ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 01/22/2025

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 22/01/2025

Jeronimo Martins : Q4 preview: sales modestly improving but margin rea...

WOOD Daily: ELM AB; TEN PW; WPS LN; PZU PW; CCC PW; JMT PL

HEADLINES: • Elm: signs an agreement to acquire Thiqah for SAR 3.4bn POSITIVE • Ten Square Games: Investor Day takeaways NEUTRAL • Eurowag: solid 4Q24 results but slow growth and higher capex in 2025E NEGATIVE • PZU: appoints Andrzej Klesyk to the supervisory board • CCC: 4Q24E prelims preview - we expect 82% yoy EBITDA growth (due on 10 February, TBC) • Jeronimo Martins: 4Q24E results preview – we expect 2% yoy EBITDA erosion (due on 19 March)

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 01/16/2025

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 16/01/2025

Jeronimo Martins : Preliminary Q4 2024 sales slightly better than expe...

WOOD Daily: JMT PL; BELA GA; HU Macro; RO Macro; PGSUS TI; RICHT HB

HEADLINES: • Jeronimo Martins: 4Q24 trading statement slightly ahead of our expectations; lfl at Biedronka recovers to +1.1% POSITIVE • Jumbo: top-line growth slows to 2% in December, but still up 6.3% yoy in 2024, as expected NEUTRAL • Hungary macro: inflation jumps, MoF reiterates commitment to fiscal prudence • Romania macro: inflation surprises to the upside again • Pegasus Airlines: strong December traffic POSITIVE • Richter: announces positive top-line results for tocilizumab POSITIVE

Jeronimo Martins: LfL already back to growth

With Q4 returning to LfL growth at both the Biedronka and group levels, Jeronimo Martins topped the css and our expectations. In a still unhelpful albeit easing environment, the scenario behind our upgrade to Buy seems to be taking shape, and we continue to foresee a clear rerating path from 16x to

On the shelves now: Consumer Weekly #53

In this Consumer Weekly newsletter, we provide a brief overview of the key factors affecting our Consumer coverage, from Luxury & Consumer goods to Retail & E-commerce and Food & Ingredients. Happy reading!

Jeronimo Martins: embarking on the rest of the rerating journey

Ahead of tomorrow's Q4 trading update, we are turning more positive on Poland (stabilising macro, easing competition, Biedronka best placed to rebound) and foresee a path of short-term catalysts marked by stabilisation followed by a rebound in LfL growth and margins. Upgrade to Buy with a EUR21 PT

WOOD Daily: TXT PW; TEN PW; PL Telecoms; PL Media; JMT PL

HEADLINES: • Text: key takeaways from the 3Q24-25 preliminary earnings call NEGATIVE • Ten Square Games: 4Q24 bookings down by 2% qoq, slight miss vs. our expectations NEUTRAL • Polish telecoms: mobile number portability in 4Q24 NEGATIVE • Polish media: CPS audience share at 22.72%, while WP TV at 0.72% in December 2024 NEUTRAL • Jeronimo Martins: 4Q24E trading update preview – 5% yoy sales growth expected (due on 14 January) NEUTRAL

The Rear-View Mirror – EME markets: positive performances from all ind...

EME Equity Market – December 2024 A green December. The MSCI EM Europe Index advanced 2.9% in EUR terms and 0.8% in USD terms in December. The Greek ASE Index (+5.5% mom in EUR terms) was the best performer, followed closely by the Czech PX Index (+5.0% mom in EUR terms). Solid performances were also reported by the BET (+2.4% mom), BUX (+2.2% mom) and ISE 30 (+1.5% mom) indices (all in EUR terms). The Polish WIG 20 Index (+0.4% mom in EUR terms) reported a muted performance.

WOOD Daily: CEZ CP; WIZZ LN; MBK PW; MBR PW; WPL PW; HUG PW; TEN PW; 1...

HEADLINES: • CEZ: government may try to include support for coal plants in draft gas bill NEUTRAL • Wizz Air: extends compensation agreement with PW until YE26 NEUTRAL • mBank: sees PLN 907m of FX mortgage saga costs in 4Q24E NEUTRAL • Mo-BRUK: update on increased fees in Wałbrzych for 2018 NEUTRAL • Wirtualna Polska: agrees to acquire Invia Group for c.EUR 240m POSITIVE • Huuuge Games: December bookings estimate jumps by 18% mom, to USD 13m POSITIVE • Ten Square Games: December bookings estimat...

WOOD Daily: PZU PW; ALR PW; PEO PW; RO Macro; GE Macro; CZ Macro; CEZ ...

HEADLINES: • PZU: discounted valuation for growing EPS and dividend yields (stays BUY) • Alior Bank: trading cheaply, but in stand-by mode (stays BUY) • Bank Pekao: complicated, but not value destructive (stays BUY) • Romania macro: a frail situation • Georgia macro: NBG keeps policy rate unchanged, at 8.0%; sanctions from the US and the UK • Czech Republic macro: CNB keeps policy rate on hold • CEZ: government takes new nuclear financing plan under advisement NEUTRAL • NEPI Rockcastle: pre-clos...

PZU: discounted valuation for growing EPS and dividend yields (stays B...

We rate PZU a BUY, with a new 12M price target (PT) of PLN 64.9/share, offering 42% upside potential. PZU is one of our top picks among the regional financials. We see its discounted valuation (2025E P/E of 6.8x and P/BV of 1.2x), and its status as one of the most reliable dividend payers in the region (9%+ yield next year), as attractive. This is in combination with positive fundamentals, including improving EPS momentum (our 2025E EPS is +18% yoy) and a medium-term performance supported by the...

WOOD Daily: CPS PW; PL Banks; PZU PW; PCF PW; CDR PW; PPC GA

HEADLINES: • Cyfrowy Polsat: court in Liechtenstein appoints administrator for Zygmunt Solorz’s foundations NEGATIVE • Polish banks: to face the same dividend guidance from the watchdog as last year NEUTRAL • PZU: PFSA issues dividend payment guidance for 2025 NEUTRAL • PCF Group: limits scope of work on Project Bifrost and suspends work on Project Victoria NEUTRAL • CD Projekt: releases new Update 2.2 for Cyberpunk 2077 NEUTRAL • Public Power Corporation: cancellation of own shares NEUTRAL

WOOD Daily: EU Oil and Gas Monthly; BHW PW; MYTIL GA; APR PW; TL Banks...

HEADLINES: • European oil and gas monthly: November 2024 – gas inventories down, prices up • Bank Handlowy: published its 2025-27E strategy on 6 December NEUTRAL • Metlen Energy & Metals: pushes EC to promote CRMs, as it preps EUR 300m investment to boost bauxite and alumina production, plus brand-new gallium production facility POSITIVE • Auto Partner: November sales growth slows down to 5% yoy, well below our expectations NEGATIVE • Turkish banks: BRSA announces financial services companies wi...

WOOD Daily: BCG LN; KTY PW; CDR PW; 11B PW; BFT PW; BDX PW; OPL PW; PG...

HEADLINES: • Baltic Classifieds Group: strong FY 1H25 financial results; conference call takeaways POSITIVE • Kety: Roman Przybylski (current deputy CEO) to become new CEO NEUTRAL • CD Projekt: update on the US class action lawsuit regarding the technical solutions used by GOG NEUTRAL • 11 bit studios: starts marketing campaign for Moonlighter 2 publishing project NEUTRAL • WOOD's Winter Wonderland EME Conference 2024 • 11 bit studios: postcard from Prague • Benefit Systems: postcard from Prague...

WOOD Daily: PL Utilities; GPP PW; PZU PW; HU Macro; 4IG HB; CPS PW; WP...

HEADLINES: • Polish utilities: with coal, through thick and thin (Enea (HOLD), PGE (SELL) and Tauron (HOLD) - transfer of coverage) • Grupa Pracuj: volume rebound expected in 2025E (upgraded to BUY) • PZU: strong profits and attractive shareholder returns implied by 2025-27E strategy update POSITIVE • Hungary macro: MNB nominations and opinion polls swings • 4iG: 3Q24 conference call takeaways NEUTRAL • Cyfrowy Polsat/Wirtualna Polska: CPS audience share at 22.26%, while WP TV at 0.69% in Novemb...