reports
- Research Team
WOOD Daily: ALARABIA AB; NOVAL GA; MOH GA; CAR PW; LAMDA GA; MBK PW; C...
HEADLINES: • Al Arabia Outdoor Advertising: waiting for better times (downgraded to HOLD) • Noval Property: 1H24 – recurring results in line with our estimates NEUTRAL • Motor Oil Hellas: fire at refinery NEGATIVE • Inter Cars: key takeaways from the 2Q24 earnings call NEUTRAL • Lamda Development: another land plot sales tranche, to lift NAV by 6% POSITIVE • mBank: UniCredit seeks regulator's approval to reach 30% stake in Commerzbank • CTP: raises EUR 300m through an ABB, at EUR 16.0/share • 11...
- Dmitry Vlasov
- Piotr Raciborski
- CFA
Al Arabia Outdoor Advertising: waiting for better times (downgraded to...
We have downgraded our rating for Al Arabia to HOLD (from Buy), with an updated price target (PT) of SAR 214, which offers 7% upside. We still like Al Arabia for its market-leading position, strong growth prospects, position as an Outdoor Advertising champion, and as one of the beneficiaries of the Vision 2030 programme. We note, however, that the upcoming revenue growth will be slower than originally expected, with more pressure on the gross margin, while new projects are yet to be announced. T...
- Research Team
WOOD Daily: LAMDA GA; CZG CP; PKN PW; VGO PW; KMGZ KZ; PCO PW
HEADLINES: • Lamda Development: 2Q24 – good sales at the Ellinikon, capex to accelerate NEUTRAL • Colt CZ Group SE: 1H24 results – better than expected POSITIVE • Orlen: discussing possible deals for Grupa Azoty’s polyolefins business NEUTRAL • VIGO Photonics: signs a conditional agreement with the EIB for the financing of the HyperPIC project NEUTRAL • KazMunayGas: begins construction of a polyethylene complex NEUTRAL • Pepco Group: 4Q24E trading update preview (due on 26 September)
- Adrian Kowollik
- Jonathan Lamb
European Oil and Gas Monthly: August 2024 – refining decline continues
Benchmark refining margins fell by USD 1.7/bbl in August to USD 8.6/bbl, continuing the trend of recent months. Falling petrol cracks were the main driver, although crude differentials are still a weakness. Petrochemicals margins have benefited from lower oil prices, but remain well below average levels.
- Research Team
The Rear-View Mirror – EME markets: only Czech PX index in positive te...
EME Equity Market – August 2024 A red month for the EME indices, with only the Czech PX index in positive territory. The MSCI EM Europe index declined by 4.7% in EUR terms and 2.6% in USD terms in August. The Czech PX index was the only index to report a positive figure, adding 0.5% mom in EUR terms. The rest of the indices were in the red: the Turkish ISE30 index was down 11.5% mom in EUR terms, followed by Greece (-3.2% mom), Romania (-2.6% mom) and Hungary (-1.2% mom; all in EUR terms). The P...
EUROB EUROBANK ERGASIAS SERVICES & HOLDINGS SA
PEO BANK POLSKA KASA OPIEKI SA
KRU KRUK S.A.
MOL MOL NYRT
EBS ERSTE GROUP BANK AG
BOCH BANK OF COMMERCE HOLDINGS
CEZ CEZ AS
ACP ASSECO POLAND SA
HTO HELLENIC TELECOMMUNICATIONS ORGANIZATION SA
CDR CD PROJEKT S.A.
OMV OMV AG
PKO PKO BANK POLSKI S.A.
KOMB KOMERCNI BANKA A.S.
BHW BANK HANDLOWY W WARSZAWIE S.A.
WIZZ WIZZ AIR HOLDINGS PLC
PZU POWSZECHNY ZAKLAD UBEZPIECZEN SPOLKA AKCYJNA
BSK ING BANK SLASKI S.A.
BDX BUDIMEX S.A.
MTELEKOM MAGYAR TELEKOM TELECOMMUNICATIONS
CAI CA IMMOBILIEN ANLAGEN AG
PKN POLSKI KONCERN NAFTOWY ORLEN S.A.
AKCNS AKCANSA CIMENTO
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.
DOM DOM DEVELOPMENT SA
BFT BENEFIT SYSTEMS S.A. ALLOTMENT
MGROS MIGROS TICARET A.S
TKNSA TEKNOSA IC VE DIS TICARET AS
PGSUS.E PEGASUS HAVA TASIMACILIGI AS
LVC LIVECHAT SOFTWARE SA
TBCB TBC BANK JOINT STOCK CO
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.
THYAO TURK HAVA YOLLARI A.O.
TUPRS TURKIYE PETROL RAFINERILERI A.S.
EUR EUROCASH S.A.
CPS CYFROWY POLSAT SA
MBR MO-BRUK S.A.
GPW WARSAW STOCK EXCHANGE
11B 11 BIT STUDIOS S.A.
ALR ALIOR BANK SA
OTOEL AUTOHELLAS S.A.
WPL WIRTUALNA POLSKA HOLDING SA
BRD BRD-GROUPE SOCIETE GENERALE
TLV BANCA TRANSILVANIA S.A.
ETEL TELECOM EGYPT
MONET MONETA MONEY BANK AS
SNG SOCIETATEA NATIONALA DE GAZE NATURALE ROMGAZ SA
H4L1 HALYK SAVINGS BANK OF KAZAKHSTAN GDR
PBK PATRIA BANK SA
TOFAS TOFAS TURK OTOMOBIL FABRIKASI A.S.
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
19XX NEPI ROCKCASTLE PLC
M MED LIFE
SFG SPHERA FRANCHISE GROUP SA
ADNOCDIST ADNOC DISTRIBUTION PJSC
NLBR NLB GROUP
ESLT ELBIT SYSTEMS LTD
KAP NATIONAL ATOMIC COMPANY KAZATOMPROM
TEN TEN SQUARE GAMES
DUNAHOUSE DUNA HOUSE
KSPI KASPI KZ
PCF PCF GROUP SA
HUGE HUUUGE
4IG 4IG NYRT
IGN1L IGNITIS GRUPE
CTPNV CTP NV
ONE ONE UNITED PROPERTIES SA
GPP GRUPA PRACUJ DA
BCG BALTIC CLASSIFIEDS GROUP PLC
ADNOCDRILL ADNOC DRILLING CO
2381 ARABIAN DRILLING CO.
7202 ARABIAN INTERNET & COMMUNICATIONS SERVICES CO
9526 JAHEZ INTERNATIONAL CO
ELPE HELLENIQ ENERGY
SHO SHOPER SA
4071 ARABIAN CONTRACTING SERVICES CO
7203 ELM CO
AQ AQUILA PART PROD COM
TRESTATES TRADE ESTATES REIC SA
AIRA AIR ASTANA JSC
NOVAL NOVAL PROPERTY
- Research Team
WOOD Daily: PBK RO; DUNAHOUS HB; 4IG HB; SFG RO; EME Macro/Strategy We...
HEADLINES: • Patria Bank: solid bottom-line print in 2Q24 POSITIVE • Duna House: 2Q24 – EBITDA up 40% yoy in Italy POSITIVE • 4iG: 2Q24 results review – 4% yoy drop in reported EBITDA NEUTRAL • Sphera Group: key takeaways from the 1H24 conference call NEUTRAL • EME Macro/Strategy: macro all-in-one (25 August-1 September) • Mo-BRUK: Public Procurement Office (KIO) rejects MBR’s appeal regarding tender in Szczecin NEUTRAL • Sarantis: 1H24E preview – 34% yoy EBITDA growth expected, on Stella and or...
- Research Team
WOOD Daily: BOCH LN; BHW PW; TXT PW; SFG RO; M RO; ELPE GA; MBR PW; NO...
HEADLINES: • Bank of Cyprus: room for further rerating (stays BUY) • Bank Handlowy: writes down remaining goodwill on retail banking fully in 2Q24 NEUTRAL • Text: 1Q24-25 (calendar 2Q24) results – EBITDA down 2% yoy, but 5% above the consensus POSITIVE • Sphera Group: strong 2Q24 results, as expected NEUTRAL • MedLife: 2Q24 confirms operational earnings recovery, net profits still weak NEUTRAL • HELLENiQ Energy: 2Q24 results – weak net income, due to one-off costs NEUTRAL • Mo-BRUK: earnings cal...
- Research Team
WOOD Daily: DIGI RO; PZU PW; MOH GA; CDR PW; MBR PW; DOM PW; CAI AV; D...
HEADLINES: • DIGI Communications: heavyweight European telco champion (upgraded to BUY) • PZU: posts PLN 1.19bn of net profit in 2Q24; results affected by higher combined ratio in P&C NEUTRAL • Motor Oil Hellas: 2Q24 results POSITIVE • CD Projekt: 2Q24 EBITDA 4-7% above expectations; Polaris to enter production phase “very soon” NEUTRAL • Mo-BRUK: 2Q24 EBITDA 8% above our forecast, but in line with the consensus NEUTRAL • Dom Development: 2Q24 – in line, at first glance NEUTRAL • CA Immo: 2Q24 i...
- Research Team
WOOD Daily: KOMB CP; MONET CP; TEN PW; WPL PW; MBR PW; ELPE GA; MOH GA...
HEADLINES: • Komercni Banka: awaiting a NII inflection point (stays BUY) • MONETA Money Bank: valuation prices in higher ROE and strong yield (stays HOLD) • Ten Square Games: 2Q24 adjusted EBITDA 16% above our forecast; TEN confirms mom bookings recovery in July POSITIVE • Wirtualna Polska: 2Q24 results review – adjusted EBITDA down 2% yoy, in line with the consensus NEGATIVE • Mo-BRUK: new tenders for ecological bombs decommissioning on the market NEUTRAL • HELLENiQ Energy: 2Q24E results previe...
- Research Team
WOOD Daily: PKO PW; CPS PW; BFT PW; GTC PW; PKN PW; HSBK LI; CEZ CP; K...
HEADLINES: • PKO BP: posts very solid 2Q24 delivery, implying upside risk for 2024E forecasts POSITIVE • Cyfrowy Polsat: 2Q24 results review – EBITDA up 8% yoy, 3% above our estimate POSITIVE • Benefit Systems: better-than-expected 2Q24 and FY24E profitability outlook revised upwards POSITIVE • GTC: 2Q24 in line, 2026 EUR 500m refinancing should be priority NEUTRAL • Orlen: 2Q24 results – in line with previous estimates NEUTRAL • Halyk Bank: 2Q24 conference call takeaways • CEZ: FinMin proposes ...
- Research Team
- Research Team
WOOD Daily: BCG LN; ALARABIA AB; JAHEZ AB; TBCG LN; EME Macro/Strategy...
HEADLINES: • Baltic Classifieds Group: niche diamond (HOLD - initiation of coverage) • Al Arabia Outdoor Advertising: weak 2Q24 financial results NEGATIVE • Jahez: mixed 1H24 financial results NEGATIVE • TBC Bank: 2Q24 results and conference call NEUTRAL • EME Macro/Strategy: macro all-in-one (5-11 August) • Orlen: 2Q24E EBITDA estimates published NEUTRAL • Mo-BRUK: still challenging 2Q24E expected, with weaker yoy EBITDA, but up slightly qoq already (due on 29 August) • PZU: 2Q24E preview (due ...
- Can Demir
WOOD Flash – TBC Bank: 2Q24 results and conference call
TBC has reported GEL 329m in net income for 2Q24 (up 12% yoy), broadly in line with the GEL 314m consensus and our GEL 321m estimate. In terms of the core lines, we see no major deviations from the consensus or our estimates, with the provisions being an exception, as the COR in Georgia was as low as 30bpts, on the back of a sizable recovery (16bpts benefit) and a positive macro outlook (the bank has revised its 2024E Georgia GDP growth expectations from 6.4% to 7.4%). TBC also announced a GEL 2...
- Dmitry Vlasov
- Piotr Raciborski
- CFA
Baltic Classifieds Group: niche diamond (HOLD - initiation of coverage...
We initiate coverage of Baltic Classifieds Group (BCG) with a HOLD rating and a GBp 294 price target (PT), which offers 12% upside from the current price. BCG is a leading online classifieds group in the Baltic countries, which owns and operates 14 leading generalist and vertical portals in Lithuania, Estonia and Latvia, operating in the automotive, real estate, jobs & services, and e-commerce industries. We like the company for its clear market-leading position, pricing power and network effect...
- Research Team
WOOD Daily: TLV RO; FROTO TI; ING PW; SHO PW; PPC GA; RICHT HB; 11B PW...
HEADLINES: • Banca Transilvania: still some gas in the tank (stays BUY) • Ford Otosan: weak set of results in 2Q24 NEGATIVE • ING Bank: posts neutral set of 2Q24 results NEUTRAL • Shoper: preliminary 2Q24 adjusted EBITDA up by a strong 32% yoy, as expected NEUTRAL • Public Power Corporation: 2Q24 beats, on lower receivables provisioning and tax rate NEUTRAL • Richter: takeaways from the 2Q24 earnings call NEUTRAL • 11 bit studios: PAP interview with the CEO – key takeaways NEUTRAL • MOL: 2Q24E r...
- Research Team
The Rear-View Mirror – EME markets: Greek ASE – best performer in July
EME Equity Market – July 2024 Greece the biggest winner, while Poland the clear loser in July. The MSCI EM Europe Index declined by 1.1% in EUR terms and 0.3% in USD terms in July. The Greek ASE Index posted the best performance for the month, advancing by 5.3% mom in EUR terms. There was a broadly similar performance in Hungary, Czechia and Romania (+ 2.9%, 2.7% and 2.1% mom in EUR terms, respectively). The Turkish ISE30 Index declined by 1.6% mom in EUR terms, but the clear loser was the Polis...
PEO BANK POLSKA KASA OPIEKI SA
JMT JERONIMO MARTINS SGPS S.A.
KRU KRUK S.A.
EXAE HELLENIC EXCHANGES SA
CEZ CEZ AS
KRKG KRKA D.D.
HTO HELLENIC TELECOMMUNICATIONS ORGANIZATION SA
RBI RAIFFEISEN BANK INTERNATIONAL AG
OMV OMV AG
PKO PKO BANK POLSKI S.A.
ALK ALKALOID AD SKOPJE
WIZZ WIZZ AIR HOLDINGS PLC
PZU POWSZECHNY ZAKLAD UBEZPIECZEN SPOLKA AKCYJNA
SPL SANTANDER BANK POLSKA SA
MIL BANK MILLENNIUM SA
BDX BUDIMEX S.A.
LAMDA LAMDA DEVELOPMENT S.A.
MTELEKOM MAGYAR TELEKOM TELECOMMUNICATIONS
TPS ORANGE POLSKA S.A.
MYTIL MYTILINEOS S.A.
CCC CCC SA
CCOLA COCA-COLA ICECEK A.S.
2310 SAHARA INTERNATIONAL PETROCHEMICAL COMPANY
AEGN AEGEAN AIRLINES SA
BFT BENEFIT SYSTEMS S.A. ALLOTMENT
MGROS MIGROS TICARET A.S
PGSUS.E PEGASUS HAVA TASIMACILIGI AS
APR AUTO PARTNER SA
LVC LIVECHAT SOFTWARE SA
TBCB TBC BANK JOINT STOCK CO
TPEIR PIRAEUS BANK SA
PPC PUBLIC POWER CORPORATION S.A.
OTP OTP BANK NYRT
CAR INTER CARS S.A.
ARCLK ARCELIK A.S.
THYAO TURK HAVA YOLLARI A.O.
MBR MO-BRUK S.A.
OTOEL AUTOHELLAS S.A.
VGO VIGO SYSTEM SA
WPL WIRTUALNA POLSKA HOLDING SA
SAB1L SIAULIU BANKAS
MONET MONETA MONEY BANK AS
SNP PETROM S.A.
GEB BANK OF GEORGIA
RICHT RICHTER
19XX NEPI ROCKCASTLE PLC
M MED LIFE
NLBR NLB GROUP
KAP NATIONAL ATOMIC COMPANY KAZATOMPROM
TEN TEN SQUARE GAMES
KSPI KASPI KZ
HUGE HUUUGE
4IG 4IG NYRT
PCO PEPCO GROUP NV
GPP GRUPA PRACUJ DA
ADNOCDRILL ADNOC DRILLING CO
AROBS AROBS TRANSILVANIA SOFTWARE SA
7202 ARABIAN INTERNET & COMMUNICATIONS SERVICES CO
9526 JAHEZ INTERNATIONAL CO
SHO SHOPER SA
BOROUGE BOROUGE
7203 ELM CO
NOVAL NOVAL PROPERTY
- Research Team
WOOD Daily: GE Banks; MONET CP; JMT PL; OPL PW; ACP PW
HEADLINES: • Georgian Banks: from Georgia to the region (Bank of Georgia and TBC Bank stay BUY) • MONETA Money Bank: 2Q24 results in line with expectations, on track to deliver its FY24E guidance NEUTRAL • Jeronimo Martins: a miss in 2Q24, -5% lfl at Biedronka; price war continues; weak guidance for 2H24E NEGATIVE • Orange Polska: key takeaways from the 2Q24 earnings call NEUTRAL • Asseco Poland: 2Q24E preview – 15% yoy decline in net profit expected (due on 27 August)
- Can Demir
- Miguel Dias
Georgian Banks: from Georgia to the region (Bank of Georgia and TBC Ba...
We have revised our valuations for the Georgian banks, and dived deep into Uzbekistan and TBC Bank Group’s (TBC) Uzbekistan business. Uzbekistan is an attractive place to do banking, with a booming consumer business, and the case for TBC’s Uzbekistan businesses is clear, in our view. With this report, we also begin to monitor Ameria Bank’s numbers separately, and include the bank in our SOTP valuation for Bank of Georgia (BGEO). Ameria is the top bank in Armenia, which BGEO acquired for attracti...
- Research Team
WOOD Daily: KRKG SV; PZU PW; PKO PW; MBR PW; RICHT HB; SNP RO; ARABIAN...
HEADLINES: • Krka: 2Q24 earnings review NEUTRAL • PZU: AGM refuses to discharge entire management board from performance of duties for 2023 • PKO BP: Supervisory Board updates its recommendations for the AGM, due to reconvene next week • Mo-BRUK: signs PLN 9m contract for ecological bomb decommissioning in Katowice NEUTRAL • Richter: EMA accepts Denosumab submission NEUTRAL • OMV Petrom: 2Q24E results preview (due on 30 July) NEUTRAL • Arabian Drilling: 2Q24E results preview (due on 4 August) NE...
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