reports
- Research Team
WOOD Morning (21 November 2024)
HEADLINES: • PZU: 3Q24 not as weak as feared – once the special claims end, should deliver a very strong profitability profile POSITIVE • Cyfrowy Polsat: 3Q24 results review – adjusted EBITDA up 13% yoy, 2% above our estimate POSITIVE • Grupa Pracuj: 3Q24 results – adjusted EBITDA up 8% yoy, 3% above our forecast and 6% above the consensus POSITIVE • OPAP: 3Q24 earnings beat expectations, as EBITDA jumps 24% yoy POSITIVE • Motor Oil Hellas: 3Q24 results – CCS EBITDA in line NEUTRAL • Elbit Syste...
- Stamatios Draziotis CFA
OPAP | First thoughts: Impeccable results, guidance raised to the uppe...
Q3 adj. EBITDA +24% yoy, c12% above our estimates on strong revenues; FY24 EBITDA to settle to the upper end, as per mgt – OPAP has reported a very strong Q3, growing revenues +18% yoy, thanks to easy comps, Joker jackpot and strong online (+36%) coupled with the normalization of costs which were frontloaded to H1’24 (non variable opex -11% yoy in Q3). These led EBITDA to an impressive +24% increase yoy on an adjusted basis (€213m), or +47% on a reported basis (Q3’23 weighed down by provisions)....
- Stamatios Draziotis CFA
OPAP | First thoughts: Impeccable results, guidance raised to the uppe...
Q3 adj. EBITDA +24% yoy, c12% above our estimates on strong revenues; FY24 EBITDA to settle to the upper end, as per mgt – OPAP has reported a very strong Q3, growing revenues +18% yoy, thanks to easy comps, Joker jackpot and strong online (+36%) coupled with the normalization of costs which were frontloaded to H1’24 (non variable opex -11% yoy in Q3). These led EBITDA to an impressive +24% increase yoy on an adjusted basis (€213m), or +47% on a reported basis (Q3’23 weighed down by provisions)....
- Research Team
WOOD Daily: AEGN GA; GTC PW; AQ RO; GEV CP; HSBK LI; BFT PW; MOH GA; K...
HEADLINES: • Aegean Airlines: high net cash position and strong FCFF yield (upgraded to BUY) • GTC: buys German residential portfolio worth EUR 448m • Aquila Part Prod Com S.A.: gross margin and wage costs weigh on the 3Q24 results NEUTRAL • GEVORKYAN: 3Q24 broadly in line with our expectations; new signed contracts for defence and high-tech industries NEUTRAL • Halyk Bank: 3Q24 highlights – solid, on the back of better-than-expected NIM • Benefit Systems: 3Q24 call takeaways – strong long-term ...
- Jakub Caithaml
- Peter Palovic
Aegean Airlines: high net cash position and strong FCFF yield (upgrade...
We have upgraded our rating for Aegean Airlines to BUY (from Hold), following the recent dip in the share price. We adjust our 12M price target (PT) to EUR 11.3/share, only slightly higher than the former level (EUR 11.0/share), driven mainly by incorporating a marginally more constructive outlook on fares next year. This reflects comments made by several airlines, which have reported in recent weeks, which are pointing towards a more constructive outlook for pricing, as persistent shortages of ...
- Research Team
WOOD Daily: BFT PW; PBK RO; CAR PW; FTSHP CP; AEGN GA; SFG RO; CBF PW;...
HEADLINES: • Benefit Systems: 3Q24 in line with our forecasts; solid trading update; 2025E outlook and 2025-27E strategy POSITIVE • Patria Bank: strong 3Q24 results POSITIVE • Inter Cars: 3Q24 EBITDA 1-4% below our and the market's expectations NEUTRAL • Footshop (NOT RATED): solid 3Q24; 2024E guidance boosted POSITIVE • Aegean Airlines: 3Q24 – flat RASK, CASKX up 14%; 27% lower EBIT, on 4% lower ASK (in line) NEUTRAL • Sphera Group: 3Q24 post-results webcast takeaways POSITIVE • cyber_Folks: ke...
- Jakub Caithaml
WOOD Flash – Aegean Airlines: 3Q24 – flat RASK, CASKX up 14%; 27% lowe...
Aegean's results were broadly in line with our estimates. The company flew 4% less ASK in 3Q24 compared to last summer. With a flat RASK, the revenue mirrored the ASK decline – slightly better than the 1% RASK contraction we had pencilled in. The ex-fuel CASK increased by 14%, driven by a combination of personnel costs and inefficiencies connected to groundings. This pushed the EBIT 27% lower yoy. Our 2024E forecast (where we pencil in the EBIT at EUR 205m) seems reasonable, in view of the 9M24 ...
- Research Team
WOOD Daily: 11B PW; SFG RO; AEGN GA; ELPE GA; HTO GA; SNG RO; MTELEKOM...
HEADLINES: • 11 bit studios: 3Q24 surprises slightly positively, but ytd Frostpunk 2 sales disappoint NEGATIVE • Sphera Group: small beat in 3Q24 – new Cioccolatitaliani franchise signed for Italy POSITIVE • Aegean Airlines: 3Q24 – flat RASK, CASKX up 14%; 27% lower EBIT, on 4% lower ASK (in line) NEUTRAL • HELLENiQ Energy: 3Q24 results and interim dividend NEUTRAL • OTE: 3Q24 results review – soft quarter, with flat yoy adjusted EBITDA, in line with expectations NEUTRAL • Romgaz: 3Q24 results N...
MTELEKOM MAGYAR TELEKOM TELECOMMUNICATIONS
CCC CCC SA
AEGN AEGEAN AIRLINES SA
PPC PUBLIC POWER CORPORATION S.A.
MBR MO-BRUK S.A.
11B 11 BIT STUDIOS S.A.
ETEL TELECOM EGYPT
SNG SOCIETATEA NATIONALA DE GAZE NATURALE ROMGAZ SA
DIGI DIGI COMMUNICATIONS NV
SFG SPHERA FRANCHISE GROUP SA
TEN TEN SQUARE GAMES
VRC VERCOM SA
- Research Team
WOOD Daily: EAT PW; EUR PW; CBF PW; MBR PW; ALE PW; VRC PW; TEN PW; PK...
HEADLINES: • AmRest: 3Q24 in line, on a EUR 9m positive one-off NEGATIVE • Eurocash: 3Q24 weak, as expected; FY25E guidance cancelled NEGATIVE • cyber_Folks: 3Q24 results review – 26% yoy adjusted EBITDA growth, 2% above our estimate POSITIVE • Mo-BRUK: 3Q24 EBITDA up 26% yoy, 22-28% above our and the market's expectations POSITIVE • Allegro: 3Q24 EBITDA beat, but yoy decline guided for 4Q24E, due to international operations NEUTRAL • Vercom: 3Q24 results - 28% yoy EBITDA growth, in line with ou...
MTELEKOM MAGYAR TELEKOM TELECOMMUNICATIONS
PKN POLSKI KONCERN NAFTOWY ORLEN S.A.
PGE PGE POLSKA GRUPA ENERGETYCZNA S.A.
LVC LIVECHAT SOFTWARE SA
PPC PUBLIC POWER CORPORATION S.A.
OTP OTP BANK NYRT
EUR EUROCASH S.A.
MBR MO-BRUK S.A.
ETEL TELECOM EGYPT
DIGI DIGI COMMUNICATIONS NV
R22 R22
EAT AMREST HOLDINGS SE
TEN TEN SQUARE GAMES
ALG ALLEGRO.EU SA
VRC VERCOM SA
- Julian Dobrovolschi
ENX EURONEXT NV
VIE VEOLIA ENVIRONNEMENT SA
ENGI ENGIE SA.
EDP EDP-ENERGIAS DE PORTUGAL SA
IAG INTERNATIONAL CONSOLIDATED AIRLINES GROUP SA
HOT HOCHTIEF AG
GRF GRIFOLS S.A. CLASS A
HEI HEIDELBERGCEMENT AG
VER VERBUND AG CLASS A
HEN3 HENKEL AG & CO. KGAA PREF
CRG CRH PLC
NEM NEMETSCHEK SE
AMS AMADEUS IT GROUP SA CLASS A
UCG UNICREDIT S.P.A.
LEG LEG IMMOBILIEN AG
INX IMCD N.V.
AUTO AUTO TRADER GROUP PLC
GRF.P GRIFOLS S.A. PREF CLASS B
LDO LEONARDO SPA
AD KONINKLIJKE AHOLD DELHAIZE N.V.
PIRC PIRELLI & C. S.P.A.
RMV RIGHTMOVE PLC
NEXI NEXI S.P.A.
INPST INPOST S.A.
DTG DAIMLER TRUCK
TEN TENARIS S.A.
- Julian Dobrovolschi
ENX EURONEXT NV
VIE VEOLIA ENVIRONNEMENT SA
ENGI ENGIE SA.
EDP EDP-ENERGIAS DE PORTUGAL SA
IAG INTERNATIONAL CONSOLIDATED AIRLINES GROUP SA
HOT HOCHTIEF AG
GRF GRIFOLS S.A. CLASS A
HEI HEIDELBERGCEMENT AG
VER VERBUND AG CLASS A
HEN3 HENKEL AG & CO. KGAA PREF
CRG CRH PLC
NEM NEMETSCHEK SE
AMS AMADEUS IT GROUP SA CLASS A
UCG UNICREDIT S.P.A.
LEG LEG IMMOBILIEN AG
INX IMCD N.V.
AUTO AUTO TRADER GROUP PLC
GRF.P GRIFOLS S.A. PREF CLASS B
LDO LEONARDO SPA
AD KONINKLIJKE AHOLD DELHAIZE N.V.
PIRC PIRELLI & C. S.P.A.
RMV RIGHTMOVE PLC
NEXI NEXI S.P.A.
INPST INPOST S.A.
DTG DAIMLER TRUCK
TEN TENARIS S.A.
- Louis Boujard
- CFA
- Philippe Ourpatian
Verbund : Good performance short term but environment more uncertain l...
>Results broadly in line with our expectations - Verbund’s 9M 2024 results, reported yesterday evening, were in line with our expectations. Given a sharp drop in contractual prices to € 117/MWh (vs around € 170/MWh last year), nine-month EBITDA dropped to € 2.625bn (-26%) vs € 2.637bn forecast. EBIT came in at € 2.003bn (-36%), including asset impairments. On an adjusted basis (excl. impairments), EBIT came to € 2.198bn (-30.1%), in line with our forecasts, at € 2.23...
- Louis Boujard
- CFA
- Philippe Ourpatian
Verbund : Bonne performance à CT mais environnement plus incertain à L...
>Un résultat globalement en ligne avec nos attentes - Verbund a publié hier ses résultats pour les 9M de l'année 2024, qui sont conformes à nos prévisions. Compte tenu d'une forte baisse des prix contractuels à 117 €/MWh (contre environ 170 €/MWh l'année dernière), l'EBITDA des 9 premiers mois est tombé à 2 625 M€ (-26%) contre 2 637 M€ prévus. L'EBIT s'élève à 2 003 M€ (-36%), y compris les dépréciations d'actifs. Sur une base ajustée (hors dépréciation), l'EBIT s'él...
- Benoit Valleaux
- Emira Sagaama
- Steven Gould
SOON SONOVA HOLDING AG
LRC LEGRAND
BMW BAYERISCHE MOTOREN WERKE AKTIENGESELLSCHAFT
VIE VEOLIA ENVIRONNEMENT SA
ENGI ENGIE SA.
MT ARCELORMITTAL SA
CA CARREFOUR SA
CBK COMMERZBANK AG
SW SODEXO SA
RHM RHEINMETALL AG
KBC KBC GROUP N.V.
TEP TELEPERFORMANCE SE
HEI HEIDELBERGCEMENT AG
VER VERBUND AG CLASS A
ENEL ENEL SPA
ASM ASM INTERNATIONAL N.V.
NEM NEMETSCHEK SE
RAA RATIONAL AG
EDW EDP RENOVAVEIS SA
AMS AMADEUS IT GROUP SA CLASS A
AUTO AUTO TRADER GROUP PLC
DHER DELIVERY HERO SE
ADYEN ADYEN NV
DTG DAIMLER TRUCK
ARM ARM HOLDINGS PLC
TEN TENARIS S.A.
QGEN QIAGEN N.V.
ALIV SDB AUTOLIV INC.
- Benoit Valleaux
- Emira Sagaama
- Steven Gould
SOON SONOVA HOLDING AG
LRC LEGRAND
BMW BAYERISCHE MOTOREN WERKE AKTIENGESELLSCHAFT
VIE VEOLIA ENVIRONNEMENT SA
ENGI ENGIE SA.
MT ARCELORMITTAL SA
CA CARREFOUR SA
CBK COMMERZBANK AG
SW SODEXO SA
RHM RHEINMETALL AG
KBC KBC GROUP N.V.
TEP TELEPERFORMANCE SE
HEI HEIDELBERGCEMENT AG
VER VERBUND AG CLASS A
ENEL ENEL SPA
ASM ASM INTERNATIONAL N.V.
NEM NEMETSCHEK SE
RAA RATIONAL AG
EDW EDP RENOVAVEIS SA
AMS AMADEUS IT GROUP SA CLASS A
AUTO AUTO TRADER GROUP PLC
DHER DELIVERY HERO SE
ADYEN ADYEN NV
DTG DAIMLER TRUCK
ARM ARM HOLDINGS PLC
TEN TENARIS S.A.
QGEN QIAGEN N.V.
ALIV SDB AUTOLIV INC.
- Louis Boujard
- CFA
- Philippe Ourpatian
Verbund : Results in line. Slightly upgraded guidance, as expected
>Results in line confirming good performance to be expected in 2024 - Verbund this morning released its 9M24 results which were in line with our forecast. Given a sharp drop in contracted prices to € 117/MWh (vs c. € 170/MWh last year) 9M EBITDA deceased to € 2,625m (-26%) vs € 2,637m expected. EBIT came in at € 2,003m (-36%) including impairments. On an adjusted basis (excluding impairment) EBIT came in at € 2,198m (-30.1%) in line with our forecast at € 2231m. Adju...
- Louis Boujard
- CFA
- Philippe Ourpatian
Verbund : Results in line. Slightly upgraded guidance, as expected
>Results in line confirming good performance to be expected in 2024 - Verbund this morning released its 9M24 results which were in line with our forecast. Given a sharp drop in contracted prices to € 117/MWh (vs c. € 170/MWh last year) 9M EBITDA deceased to € 2,625m (-26%) vs € 2,637m expected. EBIT came in at € 2,003m (-36%) including impairments. On an adjusted basis (excluding impairment) EBIT came in at € 2,198m (-30.1%) in line with our forecast at € 2231m. Adju...
EQS-News: VERBUND AG: Ergebnis Quartale 1–3/2024: Rückläufige Ergebnis...
EQS-News: VERBUND AG / Schlagwort(e): Quartalsergebnis/9-Monatszahlen VERBUND AG: Ergebnis Quartale 1–3/2024: Rückläufige Ergebnisentwicklung trotz guter Wasserführung und gestiegener Erzeugung aus Wind & PV 07.11.2024 / 07:59 CET/CEST Für den Inhalt der Mitteilung ist der Emittent / Herausgeber verantwortlich. Das vergangene Quartal 3/2024 war von außergewöhnlichen Wetterbedingungen geprägt, die die klimatischen Veränderungen erneut eindrücklich unter Beweis stellen. In Teilen Österreichs ereigneten sich im September lokale Hochwasserereignisse. Gleichzeitig durchlebten ...
EQS-News: VERBUND AG: Results for quarters 1–3/2024: Decline in earnin...
EQS-News: VERBUND AG / Key word(s): Quarter Results/9 Month figures VERBUND AG: Results for quarters 1–3/2024: Decline in earnings despite good water supply and higher wind and PV output 07.11.2024 / 07:59 CET/CEST The issuer is solely responsible for the content of this announcement. The unmistakeable impact of climate change could be felt yet again in quarter 3/2024, which was marked by extreme weather conditions. Parts of Austria saw localised flooding in September. At the same time, we experienced a hot, dry summer intensified by the exceptionally warm Adriatic Sea, p...
- Research Team
WOOD Daily: ILRA CZ; MGROS TI; KLKIM TI; FROTO TI; TUPRS TI; THYAO TI;...
HEADLINES: • Ilirija d.d.: ADRs growth pace cools, cost inflation persists (NOT RATED) • Migros: good set of operating results in 3Q24 POSITIVE • Kalekim: strong bottom-line performance in 3Q24 POSITIVE • Ford Otosan: 3Q24 results – quarterly margin improvement tempered by lower export guidance NEUTRAL • Tupras: 3Q24 results – net income beats the consensus; comment on the fire at the Izmit refinery NEUTRAL • Turkish Airlines: 3Q24 – strong cargo and investments offset steep growth in staff cost...
JMT JERONIMO MARTINS SGPS S.A.
MGROS MIGROS TICARET A.S
ALPHA ALPHA BANK AE
FROTO FORD OTOMOTIV SANAYI A.S.
THYAO TURK HAVA YOLLARI A.O.
TUPRS TURKIYE PETROL RAFINERILERI A.S.
DIGI DIGI COMMUNICATIONS NV
DNP DINO POLSKA S.A.
NBGGY NATIONAL BANK OF GREECE S.A. ADS
SFG SPHERA FRANCHISE GROUP SA
EAT AMREST HOLDINGS SE
ILRA-R-A ILIRIJA D.D.
CTPNV CTP NV
KLKIM KALEKIM KIMYEVI MADDELER SANAYI VE TICARET AS
2381 ARABIAN DRILLING CO.
SHO SHOPER SA
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