reports
Moody's Ratings affirms Erdemir's B3 ratings; positve outlook
Moody's Ratings ("Moody's") has today affirmed Eregli Demir ve Celik Fabrikalari T.A.S.'s (Erdemir) long-term corporate family rating (CFR) of B3, probability of default rating (PDR) of B3-PD, and national scale long-term corporate family rating of A3.tr. We have also assigned a B3 instrument rating...
Moody's Ratings affirms Erdemir's B3 ratings; positve outlook
Moody's Ratings ("Moody's") has today affirmed Eregli Demir ve Celik Fabrikalari T.A.S.'s (Erdemir) long-term corporate family rating (CFR) of B3, probably of default rating (PDR) of B3-PD, and national scale long-term corporate family rating of A3.tr. We have also assigned a B3 instrument rating to...
- Koray Pamir
Erdemir
Revising estimates, Maintain Hold: We have updated our estimates for Erdemir and increased our 12M TP by 2%, to TL53.6/share, mainly led by the update of our macro assumptions, implying a 27% upside potential (vs. 28% upside potential of our coverage). Thus, we reiterate our Hold rating for the shares (downgraded from Buy on January 2022, underperformed the BIST-100 by 64% since). Regarding near term outlook, we are constructive of improvement in Erdemir’s sales volume in FY24 (estimate of 13% y...
- Research Team
Coverage discontinued (AEFES TI, AYGAZ TI, ENJSA TI, EREGL TI, TKFEN T...
Due to a change in analyst responsibilities, we are discontinuing our coverage of Anadolu Efes, Aygaz, Enerjisa Enerji, Erdemir, Tekfen Holding and Vestel Beyaz with immediate effect. We caution against using the forecasts, ratings and price target guidance issued previously on these stocks.
- Koray Pamir
Erdemir
We have revised down our 12M TP for Erdemir by 8%, to TL40.0/share, mainly due to slightly lower EBITDA/tonne assumptions, implying 10% downside potential. Thus, we reiterate our Hold rating. We believe the following factors should prohibit a sustained outperformance in the near term 1) the recent strength in the share performance, particularly following the earthquakes, with a 7% outperformance over the past month and 13% YTD, increasing the share price performance gap vs. peers, 2) Potentially...
- Koray Pamir
Kardemir
We are downgrading our rating for Kardemir (D-type shares) to Hold from Buy. We have slightly revised down 12M TP by 3% to TL22.5/s, implying 12M total return potential of 7% and corresponding to a Hold rating. Shares returned 41%/23% in USD over the past 3M/1Y with a 36% outperformance vs. BIST-100 over the past three months. Accordingly, on our estimates, Kardemir is trading FY23E P/E of 5.7x (vs. 5Y median: 6.1x) and EV/EBITDA of 3.3x (vs. 5Y median: 3.6x), thus close to its historic averages...
- Research Team
WOOD Daily: PKN PW; RICHT HB; TL Macro; HMX1R LR; CCC PW; PKO PW; LVC ...
HEADLINES: • PKN Orlen: there can be only one (stays BUY) • Richter Gedeon: near-term headwinds and juggernaut Vraylar (stays HOLD) • Turkey macro: inflationary factors ahead of the elections • HansaMatrix: 4Q22 revenues at top of guidance range POSITIVE • CCC: change of CFO NEGATIVE • PKO BP: CHF mortgage saga profit warning for 4Q22E • LiveChat Software: secures new patent in the US POSITIVE • Magyar Telekom: to implement annual inflation-based fee adjustment as of 1 March 2023 POSITIVE • ...
MTELEKOM MAGYAR TELEKOM TELECOMMUNICATIONS
PKN POLSKI KONCERN NAFTOWY ORLEN S.A.
EREGL EREGLI DEMIR YE CELIK FABRIKALARI T.A.S.
CCC CCC SA
LVC LIVECHAT SOFTWARE SA
ARCLK ARCELIK A.S.
SNG SOCIETATEA NATIONALA DE GAZE NATURALE ROMGAZ SA
SNP PETROM S.A.
FP. FONDUL PROPRIETATEA S.A. GDR (REG S)
RICHT RICHTER
PCO PEPCO GROUP NV
- Research Team
WOOD Daily: RBI AV; PCO PW; SNP RO; OMV AV; BELA GA; SOLUTION AB; EREG...
HEADLINES: • Raiffeisen Bank International: potential event-driven BUY (stays BUY) • Pepco Group: lfl jumps to 13% in 1Q23 on low base and inflation; optimistic FY23E EBITDA guidance POSITIVE • OMV Petrom: 4Q22 trading statement - Petrom not subject to solidarity tax for 2022 POSITIVE • OMV: 4Q22 trading results • Jumbo: FY22 sales growth at 14% yoy • Solutions by STC: signs SPA to acquire 100% of Contact Center Company NEUTRAL • Erdemir: to launch coke battery No.4 at the end of 2023E as rep...
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