HEADLINES: • Colt CZ Group SE: full metal jacket (stays BUY) • Pegasus Airlines: another good year (stays HOLD) • Allegro: 2Q24 above expectations, but growth deceleration guided for 3Q24E NEUTRAL • Echo Investment: 2Q24 ahead of PAP consensus expectations • Auto Partner: key takeaways from the 2Q24 earnings call NEUTRAL • Halyk Bank: announces programme to buy back up to USD 50m of its GDRs
We have increased our 12M price target (PT) for Pegasus to TRY 248/share, while maintaining our HOLD rating. After two years of stellar margins, 2024E is shaping up to be another good year. We expect Pegasus to fly 13% more ASK, while keeping its RASK flat yoy (lower fares offset by a higher load factor). Pegasus remains one of the lowest unit cost producers globally. Its efficiency is underpinned by its modern neo fleet, which is not affected by the P&W GTF engine issue – an important competiti...
HEADLINES: • Aegean Airlines: margins and fares normalising, after stellar 2023 (stays HOLD) • Lamda Development: 2Q24 – good sales at the Ellinikon, capex to accelerate • EME Macro/Strategy: macro all-in-one (9-15 September) • Bank of Cyprus: AGM approves delisting from the LSE, and relisting on the ATHEX POSITIVE • Short News (CEZ, RICHT)
We maintain our HOLD rating on Aegean Airlines, adjusting our 12M price target (PT) to EUR 11.0/share, implying 2% upside. In 3Q24E, we expect the RASK to drop 3% yoy, driven by high competition, industry-wide pressure on fares, and the high base of last year. This will likely put some pressure on profitability. We pencil in the 3Q24E EBITDA margin to fall 4ppts yoy, to 31%, driven by a weaker RASK and higher ex-fuel unit costs (due mainly to GTF engine inspections) in the key summer quarter. De...
HEADLINES: • Duna House: loan ranger, with dividends to boot (BUY) • EME Macro/Strategy: macro all-in-one (2-8 September) • Huuuge Games: 2Q24 earnings call takeaways NEUTRAL • Auto Partner: August sales growth decelerates to just 7% yoy NEGATIVE • CD Projekt: class action lawsuit in the US regarding technical solutions used by GOG NEUTRAL • PCF Group: termination of credit facilities at Bank Pekao NEUTRAL • DIGI Communications: delivers first part of FTTH network in Spain NEUTRAL
Aegean Airlines has announced that it may be buying up to a 21% stake in Volotea, investing up to EUR 50m via convertible notes, in two tranches of Volotea capital increases. At this stage, we see this mostly as a financial investment. That said, the two carriers will also be cross-selling each other’s tickets, and Volotea may use Aegean’s maintenance facilities and its flight simulators. Privately-owned, we have not found Volotea's recent financial statements, so we cannot assess the implied mu...
EME Equity Market – August 2024 A red month for the EME indices, with only the Czech PX index in positive territory. The MSCI EM Europe index declined by 4.7% in EUR terms and 2.6% in USD terms in August. The Czech PX index was the only index to report a positive figure, adding 0.5% mom in EUR terms. The rest of the indices were in the red: the Turkish ISE30 index was down 11.5% mom in EUR terms, followed by Greece (-3.2% mom), Romania (-2.6% mom) and Hungary (-1.2% mom; all in EUR terms). The P...
HEADLINES: • DIGI Communications: heavyweight European telco champion (upgraded to BUY) • PZU: posts PLN 1.19bn of net profit in 2Q24; results affected by higher combined ratio in P&C NEUTRAL • Motor Oil Hellas: 2Q24 results POSITIVE • CD Projekt: 2Q24 EBITDA 4-7% above expectations; Polaris to enter production phase “very soon” NEUTRAL • Mo-BRUK: 2Q24 EBITDA 8% above our forecast, but in line with the consensus NEUTRAL • Dom Development: 2Q24 – in line, at first glance NEUTRAL • CA Immo: 2Q24 i...
We upgrade our rating on DIGI Communications (DIGI) to BUY (from Hold) and lift our price target (PT) to RON 87.4/share (from RON 38.0), 40% upside potential. We see DIGI as a unique mix of a growth and value telco name. On the one hand, it offers an impressive growth outlook (a 12% 2023-26E EBITDA CAGR), driven by geographical expansion and strengthening its position in the local market; while, on the other, the company holds a valuable infrastructure asset, with the market value, according to ...
A director at Wizz Air Holdings bought 13,350 shares at 1,273p and the significance rating of the trade was 70/100. 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...
DIGI has reported its Q2 2024 earnings and beat consensus estimate by 1.3% on the top line and by 3% on the EBITDA front. Revenues increased by 14.1% YoY, mainly driven by the Spanish segment where the revenue increased by 22.5% YoY. While the OPEX and DD&A both increased YoY, the EBITDA grew by 16.4% YoY. EBIT increased 29.6% YoY and Net profit came 80% higher YoY, beating the market consensus by 23%. Key messages: The key markets, Romania and Spain have maintained a strong performance....
HEADLINES: • Elbit Systems: 2Q24 results – strong growth, and improved cash flows and margins POSITIVE • Aquila Part Prod Com S.A.: earnings remain on target for FY24E POSITIVE • Ignitis Group: raises FY24E adjusted EBITDA guidance after the 2Q24 results POSITIVE • DIGI Communications: key takeaways from the 2Q24 earnings call NEUTRAL • Telecom Egypt: key takeaways from the 2Q24 earnings call NEUTRAL • Poland macro: flash GDP surprises positively • Romania macro: 2Q GDP flash estimate underperfo...
Aquila delivered solid top-line growth in 2Q24, with revenues up 25% yoy (+18% for 1H24). This was, in part, aided by the recent acquisitions of Romtech (consolidated from end-February) and Parmafood (from end-April); nevertheless, we calculate that the business generated organic growth of 14% in 1H24 (and, within this, own-brand food sales were up 20% yoy). Among its sales channels, the focus remains on convenience (gas station and travel retail) and HoReCa, with 2Q24 yoy growth of 26% yoy and ...
Digi has reported a good set of Q2 numbers vs consensus expectations, with EBITDAaL +7% ahead. Capex guidance has been lifted for the second quarter in a row however, but the increase is due to a pull-forward of 5G capex in Romania rather than higher than expected start-up capex in Belgium/Portugal.
HEADLINES: • Graphisoft Park: 2Q24 – steady results, guidance reviewed slightly upwards • DIGI Communications: 2Q24 results – adjusted EBITDA up 16% yoy, 1% above our estimate POSITIVE • Telecom Egypt: 2Q24 results review – EBITDA up 40% yoy, 7% above our estimate POSITIVE • Romgaz: 2Q24 results NEUTRAL • Pegasus Airlines: 2Q24 – RASK (up 4% yoy) ahead of our and the consensus estimates POSITIVE • Pegasus Airlines: erratum • Georgia Capital: takeaways from the 2Q24 earnings call NEUTRAL • DataWa...
Pegasus has managed to reverse the negative RASK trend of the first quarter, delivering a 4% higher RASK yoy in 2Q24. This was driven by a materially stronger load factor yoy, as well as a good ancillary take up, which offset the pressure on passenger yields (the international passenger yield was down to EUR 68/pax, from EUR 75/pax in 2Q23). The company has maintained its guidance of a flat RASK, a mid-to-high single digit higher ex-fuel CASK (CASKx), and a 28-30% EBITDA margin for 2024E. Follow...
HEADLINES: • Pegasus Airlines: 2Q24 – a beat on pricing POSITIVE • Aquila Part Prod Com S.A.: on track to meet our FY24E forecasts after 2Q NEUTRAL • DataWalk: preliminary 2Q24 results – sales down 57% yoy, to PLN 4.49m NEGATIVE • EME Strategy: MSCI – August QIR results • Short News (BFT)
HEADLINES: • OTP Bank: 2Q24 results broadly in line, FY24E guidance unchanged, new taxes in Hungary to bite a little NEUTRAL • Bank of Cyprus: 2Q24 highlights POSITIVE • Bucharest Stock Exchange: good volumes drive solid bottom-line delivery in 2Q24 NEUTRAL • MOL: 2Q24 results NEUTRAL • Magyar Telekom: key takeaways from the 2Q24 earnings call NEUTRAL • CEZ: takeaways from the 2Q24 earnings call POSITIVE • Inter Cars: July sales growth jumps to 18% yoy, after disappointing May-June POSITIVE • DI...
HEADLINES: • Trade Estates: Greek retail parks – a dividend growth story (HOLD - initiation of coverage) • Wizz Air: thrust issues (stays BUY) • Bank Pekao: posts bottom line slightly below expectations, NPL ratio down to below 5%, solid 19%+ ROE intact NEUTRAL • CCC: 12% EBITDA beat in 2Q24, on opex control POSITIVE • Logo Yazilim: 2Q24 results – strong margin recovery, FY24E guidance reiterated POSITIVE • CEZ: 2Q earnings beat, EBITDA guidance up 2-3%, but net guidance unchanged NEUTRAL • CTP:...
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