reports
- Research Team
WOOD Daily: ALPHA GA; EUROB GA; ETE GA; TPEIR GA; CPS PW; PKN PW; ING ...
HEADLINES: • Greek banks: life after the windfall (Alpha, Eurobank, NBG and Piraeus – transfer of coverage) • Cyfrowy Polsat: key takeaways from the 4Q23 earnings call NEUTRAL • Orlen: announces PLN 1.6bn of probable trading losses NEGATIVE • ING BSK: AGM approves PLN 33.35 DPS NEUTRAL • Public Power Corporation: partners with Mytilineos for 2GW solar portfolio NEUTRAL • InPost: PPF realises option to buy 10% stake • ONE United Properties: founders and others selling up to 9.5% in ABB • PKO BP: ...
EUROB EUROBANK ERGASIAS SERVICES & HOLDINGS SA
PKO PKO BANK POLSKI S.A.
KOMB KOMERCNI BANKA A.S.
BSK ING BANK SLASKI S.A.
PKN POLSKI KONCERN NAFTOWY ORLEN S.A.
TPEIR PIRAEUS BANK SA
ALPHA ALPHA BANK AE
PPC PUBLIC POWER CORPORATION S.A.
CPS CYFROWY POLSAT SA
WPL WIRTUALNA POLSKA HOLDING SA
MONET MONETA MONEY BANK AS
NBGGY NATIONAL BANK OF GREECE S.A. ADS
INPST INPOST S.A.
ONE ONE UNITED PROPERTIES SA
- Jonathan Lamb
European Oil and Gas Monthly: March 2024 – winter was survived, as exp...
Refining margins retreated in March, to USD 13.7/bbl, after the highs of February, but remain about 50% higher than usual for the season. Petrol cracks have begun their seasonal rising trend. Petrochemicals margins are largely rising, albeit marginally, despite the higher oil prices.
- Jonathan Lamb
European Oil and Gas Monthly: February 2024 – return of the crack
After a slow retreat from their extraordinary highs, refining margins bounced back in February to USD 19.8/bbl, helped by the lengthened supply chain. Once again diesel is the main driver, but other product cracks also improved. Oil prices were a little higher than last month.
- Research Team
The Rear-View Mirror – EME markets: February mostly green, despite det...
EME Equity Market – February 2024 Market performance – a positive February, with the Polish WIG20 outperforming. The MSCI EM Europe Index added 4.2% mom in EUR terms and 3.7% mom in USD in February. The Polish WIG20 saw the strongest performance, adding 6.4% mom in EUR terms, followed by the Greek ASE (+4.2% mom), the Turkish ISE30 (+4.0% mom) and the Romanian BET (+2.6% mom) (all in EUR terms). There was a relatively muted performance in Hungary (+0.6% mom in EUR terms) and a decline in the Cze...
PEO BANK POLSKA KASA OPIEKI SA
JMT JERONIMO MARTINS SGPS S.A.
KRU KRUK S.A.
MOL MOL NYRT
EBS ERSTE GROUP BANK AG
CEZ CEZ AS
HTO HELLENIC TELECOMMUNICATIONS ORGANIZATION SA
YKBNK YAPI VE KREDI BANKASI A.S.
OMV OMV AG
PKO PKO BANK POLSKI S.A.
ISCTR TURKIYE IS BANKASI ANONIM SIRKETI CLASS C
KOMB KOMERCNI BANKA A.S.
BHW BANK HANDLOWY W WARSZAWIE S.A.
PZU POWSZECHNY ZAKLAD UBEZPIECZEN SPOLKA AKCYJNA
VER VERBUND AG CLASS A
SPL SANTANDER BANK POLSKA SA
BSK ING BANK SLASKI S.A.
BDX BUDIMEX S.A.
MTELEKOM MAGYAR TELEKOM TELECOMMUNICATIONS
TPS ORANGE POLSKA S.A.
PKN POLSKI KONCERN NAFTOWY ORLEN S.A.
LPP LPP S.A.
AKBNK AKBANK TAS
AKCNS AKCANSA CIMENTO
CIMSA CIMENTO SANYAI VE TICARET A.S.
LOGO LOGO YAZILIM SANAYI VE TICARET A.S.
CCC CCC SA
CCOLA COCA-COLA ICECEK A.S.
AUG1L AGROWILL GROUP AB
MGROS MIGROS TICARET A.S
APR AUTO PARTNER SA
LVC LIVECHAT SOFTWARE SA
TBCB TBC BANK JOINT STOCK CO
TPEIR PIRAEUS BANK SA
PPC PUBLIC POWER CORPORATION S.A.
CAR INTER CARS S.A.
ARCLK ARCELIK A.S.
EUR EUROCASH S.A.
GSPARK GRAPHISOFT PARK SE
GPW WARSAW STOCK EXCHANGE
11B 11 BIT STUDIOS S.A.
ALR ALIOR BANK SA
VGO VIGO SYSTEM SA
BANK OF CYPRUS PCL
WPL WIRTUALNA POLSKA HOLDING SA
BRD BRD-GROUPE SOCIETE GENERALE
TLV BANCA TRANSILVANIA S.A.
MONET MONETA MONEY BANK AS
SNG SOCIETATEA NATIONALA DE GAZE NATURALE ROMGAZ SA
SNP PETROM S.A.
PBK PATRIA BANK SA
TOFAS TOFAS TURK OTOMOBIL FABRIKASI A.S.
DIGI DIGI COMMUNICATIONS NV
SNN SOCIETATEA NATIONALA NUCLEARELECTRICA SA
TEL C.N.T.E.E. TRANSELECTRICA
ELSA SOCIETATEA ENERGETICA ELECTRICA
FP. FONDUL PROPRIETATEA S.A. GDR (REG S)
BVB S.C. BURSA DE VALORI BUCURESTI S.A.
GEB BANK OF GEORGIA
TGN SOCIETATEA NATIONALA DE TRANSPORT GAZE NATURALE TRANSGAZ S.A.
RICHT RICHTER
19XX NEPI ROCKCASTLE PLC
M MED LIFE
SFG SPHERA FRANCHISE GROUP SA
ADNOCDIST ADNOC DISTRIBUTION PJSC
EAT AMREST HOLDINGS SE
NLBR NLB GROUP
KAP NATIONAL ATOMIC COMPANY KAZATOMPROM
TEN TEN SQUARE GAMES
KSPI KASPI KZ
HUGE HUUUGE
4IG 4IG NYRT
IGN1L IGNITIS GRUPE
WPS W.A.G PAYMENT SOLUTIONS PLC
PCO PEPCO GROUP NV
ONE KAZMUNAYGAS NC JSC
KLKIM ONE UNITED PROPERTIES SA
ADNOCDRILL KALEKIM KIMYEVI MADDELER SANAYI VE TICARET AS
AROBS ADNOC DRILLING CO
7202 AROBS TRANSILVANIA SOFTWARE SA
ELPE ARABIAN INTERNET & COMMUNICATIONS SERVICES CO
SHO HELLENIQ ENERGY
4071 SHOPER SA
BOROUGE ARABIAN CONTRACTING SERVICES CO
H2O BOROUGE
AQ HIDROELECTRICA S.A.
AQUILA PART PROD COM
- Research Team
WOOD Daily: CCC PW; PEO PW; PKN PW; SOLUTION AB; ALR PW; PKO PW; PL Ba...
HEADLINES: • CCC: the boys are back in town (stays BUY) • Bank Pekao: solid 2023 profits, generous PLN 19.2/share dividend, market waiting for AGM date POSITIVE • Orlen: 4Q23 results – CCS EBITDA in line NEUTRAL • Solutions by STC: key takeaways from the 4Q23 conference call NEUTRAL • Alior Bank: potential to pay out up to 50% of its 2023 net profit as a dividend NEUTRAL • PKO BP: PFSA guides for maximum dividend payout • Polish banks: mBank, ING BSK and Santander BP receive dividend letters fro...
- Research Team
WOOD Daily: BGEO LN; EUR PW; BDX PW; GPW PW; PKN PW; JMT PL; DNP PW; L...
HEADLINES: • Bank of Georgia: thoughts on the Ameria acquisition POSITIVE • Eurocash: antimonopoly court waives PLN 76m fine POSITIVE • Budimex: PLN 2.3m best offers for S10 express road sections POSITIVE • Warsaw Stock Exchange: 4Q23E preview (due out tomorrow) • Orlen: 4Q23E results preview (due on 22 February) NEUTRAL • Jeronimo Martins: 4Q23E results preview – 9% yoy EBITDA growth expected (due on 6 March) • Dino: 4Q23E results preview – 16% yoy EBITDA growth expected (due on 21 March) • LPP...
- Jonathan Lamb
European Oil and Gas Monthly: January 2024 – refining margins benefit ...
The oil markets were roiled by problems in the Red Sea, and Brent crude prices rose, a reversal of recent trends. Diesel prices followed suit, improving refining margins, although petrol was not affected significantly. European demand looks a little more robust than it did a few months earlier.
- Research Team
WOOD Daily: EU Oil & Gas; EME Macro/Strategy Weekly; KAP LI; FP RO; GP...
HEADLINES: • European oil & gas: parting from the Red Sea • EME Macro/Strategy: macro all-in-one (8-14 January) • Kazatomprom: expects 2024E production to miss guidance targets NEUTRAL • Fondul Proprietatea: end-December 2023 NAV per share up 4% mom NEUTRAL • Grupa Pracuj: new job ads on Pracuj.pl reach 390,000 in 2H23, down 14% vs. 1H23 NEGATIVE • Bank Millennium: 4Q23E preview (due on 30 January) • Santander Bank Polska: 4Q23E preview (due on 31 January) • ING BSK: 4Q23E preview (due on 1 ...
SPL SANTANDER BANK POLSKA SA
MIL BANK MILLENNIUM SA
BSK ING BANK SLASKI S.A.
PKN POLSKI KONCERN NAFTOWY ORLEN S.A.
TUPRS TURKIYE PETROL RAFINERILERI A.S.
OTOEL AUTOHELLAS S.A.
MONET MONETA MONEY BANK AS
FP. FONDUL PROPRIETATEA S.A. GDR (REG S)
KAP NATIONAL ATOMIC COMPANY KAZATOMPROM
GPP GRUPA PRACUJ DA
ELPE HELLENIQ ENERGY
- Jonathan Lamb
WOOD Flash – European oil & gas: parting from the Red Sea
Attacks on shipping in the Red Sea and the Gulf of Aden, by the Houthis from Yemen, have complicated the supply chains for Europe, and none more so than the supply of crude oil and oil products. The expropriation of a cargo belonging to Tupras on 11 January was a timely reminder of the risks. The shortage of heavy crude oils could get marginally worse, as cargos need to be rerouted around the long way. The lack of crude oil from Northern Iraq via the Kirkuk pipeline is exacerbating the problem c...
- Research Team
- Jonathan Lamb
European Oil and Gas Monthly: November 2023 – winter has arrived
Try as it might, OPEC cannot stop the gradual decline in oil prices, even with further cuts. Despite this demand red flag, refining margins remain at close to average levels, with diesel still very strong. In fact, were it not for heavy crudes being sold at a premium to Brent, our benchmark would be much higher. Therefore, we expect refiners to outperform the benchmark by optimising crude oil supplies.
- Research Team
The Rear-View Mirror – EME markets: Greek stocks in the lead
EME Equity Market – November 2023 Market performance – Greeks in the lead, in a month with only green across the region. The MSCI EM Europe Index added 5.6% mom in EUR terms and 8.7% mom in USD in November. The Greek ASE Index was the top performer in our region (+6.9% mom), followed by the Polish WIG20 (+5.5% mom) and the Hungarian BUX (+4.0% mom). The Czech PX Index saw the most muted performance, advancing 2.8% mom.
PEO BANK POLSKA KASA OPIEKI SA
OPAP GREEK ORGANISATION OF FOOTBALL PROGNOSTICS SA
KRU KRUK S.A.
EXAE HELLENIC EXCHANGES SA
MOL MOL NYRT
CEZ CEZ AS
ACP ASSECO POLAND SA
KRKG KRKA D.D.
HTO HELLENIC TELECOMMUNICATIONS ORGANIZATION SA
CDR CD PROJEKT S.A.
RBI RAIFFEISEN BANK INTERNATIONAL AG
OMV OMV AG
PKO PKO BANK POLSKI S.A.
ISCTR TURKIYE IS BANKASI ANONIM SIRKETI CLASS C
KOMB KOMERCNI BANKA A.S.
TITK TITAN CEMENT CO. SA
BHW BANK HANDLOWY W WARSZAWIE S.A.
BIMAS BIM BIRLESIK MAGAZALAR A.S.
WIZZ WIZZ AIR HOLDINGS PLC
PZU POWSZECHNY ZAKLAD UBEZPIECZEN SPOLKA AKCYJNA
DOAS DOGUS OTOMOTIV SERVIS VE TICARET A.S.
VER VERBUND AG CLASS A
SPL SANTANDER BANK POLSKA SA
BSK ING BANK SLASKI S.A.
BDX BUDIMEX S.A.
LAMDA LAMDA DEVELOPMENT S.A.
CAI CA IMMOBILIEN ANLAGEN AG
PKN POLSKI KONCERN NAFTOWY ORLEN S.A.
AKCNS AKCANSA CIMENTO
BRISA BRISA-BRIDGESTONE SABANCI LASTIK SANAYI VE TICARET A.S.
CIMSA CIMENTO SANYAI VE TICARET A.S.
LOGO LOGO YAZILIM SANAYI VE TICARET A.S.
CCC CCC SA
CCOLA COCA-COLA ICECEK A.S.
DOM DOM DEVELOPMENT SA
AEGN AEGEAN AIRLINES SA
AUG1L AGROWILL GROUP AB
ENA ENEA S.A.
BFT BENEFIT SYSTEMS S.A. ALLOTMENT
MGROS MIGROS TICARET A.S
PGE PGE POLSKA GRUPA ENERGETYCZNA S.A.
TKNSA TEKNOSA IC VE DIS TICARET AS
PGSUS.E PEGASUS HAVA TASIMACILIGI AS
APR AUTO PARTNER SA
TBCB TBC BANK JOINT STOCK CO
PPC PUBLIC POWER CORPORATION S.A.
OTP OTP BANK NYRT
CAR INTER CARS S.A.
ARCLK ARCELIK A.S.
THYAO TURK HAVA YOLLARI A.O.
ULKER ULKER BISKUVI SANAYI A.S.
EUR EUROCASH S.A.
GSPARK GRAPHISOFT PARK SE
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.
DAT DATAWALK SA
OTOEL AUTOHELLAS S.A.
BANK OF CYPRUS PCL
WPL WIRTUALNA POLSKA HOLDING SA
BRD BRD-GROUPE SOCIETE GENERALE
TLV BANCA TRANSILVANIA S.A.
ETEL TELECOM EGYPT
SNG SOCIETATEA NATIONALA DE GAZE NATURALE ROMGAZ SA
H4L1 HALYK SAVINGS BANK OF KAZAKHSTAN GDR
SNP PETROM S.A.
PBK PATRIA BANK SA
DIGI DIGI COMMUNICATIONS NV
DNP DINO POLSKA S.A.
COTE CONPET SA
NBGGY NATIONAL BANK OF GREECE S.A. ADS
SNN SOCIETATEA NATIONALA NUCLEARELECTRICA SA
TEL C.N.T.E.E. TRANSELECTRICA
ELSA SOCIETATEA ENERGETICA ELECTRICA
FP. FONDUL PROPRIETATEA S.A. GDR (REG S)
BVB S.C. BURSA DE VALORI BUCURESTI S.A.
GEB BANK OF GEORGIA
TGN SOCIETATEA NATIONALA DE TRANSPORT GAZE NATURALE TRANSGAZ S.A.
RICHT RICHTER
ALPHA ALPHA BANK
M MED LIFE
SFG SPHERA FRANCHISE GROUP SA
PTKHY PETKIM PETROKIMYA HOLDING AS
ADNOCDIST ADNOC DISTRIBUTION PJSC
SOKM SOK MARKETLER TICARET AS
EAT AMREST HOLDINGS SE
NLBR NLB GROUP
ESLT ELBIT SYSTEMS LTD
KAP NATIONAL ATOMIC COMPANY KAZATOMPROM
TEN TEN SQUARE GAMES
ADKO ADDIKO BANK
ILRA-R-A ILIRIJA D.D.
ALG ALLEGRO.EU SA
CZG CESKA ZBROJOVKA GROUP
DUNAHOUSE DUNA HOUSE
INPST INPOST S.A.
PCF PCF GROUP SA
HUGE HUUUGE
ALR ALRO SLATINA
WINE PURCARI WINERIES PCL
4IG 4IG NYRT
PCO PEPCO GROUP NV
CTPNV CTP NV
ONE ONE UNITED PROPERTIES SA
ADNOCDRILL ADNOC DRILLING CO
AROBS AROBS TRANSILVANIA SOFTWARE SA
2381 ARABIAN DRILLING CO.
9526 JAHEZ INTERNATIONAL CO
ELPE HELLENIQ ENERGY
SHO SHOPER SA
4071 ARABIAN CONTRACTING SERVICES CO
H2O HIDROELECTRICA S.A.
- Research Team
WOOD Daily: AKCNS TI; WPL PW; APR PW; TEN PW; EXAE GA; EL RO; PKN PW; ...
HEADLINES: • Akcansa: a resilient business model that is hard to ignore (BUY - initiation of coverage) • Wirtualna Polska: 3Q23 results review - adjusted EBITDA up 56% yoy, 4% above the consensus POSITIVE • Auto Partner: 3Q23 EBITDA 7-9% above expectations on a better gross margin POSITIVE • Ten Square Games: 3Q23 adjusted EBITDA marginally above expectations, weak October for Hunting Clash NEUTRAL • Ten Square Games: share buyback of up to PLN 115m to be voted on at the EGM POSITIVE • Ten Squa...
- Jonathan Lamb
WOOD Flash – Orlen: to buy KPC’s assets in Norway
Orlen has announced that it is acquiring KUFPEC, the Norwegian subsidiary of Kuwait Petrol Corporation (KPC). KUFPEC owns a stake in five producing assets in which Orlen is also a partner; hence, the deal will increase Orlen’s share of existing properties. It also includes a project that Orlen is not a partner of, but which will be tied into one of Orlen’s fields. The deal will increase the Norwegian reserves by 13%, the total reserves by about 4% and production by about 11%. The acquisition wil...
- Research Team
The Rear-View Mirror – EME markets: stellar market reaction in Poland ...
EME Equity Market – October 2023 Market performance – election results prompt stellar market reaction in Poland; sell-off in Turkey. The MSCI EM Europe Index added 1.7% mom in EUR terms and 2.0% mom in USD in October. Poland staged a massive rebound, post the elections, with the WIG20 advancing 16.4% mom in EUR terms. Apart from Turkey, where October was a sell-off, with the ISE30 declining 13.7% mom in EUR terms, there were relatively muted performances everywhere else (BUX +2.1% / PX +0.4% / B...
GARAN TURKIYE GARANTI BANKASI ANONIM SIRKETI
KRU KRUK S.A.
MOL MOL NYRT
EBS ERSTE GROUP BANK AG
CEZ CEZ AS
ACP ASSECO POLAND SA
CDR CD PROJEKT S.A.
YKBNK YAPI VE KREDI BANKASI A.S.
OMV OMV AG
GWI GLOBALWORTH REAL ESTATE INVESTMENTS LIMITED
ALK ALKALOID AD SKOPJE
BIMAS BIM BIRLESIK MAGAZALAR A.S.
DOAS DOGUS OTOMOTIV SERVIS VE TICARET A.S.
VER VERBUND AG CLASS A
SPL SANTANDER BANK POLSKA SA
MIL BANK MILLENNIUM SA
TPS ORANGE POLSKA S.A.
PKN POLSKI KONCERN NAFTOWY ORLEN S.A.
MYTIL MYTILINEOS S.A.
LPP LPP S.A.
AKBNK AKBANK TAS
ASELS ASELSAN ELEKTRONIK SANAYI VE TICARET A.S. CLASS B
LOGO LOGO YAZILIM SANAYI VE TICARET A.S.
CCC CCC SA
CCOLA COCA-COLA ICECEK A.S.
2310 SAHARA INTERNATIONAL PETROCHEMICAL COMPANY
DOM DOM DEVELOPMENT SA
ENA ENEA S.A.
BFT BENEFIT SYSTEMS S.A. ALLOTMENT
MGROS MIGROS TICARET A.S
APR AUTO PARTNER SA
LVC LIVECHAT SOFTWARE SA
PPC PUBLIC POWER CORPORATION S.A.
OTP OTP BANK NYRT
PPA PIRAEUS PORT AUTHORITY S.A.
CAR INTER CARS S.A.
ARCLK ARCELIK A.S.
FROTO FORD OTOMOTIV SANAYI A.S.
OTKAR OTOKAR OTOMOTIV VE SAVUNMA SANAYI A.S.
TUPRS TURKIYE PETROL RAFINERILERI A.S.
CPS CYFROWY POLSAT SA
11B 11 BIT STUDIOS S.A.
TPE TAURON POLSKA ENERGIA S.A.
ALR ALIOR BANK SA
BANK OF CYPRUS PCL
WPL WIRTUALNA POLSKA HOLDING SA
SAB1L SIAULIU BANKAS
TLV BANCA TRANSILVANIA S.A.
TRP TERAPLAST
SNG SOCIETATEA NATIONALA DE GAZE NATURALE ROMGAZ SA
H4L1 HALYK SAVINGS BANK OF KAZAKHSTAN GDR
SNP PETROM S.A.
TOFAS TOFAS TURK OTOMOBIL FABRIKASI A.S.
DIGI DIGI COMMUNICATIONS NV
DNP DINO POLSKA S.A.
ELSA SOCIETATEA ENERGETICA ELECTRICA
FP. FONDUL PROPRIETATEA S.A. GDR (REG S)
19XX NEPI ROCKCASTLE PLC
CGEO GEORGIA CAPITAL
SOKM SOK MARKETLER TICARET AS
CZG CESKA ZBROJOVKA GROUP
KSPI KASPI KZ
HUGE HUUUGE
WINE ALRO SLATINA
4IG PURCARI WINERIES PCL
WPS 4IG NYRT
PCO W.A.G PAYMENT SOLUTIONS PLC
KLKIM PEPCO GROUP NV
ADNOCDRILL KALEKIM KIMYEVI MADDELER SANAYI VE TICARET AS
AROBS ADNOC DRILLING CO
7202 AROBS TRANSILVANIA SOFTWARE SA
9526 ARABIAN INTERNET & COMMUNICATIONS SERVICES CO
SHO JAHEZ INTERNATIONAL CO
4071 SHOPER SA
BOROUGE ARABIAN CONTRACTING SERVICES CO
7203 BOROUGE
ELM CO
- Research Team
WOOD Daily: EU macro, MBK PW, PKN PW, GARAN TI, HSBK LI, OMV AV, SNP R...
HEADLINES: • EU macro: October sentiment positive in CEE and Turkey • mBank: 3Q23 results - key to us are the solid capital ratios and high FX mortgage portfolio coverage • Orlen: 3Q23 results review • Garanti Bank: 3Q23 results highlights NEUTRAL • Halyk Savings Bank: notes from the deep-dive session • OMV: 3Q23 results review • OMV Petrom: 3Q23 result good, but in line with expectations • RO utilities: RO state could consider selling shares in Hidroelectrica, Nuclearelectrica, Romgaz NE...
- Research Team
WOOD Daily: EBS AV; BDX PW; ACP PW; RO Macro; SNP RO; SNG RO; BOROUGE ...
HEADLINES: • Erste Bank: posts solid 3Q23 - beat on higher and strong quality mix of revenues POSITIVE • Budimex: strong 3Q23 results, EBIT 13% above our forecast, despite negative one-offs POSITIVE • Asseco Poland: 3Q23 preliminary net profit of PLN 112m, 3% above the consensus POSITIVE • Romania macro: fiscal package law published and now in force • OMV Petrom/Romgaz: Government raises royalties; change to affect new & renewed concession agreements NEUTRAL • Borouge: 3Q23 results - EBITDA be...
- Research Team
WOOD Daily: PKN PW; SPL PW; YKBNK TI; WPS LN; SIPCHEM AB; HU Macro; PL...
HEADLINES: • Orlen: it'll be great when it's finished (stays BUY) • Santander Bank Polska: books solid profitability in 3Q23 • Yapi Kredi: 3Q23 highlights - better than expected, on the back of core revenues • Eurowag: 3Q23 revenues +33% yoy, FY23E margin guidance reconfirmed • Sipchem: 3Q23 results • Hungary macro: MNB cuts by 75bps, as expected • Polish banks: ZBP estimates cost of credit holidays extension at PLN 4.7-6.4bn • Orange Polska: key takeaways from the 3Q23 earnings call NEUT...
- Bram Buring
- CFA
- Jonathan Lamb
Orlen: it’ll be great when it’s finished (stays BUY)
We maintain our BUY rating on Orlen, with an updated price target (PT) of PLN 90.3 (from PLN 83.2 previously), offering upside of 38.9%. With the combined weight of multiple balance sheets, Orlen is planning to invest PLN 320bn until 2030E. Upstream, refining, petrochemicals and retail should all get their share of the largesse but the biggest change will be in the power sector. Here, we expect two offshore windfarms to be completed by the end of the decade, two gas-fired power plants by 2025E, ...
- Research Team
WOOD Daily: PL Macro; EME Macro/Strategy Weekly; VGO PW; OTP HB; PKN P...
HEADLINES: • Poland macro: elections - a change of government is coming • EME Macro/Strategy: macro all-in-one (9-15 October) • VIGO Photonics: 3Q23 sales up 3% yoy, to PLN 17.3m • OTP Bank: press reports OTP has received at least two binding offers for its Romanian subsidiary • Orlen: Tommeliten Alpha field onstream early in Norway • Solutions by STC: announces signing of SPA to acquire 40% of Devoteam Middle East POSITIVE • Dino: 3Q23E results preview - 17% yoy EBITDA growth expected (due...
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