HEADLINES: • GEVORKYAN: the power of powder (BUY - initiation of coverage) • Turkish Airlines: 4Q24 – ending a very good year on a strong note POSITIVE • Grupa Pracuj: 4Q23 results – adjusted EBITDA up 18% yoy, 8% above the market consensus POSITIVE • Motor Oil Hellas: 4Q23 results NEUTRAL • Enea: preliminary 4Q23 results POSITIVE • Text: key takeaways from the 4Q23-24 preliminary earnings call NEUTRAL • Bank of Georgia: finalises Ameria acquisition POSITIVE • Aegean Airlines: 1Q24 traffic – goo...
HEADLINES: • Text: 4Q23-24 (calendar 1Q24) preliminary results – USD 21.7m preliminary cash flow (up 9% yoy, 2% qoq) NEGATIVE • Piraeus Port Authority: conference call takeaways • AROBS Transilvania Software: publishes 2024 budget NEUTRAL • Huuuge Games: March bookings estimate at USD 14m, up 8% mom POSITIVE • Ten Square Games: March bookings estimate mom recovery, driven by Hunting Clash POSITIVE • Benefit Systems: 1Q24 update on card base fully in line with recent guidance NEUTRAL • Turkish a...
EME Equity Market – March 2024 Market performance – mixed performances in March, with the Romanian BET outperforming. The MSCI EM Europe Index declined by 0.3% mom in EUR terms and 0.4% mom in USD in March. The Romanian BET reported the strongest performance, adding 7.1% mom in EUR terms, followed by the Czech PX and the Polish WIG20 (+4.1% and 1.0% mom, in EUR terms, respectively). Greece saw a relatively muted performance (-0.2% mom in EUR terms), while Hungary (-1.1% mom in EUR terms) and Tür...
EME Equity Market – February 2024 Market performance – a positive February, with the Polish WIG20 outperforming. The MSCI EM Europe Index added 4.2% mom in EUR terms and 3.7% mom in USD in February. The Polish WIG20 saw the strongest performance, adding 6.4% mom in EUR terms, followed by the Greek ASE (+4.2% mom), the Turkish ISE30 (+4.0% mom) and the Romanian BET (+2.6% mom) (all in EUR terms). There was a relatively muted performance in Hungary (+0.6% mom in EUR terms) and a decline in the Cze...
HEADLINES • Erste Bank: 4Q23 results • AmRest: 4Q23 EBITDA in line, but earnings affected by EUR 29m goodwill write-down for Sushi Shop NEGATIVE • Text: 3Q23-24 (calendar 4Q23) results – EBITDA down 4% yoy, 10% above the consensus POSITIVE • Electrica: 4Q23 results in line with expectations NEGATIVE • Purcari Wineries: 4Q23 results and 2024E outlook in line with expectations POSITIVE • Aquila Part Prod Com: earnings beat, on lower credit losses, interest income and tax rate POSITIVE • Nuclearel...
• Bank Handlowy: 2023 results imply a generous dividend yield, but reveal a weak growth profile • Isbank: 4Q23 highlights and guidance • Tofas: strong beat in the 4Q23 results • Romania macro: MPC on hold, with easing cycle in sight • Fondul Proprietatea: shareholders approve the buy-back and sale of the stake in Engie • TeraPlast: takeaways from the 4Q23 earnings call • Verbund: proposes a special DPS of EUR 0.75 on top of the regular DPS of EUR 3.4 • Solutions by STC: 4Q23E results preview (du...
HEADLINES: • European oil and gas monthly: December 2023 – temperatures, inventories and gas prices fall • Text: key takeaways from the preliminary 3Q23-24 earnings call NEUTRAL • CEZ: FinMin says cancellation of WFT for 2025 is "a debate" NEUTRAL • VIGO Photonics: key takeaways from an interview with the CFO NEUTRAL • Asseco Poland: key takeaways from an interview with the CFO NEUTRAL • CD Projekt: over 5m Phantom Liberty copies sold last year POSITIVE • Turkish automotive: ADA releases Decembe...
HEADLINES: • Text: preliminary 3Q23-24 (calendar 4Q23) results – USD 21.3m sales (+12.9% yoy, -7.3% qoq) NEGATIVE • Colt CZ Group SE: acquires IP rights for 40mm grenade launcher POSITIVE • Tauron: ArcelorMittal dismisses Tauron’s statement on offer to buy Tameh Holding NEUTRAL • Dino: 66 new stores added in 4Q23 (shopping space +12% yoy) NEUTRAL • Mo-BRUK: signs PLN 33m contract for eco bomb decommissioning in Czestochowa NEUTRAL • Sipchem: JV awarded contracts for cracker expansion POSITIVE • ...
EME Equity Market – December 2023 Market performance – Poland outperforms in December. The MSCI EM Europe Index added 0.3% mom in EUR terms and 1.9% mom in USD in December. The WIG20 Index continues to perform well in the post-elections environment and reported the strongest performance in our core region, adding 5.9% mom in EUR terms. There was also a strong performance from the Romanian BET and Hungarian BUX indices, adding 4.4% and 4.1% mom, respectively, in EUR terms; while there was a relat...
HEADLINES: • Polish banks: can pay out a maximum 75% of their 2023E stand-alone net profits NEUTRAL • Text: 2Q23-24 (calendar 3Q23) results - EBITDA up 20% yoy, in line with preliminary results NEUTRAL • Fondul Proprietatea: end-November NAV per share at RON 0.6342, 2% lower mom NEUTRAL • Orange Polska: signs Social Agreement for 2024-25 with trade unions NEUTRAL • Grupa Pracuj: new online job ads down 22% yoy in November 2023 NEGATIVE • Short News (ALR)
HEADLINES: • Poland macro: NBP extends wait-and-see stance • Greece macro: GDP underperforms in 3Q • WOOD's Winter Wonderland EME Conference 2023: postcards from Prague • Georgia Capital: postcard from Prague • Mytilineos: postcard from Prague • Sarantis: postcard from Prague • Richter: postcard from Prague • 11 bit studios: postcard from Prague • Asseco Poland: postcard from Prague • Benefit Systems: postcard from Prague • Orange Polska: postcard from Prague • Shoper: postcard from Pr...
HEADLINES: • Text: 2Q23-24 (calendar 3Q23) preliminary results - EBITDA up 10% yoy, 3% below our estimate NEGATIVE • Telecom Egypt: publishes 2024E guidance - mid double-digit top-line growth expected POSITIVE • HELLENiQ Energy: joint venture ELPEDISON testing market for LNG project • Wirtualna Polska: real users in November 2023 NEGATIVE • WOOD's Winter Wonderland EME Conference 2023: postcards from Prague • Magyar Telekom: postcard from Prague • Dino: postcard from Prague • Eurocash: postc...
HEADLINES: • Wizz Air: go big, or go home (stays BUY) • Isbank: 3Q23 - NIM and earnings quality weaker than its peers • Solutions by STC: key takeaways from the 3Q23 conference call NEUTRAL • BRD-GSG: 9M23 results conference call takeaways NEUTRAL • Poland macro: President Duda gives Morawiecki first mandate • OMV: forms geothermal JV with Wien Energie • Hidroelectrica: Supervisory Board appoints new management NEUTRAL • Banca Transilvania: might be in pole position for OTP Romania acquisi...
EME Equity Market – October 2023 Market performance – election results prompt stellar market reaction in Poland; sell-off in Turkey. The MSCI EM Europe Index added 1.7% mom in EUR terms and 2.0% mom in USD in October. Poland staged a massive rebound, post the elections, with the WIG20 advancing 16.4% mom in EUR terms. Apart from Turkey, where October was a sell-off, with the ISE30 declining 13.7% mom in EUR terms, there were relatively muted performances everywhere else (BUX +2.1% / PX +0.4% / B...
HEADLINES: • Turkey macro: inflation outpaces CBT's expectations, yet again • Text: key takeaways from the 2Q23-24 preliminary earnings call NEUTRAL • Romanian oil and gas: government would like to adjust royalties with inflation NEGATIVE • Romania macro: draft law, with fiscal changes, contested at the Constitutional Court NEUTRAL • NEPI Rockcastle: scrip DPS take up remains high, at 74% POSITIVE • OMV: subsidiary Borealis starts up new Polyethylene Unit in the US • CD Projekt: Phantom Libert...
HEADLINES: • Text: 2Q23-24 (calendar 3Q23) preliminary results - USD 19.9m sales (up 28.5% yoy, -1.4% qoq) NEGATIVE • AROBS Transilvania Software: focusing on growth and scale • Ford Otosan: BoD proposes DPS of TRY 29.76 NEUTRAL • Benefit Systems: 1.8m sports cards at end-3Q23, up 1% qoq, in line with seasonal trends NEUTRAL • Dino: 68 new stores added in 3Q23 (shopping space +13% yoy) NEUTRAL • The Rear-View Mirror - EME markets: only Romania and Turkey in the black
EME Equity Market – August 2023 Market performance – Turkey the top performer in August, once again. The MSCI EM Europe Index lost 0.7% mom in EUR terms and 2.2% mom in USD in August. Turkey, yet again, outperformed its peers, with the ISE30 gaining 9.4% mom in EUR terms. The Hungarian BUX index saw a solid performance in August, adding 6.1% mom in EUR terms, while the Romanian BET had a lacklustre month, barely making any gains (0.1% mom in EUR terms). Elsewhere, the index performances were neg...
HEADLINES: • Cyfrowy Polsat: costly diversified business (stays HOLD) • LiveChat Software: 1Q23-24 results - EBITDA up 26% yoy, in line with our estimates and consensus NEUTRAL • Asseco Poland: key takeaways from the 2Q23 earnings call NEUTRAL • Ten Square Games: launches online webstore, enabling new forms of in-game purchases NEUTRAL • MedLife: 2Q23 was an inflection point for margins POSITIVE • DIGI Communications: concludes national roaming agreement in Belgium NEUTRAL • Purcari Wineries: ...
HEADLINES: • Bank Pekao: posts solid 2Q23 and delivers 25%+ headline ROE; trading at just 1.2x reported P/BV • Komercni Banka: solid 2Q23, beat on LLPs, rest in line, 2023E outlook seems to be well on track NEUTRAL • ING BSK: solid 2Q23 results, better on quality mix, NII in the limelight • Migros: 2Q23 results - in line operationally NEUTRAL • Wizz Air: 1Q FY24 - revenue environment remains strong, with costs in line with the consensus POSITIVE • BRD-GSG: solid bottom line, despite NIM con...
EME Equity Market – July 2023 Market performance – gains keep on rolling in all geographies, with special mention of Turkey’s stellar performance. The MSCI EM Europe Index gained 8.6% mom in EUR terms and 9.5% mom in USD in July. Turkey clearly outperformed its peers, gaining 18.6% mom in EUR terms. Most other geographies performed more or less at similar levels, with the Polish WIG20 in the upper part of the range, advancing 7.3% mom in EUR terms, followed by the Romanian BET and Czech PX indic...
Unfortunately, this report is not available for the investor type or country you selected.
Report is subscription only.
Thank you, your report is ready.
Thank you, your report is ready.