reports
- Research Team
WOOD Daily: RO Oil & Gas; AKCNS TI; EME Macro/Strategy – Dividends; HU...
HEADLINES: • Romanian oil & gas: just have a little patience (OMV Petrom stays BUY, Romgaz downgraded to HOLD – transfer of coverage) • Akcansa: recovery on the horizon (stays BUY) • EME Macro/Strategy: dividends in EMEA – if growth is in doubt, opt for payout • Huuuge Games: 3Q24 broadly in line with our expectations, slightly above the consensus NEUTRAL • Colt CZ Group SE: 3Q24 results – slow quarter; FY24E guidance confirmed NEUTRAL • Türkiye macro: CBT signals a dovish turn • Cyfrowy Polsat:...
- 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...
- 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 ...
- 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...
- 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
- Research Team
WOOD Daily: BIMAS TI; CEZ CP; PGSUS TI; RICHT HB; APR PW; SNP RO; PPC ...
HEADLINES: • BIM: weak operating results in 3Q24 NEGATIVE • CEZ: 3Q24 bottom-line miss due to accounting changes; EBITDA guidance raised by 7% POSITIVE • Pegasus Airlines: 3Q24 – 22% higher caskx alleviated by 4% higher RASK and 12% lower fuel cask (in line with the consensus) • Richter: 3Q24 operating results in line NEUTRAL • Auto Partner: preliminary 3Q24 EBIT falls 22% yoy, 9-12% below our expectations and the market NEGATIVE • Auto Partner: October sales growth at 13% yoy, broadly as expect...
- Research Team
WOOD Daily: OTP HB; CCC PW; DNP PW; INPST NA; MOL HB; WIZZ LN; EUROB G...
HEADLINES: • OTP Bank: solid 3Q24 results, in line with our forecasts; future share price performance depends on growth guidance and/or capital distribution NEUTRAL • CCC: historically-best quarterly EBITDA 9% above our expectations, due to opex control POSITIVE • Dino Polska: 4-8% EBITDA beats in 3Q24, EBITDA back on the rise POSITIVE • InPost: 3Q24 in line with expectations; FY24E guidance upgrade POSITIVE • MOL: 3Q24 results – EBITDA in line with our and the consensus estimates NEUTRAL • Wizz...
MOL MOL NYRT
WIZZ WIZZ AIR HOLDINGS PLC
BDX BUDIMEX S.A.
CCC CCC SA
OTP OTP BANK NYRT
CPS CYFROWY POLSAT SA
GPW WARSAW STOCK EXCHANGE
TPE TAURON POLSKA ENERGIA S.A.
WPL WIRTUALNA POLSKA HOLDING SA
DNP DINO POLSKA S.A.
NBGGY NATIONAL BANK OF GREECE S.A. ADS
NLBR NLB GROUP
INPST INPOST S.A.
GEV GEVORKYAN A.S.
- 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
- Research Team
WOOD Daily: MTELEKOM HB; SHO PW; THYAO TI; CCOLA TI; TOASO TI; AIRA LI...
HEADLINES: • Magyar Telekom: another record strong year ahead (stays BUY) • Shoper: 3Q24 adjusted EBITDA up 28% yoy, broadly as expected NEUTRAL • Turkish Airlines: 3Q24 – EBIT and EBITDA in line with our estimates, 4-5% above the consensus POSITIVE • Coca-Cola Icecek: weak results in 3Q24, revenue growth guidance lowered NEGATIVE • Tofas: highly weak set of results in 3Q24 NEGATIVE • Air Astana Group: 3Q24 in line with our estimates NEUTRAL • Isbank: 3Q24 highlights – core bank still loss makin...
CCOLA COCA-COLA ICECEK A.S.
THYAO TURK HAVA YOLLARI A.O.
CPS CYFROWY POLSAT SA
MBR MO-BRUK S.A.
WPL WIRTUALNA POLSKA HOLDING SA
TOFAS TOFAS TURK OTOMOBIL FABRIKASI A.S.
ALG ALLEGRO.EU SA
GPP GRUPA PRACUJ DA
ADNOCDRILL ADNOC DRILLING CO
9526 JAHEZ INTERNATIONAL CO
SHO SHOPER SA
AIRA AIR ASTANA JSC
- Research Team
WOOD Daily: OTKAR TI; TPEIR GA; BRISA TI; ELM AB; JAHEZ AB; ALK MS; EM...
HEADLINES: • Otokar: weak set of 3Q24 results NEGATIVE • Piraeus Financial Holdings: 3Q24 highlights – decent quarter, with revised guidance POSITIVE • Brisa: profitability should return in 4Q, on October price hikes NEUTRAL • Elm: strong 3Q24 financial results POSITIVE • Jahez: strong 3Q24 results POSITIVE • Alkaloid AD Skopje: strong 3Q24 sales and a qoq margin rebound POSITIVE • EME Macro/Strategy: macro all-in-one (28 October-3 November) • Magyar Telekom: reaches agreement with the trade uni...
ALK ALKALOID AD SKOPJE
MTELEKOM MAGYAR TELEKOM TELECOMMUNICATIONS
BRISA BRISA-BRIDGESTONE SABANCI LASTIK SANAYI VE TICARET A.S.
TPEIR PIRAEUS BANK SA
OTKAR OTOKAR OTOMOTIV VE SAVUNMA SANAYI A.S.
TEN TEN SQUARE GAMES
2381 ARABIAN DRILLING CO.
9526 JAHEZ INTERNATIONAL CO
7203 ELM CO
- Clement Genelot
Jeronimo Martins: no end to the price war and css downward revisions i...
Post-Q3, we understand that Biedronka will continue to evolve on deflation and negative operating leverage in Q4 and at least part of 2025, depending on when the price war ends in Poland. Despite real cost-cutting and capex efforts to preserve FCF, we believe Jeronimo Martins will need to revive Lf
- Research Team
The Rear-View Mirror – EME markets: only the Czech Republic in the bla...
EME Equity Market – October 2024 A red October for the EME indices, only Czechia in positive territory. The MSCI EM Europe Index declined by 6.0% in EUR terms and 8.4% in USD terms in October. The Czech PX index was the only one spared, adding 1.3% mom in EUR terms. Türkiye was battered the most, with the Turkish ISE30 declining by 7.3% mom in EUR terms, followed closely by the Polish WIG20 (-6.7% mom in EUR terms). Greece fell 4.8% mom in EUR terms, while the Hungarian BUX index lost 2.7% mom i...
JMT JERONIMO MARTINS SGPS S.A.
OPAP GREEK ORGANISATION OF FOOTBALL PROGNOSTICS SA
KRU KRUK S.A.
EBS ERSTE GROUP BANK AG
CEZ CEZ AS
ACP ASSECO POLAND SA
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.
ALK ALKALOID AD SKOPJE
BIMAS BIM BIRLESIK MAGAZALAR A.S.
WIZZ WIZZ AIR HOLDINGS PLC
SPL SANTANDER BANK POLSKA SA
MIL BANK MILLENNIUM SA
BSK ING BANK SLASKI S.A.
BDX BUDIMEX S.A.
GEKTERNA GEK TERNA
KTY GRUPA KETY SA
TPS ORANGE POLSKA S.A.
CAI CA IMMOBILIEN ANLAGEN AG
MYTIL MYTILINEOS S.A.
SAR GR. SARANTIS S.A.
LPP LPP S.A.
AKCNS AKCANSA CIMENTO
ASELS ASELSAN ELEKTRONIK SANAYI VE TICARET A.S. CLASS B
CIMSA CIMENTO SANYAI VE TICARET A.S.
CCC CCC SA
2310 SAHARA INTERNATIONAL PETROCHEMICAL COMPANY
DOM DOM DEVELOPMENT SA
AEGN AEGEAN AIRLINES SA
MGROS MIGROS TICARET A.S
ARCLK ARCELIK A.S.
OTKAR OTOKAR OTOMOTIV VE SAVUNMA SANAYI A.S.
EUR EUROCASH S.A.
GSPARK GRAPHISOFT PARK SE
ALR ALIOR BANK SA
OTOEL AUTOHELLAS S.A.
WPL WIRTUALNA POLSKA HOLDING SA
SAB1L SIAULIU BANKAS
BRD BRD-GROUPE SOCIETE GENERALE
MONET MONETA MONEY BANK AS
SNP PETROM S.A.
TOFAS TOFAS TURK OTOMOBIL FABRIKASI A.S.
DNP DINO POLSKA S.A.
RICHT RICHTER
R22 R22
MCOV B MEDICOVER AB
ADNOCDIST ADNOC DISTRIBUTION PJSC
CGEO GEORGIA CAPITAL
SOKM SOK MARKETLER TICARET AS
KAP NATIONAL ATOMIC COMPANY KAZATOMPROM
ALG ALLEGRO.EU SA
KSPI KASPI KZ
INPST INPOST S.A.
WPS W.A.G PAYMENT SOLUTIONS PLC
ADNOCDRILL ADNOC DRILLING CO
7202 ARABIAN INTERNET & COMMUNICATIONS SERVICES CO
ELPE HELLENIQ ENERGY
4071 ARABIAN CONTRACTING SERVICES CO
AIRA AIR ASTANA JSC
GEV GEVORKYAN A.S.
- Bruno Cavalier
- Emira Sagaama
- Louis Boujard
- CFA
- Philippe Ourpatian
DHL DHL GROUP
AXA AXA
AKRBP AKER BP ASA
LUFTHANSA DEUTSCHE LUFTHANSA AKTIENGESELLSCHAFT
FP TOTAL SE
UBI UBISOFT ENTERTAINMENT SA
JMT JERONIMO MARTINS SGPS S.A.
SU SCHNEIDER ELECTRIC SE
AMUN AMUNDI SA
ELE ENDESA S.A.
GEBN GEBERIT AG
ORSTED ORSTED
NXT NEXT PLC
AIR AIRBUS SE
VOW3 VOLKSWAGEN AG PREF
CAP CAPGEMINI SE
AMP AMPLIFON S.P.A.
01913 PRADA S.P.A.
REP REPSOL SA
GAS NATURGY ENERGY GROUP S.A.
ARCAD ARCADIS NV
KGX KION GROUP AG
MAP MAPFRE SA
SKF B SKF AB CLASS B
PRY PRYSMIAN S.P.A.
WLN WORLDLINE SA
INGA ING GROEP NV
ABI ANHEUSER-BUSCH INBEV SA/NV
SIE SIEMENS AG
ARGX ARGEN-X SE
STM STMICROELECTRONICS NV
KBX KNORR-BREMSE AG
STLA STELLANTIS N.V.
SHEL SHELL PLC
DSFIR KONINKLIJKE DSM N.V.
- Bruno Cavalier
- Emira Sagaama
- Louis Boujard
- CFA
- Philippe Ourpatian
DHL DHL GROUP
AXA AXA
AKRBP AKER BP ASA
LUFTHANSA DEUTSCHE LUFTHANSA AKTIENGESELLSCHAFT
FP TOTAL SE
UBI UBISOFT ENTERTAINMENT SA
JMT JERONIMO MARTINS SGPS S.A.
SU SCHNEIDER ELECTRIC SE
AMUN AMUNDI SA
ELE ENDESA S.A.
GEBN GEBERIT AG
ORSTED ORSTED
NXT NEXT PLC
AIR AIRBUS SE
VOW3 VOLKSWAGEN AG PREF
CAP CAPGEMINI SE
AMP AMPLIFON S.P.A.
01913 PRADA S.P.A.
REP REPSOL SA
GAS NATURGY ENERGY GROUP S.A.
ARCAD ARCADIS NV
FDR FLUIDRA S.A.
KGX KION GROUP AG
MAP MAPFRE SA
SKF B SKF AB CLASS B
PRY PRYSMIAN S.P.A.
WLN WORLDLINE SA
INGA ING GROEP NV
ABI ANHEUSER-BUSCH INBEV SA/NV
SIE SIEMENS AG
ARGX ARGEN-X SE
STM STMICROELECTRONICS NV
KBX KNORR-BREMSE AG
STLA STELLANTIS N.V.
SHEL SHELL PLC
DSFIR KONINKLIJKE DSM N.V.
- Research Team
WOOD Daily: EBS AV; MBK PW; ING PW; JMT PL; KOMB CP; MCOVB SS; TKNSA T...
HEADLINES: • Erste Bank: 3Q24 results – strong NII delivery • mBank: underlying 3Q34 business delivery in line; beat on headline net profit due to tax charges NEUTRAL • ING BSK: 3Q24 results – minor miss on high credit risk charges, as corporate NPL ratio surges NEUTRAL • Jeronimo Martins: beat in 3Q24, Biedronka at -2% lfl and stable margin erosion; price war continues POSITIVE • Komercni Banka: 3Q24 results – net profit largely in line with expectations • Medicover: 3Q24 operating numbers in l...
JMT JERONIMO MARTINS SGPS S.A.
EBS ERSTE GROUP BANK AG
HTO HELLENIC TELECOMMUNICATIONS ORGANIZATION SA
KOMB KOMERCNI BANKA A.S.
BSK ING BANK SLASKI S.A.
BDX BUDIMEX S.A.
AKCNS AKCANSA CIMENTO
PGE PGE POLSKA GRUPA ENERGETYCZNA S.A.
TKNSA TEKNOSA IC VE DIS TICARET AS
CAR INTER CARS S.A.
TPE TAURON POLSKA ENERGIA S.A.
SAB1L SIAULIU BANKAS
BRD BRD-GROUPE SOCIETE GENERALE
DIGI DIGI COMMUNICATIONS NV
MCOV B MEDICOVER AB
ADNOCDIST ADNOC DISTRIBUTION PJSC
- Juan Ros-Padilla
Jeronimo Martins : Q3 EBITDA somewhat above. Margin pressure continues
>Q3 l-f-ls, albeit still negative, slightly beat street expectation - Sales grew at a pace of +7% y-o-y to € 8.5bn (vs +7% in Q2) with the group’s l-f-l contracting at -1% (vs -3% in Q2). By business, Biedronka sales grew +8% to € 5.9bn, posting a modest acceleration vs Q2 (+6%) negatively impacted by 1 extra Sunday closure and very tough comps (13% l-f-l in Q3 2023), which is partially offset by FX (+5pp) and space growth (4pp). L-f-l improved q-o-q to -1.9% (bette...
- Cedric Rossi
- Clement Genelot
- Loic Morvan
- Philippine Adam
On the shelves now: Consumer Weekly #45
In this Consumer Weekly newsletter, we provide a brief overview of the key factors affecting our Consumer coverage, from Luxury & Consumer goods to Retail & E-commerce and Food & Ingredients. This week we look at spending patterns in Europe, which show a clear reallocation towards the f
- Research Team
WOOD Daily: MONET CP; ALR PW; OPL PW; KTY PW; CEZ CP; WPS LN; GE Macro...
HEADLINES: • MONETA Money Bank: solid, good, 3Q24 results in line with expectations NEUTRAL • Alior Bank: 3Q24 in line, but we may be at the peak NEUTRAL • Orange Polska: 3Q24 results – EBITDAaL up 3% yoy, 2% above consensus on one-offs; EBITDAaL excluding one-offs in line; 2024E guidance reiterated NEUTRAL • Kety: full 3Q24 results below preliminaries NEGATIVE • CEZ: Babis promoting a buyout of the CEZ minorities POSITIVE • Eurowag: solid 3Q24 trading update POSITIVE • Georgia macro: NBG keeps ...
- Research Team
WOOD Daily: FTSHP CP; PL Macro; SAR GA; HU Macro; PKO PW; WPL PW; MYTI...
HEADLINES: • Footshop (FTSHP CP): a sneakerhead’s dream – soft coverage (NOT RATED) • Poland macro: weaker consumption boosts prospects for early rate cuts • Sarantis: 3Q trading update in line, FY24E guidance maintained NEUTRAL • Hungary macro: MNB signals a longer pause • PKO BP: CEO Midera gives the gist of key strategic directions in Puls Biznesu interview NEUTRAL • Wirtualna Polska: Wakacje.pl and Itaka extend cooperation NEUTRAL • Metlen Energy & Metals: 9M24 trading update preview (due ou...
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