reports
- 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)
- George Grigoriou
- Lukasz Wachelko
- CFA
OPAP: licence to yield (reinitiating coverage with a BUY)
We reinitiate coverage of OPAP, with a BUY rating and a price target (PT) of EUR 18.9/share, which implies 18% upside from the current levels. Safe never looked so good, in our view. OPAP is delivering results cementing its steady growth and low gearing qualities, coupled with a generous shareholder remuneration policy and an attractive valuation.
- 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
- Research Team
WOOD Daily: MCOVB SS (BUY – initiation of coverage); HTO GA (upgrade t...
HEADLINES: • Medicover: private healthcare pioneer keeps on rolling (BUY - initiation of coverage) • OTE: safe dividend play (upgraded to BUY) • National Bank of Greece: HFSF launches the sale of a 10% stake in NBG NEUTRAL • PCF Group: 2Q24 results in negative territory, below our expectations NEGATIVE • mBank: issues traditional profit warning related to the CHF mortgage saga, ahead of 3Q24E results NEUTRAL • InPost: 4.9% price hike for Allegro NEUTRAL • Allegro: introduction of spirits from 21...
- George Grigoriou
- Piotr Raciborski
- CFA
OTE: safe dividend play (upgraded to BUY)
We have upgraded our rating on OTE to BUY from Hold, with a price target (PT) of EUR 20.3 (from EUR 18.8), implying 26% upside potential. We appreciate the strong investor remuneration that we expect it to offer: on our estimates this should reach 7.3% in 2024E and 7.6% in 2025-26E, and could also be supported by proceeds from the sale of the Romanian business. We also see an easing in the competitive pressure in Greece as positive. On our estimates, OTE trades at 2025-26E EV/EBITDAs of 5.1-5.0x...
- 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...
- Stamatios Draziotis CFA
JUMBO | First thoughts: Retaining its mojo
Robust H1 with adj. EBITDA and net profit +5% yoy; FY24 guidance out of sync with H1 performance – Jumbo has announced quite solid H1 results in line with our estimates, delivering 5.5% adj. EBITDA growth on +8% sales increase (the latter was pre-announced). Underpinning the robust performance was the surprising resilience of gross margins (flat yoy at 55.3%), as Jumbo continued to navigate supply chain challenges efficiently, which was only partly diluted by opex inflation (opex +13% yoy, due t...
- Stamatios Draziotis CFA
JUMBO | First thoughts: Retaining its mojo
Robust H1 with adj. EBITDA and net profit +5% yoy; FY24 guidance out of sync with H1 performance – Jumbo has announced quite solid H1 results in line with our estimates, delivering 5.5% adj. EBITDA growth on +8% sales increase (the latter was pre-announced). Underpinning the robust performance was the surprising resilience of gross margins (flat yoy at 55.3%), as Jumbo continued to navigate supply chain challenges efficiently, which was only partly diluted by opex inflation (opex +13% yoy, due t...
Intralot S.A.: 1 director
A director at Intralot S.A. bought 14,173,932 shares at 1.200EUR and the significance rating of the trade was 69/100. 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 clea...
- Andreas Souvleros
- CFA
- Christiana Armpounioti
- Marios Bourazanis
- Natalia Svyriadi
- Nikos Athanasoulias CFA
- Stamatios Draziotis CFA
GREEK MARKET PULSE | Autumn Chill
The ATHEX has shed c3% since the start of August, significantly underperforming vs both broader Europe (Stoxx 600 +0.7%) and periphery markets (MIB +2.8%). Performance has been weighed down primarily by banks, which have fallen c7% over the period, compared to a c4% return registered by their EU peers. Non-financials have also stalled, with just a handful of companies in the green since August (mostly from the mid-cap space). Of note is that this move is out of sync with fundamentals, as most co...
- Andreas Souvleros
- CFA
- Christiana Armpounioti
- Marios Bourazanis
- Natalia Svyriadi
- Nikos Athanasoulias CFA
- Stamatios Draziotis CFA
GREEK MARKET PULSE | Autumn Chill
The ATHEX has shed c3% since the start of August, significantly underperforming vs both broader Europe (Stoxx 600 +0.7%) and periphery markets (MIB +2.8%). Performance has been weighed down primarily by banks, which have fallen c7% over the period, compared to a c4% return registered by their EU peers. Non-financials have also stalled, with just a handful of companies in the green since August (mostly from the mid-cap space). Of note is that this move is out of sync with fundamentals, as most co...
- Kate Heseltine
Intralot - Improved growth in Q224
Intralot reported better year-on-year growth in revenue and EBITDA in Q224 than Q124, although foreign currency headwinds – notably from Argentina and Turkey – continued to dampen reported growth rates. Post period end, Intralot signed three-year contract extensions in the Netherlands and Ireland, highlighting the strength of its offering. In addition to retaining clients, the company is proactive in attempting to win a number of new contracts in North America and Australia.
- Research Team
WOOD Daily: AEGN GA; LAMDA GA; EME Macro/Strategy Weekly; BOCH LN
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)
- Jakub Caithaml
- Peter Palovic
Aegean Airlines: margins and fares normalising, after stellar 2023 (st...
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...
- Research Team
- Kate Heseltine
OPAP - Improved momentum in Q224
OPAP enjoyed improved momentum in Q224 driven by the ongoing innovation of its core products in both retail and online, and the anticipated boost from the UEFA European Football Championship 2024. Interestingly, management highlighted that the new active customers it gained for the event have spent money in other non-sports betting verticals, and a high proportion have been retained, having enjoyed the increased functionality of its games. OPAP also announced the award of the exclusive licence (...
- Jakub Caithaml
WOOD Flash - Aegean Airlines: to invest up to EUR 50m in Volotea, coul...
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...
- Stamatios Draziotis CFA
OPAP | First thoughts: Q2 EBITDA a bit above (+3% yoy), guidance reite...
Q2 EBITDA +3% yoy, a bit above our expectations, on better than anticipated top line; guidance reiterated – OPAP Q2 shaped a bit better than our expectations, but without looking overly exciting, with revenues (GGR) growing +7% yoy (better than the +4.2% growth registered in Q1) and EBITDA returning to growth (€183m, +3% yoy) after the c3% decline in Q1. Across the channels, retail was soft at -1.3%, likely affected by seasonal factors, but online eclipsed our numbers with a whopping +33% increa...
- Research Team
The Rear-View Mirror – EME markets: only Czech PX index in positive te...
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...
EUROB EUROBANK ERGASIAS SERVICES & HOLDINGS SA
PEO BANK POLSKA KASA OPIEKI SA
KRU KRUK S.A.
MOL MOL NYRT
EBS ERSTE GROUP BANK AG
BOCH BANK OF COMMERCE HOLDINGS
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.
KOMB KOMERCNI BANKA A.S.
BHW BANK HANDLOWY W WARSZAWIE S.A.
WIZZ WIZZ AIR HOLDINGS PLC
PZU POWSZECHNY ZAKLAD UBEZPIECZEN SPOLKA AKCYJNA
BSK ING BANK SLASKI S.A.
BDX BUDIMEX S.A.
MTELEKOM MAGYAR TELEKOM TELECOMMUNICATIONS
CAI CA IMMOBILIEN ANLAGEN AG
PKN POLSKI KONCERN NAFTOWY ORLEN S.A.
AKCNS AKCANSA CIMENTO
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.
GTC GLOBE TRADE CENTRE S.A.
DOM DOM DEVELOPMENT SA
BFT BENEFIT SYSTEMS S.A. ALLOTMENT
MGROS MIGROS TICARET A.S
TKNSA TEKNOSA IC VE DIS TICARET AS
PGSUS.E PEGASUS HAVA TASIMACILIGI AS
LVC LIVECHAT SOFTWARE SA
TBCB TBC BANK JOINT STOCK CO
ALPHA ALPHA BANK AE
PPC PUBLIC POWER CORPORATION S.A.
OTP OTP BANK NYRT
CAR INTER CARS S.A.
FROTO FORD OTOMOTIV SANAYI A.S.
THYAO TURK HAVA YOLLARI A.O.
TUPRS TURKIYE PETROL RAFINERILERI A.S.
EUR EUROCASH S.A.
CPS CYFROWY POLSAT SA
MBR MO-BRUK S.A.
GPW WARSAW STOCK EXCHANGE
11B 11 BIT STUDIOS S.A.
ALR ALIOR BANK SA
OTOEL AUTOHELLAS S.A.
WPL WIRTUALNA POLSKA HOLDING SA
BRD BRD-GROUPE SOCIETE GENERALE
TLV BANCA TRANSILVANIA S.A.
ETEL TELECOM EGYPT
MONET MONETA MONEY BANK AS
SNG SOCIETATEA NATIONALA DE GAZE NATURALE ROMGAZ SA
H4L1 HALYK SAVINGS BANK OF KAZAKHSTAN GDR
PBK PATRIA BANK SA
TOFAS TOFAS TURK OTOMOBIL FABRIKASI A.S.
DIGI DIGI COMMUNICATIONS NV
DNP DINO POLSKA S.A.
NBGGY NATIONAL BANK OF GREECE S.A. ADS
BVB S.C. BURSA DE VALORI BUCURESTI S.A.
GEB BANK OF GEORGIA
RICHT RICHTER
19XX NEPI ROCKCASTLE PLC
M MED LIFE
SFG SPHERA FRANCHISE GROUP SA
ADNOCDIST ADNOC DISTRIBUTION PJSC
NLBR NLB GROUP
ESLT ELBIT SYSTEMS LTD
KAP NATIONAL ATOMIC COMPANY KAZATOMPROM
TEN TEN SQUARE GAMES
DUNAHOUSE DUNA HOUSE
KSPI KASPI KZ
PCF PCF GROUP SA
HUGE HUUUGE
4IG 4IG NYRT
IGN1L IGNITIS GRUPE
CTPNV CTP NV
ONE ONE UNITED PROPERTIES SA
GPP GRUPA PRACUJ DA
BCG BALTIC CLASSIFIEDS GROUP PLC
ADNOCDRILL ADNOC DRILLING CO
2381 ARABIAN DRILLING CO.
7202 ARABIAN INTERNET & COMMUNICATIONS SERVICES CO
9526 JAHEZ INTERNATIONAL CO
ELPE HELLENIQ ENERGY
SHO SHOPER SA
4071 ARABIAN CONTRACTING SERVICES CO
7203 ELM CO
AQ AQUILA PART PROD COM
TRESTATES TRADE ESTATES REIC SA
AIRA AIR ASTANA JSC
NOVAL NOVAL PROPERTY
Coca-Cola Hellenic Bottling Company AG: 2 directors
Two Directors at Coca-Cola Hellenic Bottling Company AG sold after exercising options/sold 35,000 shares at between 2,820p and 2,820p. 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 ...
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