HEADLINES: • mBank: solid 1Q24 results justify one of the top market valuations (1Q24 P/BV of 2.1x) POSITIVE • OTP Bank: books solid 1Q24, keeps 2024E guidance unchanged NEUTRAL • Bank Millennium: 1Q24 results in line • CCC: 40% EBITDA beat in 1Q24, on opex control POSITIVE • Dino: 2-7% EBITDA miss in 1Q24 NEGATIVE • AmRest: 1Q24 broadly in line with our forecasts, but below the consensus NEGATIVE • MOL: 1Q24 results – EBITDA below expectations on maintenance NEUTRAL • MedLife: 1Q24 results poin...
>A publication in line with our forecasts - Yesterday morning, Verbund published Q1 2024 results in line with forecasts. EBITDA was € 883m (-9%) vs € 880m expected. Reported EBIT was also down to € 745m (-11.5%), in line with our estimate and attributable net profit was down to € 506m (-4%) vs € 513m forecast (ODDO BHF). The group experienced a far less favourable market price environment than last year with an average captured price on hydro of € 129.5/MWh (-31% y-o-...
>Une publication conforme à nos attentes - Verbund a publié hier matin des résultats T1 24 conformes aux prévisions. L'EBITDA ressort à 883 M€ (-9%) vs 880 M€ attendus. L'EBIT publié a également diminué à 745 M€ (-11.5%), en ligne avec nos estimations et le RNpg est en baisse à 506 M€ (-4%) contre 513 M€ attendus (ODDO BHF). Le groupe a connu un environnement de prix de marché beaucoup moins favorable que l'année dernière avec un prix capturé moyen sur l'hydroélectric...
>Good set of result in all divisions - Verbund released its Q1 results this morning in line with forecast. EBITDA decreased by -9% to € 883m vs € 880m expected. The reported EBIT declined as well by -11.5% to € 745m bang in line with our forecast and the group net income was down 4% to € 506m vs € 513m expected (ODDO BHF). The group saw a much less favourable market price environment than last year with an average capture price on hydro of € 129.5/MWh (-31% y-o-y) bu...
>Good set of result in all divisions - Verbund released its Q1 results this morning in line with forecast. EBITDA decreased by -9% to € 883m vs € 880m expected. The reported EBIT declined as well by -11.5% to € 745m bang in line with our forecast and the group net income was down 4% to € 506m vs € 513m expected (ODDO BHF). The group saw a much less favourable market price environment than last year with an average capture price on hydro of € 129.5/MWh (-31% y-o-y) bu...
HEADLINES: • Budimex: 1Q24 EBIT 13% above our forecast on solid gross margin, but broadly in line with the consensus POSITIVE • European oil and gas monthly: April 2024 – margins retreating • Bank Handlowy: to pay PLN 10/share dividend NEUTRAL • PKO BP: estimates cost of credit holidays extension at PLN 489m NEUTRAL • Bank Millennium: expects a PLN 201-247m impact from the 2024E credit holidays extension for PLN mortgagors NEUTRAL • Inter Cars: April sales recover by 19.5% yoy POSITIVE • MOL: 1Q...
EQS-News: VERBUND AG / Schlagwort(e): Quartalsergebnis VERBUND AG: Ergebnis Quartal 1/2024: Leicht rückläufige Ergebnisentwicklung trotz guter Wasserführung 08.05.2024 / 07:58 CET/CEST Für den Inhalt der Mitteilung ist der Emittent / Herausgeber verantwortlich. VERBUND blickt auf ein überaus erfolgreiches Jahr 2023 mit dem besten Ergebnis in der Unternehmensgeschichte zurück und startet als starkes, resilientes und gut positioniertes Unternehmen in das Jahr 2024. Die für das VERBUND-Ergebnis maßgeblichen energiewirtschaftlichen Werttreiber haben sich im Vergleich zu den H...
EQS-News: VERBUND AG / Key word(s): Quarter Results VERBUND AG: Results for quarter 1/2024: slightly lower earnings despite good water supply 08.05.2024 / 07:58 CET/CEST The issuer is solely responsible for the content of this announcement. Having posted the best result in its history last year, VERBUND can look back on an extremely successful 2023 and is starting 2024 strong, resilient and well-positioned. However, the energy market value drivers that are key to VERBUND’s earnings have deteriorated compared to the highs of 2022. The second half of 2023 saw another sharp ...
EME Equity Market – April 2024 Market performance – green across all geographies, with Turkey outperforming. The MSCI EM Europe Index was up 5.3% mom in EUR terms and 4.2% mom in USD in April; while the Turkish ISE30 saw the strongest performance, adding 11.6% mom; followed by the Hungarian BUX (+5.0% mom); the Czech PX (+2.8% mom); the Greek ASE (+1.8% mom), the Polish WIG20 (+1.2% mom) and the Romanian BET (+0.1% mom) (all in EUR terms).
HEADLINES: • CTP: better late than never (upgraded to BUY) • Georgia macro: protests in Tbilisi • Raiffeisen Bank International: posts solid 1Q24, keeps 2024E guidance (but only on ex. Russia and Belarus basis), facing huge pressure to address Russia and Belarus exposures from officials • Air Astana Group: 1Q24 – 15% ASK growth, RASK down slightly yoy, but CASK stable • Piraeus Financial Holdings: 1Q24 highlights NEUTRAL • Alkaloid: 1Q24 numbers a strong start to the year POSITIVE • National Ban...
HEADLINES: • MONETA Money Bank: strong 1Q24 delivery, on better-than- expected revenues POSITIVE • Alior Bank: books small beat on 1Q24 delivery, driven by low credit risk charges; robust 2024E outlook supported POSITIVE • Shoper: 1Q24 adjusted EBITDA 9% above our expectations; FY23 results in line with prelims POSITIVE • Mo-BRUK: 4% miss vs. our 4Q23 adjusted EBITDA forecast, weak cash flows NEGATIVE • Wizz Air: fiscal 2024 post-close trading update POSITIVE • Aselsan: CEO's comments on exports...
We reiterate our BUY rating on Coca-Cola Içecek (CCI) and raise our 12M price target (PT) to TRY 975, from TRY 607.7. We have revised our model to reflect the effects of the inflation-accounting-based financials and also incorporated the recently-acquired Bangladesh operations. Our investment case has not changed, and we believe firmly that CCI will continue to record strong operating results in 2024E, thanks to its strong market positioning, pricing power and good execution. On valuation ground...
• LPP: the glass is half full (stays BUY) • Eurocash: 4Q23 beat on costs, profit warning for 1Q24E • 11 bit studios: 4Q23 adjusted EBITDA beats expectations on a solid top line • Polish banks: 2024 contributions to the BFG • MOL: oil production starts on a new platform at ACG field • Ford Otosan: completes the Eurobond book-building process • Kalekim: 2023 IAS 29 results - strong operating results • Lamda: 4Q23 results - a significant step-up in Ellinikon revenues, revaluation gain on existing m...
HEADLINES: • Lamda: 4Q23 results - significant step-up in Ellinikon revenues, revaluation gain on existing malls • Electrica: proposed changes to the regulatory framework • Bank Pekao: AGM chooses new Supervisory Board members, approves PLN 19.2 DPS • 11 bit studios: release date of INDIKA moved to 2 May • Nuclearelectrica: shareholders abstain from voting on the items from yesterday’s GMS • EMEA airlines: 1Q24 traffic - a good start to the year • Budimex: 1Q24E flat yoy - profitability improvem...
While the share prices of the European airlines have been hit in recent days, by the heightened geopolitical tensions, all the European carriers in our coverage universe have seen a good start to the year in terms of traffic. Wizz Air has flown roughly double its 1Q19 ASK, on the back of the significant investments into its network and fleet that continued even during the pandemic. To put this into context, Ryanair has flown roughly 20% more pax in calendar 1Q24 compared to 1Q19. Pegasus Airline...
• Pegasus Airlines: 1Q24 traffic - international ASK up 85% vs. 1Q19 • 11 bit studios: Frostpunk 2 Beta now available for seven days, first gameplay deep dive trailer released • VIGO Photonics: 1Q24 sales down 16% yoy to PLN 15.8m • Grupa Pracuj: new online job ads number down 19% yoy in March 2024 • Auto Partner: earnings call takeaways - solid FY24E outlook maintained, despite disappointing March sales • CCC: key takeaways from the recent site visit • Kazatomprom: awarded a licence for Rare Ea...
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