reports
- Emira Sagaama
- Juan Ros-Padilla
AMS AMS AG
CRI CHARGEURS SA
EVT EVOTEC SE
FLY SOCIETE FONCIERE LYONNAISE SA
LXS LANXESS AG
BEN BENETEAU SA
KCO KLOECKNER & CO SE
VLS VALNEVA SE
JCQ JACQUET METALS SA
ELG ELMOS SEMICONDUCTOR SE
BAMNB KONINKLIJKE BAM GROEP NV
WIZZ WIZZ AIR HOLDINGS PLC
GN GN STORE NORD A/S
GLB GLANBIA PLC
DEZ DEUTZ AG
AALB AALBERTS N.V.
AMG AMG ADVANCED METALLURGICAL GROUP N.V.
FDR FLUIDRA S.A.
CPINV CARE PROPERTY INVEST SA
LOG COMPANIA DE DISTRIBUCION INTEGRAL LOGISTA HOLDINGS S.A.
TWEKA TKH GROUP N.V. CERT
SMHN SUESS MICROTEC AG
DIC DIC ASSET AG
ALFEN ALFEN NV
INS INSTONE REAL ESTATE GROUP AG
HAG HENSOLDT AG
COP COMPUGROUP MEDICAL SE & CO. KGAA
KTA KNAUS TABBERT
RWI RENEWI PLC
HGEA HGEARS AG
AF AIR FRANCE - KLM
- Emira Sagaama
- Juan Ros-Padilla
AMS AMS AG
CRI CHARGEURS SA
EVT EVOTEC SE
FLY SOCIETE FONCIERE LYONNAISE SA
LXS LANXESS AG
BEN BENETEAU SA
KCO KLOECKNER & CO SE
VLS VALNEVA SE
JCQ JACQUET METALS SA
ELG ELMOS SEMICONDUCTOR SE
BAMNB KONINKLIJKE BAM GROEP NV
WIZZ WIZZ AIR HOLDINGS PLC
GN GN STORE NORD A/S
GLB GLANBIA PLC
DEZ DEUTZ AG
AALB AALBERTS N.V.
AMG AMG ADVANCED METALLURGICAL GROUP N.V.
FDR FLUIDRA S.A.
CPINV CARE PROPERTY INVEST SA
LOG COMPANIA DE DISTRIBUCION INTEGRAL LOGISTA HOLDINGS S.A.
TWEKA TKH GROUP N.V. CERT
SMHN SUESS MICROTEC AG
DIC DIC ASSET AG
ALFEN ALFEN NV
INS INSTONE REAL ESTATE GROUP AG
HAG HENSOLDT AG
COP COMPUGROUP MEDICAL SE & CO. KGAA
KTA KNAUS TABBERT
RWI RENEWI PLC
HGEA HGEARS AG
AF AIR FRANCE - KLM
- Olfa Taamallah
- Yan Derocles
Wizz Air : H1 2024-2025 results slightly lower than expected due to co...
>Disappointing EBITDA performance - Wizz Air has just released its figures for the H1 2024-2025 (ending September 2024). Net profit was 5% below the average company-compiled consensus (estimated at € 332m) at € 315m (-21% vs. N-1) on revenues of € 3,066m, leading to a net margin of 26.9%. The decrease in profitability reflected the cost inefficiencies carried as a result of grounded aircraft due to GTF engine inspections and the cost of one-off wet leased aircraft dur...
- Olfa Taamallah
- Yan Derocles
Wizz Air : H1 2024-2025 results slightly lower than expected due to co...
>Disappointing EBITDA performance - Wizz Air has just released its figures for the H1 2024-2025 (ending September 2024). Net profit was 5% below the average company-compiled consensus (estimated at € 332m) at € 315m (-21% vs. N-1) on revenues of € 3,066m, leading to a net margin of 26.9%. The decrease in profitability reflected the cost inefficiencies carried as a result of grounded aircraft due to GTF engine inspections and the cost of one-off wet leased aircraft dur...
- 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 ...
- Can Demir
WOOD Flash – TBC Bank: 3Q24 results and conference call
TBC has announced net income of GEL 347m for 3Q24 (GEL 340m after the Uzbekistan minorities). The bank’s 3Q24 net income was 18% above our estimate (GEL 295m) and 9% above the consensus (GEL 318m). In 3Q24 and 9M24, TBC grew its bottom line by 14% yoy. The 3Q24 beat was driven by the NII (GEL 18m higher than our estimate and GEL 9m higher than the consensus) and fees (GEL 18m higher than our estimate and GEL 19m higher than the consensus), as well as strong trading income, up nearly 50% yoy. The...
- Jakub Caithaml
WOOD Flash – CTP: 3Q24 in line; development-led growth continues
CTP reached FFO of EUR 0.60/share in 9M24, and management reiterated its FY target of EUR 0.80-0.82/share. Developing at around a 10% yield on cost continues to generate substantial value for shareholders, as we estimate the cost of debt funding at around 4% currently. At 44.9%, the LTV is still among the higher levels in Europe, but falling rates should ease the risk of further yield expansion stretching the leverage.
- Olfa Taamallah
- Thomas Zlowodzki
- Yan Derocles
ODDO BHF Small & MIDCAP MORNING NEWS - 11/06/2024
Our baseline scenario materialised last night: Donald Trump seems to be on course to win the US presidential election, and the choice of the electorate is unlikely to be challenged. He could end up with a majority in both houses of Congress. US equities will be the first to benefit from this development. In European equities, the biggest winners will be Energy, Media, Metals, Construction & Materials, Financial Services and Insurance. More at risk, however, are the Utilities, Spirits,...
- Roy Külter
- Steven Boumans
- Thomas Zlowodzki
ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 11/06/2024
Our baseline scenario materialised last night: Donald Trump seems to be on course to win the US presidential election, and the choice of the electorate is unlikely to be challenged. He could end up with a majority in both houses of Congress. US equities will be the first to benefit from this development. In European equities, the biggest winners will be Energy, Media, Metals, Construction & Materials, Financial Services and Insurance. More at risk, however, are the Utilities, Spirits,...
AKE ARKEMA
BMW BAYERISCHE MOTOREN WERKE AG
UBSN UBS GROUP AG
PUM PUMA SE
EN BOUYGUES SA
VNA VONOVIA SE
ORSTED ORSTED
FRE FRESENIUS SE & CO. KGAA
NEX NEXANS SA
HEN3 HENKEL AG & CO. KGAA PREF
EDW EDP RENOVAVEIS SA
EVK EVONIK INDUSTRIES AG
INW INFRASTRUTTURE WIRELESS ITALIANE S.P.A.
COLO B COLOPLAST A/S CLASS B
RACE FERRARI NV
AD KONINKLIJKE AHOLD DELHAIZE N.V.
AZN ASTRAZENECA PLC
VOD VODAFONE GROUP PLC
SHL SIEMENS HEALTHINEERS AG
NEOEN NEOEN S.A.
VWS VESTAS WIND SYSTEMS
CTPNV CTP NV
NOVO B NOVO NORDISK A/S
UN0 UNIPER SE
- Roy Külter
- Steven Boumans
- Thomas Zlowodzki
ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 06/11/2024
Notre scénario central s’est concrétisé dans la nuit : Donald Trump remporte la présidentielle américaine, et le choix des électeurs ne devrait pas être contesté. Il pourrait disposer d’une majorité dans les deux assemblées. Les actions américaines en seront les premières bénéficiaires. Sur les actions européennes, les secteurs les plus gagnants seront l’Energie, les Médias, les Métaux, Construction & Materials, Financial Services, Insurance. Sont en revanche plus à risque Utilities, ...
AKE ARKEMA
BMW BAYERISCHE MOTOREN WERKE AG
UBSN UBS GROUP AG
PUM PUMA SE
EN BOUYGUES SA
VNA VONOVIA SE
ORSTED ORSTED
FRE FRESENIUS SE & CO. KGAA
NEX NEXANS SA
HEN3 HENKEL AG & CO. KGAA PREF
EDW EDP RENOVAVEIS SA
EVK EVONIK INDUSTRIES AG
INW INFRASTRUTTURE WIRELESS ITALIANE S.P.A.
COLO B COLOPLAST A/S CLASS B
RACE FERRARI NV
AD KONINKLIJKE AHOLD DELHAIZE N.V.
AZN ASTRAZENECA PLC
VOD VODAFONE GROUP PLC
SHL SIEMENS HEALTHINEERS AG
NEOEN NEOEN S.A.
VWS VESTAS WIND SYSTEMS
CTPNV CTP NV
NOVO B NOVO NORDISK A/S
UN0 UNIPER SE
- Jakub Caithaml
WOOD Flash – Air Astana Group: 3Q24 EBITDA up by 10% yoy, exceeding th...
During 3Q24, Air Astana Group managed to deliver a stable yoy RASK, while containing the cost pressures. The EBITDA was up by 10% yoy in the quarter, in line with the revenue growth, with an EBITDA margin of 31%, stable yoy. During the call, management highlighted the strong liquidity position (excluding leases, net cash at USD 474m), and said that the booking trends in 4Q24E are, so far, looking extraordinarily robust, potentially allowing the company to improve both yields and load factor. If ...
- ING Helpdesk
Benelux Morning Notes
Ahold Delhaize: A strong 3Q24, driven by Europe. CFE: 3Q24 preview - able to keep net profit outlook? CTP: Good results, guidance reiterated. DEME Group: 3Q24 preview - keeping the FY outlook. Exor: Ferrari hitting Chinese wall. IBA: Contract win for E-beam sterilisation solution in the Dominican Republic. Kendrion: 3Q24 preview - harsh end markets but easy comps. Proximus: 2025 price increases on the high side, more asset sales in the pipeline. Solvay: 3Q24 results beat by 4% bu...
- Roy Külter
- Steven Boumans
CTP NV : Q3 2024 results: EPS outlook confirmed, albeit with lower 202...
>Outlook confirmed; strong Q3 deliveries; FY2024 deliveries lower - CTP confirms its €0.80 - €0.82 guidance for FY2024. The FY2024 delivery target is 1.2-1.3m sqm versus previous communicated at the high-end of the 1.0-1.5m official target. Planned 2024 deliveries are 64% pre-let (H1: 51%, Q3 2023 77% and 80%-90% target at delivery). CTP completed 545,000sqm GLA (9M 2024) at a yield on cost of 10.1% in 9M 2024 and 95% let (H1: 328,000, 92% let). Like for lik...
- Guy Sips
- Jacob Mekhael
- Kristof Samoy
- Lynn Hautekeete
- Michiel Declercq
- Thibault Leneeuw
- Wim Hoste
- Wim Lewi
- Wim Lewi
CTP 9m24 Results, Pre-let is progressing, big 4Q24 ahead
Net Rental income grew 15.9% to EUR 488.4m vs. 491.0m expected (KBCS) and benefited from 4.4% lfl growth. The EPRA EPS of 0.60 also comes in line with our expectation of 0.61. The FY24 EPS outlook is confirmed at 0.80-0.82, but now at the lower end due to the ABB in September. The LTV decreased to 44.9% from 46.0% at FY23 end. The Cost of Debt rose to 2.73% from 1.95% (FY23). The occupancy on standing assets decreased 1% to 93% vs FY23 end. Despite 545k sqm deliveries (95% let) over 3Q24, CTP ma...
- 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
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: 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
- Marta Jezewska-Wasilewska
WOOD Flash – PKO BP: 2024-27E strategic targets
PKO BP has published its 2024-27E strategic targets, communicating a minimum 2027E ROE target of 18%. Management has also committed to dividend payments/buybacks. The strategy is based on seven business pillars, many of them targeting market share increases. The current strategic KPIs are just a notch above our current financial forecasts for PKO BP and, thus, we see some minor upside risk for our current medium-term forecasts for the bank. We note that our current explicit forecasts reach out o...
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