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: FTSHP CP; PL Macro; SAR GA; HU Macro; PKO PW; WPL PW; MYTI...
HEADLINES: • Footshop (FTSHP CP): a sneakerhead’s dream – soft coverage (NOT RATED) • Poland macro: weaker consumption boosts prospects for early rate cuts • Sarantis: 3Q trading update in line, FY24E guidance maintained NEUTRAL • Hungary macro: MNB signals a longer pause • PKO BP: CEO Midera gives the gist of key strategic directions in Puls Biznesu interview NEUTRAL • Wirtualna Polska: Wakacje.pl and Itaka extend cooperation NEUTRAL • Metlen Energy & Metals: 9M24 trading update preview (due ou...
- Andreas Souvleros
- CFA
- Christiana Armpounioti
- Marios Bourazanis
- Natalia Svyriadi
- Nikos Athanasoulias CFA
- Stamatios Draziotis CFA
GREEK MARKET PULSE | Autumn Chill
The ATHEX has shed c3% since the start of August, significantly underperforming vs both broader Europe (Stoxx 600 +0.7%) and periphery markets (MIB +2.8%). Performance has been weighed down primarily by banks, which have fallen c7% over the period, compared to a c4% return registered by their EU peers. Non-financials have also stalled, with just a handful of companies in the green since August (mostly from the mid-cap space). Of note is that this move is out of sync with fundamentals, as most co...
- Andreas Souvleros
- CFA
- Christiana Armpounioti
- Marios Bourazanis
- Natalia Svyriadi
- Nikos Athanasoulias CFA
- Stamatios Draziotis CFA
GREEK MARKET PULSE | Autumn Chill
The ATHEX has shed c3% since the start of August, significantly underperforming vs both broader Europe (Stoxx 600 +0.7%) and periphery markets (MIB +2.8%). Performance has been weighed down primarily by banks, which have fallen c7% over the period, compared to a c4% return registered by their EU peers. Non-financials have also stalled, with just a handful of companies in the green since August (mostly from the mid-cap space). Of note is that this move is out of sync with fundamentals, as most co...
Metlen Energy & Metals S.A: 1 director
A director at Metlen Energy & Metals S.A bought 25,000 shares at 34.320EUR and the significance rating of the trade was 67/100. 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 ...
- Research Team
The Rear-View Mirror – EME markets: Greek ASE – best performer in July
EME Equity Market – July 2024 Greece the biggest winner, while Poland the clear loser in July. The MSCI EM Europe Index declined by 1.1% in EUR terms and 0.3% in USD terms in July. The Greek ASE Index posted the best performance for the month, advancing by 5.3% mom in EUR terms. There was a broadly similar performance in Hungary, Czechia and Romania (+ 2.9%, 2.7% and 2.1% mom in EUR terms, respectively). The Turkish ISE30 Index declined by 1.6% mom in EUR terms, but the clear loser was the Polis...
PEO BANK POLSKA KASA OPIEKI SA
JMT JERONIMO MARTINS SGPS S.A.
KRU KRUK S.A.
EXAE HELLENIC EXCHANGES SA
CEZ CEZ AS
KRKG KRKA D.D.
HTO HELLENIC TELECOMMUNICATIONS ORGANIZATION SA
RBI RAIFFEISEN BANK INTERNATIONAL AG
OMV OMV AG
PKO PKO BANK POLSKI S.A.
ALK ALKALOID AD SKOPJE
WIZZ WIZZ AIR HOLDINGS PLC
PZU POWSZECHNY ZAKLAD UBEZPIECZEN SPOLKA AKCYJNA
SPL SANTANDER BANK POLSKA SA
MIL BANK MILLENNIUM SA
BDX BUDIMEX S.A.
LAMDA LAMDA DEVELOPMENT S.A.
MTELEKOM MAGYAR TELEKOM TELECOMMUNICATIONS
TPS ORANGE POLSKA S.A.
MYTIL MYTILINEOS S.A.
CCC CCC SA
CCOLA COCA-COLA ICECEK A.S.
2310 SAHARA INTERNATIONAL PETROCHEMICAL COMPANY
AEGN AEGEAN AIRLINES SA
BFT BENEFIT SYSTEMS S.A. ALLOTMENT
MGROS MIGROS TICARET A.S
PGSUS.E PEGASUS HAVA TASIMACILIGI AS
APR AUTO PARTNER SA
LVC LIVECHAT SOFTWARE SA
TBCB TBC BANK JOINT STOCK CO
TPEIR PIRAEUS BANK SA
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.
MBR MO-BRUK S.A.
OTOEL AUTOHELLAS S.A.
VGO VIGO SYSTEM SA
WPL WIRTUALNA POLSKA HOLDING SA
SAB1L SIAULIU BANKAS
MONET MONETA MONEY BANK AS
SNP PETROM S.A.
GEB BANK OF GEORGIA
RICHT RICHTER
19XX NEPI ROCKCASTLE PLC
M MED LIFE
NLBR NLB GROUP
KAP NATIONAL ATOMIC COMPANY KAZATOMPROM
TEN TEN SQUARE GAMES
KSPI KASPI KZ
HUGE HUUUGE
4IG 4IG NYRT
PCO PEPCO GROUP NV
GPP GRUPA PRACUJ DA
ADNOCDRILL ADNOC DRILLING CO
AROBS AROBS TRANSILVANIA SOFTWARE SA
7202 ARABIAN INTERNET & COMMUNICATIONS SERVICES CO
9526 JAHEZ INTERNATIONAL CO
SHO SHOPER SA
BOROUGE BOROUGE
7203 ELM CO
NOVAL NOVAL PROPERTY
- Toby Thorrington
Metlen Energy & Metals - Strengthening operating margin in H1
Metlen Energy & Metals achieved a record H1 EBITDA of €474m in 2024 (vs €437m in H123), while also increasing its operating margin by 169bp to 19.1% (17.4% at H123). Revenue declined marginally (-1% to €2,482m) but Metlen’s diversified and synergistic business model across the energy and metals sectors is helping to grow its margins and diversity of earnings (towards RES/Utility/Metals and away from volatile natural gas supply). Both net profit after minorities and earnings per share increased b...
- Research Team
WOOD Daily: LAMDA GA; MYTIL GA; GPP PW; CBF PW; VRC PW
HEADLINES: • Lamda Development: closes sale of Ellinikon resi land plots for EUR 106m POSITIVE • Metlen Energy & Metals: 1H24 results – a glimpse into a much-improved future POSITIVE • Grupa Pracuj: 2Q24E preview – flat yoy adjusted EBITDA expected (due on 29 August) • cyber_Folks: 2Q24E preview – 16% yoy adjusted EBITDA growth (due on 3 September) • Vercom: 2Q24E preview – 31% yoy adjusted EBITDA growth (due on 3 September)
- George Grigoriou
WOOD Flash – Metlen Energy & Metals: 1H24 results – a glimpse into a m...
This morning’s (25 July) 1H24 results announcement should serve as a glimpse of a much-improved future, in our view, in that Metlen managed to counterbalance the sharp drop in energy prices during the period and increased its profitability. We also note that, as 2Q24 evolved, the prices for aluminium and, particularly, alumina increased significantly; while, at the same time, the wholesale electricity prices in Greece also moved markedly higher, reaching 18-month highs in July, owing to the coun...
- Research Team
WOOD Daily: MYTIL GA; KSPI LI; SOLUTION AB; MTELEKOM HB; CPS PW
HEADLINES: • Metlen Energy & Metals: the art of continued growth (BUY - reinitiation of coverage) • Kaspi.kz: 2Q24 highlights – in line with guidance in 1H24 • Solutions by STC: mixed 2Q24 financial results NEGATIVE • Magyar Telekom: 2Q24E preview – 25% yoy growth in EBITDA expected (due on 7 August) • Cyfrowy Polsat: 2Q24E preview – 3% yoy increase in adjusted EBITDA expected (due on 21 August) • Short News (PPC)
- Bram Buring
- CFA
- George Grigoriou
Metlen Energy & Metals: the art of continued growth (BUY - reinitiatio...
We reinitiate coverage of Metlen Energy & Metals (Metlen), with a BUY and a SOTP-derived, DCF-based price target (PT) of EUR 45.5/share, implying 25% upside from current levels. We firmly believe that the upcoming 1H24E earnings release will demonstrate, once again, that the group’s many moving parts, while difficult to monitor, arguably, are a blessing in disguise, as they offset separate weaknesses in difficult industry conditions and, seemingly, work in lockstep to accentuate a rebound in the...
Edison issues report on Metlen Energy & Metals (MYTIL)
Edison Investment Research Limited Edison issues report on Metlen Energy & Metals (MYTIL) 25-Jun-2024 / 09:09 GMT/BST The issuer is solely responsible for the content of this announcement. London, UK, 25 Juni 2024 Edison issues report on Metlen Energy & Metals (MYTIL) to view the full report. All reports published by Edison are available to download free of charge from its website Edison is authorised and regulated by the . Edison is not an adviser or broker-dealer and does not provide investment advice. Edison’s reports are not solicitations to buy or sell any secu...
- Toby Thorrington
Metlen Energy & Metals - A new name for its next phase
Mytilineos recently announced a company name change to Metlen Energy & Metals. The decision to rebrand is in line with its strategy of establishing a strong international identity. It also confirmed its intention to examine an international listing, including on the London Stock Exchange. We profile Metlen and examine how it could look in the context of an LSE listing. It would rank c 90th in the LSE’s largest index firms on market capitalisation and c 50th based on earnings, indicating potentia...
- Toby Thorrington
Mytilineos - Strong Q1 and plans for potential London listing
On April 25, Mytilineos (MYTIL) announced, as part of its strategic review, that it is considering a potential international listing on the London Stock Exchange (LSE) within the next 12–18 months. Listing on the LSE would demonstrate a strong vote of confidence by MYTIL in the UK market and aligns with its international growth ambitions, allowing the company to leverage its geographically diverse portfolio of operations. It would provide greater liquidity for investors and enable MYTIL to conti...
- Nikos Athanasoulias CFA
MYTILINEOS Energy & Metals | More than just a deal, more than 10% grow...
Stellar delivery, bulletproof growth, and more catalysts ahead… – Over the past two years Mytilineos has reported impressive results, leveraging synergies arising from the vertically integrated model. Following outstanding delivery to the ambitious FY’23 EBITDA target of €1bn (+23% yoy), we still see ample room for growth, now estimating FY’24 EBITDA of €1.14bn (+13% yoy) and a 3-year EBITDA CAGR of 10%, driven by a step-up in Renewables and solid growth Metals. Moreover, we view the value-accre...
- Nikos Athanasoulias CFA
MYTILINEOS Energy & Metals | More than just a deal, more than 10% grow...
Stellar delivery, bulletproof growth, and more catalysts ahead… – Over the past two years Mytilineos has reported impressive results, leveraging synergies arising from the vertically integrated model. Following outstanding delivery to the ambitious FY’23 EBITDA target of €1bn (+23% yoy), we still see ample room for growth, now estimating FY’24 EBITDA of €1.14bn (+13% yoy) and a 3-year EBITDA CAGR of 10%, driven by a step-up in Renewables and solid growth Metals. Moreover, we view the value-accre...
- Andreas Souvleros
- CFA
- Christiana Armpounioti
- Marios Bourazanis
- Natalia Svyriadi
- Nikos Athanasoulias CFA
- Stamatios Draziotis CFA
Greek Equity Strategy – 2024 outlook | Junk no more
2023: Reclaiming investor spotlight – Greek equities had another year of stellar performance, with the ASE index popping >40%, eclipsing the Stoxx 600 by >25ppts. Strong fundamentals (mid-teens EBITDA growth for non-financials, >50% NII growth for banks) were coupled with falling risk premia thanks to crystallized domestic political stability and expectations for Greece’s return to investment grade (IG), further propelled by the generic risk-on rally in Q4 and low positioning. Financials (+66%) ...
- Andreas Souvleros
- CFA
- Christiana Armpounioti
- Marios Bourazanis
- Natalia Svyriadi
- Nikos Athanasoulias CFA
- Stamatios Draziotis CFA
Greek Equity Strategy – 2024 outlook | Junk no more
2023: Reclaiming investor spotlight – Greek equities had another year of stellar performance, with the ASE index popping >40%, eclipsing the Stoxx 600 by >25ppts. Strong fundamentals (mid-teens EBITDA growth for non-financials, >50% NII growth for banks) were coupled with falling risk premia thanks to crystallized domestic political stability and expectations for Greece’s return to investment grade (IG), further propelled by the generic risk-on rally in Q4 and low positioning. Financials (+66%) ...
- Nikos Athanasoulias CFA
Mytilineos Energy & Metals | Not your everyday RES play
Delivering on an ambitious target; FY’23e EBITDA to reach €1bn… – Following the record-level profitability growth in FY’22 (+130% yoy), Mytilineos is poised to deliver +19% EBITDA growth in FY23e (results on 25th January), ultimately delivering on the ambitious target set by the CEO in last year’s FY results conference call and affirming that the €1bn mark constitutes a new base for the Group. Looking ahead, we expect the 2-digit growth algorithm established in recent years to continue with FY24...
- Nikos Athanasoulias CFA
Mytilineos Energy & Metals | Not your everyday RES play
Delivering on an ambitious target; FY’23e EBITDA to reach €1bn… – Following the record-level profitability growth in FY’22 (+130% yoy), Mytilineos is poised to deliver +19% EBITDA growth in FY23e (results on 25th January), ultimately delivering on the ambitious target set by the CEO in last year’s FY results conference call and affirming that the €1bn mark constitutes a new base for the Group. Looking ahead, we expect the 2-digit growth algorithm established in recent years to continue with FY24...
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