reports
- Research Team
The Rear-View Mirror – EME markets: EME indices mostly in the red in A...
EME Equity Market – April 2025 EME indices mostly in the red in April, Hungarian BUX and Greek ASE the exceptions. The MSCI EM Europe Index declined by 2.0% mom in EUR terms, but was up 2.9% mom in USD terms in April. The Hungarian BUX was the best performer, followed by the Greek ASE index (+3.5% and 0.8% mom in EUR terms, respectively). There was a slight decline in the Polish WIG20, and more pronounced deteriorations in the Romanian BET and Czech PX indices (-0.6%, -2.0% and -4.2% mom in EUR ...
PEO BANK POLSKA KASA OPIEKI SA
JMT JERONIMO MARTINS SGPS S.A.
OPAP GREEK ORGANISATION OF FOOTBALL PROGNOSTICS SA
KRU KRUK S.A.
MOL MOL NYRT
EBS ERSTE GROUP BANK AG
CEZ CEZ AS
KRKG KRKA D.D.
YKBNK YAPI VE KREDI BANKASI A.S.
OMV OMV AG
ISCTR TURKIYE IS BANKASI ANONIM SIRKETI CLASS C
KOMB KOMERCNI BANKA A.S.
TITK TITAN CEMENT CO. SA
SPL SANTANDER BANK POLSKA SA
MIL BANK MILLENNIUM SA
BDX BUDIMEX S.A.
GEKTERNA GEK TERNA
MTELEKOM MAGYAR TELEKOM TELECOMMUNICATIONS
KTY GRUPA KETY SA
DOC DO & CO AKTIENGESELLSCHAFT
TPS ORANGE POLSKA S.A.
PKN POLSKI KONCERN NAFTOWY ORLEN S.A.
MYTIL MYTILINEOS S.A.
LPP LPP S.A.
AKBNK AKBANK TAS
AKCNS AKCANSA CIMENTO
ASELS ASELSAN ELEKTRONIK SANAYI VE TICARET A.S. CLASS B
CIMSA CIMENTO SANYAI VE TICARET A.S.
CCC CCC SA
AEGN AEGEAN AIRLINES SA
ENA ENEA S.A.
BFT BENEFIT SYSTEMS S.A. ALLOTMENT
PGE PGE POLSKA GRUPA ENERGETYCZNA S.A.
TKNSA TEKNOSA IC VE DIS TICARET AS
PGSUS.E PEGASUS HAVA TASIMACILIGI AS
APR AUTO PARTNER SA
LVC LIVECHAT SOFTWARE SA
PPC PUBLIC POWER CORPORATION S.A.
OTP OTP BANK NYRT
CAR INTER CARS S.A.
ARCLK ARCELIK A.S.
FROTO FORD OTOMOTIV SANAYI A.S.
OTKAR OTOKAR OTOMOTIV VE SAVUNMA SANAYI A.S.
THYAO TURK HAVA YOLLARI A.O.
TUPRS TURKIYE PETROL RAFINERILERI A.S.
CPS CYFROWY POLSAT SA
MBR MO-BRUK S.A.
GPW WARSAW STOCK EXCHANGE
11B 11 BIT STUDIOS S.A.
TPE TAURON POLSKA ENERGIA S.A.
ALR ALIOR BANK SA
OTOEL AUTOHELLAS S.A.
VGO VIGO SYSTEM SA
WPL WIRTUALNA POLSKA HOLDING SA
SAB1L SIAULIU BANKAS
BRD BRD-GROUPE SOCIETE GENERALE
TLV BANCA TRANSILVANIA S.A.
MONET MONETA MONEY BANK AS
H4L1 HALYK SAVINGS BANK OF KAZAKHSTAN GDR
SNP PETROM S.A.
TOFAS TOFAS TURK OTOMOBIL FABRIKASI A.S.
DNP DINO POLSKA S.A.
RICHT RICHTER
MAVI MAVI GIYIM SANAYI VE TICARET A.S.
MCOV B MEDICOVER AB
KAP NATIONAL ATOMIC COMPANY KAZATOMPROM
TEN TEN SQUARE GAMES
CZG CESKA ZBROJOVKA GROUP
INPST INPOST S.A.
PCF PCF GROUP SA
HUGE HUUUGE
7202 ARABIAN INTERNET & COMMUNICATIONS SERVICES CO
4071 ARABIAN CONTRACTING SERVICES CO
BOROUGE BOROUGE
7203 ELM CO
TRESTATES TRADE ESTATES REIC SA
THEON THEON INTERNATIONAL PLC
GEV GEVORKYAN A.S.
BOCHGR BANK OF CYPRUS
DSPW DOOSAN SKODA POWER A.S.
DIAG DIAGNOSTYKA SA
- Research Team
WOOD Daily: THEON NA; KRU PW; SAB1L LH; MCOVB SS; OTKAR TI; TOASO TI; ...
HEADLINES: • Theon International: 1Q25 trading update – strong execution, rich options POSITIVE • Kruk: 1Q25 results, beat driven by Wonga, debt purchased segment in line, but slowing growth dynamics NEUTRAL • Siauliu Bankas: rather weak 1Q25, but maintained outlook should provide some support NEGATIVE • Medicover: 1Q25 beat on admin costs and other financial income POSITIVE • Otokar: 1Q25 results – continuing losses on the operating and bottom lines • Tofas: weak set of results in 1Q25, as anti...
KRU KRUK S.A.
EBS ERSTE GROUP BANK AG
CDR CD PROJEKT S.A.
MYTIL MYTILINEOS S.A.
ASELS ASELSAN ELEKTRONIK SANAYI VE TICARET A.S. CLASS B
OTKAR OTOKAR OTOMOTIV VE SAVUNMA SANAYI A.S.
THYAO TURK HAVA YOLLARI A.O.
TUPRS TURKIYE PETROL RAFINERILERI A.S.
GPW WARSAW STOCK EXCHANGE
11B 11 BIT STUDIOS S.A.
BELA JUMBO S.A.
SAB1L SIAULIU BANKAS
SNP PETROM S.A.
TOFAS TOFAS TURK OTOMOBIL FABRIKASI A.S.
MAVI MAVI GIYIM SANAYI VE TICARET A.S.
MCOV B MEDICOVER AB
TEN TEN SQUARE GAMES
HUGE HUUUGE
THEON THEON INTERNATIONAL PLC
THEON presents its Q1 2025 Trading Update
THEON presents its Q1 2025 Trading Update Press Release Bloomberg (THEON:NA) / Reuters (THEON.AS) 28 April 2025 – today publishes its Q1 2025 Trading Update, achieving excellent performance and continued strong growth, in line with guidance. Financial Summary Q1 2025Q1 2024ChangeOrder intake€117.9 m€39.0 m+202.3%Revenue€90.8 m€75.8 m+19.8%Adjusted EBIT€23.0 m€17.2 m+34.2%Adjusted EBIT margin25.3%22.6%+2.7 p.p.Earnings per share€0.25€0.18+38.9%Capex€3.3 m€2.5 m+33.7 % Mar 2025Dec 2024ChangeSoft backlog€668.6 m€654.2 m+2.2%Net working capital€160.0 m€165.5 m-3.3%Net cash€61.2 m€41....
- Research Team
WOOD Daily: THEON NA; HUG PW; PGE PW; TPE PW; APR PW; INPST NA; DIA PW...
HEADLINES: • Theon International: Noctis in Dies* (BUY - initiation of coverage) • Huuuge Games: 4Q24 adjusted EBITDA 5% above our forecast, share buybacks not a priority NEUTRAL • PGE: key takeaways from the 4Q24 results call NEUTRAL • Tauron: key takeaways from the 4Q24 results call NEUTRAL • Auto Partner: earnings call takeaways – challenging 1Q25E, but rather optimistic on FY25E outlook NEUTRAL • InPost: acquisition of Yodel for GBP 106m debt swap NEUTRAL • Diagnostyka: 4Q24E preview – 35% y...
- Atinc Ozkan
- George Grigoriou
Theon International: Noctis in Dies* (BUY - initiation of coverage)
We initiate coverage of Amsterdam-listed Greek optronics company, Theon International Plc. (Theon) with a BUY and a 12M price target (PT) of EUR 37.60/share. Established in 1997, as a local supplier for the Greek defence market, Theon has evolved into the European market leader in military grade night vision (NV) and thermal imaging (TI) technologies, under the vision of its founder, Mr. Christianos Hadjiminas. As of 1Q25, the cumulative number of Theon’s optronic systems, delivered to 71 countr...
THEON publishes its FY 2024 Annual Report - Strong financial performan...
THEON publishes its FY 2024 Annual Report - Strong financial performance and significant milestones achieved Further strong growth anticipated in FY 2025 PRESS RELEASE Bloomberg (THEON:NA) / Reuters (THEON.AS) 14 April 2025 – Theon International Plc (THEON) today publishes its FY 2024 Annual Report for the 12 months ended 31 December 2024, with the results demonstrating a very strong performance and achievement of significant milestones throughout the year. Financial Highlights Order intake of €466 m, reflecting a book-to-bill ratio of 1.3xSoft backlog at €654 m, up 21.1% y-o-y, equival...
THEON secures additional orders of more than €50 million in Q1 2025, a...
THEON secures additional orders of more than €50 million in Q1 2025, a combination of Night Vision Goggles and A.R.M.E.D. products. An additional c.€50 million was transferred from soft to hard backlog. Press Release Bloomberg (THEON:NA) / Reuters (THEON.AS) Newly awarded contracts increase soft backlog by more than €50 millionAlready announced orders of c.€50 million move from soft to hard backlogA.R.M.E.D. products are getting increasing traction in many countries 18 March 2025 – ) announces newly awarded contracts that increase soft backlog by more than €50 million. At the s...
THEON’s strong presence at the international exhibition IDEX 2025 in A...
THEON’s strong presence at the international exhibition IDEX 2025 in Abu Dhabi, presenting its new A.R.M.E.D. ecosystem of Augmented Reality devices for the “Soldier of the Future” Press Release Bloomberg (THEON:NA) / Reuters (THEON.AS) 25th February 2025. THEON's participation in the IDEX-NAVDEX 2025 (International Defense Equipment Exhibition) held in Abu Dhabi, United Arab Emirates, on 17-21 February 2025, was completed with a strong presence. At THEON's stand at IDEX-NAVDEX 2025, which is characterized as one of the largest international exhibitions in the field of defense and sec...
THEON announces FY 2024 preliminary results above guidance, highlighti...
THEON announces FY 2024 preliminary results above guidance, highlighting robust performance throughout the year, and anticipating further strong growth in FY 2025 Press Release Bloomberg (THEON:NA) / Reuters (THEON.AS) Order intake of €466 million, resulting in a soft backlog of €654 million, marking a 20% year-on-year increaseAdditional embedded options of €301 million, providing further visibilityRevenue of €352.4 million, above guidance, representing top line growth of 61.1%Adjusted EBIT of €88.2 million, maintaining best-in-class margin of 25.0%Net Cash position of €41.9 million, en...
THEON receives new orders in January 2025, totaling €53 million, with ...
THEON receives new orders in January 2025, totaling €53 million, with embedded new options of an additional €95.5 million and participates in the German Future Soldier Program Press Release THEON receives new orders in January 2025, totaling €53 million, with embedded new options of an additional €95.5 million and participates in the German Future Soldier Program Bloomberg (THEON:NA) / Reuters (THEON.AS) THEON is included in the German Future Soldier Program (IdZ), offering its newly launched Heads-Up Display system to the German Armed ForcesNew order intake of €53 million f...
- Toby Thorrington
Theon International - Record order book and upgrade to FY25
Theon International is a market leader in the defence optronics (night vision and thermal imaging) sector. Strong order intake, particularly in Q424, has enabled management to provide a positive outlook for FY25, including c 20% revenue growth. Adding in the mid-20% operating margins, we see the shares offering clear attractions on the current undemanding P/E rating of 11x in FY25e.
- Toby Thorrington
Theon International - Positive update on FY24
Theon is a market leader in night vision and thermal imaging systems. The group has released a positive update on FY24 and further order intake for Q4, providing momentum into FY25. The latest events in the Middle East are likely to support military budgets globally. This will provide a positive environment for Theon that will be supplemented by internal development to expand the product portfolio to support integrated battlefield requirements.
- Toby Thorrington
Theon International - Clear vision for growth
Theon International commands a unique position in military night vision systems as a market-leading business focused on man-portable systems (goggles). It has a market-leading position in Europe, an expanding presence globally and is developing adjacent product portfolios, most notably platforms like military vehicle vision systems. Its potential is supported by an addressable market of more than €3bn forecast to grow at double-digit rates. Combining this with a low capital-intensity business mo...
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