reports
- Clement Genelot
Jeronimo Martins: Q1 topping expectations; price war ongoing in Poland
With Q1 topping expectations in terms of both sales and EBITDA, notably thanks to Biedronla, we foresee a positive share price reaction this morning. But reiterated gloomy FY guidance combined with no early signs of the price war easing in Poland still suggests caution is advisable.
- Research Team
WOOD Daily: JMT PL; CAR PW; MBR PW; SHO PW; TL Macro; UZ Macro; PL Ban...
HEADLINES: • Jeronimo Martins: small beat in 1Q24 NEUTRAL • Inter Cars: 4Q23 net profit in line with prelims, a miss vs. our initial forecasts due to lower gross margin NEUTRAL • Mo-BRUK: 4Q23 earnings call takeaways – supportive 2024E outlook POSITIVE • Shoper: earnings call takeaways – strong April, optimistic on 2024E outlook POSITIVE • Türkiye macro: MPC takes a pause, but hiking cycle not over yet • Uzbekistan macro: CBU keeps rates on hold • Polish banks: Polish Supreme Court reconfirms th...
- Research Team
WOOD Daily: KSPI LI; KRU PW; TUPRS TI; TL Banks; SIPCHEM AB; JMT PL; E...
HEADLINES: • Kaspi.kz: 1Q24 highlights Kruk: buys more portfolios in Italy • Tupras: launches USD 256m propylene investment NEUTRAL • Turkish banks: coverage UNDER REVIEW • Sipchem: 1Q24E results preview (due on 25 April) NEUTRAL • Jeronimo Martins: 1Q24E results preview – 11% yoy EBITDA growth expected (due on 26 April, before the open) • Erste Bank: 1Q24E preview (due on 30 April) • BRD-GSG: 1Q24E preview (due on 2 May) NEUTRAL • PKO BP: 1Q24E preview (due on 9 May) • Banca Transilvania: 1Q24E...
KRU KRUK S.A.
EBS ERSTE GROUP BANK AG
CDR CD PROJEKT S.A.
PKO PKO BANK POLSKI S.A.
MIL BANK MILLENNIUM SA
2310 SAHARA INTERNATIONAL PETROCHEMICAL COMPANY
TUPRS TURKIYE PETROL RAFINERILERI A.S.
BRD BRD-GROUPE SOCIETE GENERALE
TLV BANCA TRANSILVANIA S.A.
TEN TEN SQUARE GAMES
KSPI KASPI KZ
HUGE HUUUGE
- 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
- Research Team
WOOD Daily: ADNOCDRI UH; ARABIAND AB; PPC GA; KRU PW; BDX PW; PL Utili...
HEADLINES: • Middle Eastern Oil Services: we’re going with what’s growing (ADNOC Drilling upgraded to BUY, Arabian Drilling downgraded to HOLD) • Public Power Corporation: 4Q23 earnings review NEUTRAL • Kruk: 1Q24 trading update shows strong recoveries POSITIVE • Budimex: 4Q23 figures in line with the preliminary guidance NEUTRAL • Budimex: management recommends PLN 35.69 DPS (5% dividend yield), above our expectations POSITIVE • Polish utilities: Industry Ministry plans to link mines to coal-fi...
- Research Team
WOOD Daily: SNP RO; OMV AV; MIL PW; PL Utilities; EME Macro/Strategy W...
HEADLINES: • OMV Petrom: 1Q24 trading statement POSITIVE • OMV: 1Q24 trading statement NEUTRAL • Bank Millennium: 1Q24E CHF mortgage saga provisions land at PLN 507m NEUTRAL • Polish gencos: IndMin floats notion of alternative solution to the NABE NEUTRAL • EME Macro/Strategy: macro all-in-one (1-7 April) • Halyk Savings Bank: pays off State aid fully POSITIVE • Orange Polska: key takeaways from the interview with the CTO NEUTRAL • Polish telecoms: mobile number portability in 1Q24 NEUTRAL • Pub...
- Clement Genelot
Jeronimo Martins: food deflation in sight as price war escalates
Ahead of Q1 results on 26th April, we have cut our FY 2024-26 EPS by c.5% and our PT from EUR20 to EUR19 to reflect steeper food disinflation with food deflation becoming a reality across all geographies for Q2, while the price war in Poland is escalating further. Despite adopting the right long-te
- Research Team
The Rear-View Mirror – EME markets: mixed market performances in March
EME Equity Market – March 2024 Market performance – mixed performances in March, with the Romanian BET outperforming. The MSCI EM Europe Index declined by 0.3% mom in EUR terms and 0.4% mom in USD in March. The Romanian BET reported the strongest performance, adding 7.1% mom in EUR terms, followed by the Czech PX and the Polish WIG20 (+4.1% and 1.0% mom, in EUR terms, respectively). Greece saw a relatively muted performance (-0.2% mom in EUR terms), while Hungary (-1.1% mom in EUR terms) and Tür...
EUROB EUROBANK ERGASIAS SERVICES & HOLDINGS SA
PEO BANK POLSKA KASA OPIEKI SA
JMT JERONIMO MARTINS SGPS S.A.
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
HTO HELLENIC TELECOMMUNICATIONS ORGANIZATION SA
CDR CD PROJEKT S.A.
OMV OMV AG
PKO PKO BANK POLSKI S.A.
ALK ALKALOID AD SKOPJE
BHW BANK HANDLOWY W WARSZAWIE S.A.
PZU POWSZECHNY ZAKLAD UBEZPIECZEN SPOLKA AKCYJNA
VER VERBUND AG CLASS A
SPL SANTANDER BANK POLSKA SA
MIL BANK MILLENNIUM SA
BSK ING BANK SLASKI S.A.
BDX BUDIMEX S.A.
TPS ORANGE POLSKA S.A.
CAI CA IMMOBILIEN ANLAGEN AG
SAR GR. SARANTIS S.A.
LPP LPP S.A.
AKCNS AKCANSA CIMENTO
ASELS ASELSAN ELEKTRONIK SANAYI VE TICARET A.S. CLASS B
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.
2310 SAHARA INTERNATIONAL PETROCHEMICAL COMPANY
DOM DOM DEVELOPMENT SA
AEGN AEGEAN AIRLINES SA
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
LVC LIVECHAT SOFTWARE SA
TBCB TBC BANK JOINT STOCK CO
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.
TUPRS TURKIYE PETROL RAFINERILERI A.S.
ECH ECHO INVESTMENT
11B 11 BIT STUDIOS S.A.
TPE TAURON POLSKA ENERGIA S.A.
ALR ALIOR BANK SA
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.
TOFAS TOFAS TURK OTOMOBIL FABRIKASI A.S.
DIGI DIGI COMMUNICATIONS NV
DNP DINO POLSKA S.A.
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)
GEB BANK OF GEORGIA
TGN SOCIETATEA NATIONALA DE TRANSPORT GAZE NATURALE TRANSGAZ S.A.
RICHT RICHTER
ALPHA ALPHA BANK
SFG SPHERA FRANCHISE GROUP SA
ADNOCDIST ADNOC DISTRIBUTION PJSC
KAP NATIONAL ATOMIC COMPANY KAZATOMPROM
TEN TEN SQUARE GAMES
ALG ALLEGRO.EU SA
CZG CESKA ZBROJOVKA GROUP
INPST INPOST S.A.
PCF PCF GROUP SA
HUGE HUUUGE
WINE PURCARI WINERIES PCL
CTPNV KAZMUNAYGAS NC JSC
ONE CTP NV
GPP ONE UNITED PROPERTIES SA
AROBS GRUPA PRACUJ DA
2381 AROBS TRANSILVANIA SOFTWARE SA
9526 ARABIAN DRILLING CO.
4071 JAHEZ INTERNATIONAL CO
H2O ARABIAN CONTRACTING SERVICES CO
7203 HIDROELECTRICA S.A.
AQ ELM CO
AIRA AQUILA PART PROD COM
AIR ASTANA JSC
- Research Team
WOOD Daily: CDR PW; ALARABIA AB; CIMSA TI; TPE PW; ACP PW; RO Energy; ...
HEADLINES: • CD Projekt: 13% beat vs. our 4Q23 EBITDA forecast, on stronger revenues (CP77 IP) POSITIVE • Al Arabia Outdoor Advertising: mixed 4Q23 results NEUTRAL • Cimsa: 2023 financial results review • Tauron: reports 4Q23 EBITDA of PLN 674m , 44% lower qoq, but 83% higher yoy NEUTRAL • Asseco Poland: key takeaways from the 4Q23 earnings call NEUTRAL • Romanian energy: government adopts emergency ordinance, with amended regulations for the energy sector NEUTRAL • Bank of Georgia: receives app...
EQS-News: IMMOFINANZ 2023 mit starker operativer Performance
EQS-News: IMMOFINANZ AG / Schlagwort(e): Jahresergebnis/Immobilien IMMOFINANZ 2023 mit starker operativer Performance 27.03.2024 / 18:05 CET/CEST Für den Inhalt der Mitteilung ist der Emittent / Herausgeber verantwortlich. IMMOFINANZ 2023 mit starker operativer Performance Kräftige Zuwächse bei Mieterlösen und operativen Ergebnissen Mieterlöse um 77,8% auf EUR 533,6 Mio. gestiegen Deutlich verbessertes like-for-like Mietwachstum von 8,5% Ergebnis aus Asset Management um 85,1% auf EUR 418,5 Mio. erhöht Operatives Ergebnis um 84,7% auf EUR 285,1 Mio. deutlich g...
EQS-News: IMMOFINANZ 2023 with strong operating performance
EQS-News: IMMOFINANZ AG / Key word(s): Annual Results/Real Estate IMMOFINANZ 2023 with strong operating performance 27.03.2024 / 18:05 CET/CEST The issuer is solely responsible for the content of this announcement. IMMOFINANZ 2023 with strong operating performance Strong growth in rental income and operating results Rental income rose by 77.8% to EUR 533.6 million Sound 8.5% improvement in like-for-like rental income Results of asset management increased by 85.1% to EUR 418.5 million Substantial growth of 84.7% in results of operations to EUR 285.1 million ...
- Research Team
WOOD Daily: TEN PW; WPL PW; CZG CP; FP RO; PKO PW; CEZ CP; EL RO; EME ...
HEADLINES: • Ten Square Games: 4Q23 adjusted EBITDA 8% above our forecast, but trading update disappoints NEUTRAL • Wirtualna Polska: 4Q23 results review – adjusted EBITDA up 3% yoy, in line with the consensus POSITIVE • Colt CZ Group SE: weak 4Q23 results, but bullish FY24E guidance NEGATIVE • Fondul Proprietatea: proposes RON 0.06 DPS (11.8% dividend yield) POSITIVE • PKO BP: new acting CEO and two new board members appointed; more to come; but CRO Mazur stays • CEZ: starts divestment of Polis...
- Lukasz Wachelko
- CFA
WOOD Flash – Sphera Group: 2024 budget above our expectations
Sphera Group has published its FY24 budget, which is, generally, above our expectations. The company expects EBITDA and earnings growth of 28% yoy and 20% yoy, respectively. Effectively, Sphera’ budget come 22% and 13% ahead of our forecasts, respectively. On the budget numbers, Sphera is trading at a 2024E P/E of 11.4x and EV/EBITDA of 5.8x, 9% below and 13% above AmRest. We expect a positive market reaction.
EQS-News: IMMOFINANZ sells office properties in Vienna
EQS-News: IMMOFINANZ AG / Key word(s): Real Estate/Disposal IMMOFINANZ sells office properties in Vienna 15.03.2024 / 11:30 CET/CEST The issuer is solely responsible for the content of this announcement. IMMOFINANZ sells office properties in Vienna IMMOFINANZ is taking another step in optimising its portfolio by selling two office properties in Vienna. The properties in the 20th district of Vienna have been successfully sold to an Austrian real estate investor. “The most recent sales in Austria and Croatia show that we are also making very good progress in optimising o...
EQS-News: IMMOFINANZ verkauft Büroimmobilien in Wien
EQS-News: IMMOFINANZ AG / Schlagwort(e): Immobilien/Verkauf IMMOFINANZ verkauft Büroimmobilien in Wien 15.03.2024 / 11:30 CET/CEST Für den Inhalt der Mitteilung ist der Emittent / Herausgeber verantwortlich. IMMOFINANZ verkauft Büroimmobilien in Wien Die IMMOFINANZ setzt mit dem Verkauf von zwei Büroimmobilien in Wien einen weiteren Schritt im Rahmen ihrer Portfoliooptimierung. Die Liegenschaften im 20. Wiener Gemeindebezirk wurden erfolgreich an einen österreichischen Immobilieninvestor verkauft. „Die jüngsten Verkäufe in Österreich und Kroatien zeigen, dass wir bei d...
- Geoffroy Michalet
- Juan Ros-Padilla
- Robert Jan Vos
ODDO : In a decelerating inflation environment, we favour Jeronimo Mar...
Based on our local coverage from Spain, the Netherlands and France and in an environment of decelerating inflation, we set the following hierarchy: Jeronimo Martins as our Top Pick for its growth potential, while in the slow-growth retail category, we favour Ahold Delhaize over Carrefour (downgraded to Neutral) or Colruyt. - >Managing inflation & food inflation deceleration: the name of the game for 2024 - The key topic for food retailers in 2024 will be how they manag...
- Cedric Rossi
- Clement Genelot
- Loic Morvan
- Paul Rouviere
- Philippine Adam
On the shelves now: Consumer Weekly #20
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. This week, we comment on the US-Europe decoupling as US GDP growth forecasts for 2024 become in
- Jerôme Bodin
INFINEON INFINEON TECHNOLOGIES AG
EDEN EDENRED SA
JMT JERONIMO MARTINS SGPS S.A.
VIV VIVENDI SE
TEP TELEPERFORMANCE SE
HAL HAL TRUST
AMP AMPLIFON S.P.A.
01913 PRADA S.P.A.
AENA AENA SME SA
INW INFRASTRUTTURE WIRELESS ITALIANE S.P.A.
TIT TELECOM ITALIA S.P.A.
IBE IBERDROLA SA
COLO B COLOPLAST A/S CLASS B
ASML ASML HOLDING NV
HFG HELLOFRESH SE
- Jerôme Bodin
INFINEON INFINEON TECHNOLOGIES AG
EDEN EDENRED SA
JMT JERONIMO MARTINS SGPS S.A.
VIV VIVENDI SE
TEP TELEPERFORMANCE SE
HAL HAL TRUST
AMP AMPLIFON S.P.A.
01913 PRADA S.P.A.
AENA AENA SME SA
INW INFRASTRUTTURE WIRELESS ITALIANE S.P.A.
TIT TELECOM ITALIA S.P.A.
IBE IBERDROLA SA
COLO B COLOPLAST A/S CLASS B
ASML ASML HOLDING NV
HFG HELLOFRESH SE
- Juan Ros-Padilla
Jeronimo Martins : Q4 conference-call highlights
>Q4 2024 outlook: company sees some signs of food inflation abatement - As usual, management’s outlook for 2024 was unspecific in terms of sales growth or margins, they just stated that cost inflation (rent and salaries) and Food CPI deflation will pressure the margins and that management will keep the focus on growing volumes. The company stated that the group will face tough comps in FY 2024 yet they believe that the strength and differentiation of their value prop...
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