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...
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...
We maintain our Outperform rating on CaixaBank, one of our Top Picks in the sector, with a higher target of € 7.2 vs € 6.7 and ahead of the CMD on 19 November. We are lifting our net income estimates by 7% for 2025-2026, to 7% above the consensus. The strategic update is set to highlight the wisdom of the business model diversification (long-term savings) to address the current transition phase on rates. Despite a solid market performance, the profile does not look to be fully reflec...
Nous réitérons notre opinion Surperformance sur CaixaBank, l’un de nos top picks du secteur, avec un OC porté à 7.2 € vs 6.7 € et en amont du CMD du 19/11. Nous relevons nos anticipations de RN de 7% sur 2025/2026 qui ressortent 7% supérieures au consensus. L’update stratégique devrait mettre en avant la pertinence de la diversification du business model (épargne LT) face à la transition actuelle sur les taux. Malgré un solide parcours boursier, cela n’est pas pleinement reflété dans ...
>PSOE and Sumar spring a surprise in seeking to suddenly abolish the SOCIMI regime - On Monday 11 November, the PSOE reached a tax agreement with its Spanish government ally, “Sumar”, whereby the two parties want to abolish the SOCIMI REIT regime or at least part of its tax advantages. This sudden stance, which surprised Spanish property professionals, is thus different from the position that was presented just last week, namely to “encourage the construction of affor...
>PSOE et Sumar créent la surprise en voulant supprimer soudainement le régime SOCIMI - Ce lundi 11 novembre, le PSOE sont parvenus à un accord fiscal avec son allié au gouvernement espagnol, « Sumar », par lequel les deux partis veulent supprimer le régime SOCIMI ou au moins une partie de ses avantages fiscaux. Cette prise de position soudaine qui a crée la surprise auprès des professionnels de l’immobilier espagnol, diffère ainsi de la position qui était encore mise ...
We confirm our positive stance on CTP on the back of strong operational performance. We liked the recent ABB and the implied investment acceleration that is to come over the next 12 months, whether on third party acquisitions or on developments. With this note we update our estimates to reflect the recent results and the additional fresh equity raised. Our €19 Target Price is confirmed.
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...
There goes the summer. For Wizz, 2Q FY25 was yet another weak quarter, as the market has gradually come to expect since the beginning of August. The stock performance and the series of consensus downgrades over the past 3M suggest that the latest set of poor results have been factored in, in our view. Is Wizz now about to turn a corner, and are the next few quarters looking better? Possibly. The RASK should pick up pace and the ex-fuel CASK should moderate in 2H FY25E. In FY26E, Wizz should re-s...
>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...
>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...
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 ...
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...
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.
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,...
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