KGX KION GROUP AG
AENA AENA SME SA
ANDR ANDRITZ AG
SNP PETROM S.A.
AZN ASTRAZENECA PLC
BP. BP P.L.C.
BBVA BANCO BILBAO VIZCAYA ARGENTARIA S.A.
ADYEN ADYEN NV
STLA STELLANTIS N.V.
UMG UNIVERSAL MUSIC GROUP NV
ATCO A ATLAS COPCO AB
STMN STRAUMANN HOLDING AG
GSK GSK PLC
P911 DR. ING. H.C. F. PORSCHE AKTIENGESELLSCHAFT
DSFIR KONINKLIJKE DSM N.V.
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