reports
- Krisztian Karikas
Promising start for the year, FY guidance reiterated
Magyar Telekom has reported strong results for the first quarter and beat market consensus estimates. First quarter results are promising to keep the full year guidance even with the lack of inflation-based fee adjustment. Such that management has reiterated its full year guidance, expecting HUF 190bn adjusted net profit and HUF 180bn free cashflow.
- Adrian Pehl
GBF BILFINGER SE
GYC GRAND CITY PROPERTIES SA
BEN BENETEAU SA
TPE PVA TEPLA AG
TRI TRIGANO SA
MBB MBB INDUSTRIES SE
MTELEKOM MAGYAR TELEKOM TELECOMMUNICATIONS
ROS ROSENBAUER INTERNATIONAL AG
INH INDUS HOLDING AG
SIX2 SIXT SE
CWC CEWE STIFTUNG & CO KGAA
SEM SEMPERIT HOLDING AG
DLG DE'LONGHI S.P.A.
PAT PATRIZIA AG
JEN JENOPTIK AG
CLA CLARANOVA SE
KTA KNAUS TABBERT
DEME DEME GROUP NV
TUI TUI AG
SHUR SHURGARD SELF STORAGE LIMITED
R3NK RENK GROUP AG
HBX HBX GROUP INTERNATIONAL PLC
- Adrian Pehl
GBF BILFINGER SE
GYC GRAND CITY PROPERTIES SA
BEN BENETEAU SA
TPE PVA TEPLA AG
TRI TRIGANO SA
MBB MBB INDUSTRIES SE
MTELEKOM MAGYAR TELEKOM TELECOMMUNICATIONS
ROS ROSENBAUER INTERNATIONAL AG
INH INDUS HOLDING AG
SIX2 SIXT SE
CWC CEWE STIFTUNG & CO KGAA
SEM SEMPERIT HOLDING AG
DLG DE'LONGHI S.P.A.
PAT PATRIZIA AG
JEN JENOPTIK AG
CLA CLARANOVA SE
KTA KNAUS TABBERT
DEME DEME GROUP NV
TUI TUI AG
SHUR SHURGARD SELF STORAGE LIMITED
R3NK RENK GROUP AG
HBX HBX GROUP INTERNATIONAL PLC
- Bojan Djurickovic
- Research Team
WOOD Daily: MTELEKOM HB; IGN1L LH; GSPARK HB; AQ RO; INPST NA; OPTIMA ...
HEADLINES: • Magyar Telekom: 1Q25 results review – EBITDA +24% yoy, 4% above the consensus; solid 2025E guidance reiterated POSITIVE • Ignitis Group: 1Q25 adjusted EBITDA 20% above our expectations, driven by strong Green Capacities POSITIVE • Graphisoft Park: 1Q25 – recurring income higher yoy, and a small revaluation loss • Aquila Part Prod Com S.A.: strong 1Q25 gross profit margin sustainable in FY25E POSITIVE • InPost: 1Q25 in line with expectations; FY25E EBITDA guidance maintained; soft do...
- Research Team
WOOD Daily: MIL PW; JAHEZ AB; CCC PW; APR PW; CAR PW; RICHT HB; FROTO ...
HEADLINES: • Bank Millennium: solid, but neutral, set of 1Q25 results; FX mortgage saga still eating material part of profits • Jahez: mixed 1Q25 results, affected by seasonality and intensified competition NEGATIVE • CCC: preliminary 1Q25 EBITDA beats expectations by 2-8%, on FX differences NEUTRAL • Auto Partner: April sales growth slows down to 5% yoy NEGATIVE • Inter Cars: April sales growth decelerates to 6% yoy NEGATIVE • Richter: Trump promises 30-80% cuts in US drug prices NEGATIVE • For...
MIL BANK MILLENNIUM SA
CCC CCC SA
APR AUTO PARTNER SA
CAR INTER CARS S.A.
FROTO FORD OTOMOTIV SANAYI A.S.
GPW WARSAW STOCK EXCHANGE
TLV BANCA TRANSILVANIA S.A.
RICHT RICHTER
SFG SPHERA FRANCHISE GROUP SA
R22 R22
VRC VERCOM SA
GPP GRUPA PRACUJ DA
2381 ARABIAN DRILLING CO.
9526 JAHEZ INTERNATIONAL CO
- Research Team
WOOD Daily: ING PW; JMT PL; BHW PW; BDX PW; MGROS TI; TBCG LN; CGEO LN...
HEADLINES: • ING BSK: 1Q25 results in line with expectations and our annual 2025E expectations NEUTRAL • Jeronimo Martins: beat in 1Q25; Biedronka margin stabilised, despite adverse calendar effect; FY25E guidance maintained POSITIVE • Bank Handlowy: dull 1Q25 results; dividend recommendation due later in May; uncertainty over impact of sale of retail operations persisting NEUTRAL • Budimex: 1Q25 EBITDA misses forecast slightly, backlog down marginally qoq, but rising amount of pending contracts...
MOL MOL NYRT
BHW BANK HANDLOWY W WARSZAWIE S.A.
BSK ING BANK SLASKI S.A.
BDX BUDIMEX S.A.
BFT BENEFIT SYSTEMS S.A. ALLOTMENT
MGROS MIGROS TICARET A.S
APR AUTO PARTNER SA
TBCB TBC BANK JOINT STOCK CO
CAR INTER CARS S.A.
BELA JUMBO S.A.
CGEO GEORGIA CAPITAL
ALG ALLEGRO.EU SA
CTPNV CTP NV
KLKIM KALEKIM KIMYEVI MADDELER SANAYI VE TICARET AS
ADNOCDRILL ADNOC DRILLING CO
DSPW DOOSAN SKODA POWER A.S.
DIAG DIAGNOSTYKA SA
- Research Team
WOOD Daily: Romania; EME Macro/Strategy; ALARABIA AB; HUG PW; TEN PW; ...
HEADLINES: • Romania: first round of presidential election signals tough times ahead • EME Macro/Strategy: macro all-in-one (28 April-4 May) • Al Arabia: signs Riyadh train and buses contract POSITIVE • Al Arabia: Faden Media signs a contract with the Jeddah Municipality POSITIVE • Huuuge Games: April bookings estimate down 10% mom, to USD 9m NEGATIVE • Ten Square Games: April bookings estimate down 3% mom, deeper declines in core titles NEGATIVE • Gentoo Media: delisting from the Oslo Børs to b...
MTELEKOM MAGYAR TELEKOM TELECOMMUNICATIONS
TPEIR PIRAEUS BANK SA
ALPHA ALPHA BANK AE
NBGGY NATIONAL BANK OF GREECE S.A. ADS
ADNOCDIST ADNOC DISTRIBUTION PJSC
TEN TEN SQUARE GAMES
HUGE HUUUGE
GIG GAMING INNOVATION GROUP
4071 ARABIAN CONTRACTING SERVICES CO
- Research Team
WOOD Daily: BRISA TI; AIRA LI; VGO PW; DSPW CP; PCF PW; CIMSA TI; AKCN...
HEADLINES: • Brisa: reports weak 1Q25 numbers, as expected NEGATIVE • Air Astana Group: 1Q25 – first take broadly in line • VIGO Photonics: full 4Q24 results – miss on adjusted EBITDA, slight beat on net profit NEUTRAL • Doosan Skoda Power: 2024 P&L numbers fully in line with the preliminaries NEUTRAL • PCF Group: post-4Q24 earnings call takeaways NEUTRAL • Cimsa: 1Q25 conference call takeaways • Akcansa: 1Q25 conference call takeaways • Solutions by STC: 1Q25 conference call takeaways • CEZ: to...
AKCNS AKCANSA CIMENTO
BRISA BRISA-BRIDGESTONE SABANCI LASTIK SANAYI VE TICARET A.S.
CIMSA CIMENTO SANYAI VE TICARET A.S.
BFT BENEFIT SYSTEMS S.A. ALLOTMENT
VGO VIGO SYSTEM SA
H4L1 HALYK SAVINGS BANK OF KAZAKHSTAN GDR
EAT AMREST HOLDINGS SE
KSPI KASPI KZ
PCF PCF GROUP SA
KLKIM KALEKIM KIMYEVI MADDELER SANAYI VE TICARET AS
7202 ARABIAN INTERNET & COMMUNICATIONS SERVICES CO
AIRA AIR ASTANA JSC
DSPW DOOSAN SKODA POWER A.S.
- Research Team
The Rear-View Mirror – EME markets: EME indices mostly in the red in A...
EME Equity Market – April 2025 EME indices mostly in the red in April, Hungarian BUX and Greek ASE the exceptions. The MSCI EM Europe Index declined by 2.0% mom in EUR terms, but was up 2.9% mom in USD terms in April. The Hungarian BUX was the best performer, followed by the Greek ASE index (+3.5% and 0.8% mom in EUR terms, respectively). There was a slight decline in the Polish WIG20, and more pronounced deteriorations in the Romanian BET and Czech PX indices (-0.6%, -2.0% and -4.2% mom in EUR ...
PEO BANK POLSKA KASA OPIEKI SA
JMT JERONIMO MARTINS SGPS S.A.
OPAP GREEK ORGANISATION OF FOOTBALL PROGNOSTICS SA
KRU KRUK S.A.
MOL MOL NYRT
EBS ERSTE GROUP BANK AG
CEZ CEZ AS
KRKG KRKA D.D.
YKBNK YAPI VE KREDI BANKASI A.S.
OMV OMV AG
ISCTR TURKIYE IS BANKASI ANONIM SIRKETI CLASS C
KOMB KOMERCNI BANKA A.S.
TITK TITAN CEMENT CO. SA
SPL SANTANDER BANK POLSKA SA
MIL BANK MILLENNIUM SA
BDX BUDIMEX S.A.
GEKTERNA GEK TERNA
MTELEKOM MAGYAR TELEKOM TELECOMMUNICATIONS
KTY GRUPA KETY SA
DOC DO & CO AKTIENGESELLSCHAFT
TPS ORANGE POLSKA S.A.
PKN POLSKI KONCERN NAFTOWY ORLEN S.A.
MYTIL MYTILINEOS S.A.
LPP LPP S.A.
AKBNK AKBANK TAS
AKCNS AKCANSA CIMENTO
ASELS ASELSAN ELEKTRONIK SANAYI VE TICARET A.S. CLASS B
CIMSA CIMENTO SANYAI VE TICARET A.S.
CCC CCC SA
AEGN AEGEAN AIRLINES SA
ENA ENEA S.A.
BFT BENEFIT SYSTEMS S.A. ALLOTMENT
PGE PGE POLSKA GRUPA ENERGETYCZNA S.A.
TKNSA TEKNOSA IC VE DIS TICARET AS
PGSUS.E PEGASUS HAVA TASIMACILIGI AS
APR AUTO PARTNER SA
LVC LIVECHAT SOFTWARE SA
PPC PUBLIC POWER CORPORATION S.A.
OTP OTP BANK NYRT
CAR INTER CARS S.A.
ARCLK ARCELIK A.S.
FROTO FORD OTOMOTIV SANAYI A.S.
OTKAR OTOKAR OTOMOTIV VE SAVUNMA SANAYI A.S.
THYAO TURK HAVA YOLLARI A.O.
TUPRS TURKIYE PETROL RAFINERILERI A.S.
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
WPL WIRTUALNA POLSKA HOLDING SA
SAB1L SIAULIU BANKAS
BRD BRD-GROUPE SOCIETE GENERALE
TLV BANCA TRANSILVANIA S.A.
MONET MONETA MONEY BANK AS
H4L1 HALYK SAVINGS BANK OF KAZAKHSTAN GDR
SNP PETROM S.A.
TOFAS TOFAS TURK OTOMOBIL FABRIKASI A.S.
DNP DINO POLSKA S.A.
RICHT RICHTER
MAVI MAVI GIYIM SANAYI VE TICARET A.S.
MCOV B MEDICOVER AB
KAP NATIONAL ATOMIC COMPANY KAZATOMPROM
TEN TEN SQUARE GAMES
CZG CESKA ZBROJOVKA GROUP
INPST INPOST S.A.
PCF PCF GROUP SA
HUGE HUUUGE
7202 ARABIAN INTERNET & COMMUNICATIONS SERVICES CO
4071 ARABIAN CONTRACTING SERVICES CO
BOROUGE BOROUGE
7203 ELM CO
TRESTATES TRADE ESTATES REIC SA
THEON THEON INTERNATIONAL PLC
GEV GEVORKYAN A.S.
BOCHGR BANK OF CYPRUS
DSPW DOOSAN SKODA POWER A.S.
DIAG DIAGNOSTYKA SA
- Wedbush Research
XNCR XENCOR INC.
XENE XENON PHARMACEUTICALS INC
WDC WESTERN DIGITAL CORPORATION
VYGR VOYAGER THERAPEUTICS INC.
TTWO TAKE-TWO INTERACTIVE SOFTWARE INC.
TSLA TESLA INC
SIMON SILICON MOTION TECHNOLOGY CORPORATION SPONSORED ADR
RARE ULTRAGENYX PHARMACEUTICAL INC.
PSTG PURE STORAGE INC. CLASS A
NVDA NVIDIA CORPORATION
NVCR NOVOCURE LTD.
NTAP NETAPP INC.
NBIX NEUROCRINE BIOSCIENCES INC.
MU MICRON TECHNOLOGY INC.
KURA KURA ONCOLOGY INC.
INTC INTEL CORPORATION
WELL WELLTOWER INC.
GME GAMESTOP CORP. CLASS A
GERN GERON CORP.
FB FACEBOOK INC. CLASS A
FATE FATE THERAPEUTICS INC
CTMX CYTOMX THERAPEUTICS INC.
BPMC BLUEPRINT MEDICINES CORP.
BMRN BIOMARIN PHARMACEUTICAL INC.
BIIB BIOGEN INC.
ASND ASCENDIS PHARMA A/S SPONSORED ADR
ARDX ARDELYX INC
CDR CD PROJEKT S.A.
FRX_CN FENNEC PHARMACEUTICALS
7974 NINTENDO CO. LTD.
2330 TAIWAN SEMICONDUCTOR MANUFACTURING CO. LTD.
2303 UNITED MICROELECTRONICS CORP.
EA ELECTRONIC ARTS INC.
ANAB ANAPTYSBIO INC.
ARGX ARGENX ADS
MRSN MERSANA THERAPEUTICS
VTR VENTAS INC.
ISR ISORAY
AMD ADVANCED MICRO DEVICES INC.
AAPL APPLE INC.
MSFT MICROSOFT CORPORATION
APLS APELLIS PHARMACEUTICALS
DNLI DENALI THERAPEUTICS INC
RCUS ARCUS BIOSCIENCES
SRRK SCHOLAR ROCK HOLDING CORPORATION
KNSA KINIKSA PHARMACEUTICALS
REPL REPLIMUNE GROUP
ARVN ARVINAS HOLDING
YMAB Y-MABS THERAPEUTICS
STRO SUTRO BIOPHARMA
DELL DELL TECHNOLOGIES INC CLASS C
STOK STOKE THERAPEUTICS
IGMS IGM BIOSCIENCES
SWTX SPRINGWORKS THERAPEUTICS
SMCI SUPER MICRO COMPUTER
IDYA INC.
PASG IDEAYA BIOSCIENCES
BDTX PASSAGE BIO
ACET BLACK DIAMOND THERAPEUTICS
KROS ADICET BIO INC
ITOS KEROS THERAPEUTICS
ZNTL ITEOS THERAPEUTICS
LRMR ZENTALIS PHARMACEUTICALS
PRAX LARIMAR THERAPEUTICS INC
U PRAXIS PRECISION MEDICINES
TVTX UNITY SOFTWARE
VRDN TRAVERE THERAPEUTICS INC
DAWN VIRIDIAN THERAPEUTICS INC
ELEV DAY ONE BIOPHARMACEUTICALS INC
MRVL ELEVATION ONCOLOGY
STX MARVELL TECHNOLOGY INC
APP SEAGATE TECHNOLOGY HLDGS PLC
ATXS APPLOVIN CORP
GFS ASTRIA THERAPEUTICS INC
GMTX GLOBALFOUNDRIES INC
VIGL GEMINI THERAPEUTICS INC
TYRA VIGIL NEUROSCIENCE INC
EWTX TYRA BIOSCIENCES INC
DDI EDGEWISE THERAPEUTICS INC
APGE DOUBLEDOWN INTERACTIVE CO LTD
SKLZ APOGEE THERAPEUTICS INC
EMBRAC B SKILLZ INC
MXL-US EMBRACER GROUP AB
MAXLINEAR
INC.
- Research Team
WOOD Daily: THEON NA; KRU PW; SAB1L LH; MCOVB SS; OTKAR TI; TOASO TI; ...
HEADLINES: • Theon International: 1Q25 trading update – strong execution, rich options POSITIVE • Kruk: 1Q25 results, beat driven by Wonga, debt purchased segment in line, but slowing growth dynamics NEUTRAL • Siauliu Bankas: rather weak 1Q25, but maintained outlook should provide some support NEGATIVE • Medicover: 1Q25 beat on admin costs and other financial income POSITIVE • Otokar: 1Q25 results – continuing losses on the operating and bottom lines • Tofas: weak set of results in 1Q25, as anti...
KRU KRUK S.A.
EBS ERSTE GROUP BANK AG
CDR CD PROJEKT S.A.
MYTIL MYTILINEOS S.A.
ASELS ASELSAN ELEKTRONIK SANAYI VE TICARET A.S. CLASS B
OTKAR OTOKAR OTOMOTIV VE SAVUNMA SANAYI A.S.
THYAO TURK HAVA YOLLARI A.O.
TUPRS TURKIYE PETROL RAFINERILERI A.S.
GPW WARSAW STOCK EXCHANGE
11B 11 BIT STUDIOS S.A.
BELA JUMBO S.A.
SAB1L SIAULIU BANKAS
SNP PETROM S.A.
TOFAS TOFAS TURK OTOMOBIL FABRIKASI A.S.
MAVI MAVI GIYIM SANAYI VE TICARET A.S.
MCOV B MEDICOVER AB
TEN TEN SQUARE GAMES
HUGE HUUUGE
THEON THEON INTERNATIONAL PLC
- Research Team
WOOD Daily: MBR PW; OPL PW; KTY PW; EMEA Airlines; CEZ CP; MYTIL GA; S...
HEADLINES: • Mo-BRUK: 4Q24 results miss expectations, on jumping SG&A costs NEGATIVE • Orange Polska: 1Q25 results – EBITDAaL up 3% yoy, in line with the consensus; 2025E guidance reiterated NEUTRAL • Kety: 1Q25 results and new strategy presentation call takeaways NEUTRAL • EMEA airlines: 1Q25 traffic; demand concerns vs. cheaper USD and oil • CEZ: ANO promising privatisation and lower fees NEGATIVE • Metlen Energy & Metals: sells Chilean RES for USD 815m (EUR 710m) POSITIVE • Polish banks: Trea...
- Research Team
WOOD Daily: HSBK LI; DIA PW; KTY PW; KTY PW; CEZ CP; PL Macro; GR Macr...
HEADLINES: • Halyk Bank: efficient frontier (stays BUY) • Diagnostyka: 4Q24 prelims and DPS proposal ahead of expectations POSITIVE • Kety: 1Q25 results in line with the preliminaries, PLN 48.78 DPS proposed NEUTRAL • Kety: new strategy assumes PLN 1.35bn in EBITDA in 2029E, close to our forecast NEUTRAL • CEZ: said to be nearing sale of nuclear SPV to the State POSITIVE • Poland macro: mixed results in March • Greece macro: 2024 budget surplus triggers one-off fiscal easing this year • Kazatomp...
- Research Team
WOOD Daily: TITC GA; 11B PW; PGE PW; TPE PW; VGO PW; OPAP GA; KAP LI
HEADLINES: • Titan Cement: cementing its leadership (BUY - transfer of coverage) • 11 bit studios: 4Q24 adjusted EBITDA above our expectations, headlines hit by substantial write-offs POSITIVE • PGE: full 4Q24 results in line with the preliminaries NEUTRAL • Tauron: full 4Q24 results in line with the preliminaries NEUTRAL • VIGO Photonics: 1Q25 sales up 39% yoy, to PLN 22.1m POSITIVE • OPAP: Greek gaming market up by a strong 15% yoy in 2M25 POSITIVE • Kazatomprom: signs supply agreement with CE...
- Research Team
WOOD Daily: OTP HB; BFT PW; PEO PW; CAR PW; HUG PW
HEADLINES: • OTP Bank: agrees to limit retail fees NEUTRAL • Benefit Systems: EGM approves capital increase, via issuance of up to 280k new shares NEUTRAL • Santander Bank Polska: may face change of strategic investor NEUTRAL • Inter Cars: March sales growth accelerates to 13% yoy NEUTRAL • Huuuge Games: preliminary 1Q25 bookings at USD 62m, almost flat qoq NEUTRAL
- Research Team
WOOD Daily: EME Macro/Strategy – US Tariffs; VGO PW; BFT PW; BFT PW; O...
HEADLINES: • EME Macro/Strategy: tariff impact – a preliminary assessment • VIGO Photonics: signs framework agreement with PCO on infrared arrays; minimum 2026-31 contract value of PLN 191.9m POSITIVE • Benefit Systems: confirms 4Q24 preliminary EBITDA of PLN 261m NEUTRAL • Benefit Systems: Medicover gets conditional approval to acquire CityFit gyms NEUTRAL • OMV: 1Q25 trading statement NEUTRAL • OMV Petrom: 1Q25 trading statement NEUTRAL • CEZ: ANO wants to nationalise CEZ • Richter: proposes D...
- Research Team
WOOD Daily: CIS-plus Macro; CDR PW; VGO PW; GEV CP; DAT PW; HU Telecom...
HEADLINES: • CIS-plus macro: Georgia, Kazakhstan and Uzbekistan face indirect risks from US tariffs, but growth trajectory to remain intact • CD Projekt / gaming sector: Nintendo delays Switch 2 pre-orders in the US, due to tariffs NEGATIVE • VIGO Photonics: new US tariffs should have a marginal impact on the company's business NEUTRAL • GEVORKYAN: US import tariffs unlikely to affect demand or margins NEUTRAL • DataWalk: key takeaways from the 4Q24 earnings call POSITIVE • Hungarian telecoms: g...
- Research Team
WOOD Daily: MTELEKOM HB; DAT PW; LPP PW; TXT PW; CZG CP; EU Oil and Ga...
HEADLINES: • Magyar Telekom: regulatory risk outweighs the growth story (downgraded to HOLD) • DataWalk: actual 4Q24 figures in line with the prelims; strong hikes in sales funnel and value of acquired contracts in 1Q25 POSITIVE • LPP: key takeaways from 4Q24 and the strategy update presentation POSITIVE • Text: key takeaways from the 4Q24-25 preliminary earnings call NEUTRAL • Colt CZ Group SE: management's initial comment on US tariffs NEGATIVE • European oil and gas monthly: March 2025 – refi...
- Atinc Ozkan
- Piotr Raciborski
- CFA
Magyar Telekom: regulatory risk outweighs the growth story (downgraded...
We have downgraded our rating on Magyar Telekom (MTELEKOM) to HOLD (from Buy) and raised our price target (PT) to HUF 1,635/share (from HUF 1,432), implying 4% upside potential. After keeping our Buy for four years (with a 289% share price rally in that time), we close our call. We continue to appreciate MTELEKOM’s growth outlook (a 7.0% 2024-27E EBITDA CAGR) and generous investor remuneration (a c.10% dividend yield in 2025-26E), but see the current discount on its valuation vs. its peers as ju...
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