reports
- 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...
Announcement of Extraordinary General Meeting Results
Announcement of Extraordinary General Meeting Results ALMATY, Kazakhstan, Nov. 20, 2024 (GLOBE NEWSWIRE) -- Joint Stock Company Kaspi.kz (Nasdaq: KSPI) announces that the following resolutions were duly passed at its Extraordinary General Meeting on 19 November 2024: To approve the agenda of the Extraordinary General Meeting of Shareholders of JSC Kaspi.kz:1) Approval of the agenda;2) Payment of dividends on common shares of JSC Kaspi.kz and approval of the amount of dividend per common share;3) Approval of amended Charter of JSC Kaspi.kz;4) Election of the Board Member due to resignatio...
- Stamatios Draziotis CFA
OTE (Hellenic Telecoms) | Rally under scrutiny
Muted fundamentals, strong price performance ytd, mixed news flow; EBITDAaL growth far lower than EU peers, warranting a Hold – OTE shares have had several twists and turns in 2024, with the stock posting a modestly positive return in H1 followed by a rally until Nov and a c8% correction from its recent peak in the last few weeks. Catalyzing the bounce since early summer was a confluence of factors including the end of the decline in GR fixed (mainly due to easy comps), hopes for the sale of Rom...
- Stamatios Draziotis CFA
OTE (Hellenic Telecoms) | Rally under scrutiny
Muted fundamentals, strong price performance ytd, mixed news flow; EBITDAaL growth far lower than EU peers, warranting a Hold – OTE shares have had several twists and turns in 2024, with the stock posting a modestly positive return in H1 followed by a rally until Nov and a c8% correction from its recent peak in the last few weeks. Catalyzing the bounce since early summer was a confluence of factors including the end of the decline in GR fixed (mainly due to easy comps), hopes for the sale of Rom...
- 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
- Piotr Raciborski
- CFA
WOOD Flash – OTE: 3Q24 results review – soft quarter, with flat yoy ad...
OTE has reported a soft set of 3Q24 results, with sales up 2% yoy, to EUR 897m (3% below our forecast), and the adjusted EBITDA flat yoy, at EUR 370m (in line with our estimate), due mainly to the contraction of the Romanian segment’s adjusted EBITDA offsetting the growth in Greece. We see the 3Q24 results as neutral, as the adjusted EBITDA is in line with our estimate, while the misses on the reported EBITDA and the bottom-line were driven by a negative operating one-off.
- 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: TLV RO; LOGO TI; SOKM TI; ONE RO; ALARABIA AB; ALPHA GA; C...
HEADLINES: • Banca Transilvania: stellar 3Q24 print sponsored by OTP RO integration POSITIVE • Logo Yazilim: 3Q24 results – small beat; FY24E guidance reiterated; buyback programme expires POSITIVE • Sok Marketler: highly weak set of results in 3Q24 NEGATIVE • ONE United Properties: 3Q24 broadly in line with recent trends NEUTRAL • Al Arabia Outdoor Advertising: weak 3Q24 financial results NEGATIVE • Alpha Services and Holdings: 3Q24 results highlights – improved outlook NEUTRAL • Inter Cars: Oc...
HTO HELLENIC TELECOMMUNICATIONS ORGANIZATION SA
PZU POWSZECHNY ZAKLAD UBEZPIECZEN SPOLKA AKCYJNA
LOGO LOGO YAZILIM SANAYI VE TICARET A.S.
ALPHA ALPHA BANK AE
CAR INTER CARS S.A.
TLV BANCA TRANSILVANIA S.A.
RICHT RICHTER
SOKM SOK MARKETLER TICARET AS
ONE ONE UNITED PROPERTIES SA
4071 ARABIAN CONTRACTING SERVICES CO
- 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: PEO PW; PKO PW; WIZZ LN; BVB RO; TBCG LN; CTPNV NA; AIRA L...
HEADLINES: • Bank Pekao: posts strong 3Q24; one of the cheapest among the Polish banks, but remains hostage to merger risk • PKO BP: 3Q24 results – no major surprises • Wizz Air: 2Q FY25 – small miss, with better fuel, but higher ex-fuel cask than we expected NEUTRAL • Bucharest Stock Exchange: weak 3Q24 results NEGATIVE • TBC Bank: 3Q24 results and conference call POSITIVE • CTP: 3Q24 in line; development-led growth continues NEUTRAL • Air Astana Group: 3Q24 EBITDA up by 10% yoy, exceeding the ...
- 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
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.
- Research Team
WOOD Daily: TL Macro; GR Macro; YKBNK TI; AKCNS TI; SOLUTION AB; DNP P...
HEADLINES: • Türkiye macro: some good news, within the context of (hopefully) improving inflation in the medium term • Greece macro: the consumer is not happy • Yapi Kredi: 3Q24 – normalising trends, but still a tough quarter • Akcansa: 3Q24 conference call takeaways • Solutions by STC: 3Q24 conference call takeaways • Dino: 3Q24E preview – 4% yoy EBITDA erosion expected (due on 7 November) • Eurocash: 3Q24E results preview – 29% yoy EBITDA decline expected (due on 15 November)
- 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
- Research Team
WOOD Daily: KRU PW; RBI AV; ADNOCDRI UH; ELM AB; CCC PW; DIGI RO; ALAR...
HEADLINES: • Kruk: 3Q24 headline net profit at record high (in line with earlier flash estimate), enables revenues to grow 35% yoy NEUTRAL • Raiffeisen Bank International: 3Q24 in line with expectations; higher CHF mortgage saga costs in Poland to affect FY24E ROE; significant acceleration in downsizing Russian business NEUTRAL • ADNOC Drilling: 3Q24 results NEUTRAL • Elm: 3Q24E financial results preview (due on 3 November) • CCC: 3Q24E prelims preview – 93% yoy EBITDA growth expected (due on 8 ...
- Research Team
WOOD Daily: ACP PW; EME Macro/Strategy Weekly; GE Macro; ARCLK TI; SOL...
HEADLINES: • Asseco Poland: profitability rebound slower than expected (downgraded to HOLD) • EME Macro/Strategy: macro all-in-one (21-27 October) • Georgia macro: early takes following the parliamentary election • Arcelik: weak set of results in 3Q24 NEGATIVE • Solutions by STC: 3Q24 results NEGATIVE • Budimex: 3Q24 EBIT marginally above our and the market's expectations NEUTRAL • Cimsa: 3Q24 conference call takeaways • PKO BP: three of four largest minority shareholders act jointly to call EGM...
OMV OMV AG
PKO PKO BANK POLSKI S.A.
BDX BUDIMEX S.A.
BRISA BRISA-BRIDGESTONE SABANCI LASTIK SANAYI VE TICARET A.S.
CIMSA CIMENTO SANYAI VE TICARET A.S.
ARCLK ARCELIK A.S.
11B 11 BIT STUDIOS S.A.
SNP PETROM S.A.
MCOV B MEDICOVER AB
CGEO GEORGIA CAPITAL
7202 ARABIAN INTERNET & COMMUNICATIONS SERVICES CO
- Research Team
WOOD Daily: KSPI US; ALARABIA AB; SOLUTION AB; HTO GA; GR macro/banks;...
HEADLINES: • Kaspi.kz: agrees to acquire Türkiye's Hepsiburada NEUTRAL • Kaspi.kz: 3Q24 highlights - on track to meet guidance NEUTRAL • Al Arabia: MBC Group sells 4.9% of shares of Al Arabia NEGATIVE • Solutions by STC: establishment of JV with Jedco completed NEUTRAL • OTE: ANAF imposes EUR 33.5m in additional tax charges related to alleged VAT and CIT miscalculations NEGATIVE • Greece macro/banks: BOG increases the countercyclical capital buffer rate to 0.25%, with effect from October 2025E N...
Notice of Extraordinary General Meeting of Shareholders of Kaspi.kz
Notice of Extraordinary General Meeting of Shareholders of Kaspi.kz ALMATY, Kazakhstan, Oct. 18, 2024 (GLOBE NEWSWIRE) -- The Board of Directors of JSC Kaspi.kz (Nasdaq: KSPI) hereby announces the Extraordinary General Meeting of Shareholders of JSC Kaspi.kz will be held on 19 November 2024 at 10:00 Astana time at: 154 “А”, Nauryzbai Batyr Street, Almaty, Kazakhstan, 050013. If a quorum is not met, a repeated General Meeting of Shareholders will be held on 20 November 2024 at 10:00 Astana time at: 154 “А”, Nauryzbai Batyr Street, Almaty, Kazakhstan, 050013. Agenda of the Extraordinary G...
Kaspi.kz 3Q and 9M 2024 Financial Results
Kaspi.kz 3Q and 9M 2024 Financial Results ALMATY, Kazakhstan, Oct. 18, 2024 (GLOBE NEWSWIRE) -- Joint Stock Company Kaspi.kz (“Kaspi.kz”, “we”) (Nasdaq:KSPI) which operates the Kaspi.kz Super App for consumers and Kaspi Pay Super App for merchants, today publishes its unaudited consolidated IFRS financial results for the quarter and nine months ended 30 September 2024 (“3Q & 9M 2024”). 9M 2024 Highlights Timing of marketing campaigns has distorted GMV growth between 2Q and 3Q. 9M 2024 is more representative of business performance with revenue and net income up 34% and 23% respectiv...
E-commerce champions join forces: Kaspi.kz to become controlling share...
E-commerce champions join forces: Kaspi.kz to become controlling shareholder in Türkiye’s Hepsiburada ALMATY, Kazakhstan, Oct. 18, 2024 (GLOBE NEWSWIRE) -- Joint Stock Company Kaspi.kz (“Kaspi.kz” NASDAQ: KSPI) has announced that it has signed a definitive agreement with Hanzade Doğan, the founder and controlling shareholder of D-Market Electronic Services & Trading (“Hepsiburada” NASDAQ: HEPS), and Vuslat Doğan Sabancı, Begüm Doğan Faralyalı, Arzuhan Doğan Yalçındağ and Işıl Doğan to acquire 65.41% of all the total outstanding Class A and Class B shares of Hepsiburada. Founded in 2000 b...
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