reports
- Research Team
WOOD Daily: EMEA Airlines; LPP PW; GEV CP; EME Macro/Strategy Weekly; ...
HEADLINES: • EMEA airlines: 3Q24 traffic, margin descent underway • LPP: regulator initiates proceedings against the company, on the miscommunication of the departure from Russia NEGATIVE • GEVORKYAN: successfully issues EUR 7.5m from the second tranche of its green bond NEUTRAL • EME Macro/Strategy: macro all-in-one (14-20 October) • Sarantis: 3Q24 trading update preview (due on 23 October) • Budimex: 3Q24E EBITDA flat yoy (due on 28 October) • PKO BP: 3Q24E preview (due on 7 November) • OTP Ba...
- Jakub Caithaml
WOOD Flash – EMEA airlines: 3Q24 traffic, margin descent underway
The combination of continued capacity recovery and a weak macro backdrop is putting pressure on passenger yields. The more favourable fuel prices (and, for Turkish Airlines (THYAO), higher cargo yields) only partially compensate for cost pressures caused by the GTF engine issue, higher personnel costs, and general cost inflation. This means that margins are beginning to compress from the often very high levels we have seen in the past two-to-three years. Among the four airlines that we cover, we...
- Carole Braudeau
- Carole Braudeau
- Research Team
WOOD Daily: EME Macro/Strategy Weekly; PKO PW; EAT PW; SFG RO; ALR PW;...
HEADLINES: • EME Macro/Strategy: macro all-in-one (7-13 October) • PKO BP: PLN 994m of CHF mortgage saga provisions in 3Q24E NEUTRAL • AmRest/Sphera Group: Wendy’s entering CEE NEGATIVE • Alior Bank: 3Q24E preview (due on 24 October) • MONETA Money Bank: 3Q24E preview (due on 24 October) • Santander Bank Polska: 3Q24E preview (due on 29 October) • Komercni Banka: 3Q24E preview (due on 31 October)
- Research Team
WOOD Daily: TL Food Retailers; AIRA LI; CZ Macro; HU Macro; APR PW; CA...
HEADLINES: • Turkish Food Retailers: entering a new era (BIM and Migros stay BUY, Sok Marketler downgraded to HOLD) • Air Astana Group: margins attracting rivals (downgraded to HOLD) • Czech Republic macro: September inflation rises as food inflation reaccelerates • Hungary macro: September inflation slows slightly more than expected • Auto Partner: September sales growth decelerates further, to a limited 5% yoy NEGATIVE • Inter Cars: September sales growth slows down to 5% yoy, below our expect...
Benefit Systems S.A.: 1 director
A director at Benefit Systems S.A. sold 10,421 shares at 2,500.000PLN 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 years...
- Olfa Taamallah
- Yan Derocles
ODDO : Majors begin a phase of upward revisions
Thanks to unit revenue that has proven more resilient than anticipated, real discipline on capacity and a decline in the fuel bill, we expect margins to recover, especially for the legacies. IAG remains our top pick. We are upgrading Air France-KLM and Lufthansa to Neutral and downgrading Ryanair to Underperform as well as WizzAir on Neutral. - >Sights on the legacies: IAG remains our top pick, Air France and Lufthansa upgraded to Neutral - We have the legacies in our ...
- Olfa Taamallah
- Yan Derocles
ODDO : Les majors amorcent leur phase de montée
Grâce à une recette unitaire qui se tient mieux que prévu, une discipline capacitaire notable et une baisse de la facture carburant, nous anticipons un rebond des marges tout particulièrement pour les majors. IAG reste notre valeur préférée. Nous relevons Air France-KLM et Lufthansa à Neutre et abaissons Ryanair à Sous-performance ainsi que Wizz Air à Neutre. - >Cap sur les majors: IAG en top pick, Air France et Lufthansa relevées à Neutre - Nous mettons le cap sur le...
- Research Team
WOOD Daily: OPAP GA (reinitiating with a BUY); THYAO TI; AEGN GA; RICH...
HEADLINES: • OPAP: licence to yield (reinitiating coverage with a BUY) • Turkish Airlines: 3Q24 traffic - ASK up 5% yoy NEUTRAL • Aegean Airlines: 3Q24 traffic - ASK down 1% yoy NEUTRAL • Richter: licences in a new biosimilar candidate from China’s Bio-Thera POSITIVE • Eurocash: creates a purchase group POSITIVE • Dom Development: advance dividend of PLN 6.0/share POSITIVE • Orange Polska: 3Q24E – 1% yoy EBITDAaL growth expected (due on 23 October) • Short News (CPS, BOCHGR)
- Research Team
WOOD Daily: OTKAR TI; OPL PW; TEN PW; HUG PW; GEKTERNA GA; CEZ CP; GEV...
HEADLINES: • Otokar: Romania selects Otokar for its giant military vehicle project POSITIVE • Polish telecoms: UKE has launched the 700/800MHz auction NEGATIVE • Ten Square Games: 3Q24 bookings up 6% qoq POSITIVE • Huuuge Games: 3Q24 bookings down 7% qoq NEUTRAL • GEK Terna: takes over the Attiki Odos road concession, all eyes now on Egnatia POSITIVE • CEZ: has reportedly contracted an order for a 70MW PV plant POSITIVE • GEVORKYAN: higher corporate tax rate approved by the government NEGATIVE •...
- Research Team
WOOD Daily: CAI AV (upgraded to BUY); OMV AV; TXT PW; Polish banks; Tü...
HEADLINES: • CA Immo: easing alleviates risks; stock at fair levels after dip (upgraded to HOLD) • OMV: force majeure lifted on Libyan oil exports POSITIVE • Text: key takeaways from the 2Q24-25 earnings call NEUTRAL • Polish banks: FinMin on potential sector consolidation and bank tax changes • Türkiye macro: inflation declines to 49.4% yoy in September • European Oil and Gas Monthly: September 2024 - Brent, refining margins down • Wizz Air CMD: show me the money NEUTRAL
- Jakub Caithaml
- Peter Palovic
WOOD Flash - Wizz Air CMD: show me the money
Yesterday (2 October), Wizz Air hosted a CMD in Budapest for the buy and sell sides. As it is currently in a closed period, the conversation did not focus on either the performance during the summer, or its near-term trading. Instead, the discussion concentrated on the longer-term evolution of, and prospects for, the business. In our view, most investors and analysts do not dispute that Wizz operates an attractive model, with a uniquely-efficient fleet underpinning its ultra-low-cost model. In t...
- Research Team
WOOD Daily: CCC PW (stays BUY); TXT PW; DOM PW; MIL PW; Poland macro; ...
HEADLINES: • CCC: Shaq attaq (stays BUY) • Text: 2Q24-25 (calendar 3Q24) preliminary results - MRR of USD 7.04m (-0.4% qoq, +8.8% yoy) NEGATIVE • Dom Development: strong sales performance in 3Q24 POSITIVE • Bank Millennium: to set aside PLN 470m of FX mortgage provisions in 3Q24E, cost of credit holidays lower NEUTRAL • Poland macro: NBP extends the pause • GEVORKYAN: EUR 31m long-term contract in the defence industry xx POSITIVE • Cimsa: completes the acquisition of Mannok DAC POSITIVE • Dino P...
- Research Team
WOOD Daily: WIZZ LN; BFT PW; PCF PW; Polish consumer staples; 11B PW; ...
HEADLINES: • Wizz Air: summer traffic in line, but consensus seems too bullish on earnings • Benefit Systems: net additions of 20k sport cards in 3Q24 POSITIVE • PCF Group: earnings call takeaways - Echo to be smaller than the other WFH projects NEUTRAL • Polish consumer staples: Netto plans to open 350 discount stores in Poland by 2028E NEGATIVE • 11 bit studios: delays the release of The Alters to 1Q25E NEGATIVE • Huuuge Games: September bookings estimate up 10% mom, but flat for the flagship ...
- Research Team
The Rear-View Mirror – EME markets: Greece rebounds, elsewhere mostly ...
EME Equity Market - September 2024 EME indices mostly in the red in September; rebound in Greece. The MSCI EM Europe Index declined 2.0% in EUR terms and 1.1% in USD terms in September. The Greek ASE Index was the best performer in our region, advancing 1.4% mom in EUR terms. Muted performances were seen in Czechia and Hungary (+0.3% and +0.2% mom, respectively in EUR terms), with declines in Poland, Romania and Turkey (-3.6%, -2.9% and -1.5% mom, respectively in EUR terms).
PEO BANK POLSKA KASA OPIEKI SA
OPAP GREEK ORGANISATION OF FOOTBALL PROGNOSTICS SA
KRU KRUK S.A.
MOL MOL NYRT
CEZ CEZ AS
CDR CD PROJEKT S.A.
RBI RAIFFEISEN BANK INTERNATIONAL AG
BIMAS BIM BIRLESIK MAGAZALAR A.S.
WIZZ WIZZ AIR HOLDINGS PLC
PZU POWSZECHNY ZAKLAD UBEZPIECZEN SPOLKA AKCYJNA
SPL SANTANDER BANK POLSKA SA
BSK ING BANK SLASKI S.A.
LAMDA LAMDA DEVELOPMENT S.A.
GEKTERNA GEK TERNA
KTY GRUPA KETY SA
PKN POLSKI KONCERN NAFTOWY ORLEN S.A.
SAR GR. SARANTIS S.A.
LPP LPP S.A.
ASELS ASELSAN ELEKTRONIK SANAYI VE TICARET A.S. CLASS B
CIMSA CIMENTO SANYAI VE TICARET A.S.
LOGO LOGO YAZILIM SANAYI VE TICARET A.S.
CCC CCC SA
CCOLA COCA-COLA ICECEK A.S.
AEGN AEGEAN AIRLINES SA
PGSUS.E PEGASUS HAVA TASIMACILIGI AS
APR AUTO PARTNER SA
PPC PUBLIC POWER CORPORATION S.A.
CAR INTER CARS S.A.
ARCLK ARCELIK A.S.
ECH ECHO INVESTMENT
CPS CYFROWY POLSAT SA
MBR MO-BRUK S.A.
11B 11 BIT STUDIOS S.A.
OTOEL AUTOHELLAS S.A.
VGO VIGO SYSTEM SA
WPL WIRTUALNA POLSKA HOLDING SA
BELA JUMBO S.A.
H4L1 HALYK SAVINGS BANK OF KAZAKHSTAN GDR
DIGI DIGI COMMUNICATIONS NV
NBGGY NATIONAL BANK OF GREECE S.A. ADS
RICHT RICHTER
19XX NEPI ROCKCASTLE PLC
R22 R22
ADNOCDIST ADNOC DISTRIBUTION PJSC
EAT AMREST HOLDINGS SE
TEN TEN SQUARE GAMES
ALG ALLEGRO.EU SA
CZG CESKA ZBROJOVKA GROUP
DUNAHOUSE DUNA HOUSE
KSPI KASPI KZ
INPST INPOST S.A.
PCF PCF GROUP SA
HUGE HUUUGE
PCO PEPCO GROUP NV
CTPNV KAZMUNAYGAS NC JSC
VRC CTP NV
KLKIM VERCOM SA
SHO KALEKIM KIMYEVI MADDELER SANAYI VE TICARET AS
4071 SHOPER SA
TRESTATES ARABIAN CONTRACTING SERVICES CO
GEV TRADE ESTATES REIC SA
NOVAL GEVORKYAN A.S.
BOCHGR NOVAL PROPERTY
BANK OF CYPRUS
Wizz Air Holdings: 1 director
A director at Wizz Air Holdings bought 6,150 shares at 1,350p and the significance rating of the trade was 73/100. 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 years clearly...
OTP Bank Plc: 1 director
A director at OTP Bank Plc sold 33,522 shares at 19,074.736HUF and the significance rating of the trade was 68/100. 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 years clearl...
- Gabor Bukta
Model update – No fracture in trends in Q3
We raise our June-25 TP to 24,800 HUF/sh from 23,000 HUF/sh and remain Buy rated on the stock, implying 36% TR upside potential including dividends. OTP is seen to pay out 25% of 2024 profit next year, translating into a DPS of 927 HUF/sh (DivY of 4.9%). Besides this, OTP has been running its 2nd tranche of HUF 60 bn SBB program this year, which will likely support the further appreciation of the stock into year-end.
- Research Team
WOOD Daily: BIMAS TI; GEKTERNA GA; BELA GA; LPP PW; PEO PW; CPS PW; MB...
HEADLINES: • BIM: weak results in 2Q24 NEGATIVE • GEK Terna: 1H24 EBITDA climbs 7%, to EUR 269m, as broadly expected NEUTRAL • Jumbo: 1H24 results in line, EGM approves share buyback plan NEUTRAL • LPP: key takeaways from the 2Q24 results call POSITIVE • Bank Pekao: appoints Marcin Zygmanowicz and dismisses Magdalena Zmitrowicz from the management board NEUTRAL • Cyfrowy Polsat: Solorz announces plans to dismiss his children from the company NEUTRAL • Mo-BRUK: signs new PLN 12.2m contract for “e...
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