HEADLINES: • EME Macro/Strategy: how big should the political risk premium in Europe be? • Lamda Development: 1Q24 – with the wind in its sails • BIM: strong set of results in 1Q24 POSITIVE • LPP: 1Q24 strong, as expected; FY24E guidance maintained POSITIVE • CCC: 1Q24 results in line with prelims; positive trends maintained in 2Q24 NEUTRAL • US macro: Fed pushes back on rate cuts • Jahez: announces SAR 150m real estate purchase NEUTRAL • Text: 4Q23-24E preview – 1% yoy EBITDA drop expected (due...
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)
HEADLINES: • Erste Bank: strong capital position, strong returns (stays BUY) • NLB Group: presentation of offer to Addiko shareholders – takeaways NEUTRAL • Wirtualna Polska: concludes conditional agreement to acquire Romanian travel e-commerce business POSITIVE • ADNOC Drilling JV increases its stake in Gordon Technologies POSITIVE • Richter: Mithra declares bankruptcy, Richter talks continue NEUTRAL • OMV: starts up co-processing biofuels plant at Schwechat refinery NEUTRAL • LPP: 1Q24E result...
HEADLINES: • Türkiye macro: inflation approaches the long-awaited peak • Eurobank Ergasias Services: increases its stake in Hellenic Bank POSITIVE • Richter: stock jumps on prospect of Vraylar paediatric extension NEUTRAL • EME Macro/Strategy: CIS plus – resilient, amidst higher global uncertainty • Duna House: 1Q24 – firing on all cylinders POSITIVE • Greece macro: May brought good news, but not enough yet • Huuuge Games: May bookings estimate up 9% mom, but flat mom for both flagship games NEU...
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,...
• EMEA airlines: margin descent commencing? (Wizz Air stays BUY; Aegean Airlines, Pegasus Airlines and Turkish Airlines stay HOLDs); • Akcansa: 1Q24 financial results review; • 4iG: 1Q24 review – solid operating results, with 31% yoy pro-forma EBITDA growth; net loss reported due to FX and interest
The past two years have been a very profitable period for a number of airlines globally. The demand for travel rebounded sharply as the pandemic receded. This pulled the fare levels up, ushering in an era of record-high margins. Carriers able to ramp-up capacity quickly, while keeping costs in check, benefitted particularly. The ticket prices are still above the pre-pandemic levels. However, some airlines (Pegasus, Turkish Airlines) are seeing some softening of fares already, from the high base ...
We revisited our model after Wizz Air reported its FY24 earnings on 23 Mayand gave more colour on the current trading environment and operationalchallenges during the conference call. Our TP remains unchanged at 33GBP/sh, while we reiterate our BUY recommendation. It reflects the higherthan-expected FY24 earnings and the outstanding profit guidance for FY25of EUR 500-600mn, which came broadly in-line with our forecast, but wellahead of the consensus (EUR 515mn).
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...
The 1Q24 results appear to be largely in line with expectations, as do the comments on the outlook. That said, in the context of Ryanair's recent comments, in which the company has toned down its expectations regarding the summer yields (to 0-5% unit revenue growth, from the 5-10% yoy growth expected earlier in the year), we believe Wizz Air's guidance – while largely confirming the market’s expectations – may be seen positively. We expect to see the margins and profitability per pax expanding b...
>Solid FY 2023-24 release - WizzAir has just released its detailed FY figures to end March 2024. Net profit was 4.3% above the consensus figure at € 365.9m (-€ 535.1m for the previous FY) on revenues of € 5,073m (including a revenue impact from Israel and wider regional crisis at around € 80m) leading to a net margin of 7.2%. Unit revenue (RASK) was up 4.6% y-o-y, with ticket RASK +11.2% and ancillary revenue down -2.6%. Unit cost (CASK) was down by 14.8% y-o-y, with...
>Solid FY 2023-24 release - WizzAir has just released its detailed FY figures to end March 2024. Net profit was 4.3% above the consensus figure at € 365.9m (-€ 535.1m for the previous FY) on revenues of € 5,073m (including a revenue impact from Israel and wider regional crisis at around € 80m) leading to a net margin of 7.2%. Unit revenue (RASK) was up 4.6% y-o-y, with ticket RASK +11.2% and ancillary revenue down -2.6%. Unit cost (CASK) was down by 14.8% y-o-y, with...
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