reports
- Research Team
- Marta Jezewska-Wasilewska
- Miguel Dias
OTP Bank: just too much of a discount (upgraded to BUY)
OTP Bank (OTP) is trading at our 2024-25E P/BVs of 1.0-0.9x, while it should deliver 2024-25E ROEs of 23-17%, on our current forecasts. It is also trading at our 2024-25E P/Es of 4.7-5.8x. These expectations are built on our conservative assumptions of deconsolidating Russia as of end-2024E, at zero book value repatriation and with only organic growth assumptions. At the same time, we identify OTP as having a material capital surplus and, judging from the CEO’s recent comments, management is lik...
- Research Team
WOOD Daily: FROTO TI; CZ Macro; HU Macro; RICHT HB; BELA GA; SNP RO
HEADLINES: • Ford Otosan: getting ready to fire on all cylinders (upgraded to BUY) • Czech Republic macro: May inflation moderates, to hit the low point soon • Hungary macro: May inflation up, but in line with expectations • Richter: acquires Mithra assets for an EV of EUR 175m NEUTRAL • Jumbo: turnover +10%/+8% in May/5M24 POSITIVE • OMV Petrom: to invest EUR 750m in renewable fuels at Petrobrasi refinery NEUTRAL • Short News (ALR, PKO)
AUGA Group, AB notifications on transactions of persons holding manage...
AUGA Group, AB notifications on transactions of persons holding management positions AUGA Group, AB (hereinafter ‘the Company’) received the following notifications on transactions of persons holding management positions (attached): Notifications of execution of option transactions under the programme whereunder the Company will grant its shares in the future to the employees and members of management of the Company and its subsidiaries (hereinafter the Employees). According to these option agreements, after 3 years Employees will be entitled to elect whether to receive from the Company th...
AUGA group, AB pranešimai apie vadovaujančias pareigas einančių asmenų...
AUGA group, AB pranešimai apie vadovaujančias pareigas einančių asmenų sandorius AUGA group, AB (toliau – Bendrovė) gavo pranešimus apie vadovaujančias pareigas einančių asmenų šiuos sandorius (pridedami): pasirinkimo (opcionų) sandoriai pagal programą dėl Bendrovės akcijų suteikimo Bendrovės ir jos dukterinių įmonių darbuotojams ir valdymo organų nariams (toliau – Darbuotojai). Pagal šias opcionų sutartis Darbuotojai turės teisę ne anksčiau kaip po 3 metų pasirinkti, ar gauti iš Bendrovės sutartyje nustatytas akcijas.Sandoriai, realizuojant 2021 m. akcijų opcionus. Akcijos Darbuotojams ...
AUGA group, AB continues its employee motivation scheme through share ...
AUGA group, AB continues its employee motivation scheme through share options and implements the 2021 stock option programme The Agtech company and organic food producer AUGA group, AB (hereinafter the Company) is continuing its employee motivation scheme through share options and is also implementing the 2021 stock option programme for employees. 2 052 236 shares have been granted to 193 employees. The Company launched its first option programme in spring 2019. Almost 2.55 million of shares were allocated to employees in the first year and additional 2.23 million of shares in 2020, 2.3...
AUGA group, AB tęsia darbuotojų skatinimo programą ir įgyvendina 2021 ...
AUGA group, AB tęsia darbuotojų skatinimo programą ir įgyvendina 2021 m. darbuotojams skirtų akcijų opcionų programą Žemės ūkio technologijų įmonė ir ekologiškų produktų gamintoja AUGA group, AB (toliau – Bendrovė) tęsia pradėtą opcionų programą bei įgyvendina 2021 m. darbuotojams skirtų akcijų opcionų programą. Realizuojama 2 052 236 vnt. akcijų, kurias gaus 193 programoje dalyvavę darbuotojai. Opcionų programą Bendrovė pradėjo 2019 m. pavasarį. Tuomet pirmuoju etapu darbuotojams buvo paskirta daugiau kaip 2,55 mln. vnt. akcijų, 2020 m. – 2,23 mln. vnt., 2021 – 2,38 mln. vnt., 2022 m. – ...
AUGA group, AB presentation of financial results for the 3 months of 2...
AUGA group, AB presentation of financial results for the 3 months of 2024 AUGA group, AB (hereinafter, the “Company”) presented the Company‘s unaudited financial results for the 3 months of 2024 in an online webinar for investors on June 3 of 2024. The presentation (see attachment) covers detailed information on the results of each business segment of the group and general financial indicators. Kęstutis Juščius, Chair of the Company, presented the results and answered questions from webinar participants. The webinar was recorded. It will be available to see on Nasdaq Baltic youtube.c...
AUGA group, AB 2024 m. 3 mėnesių finansinių rezultatų pristatymas
AUGA group, AB 2024 m. 3 mėnesių finansinių rezultatų pristatymas AUGA group, AB (toliau – „Bendrovė“) internetiniame seminare investuotojams š.m. birželio 3 d. pristatė 2024 m. 3 mėnesių neaudituotus finansinius rezultatus. Prezentacijoje (žiūrėti priedą) pateikta detali informacija apie kiekvieno grupės verslo segmento rezultatus ir bendrus finansinius rodiklius. Rezultatus pristatė ir po prezentacijos į dalyvių klausimus atsakė Kęstutis Juščius, Bendrovės valdybos pirmininkas. Internetinis seminaras buvo įrašytas. Jį bus galima pamatyti Nasdaq Baltic youtube.com paskyroje arba Bendro...
- Research Team
The Rear-View Mirror – EME markets: Turkish equities in the lead
EME Equity Market – May 2024 Turkish equities lead, in the mostly green month of May. The MSCI EM Europe Index rose by 0.7% mom in EUR terms and 1.8% mom in LCU terms in May. The Turkish ISE30 index reported the strongest performance, adding 3.6% mom in EUR terms, followed by the Romanian BET and the Czech PX (+2.7% and 2.1% mom in EUR terms, respectively). The Hungarian BUX index and the Polish WIG20 remained broadly flat (+0.4% and +0.2% mom in EUR terms, respectively); although, in LCU terms,...
EUROB EUROBANK ERGASIAS SERVICES & HOLDINGS SA
PEO BANK POLSKA KASA OPIEKI SA
OPAP GREEK ORGANISATION OF FOOTBALL PROGNOSTICS SA
KRU KRUK S.A.
EXAE HELLENIC EXCHANGES SA
CEZ CEZ AS
ACP ASSECO POLAND SA
KRKG KRKA D.D.
HTO HELLENIC TELECOMMUNICATIONS ORGANIZATION SA
CDR CD PROJEKT S.A.
RBI RAIFFEISEN BANK INTERNATIONAL AG
OMV OMV AG
PKO PKO BANK POLSKI S.A.
KOMB KOMERCNI BANKA A.S.
BHW BANK HANDLOWY W WARSZAWIE S.A.
BIMAS BIM BIRLESIK MAGAZALAR A.S.
WIZZ WIZZ AIR HOLDINGS PLC
PZU POWSZECHNY ZAKLAD UBEZPIECZEN SPOLKA AKCYJNA
MIL BANK MILLENNIUM SA
BSK ING BANK SLASKI S.A.
BDX BUDIMEX S.A.
GEKTERNA GEK TERNA
MTELEKOM MAGYAR TELEKOM TELECOMMUNICATIONS
CAI CA IMMOBILIEN ANLAGEN AG
PKN POLSKI KONCERN NAFTOWY ORLEN S.A.
LPP LPP S.A.
ASELS ASELSAN ELEKTRONIK SANAYI VE TICARET A.S. CLASS B
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.
TENERGY TERNA ENERGY S.A.
BFT BENEFIT SYSTEMS S.A. ALLOTMENT
MGROS MIGROS TICARET A.S
PGE PGE POLSKA GRUPA ENERGETYCZNA S.A.
PGSUS.E PEGASUS HAVA TASIMACILIGI AS
APR AUTO PARTNER SA
TBCB TBC BANK JOINT STOCK CO
TPEIR PIRAEUS BANK SA
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.
OTKAR OTOKAR OTOMOTIV VE SAVUNMA SANAYI A.S.
THYAO TURK HAVA YOLLARI A.O.
EUR EUROCASH S.A.
ECH ECHO INVESTMENT
GSPARK GRAPHISOFT PARK SE
CPS CYFROWY POLSAT SA
MBR MO-BRUK S.A.
GPW WARSAW STOCK EXCHANGE
11B 11 BIT STUDIOS S.A.
TPE TAURON POLSKA ENERGIA S.A.
ALR ALIOR BANK SA
OTOEL AUTOHELLAS S.A.
VGO VIGO SYSTEM SA
BANK OF CYPRUS PCL
WPL WIRTUALNA POLSKA HOLDING SA
BRD BRD-GROUPE SOCIETE GENERALE
TLV BANCA TRANSILVANIA S.A.
ETEL TELECOM EGYPT
H4L1 HALYK SAVINGS BANK OF KAZAKHSTAN GDR
SNP PETROM S.A.
PBK PATRIA BANK SA
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
M MED LIFE
SFG SPHERA FRANCHISE GROUP SA
ADNOCDIST ADNOC DISTRIBUTION PJSC
CGEO GEORGIA CAPITAL
SOKM SOK MARKETLER TICARET AS
EAT AMREST HOLDINGS SE
ESLT ELBIT SYSTEMS LTD
KAP NATIONAL ATOMIC COMPANY KAZATOMPROM
TEN TEN SQUARE GAMES
ILRA-R-A ILIRIJA D.D.
ALG ALLEGRO.EU SA
CZG CESKA ZBROJOVKA GROUP
DUNAHOUSE DUNA HOUSE
PCF PCF GROUP SA
HUGE HUUUGE
4IG 4IG NYRT
IGN1L IGNITIS GRUPE
PCO PEPCO GROUP NV
CTPNV KAZMUNAYGAS NC JSC
GPP CTP NV
ADNOCDRILL GRUPA PRACUJ DA
AROBS ADNOC DRILLING CO
2381 AROBS TRANSILVANIA SOFTWARE SA
7202 ARABIAN DRILLING CO.
9526 ARABIAN INTERNET & COMMUNICATIONS SERVICES CO
ELPE JAHEZ INTERNATIONAL CO
4071 HELLENIQ ENERGY
7203 ARABIAN CONTRACTING SERVICES CO
AQ ELM CO
GEV AQUILA PART PROD COM
GEVORKYAN A.S.
AUGA Tech, UAB telkia išorinius finansinius bei industrinius partneri...
AUGA Tech, UAB telkia išorinius finansinius bei industrinius partnerius „Misija be kainos gamtai“ technologijų portfelio atvedimui į rinką AUGA group, AB netiesiogiai priklausanti bendrovė AUGA Tech, UAB (toliau – Bendrovė) įgyvendina 75 mln. Eur vertės technologijų vystymo ir komercializacijos projektą. Technologijų portfelio plėtros įgalinimui Bendrovė pateikė 60 mln. Eur vertės paraišką programai „Milijardas verslui“, kurią administruoja Nacionalinė plėtros įstaiga „INVEGA“. Bendrovė taip pat formuoja išorinių industrinių ir finansinių partnerių komandą, kuri galės finansuoti likusią 1...
AUGA group, AB interim financial results for the 3-month period ended ...
AUGA group, AB interim financial results for the 3-month period ended 31 March 2024 In the first quarter of 2024, AUGA group, AB and its subsidiaries (hereinafter – the Group) had sales revenue of EUR 19.74 million, compared to EUR 19.96 million in the same period of 2023. The Group's gross profit in the first quarter of 2024 was EUR 2.71 million, compared to EUR 1.90 million a year earlier. The Group's EBITDA in the reporting period was EUR 4.26 million. In the same period last year it was EUR 2.68 million. "The financial results for the first quarter of 2024 show positive trends. As...
Decisions of the Ordinary General Meeting of Shareholders of AUGA grou...
Decisions of the Ordinary General Meeting of Shareholders of AUGA group, AB which took place on 30th May 2024 Decisions of the Ordinary General Meeting of Shareholders of AUGA group, AB which took place on 30th May 2024 The Ordinary General Meeting of Shareholders of AUGA group, AB (legal entity code 126264360, address: Konstitucijos ave. 21C, Vilnius; Company) took place on 30 May 2024, the shareholders attending the meeting held 165,248,620 shares, which entitled them to 165,248,620 votes (i.e. 71,31% of votes granted by all shares of the Company. The following decisions have been t...
AUGA group, AB eilinio visuotinio akcininkų susirinkimo, įvykusio 2024...
AUGA group, AB eilinio visuotinio akcininkų susirinkimo, įvykusio 2024 m. gegužės 30 d., sprendimai 2024 m. gegužės 30 d. įvyko AUGA group, AB (juridinio asmens kodas 126264360, buveinės adresas: Konstitucijos pr. 21C, Vilnius; Bendrovė) eilinis visuotinis akcininkų susirinkimas, kuriame dalyvavo akcininkai, kuriems priklauso 165 248 620 akcijų, kurios suteikia 165 248 620 balsų (t. y. 71,31% visų Bendrovės akcijų suteikiamų balsų). Eilinis visuotinis akcininkų susirinkimas priėmė šiuos sprendimus susirinkimo darbotvarkės klausimais: Bendrovės 2023 m. Konsoliduotas metinis pranešimas ...
- Ece Mandaci
Coca-Cola Icecek
We maintain our positive view on Coca-Cola Icecek (CCI), driven by their effective execution of pricing strategies and cost management. The company has the potential to grow earnings in USD terms, with sustainably higher growth in international operations, and has an opportunity to expand its geographical reach due to its low leverage. CCI share has seen a notable rerating, outperforming BIST-100 by 59% since 2022. In the meantime, discount to international peers on forward looking P/E (2024E: 1...
AUGA group, AB will organise an Investor Conference Webinar to introdu...
AUGA group, AB will organise an Investor Conference Webinar to introduce unaudited financial results for the 3 months of 2024 AUGA group, AB invites shareholders, investors, analysts, and other stakeholders to join the webinar of unaudited financial results for the 3 months of 2024 scheduled on June 3 of 2024 at 4.00 PM (EEST). The presentation will be held in English. During the webinar, Kęstutis Juščius, Chair of the Board of AUGA group, AB will introduce unaudited financial results of the company and address participants' questions after the presentation. Due to limited webinar time, ...
Kvietimas į AUGA group, AB 2024 m. 3 mėnesių neaudituotų finansinių re...
Kvietimas į AUGA group, AB 2024 m. 3 mėnesių neaudituotų finansinių rezultatų pristatymą internetiniame seminare AUGA group, AB kviečia akcininkus, investuotojus, analitikus ir visus besidominčius įmonės veikla prisijungti į virtualų bendrovės 2024 m. 3 mėnesių neaudituotų finansinių rezultatų pristatymą, kuris vyks š.m. birželio 3 d. 16.00 val. Pristatymas vyks anglų kalba. Internetinio seminaro metu bendrovės neaudituotus finansinius rezultatus komentuos ir po prezentacijos į dalyvių klausimus atsakys Kęstutis Juščius, AUGA group, AB valdybos pirmininkas. Dėl riboto seminaro laiko malo...
- Egor Fedorov
- James Wilson
- Oleksiy Soroka
- CFA
- Research Team
WOOD Daily: BOCH CY; MGROS TI; PCO PW; 11B PW; CZG CP; TL Macro; CPS P...
HEADLINES: • Bank of Cyprus: keep calm and return capital (stays BUY) • Migros: weak operating results in 1Q24 NEGATIVE • Pepco Group: 1H24 beat on gross margin; slow start to 3Q and cautious FY EBITDA guidance POSITIVE • 11 bit studios: 1Q24 adjusted EBITDA slightly above our forecast, but a touch below the consensus NEUTRAL • Colt CZ Group SE: weak 1Q24 results, but FY24E guidance reiterated NEGATIVE • Türkiye macro: CBT on hold, with a hawkish demeanour • Cyfrowy Polsat: key takeaways from th...
- Research Team
WOOD Daily: ALE PW; THYAO TI; CCOLA TI; TUPRS TI; LOGO TI; CPS PW; CAR...
HEADLINES: • Allegro: 1Q24 strong, as expected, guidance for GMV acceleration in 2Q24E POSITIVE • Turkish Airlines: 1Q24 – revenue up, but EBITDA down yoy, as ex-fuel CASK up in mid-single digits, but RASK down 6% yoy NEUTRAL • Coca-Cola Icecek: strong operating results in 1Q24 POSITIVE • Tupras: 1Q24 results – weak results, on maintenance NEGATIVE • Logo Yazilim: 1Q24 results – on track POSITIVE • Cyfrowy Polsat: 1Q24 results review – adjusted EBITDA +1% yoy, 2% above our estimate POSITIVE • In...
PKN POLSKI KONCERN NAFTOWY ORLEN S.A.
LOGO LOGO YAZILIM SANAYI VE TICARET A.S.
CCOLA COCA-COLA ICECEK A.S.
CAR INTER CARS S.A.
THYAO TURK HAVA YOLLARI A.O.
TUPRS TURKIYE PETROL RAFINERILERI A.S.
CPS CYFROWY POLSAT SA
TPE TAURON POLSKA ENERGIA S.A.
OTOEL AUTOHELLAS S.A.
ALG ALLEGRO.EU SA
GPP GRUPA PRACUJ DA
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