reports
Public Power Corp S.A.: 1 director
A director at Public Power Corp S.A. bought 4,000 shares at 11.395EUR and the significance rating of the trade was 54/100. Is that information sufficient for you to make an investment decision? This report gives details of those trades and adds context and analysis to them such that you can judge whether these trading decisions are ones worth following. Included in the report is a detailed share price chart which plots discretionary trades by all the company's directors over the last two years...
- Andreas Souvleros
- CFA
- Christiana Armpounioti
- Marios Bourazanis
- Natalia Svyriadi
- Nikos Athanasoulias CFA
- Stamatios Draziotis CFA
GREEK MARKET PULSE | Autumn Chill
The ATHEX has shed c3% since the start of August, significantly underperforming vs both broader Europe (Stoxx 600 +0.7%) and periphery markets (MIB +2.8%). Performance has been weighed down primarily by banks, which have fallen c7% over the period, compared to a c4% return registered by their EU peers. Non-financials have also stalled, with just a handful of companies in the green since August (mostly from the mid-cap space). Of note is that this move is out of sync with fundamentals, as most co...
- Andreas Souvleros
- CFA
- Christiana Armpounioti
- Marios Bourazanis
- Natalia Svyriadi
- Nikos Athanasoulias CFA
- Stamatios Draziotis CFA
GREEK MARKET PULSE | Autumn Chill
The ATHEX has shed c3% since the start of August, significantly underperforming vs both broader Europe (Stoxx 600 +0.7%) and periphery markets (MIB +2.8%). Performance has been weighed down primarily by banks, which have fallen c7% over the period, compared to a c4% return registered by their EU peers. Non-financials have also stalled, with just a handful of companies in the green since August (mostly from the mid-cap space). Of note is that this move is out of sync with fundamentals, as most co...
- Research Team
WOOD Daily: EME Macro/Strategy Weekly; RBI AV; 11B PW; PCF PW; KTY PW;...
HEADLINES: • EME Macro/Strategy: macro all-in-one (16-22 September) • Raiffeisen Bank International: signs agreement targeted at sale of its Belarusian operations • 11 bit studios: Frostpunk 2 post-release player reviews and player count disappoint NEGATIVE • PCF Group: updates timeframe for strategy implementation, new PLN 350m financing needed in 2025-26E NEGATIVE • Kety: takeaways from the Investor Day NEUTRAL • ADNOC Distribution: Board approves interim dividend NEUTRAL • VIGO Photonics: beg...
- Research Team
WOOD Daily: CZG CP; PGSUS TI; ALE PW; ECH PW; APR PW; HSBK LI
HEADLINES: • Colt CZ Group SE: full metal jacket (stays BUY) • Pegasus Airlines: another good year (stays HOLD) • Allegro: 2Q24 above expectations, but growth deceleration guided for 3Q24E NEUTRAL • Echo Investment: 2Q24 ahead of PAP consensus expectations • Auto Partner: key takeaways from the 2Q24 earnings call NEUTRAL • Halyk Bank: announces programme to buy back up to USD 50m of its GDRs
- 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)
- Research Team
WOOD Daily: WPL PW; ASELS TI; CAR PW; CAR PW; PCF PW; SPL PW; KAP LI
HEADLINES: • Wirtualna Polska: WP boosts media margins (stays BUY) • Aselsan: 2Q24 IAS 29 results – strong execution POSITIVE • Inter Cars: 2Q24 EBITDA 10% above our forecast and 5% above the consensus, on higher margin POSITIVE • Inter Cars: August sales growth at 8% yoy, in line with our expectations NEUTRAL • PCF Group: new work-for-hire agreement with Krafton; PLN 7m write-off on Project Red POSITIVE • Santander Bank Polska: strategic investor wants to reduce its stake • Kazatomprom: obtains...
- Lukasz Wachelko
- CFA
- Piotr Raciborski
- CFA
Wirtualna Polska: WP boosts media margins (stays BUY)
We maintain our BUY rating on Wirtualna Polska (WPL) and lift our 12M price target (PT) to PLN 133.2/share (from PLN 131.5), implying c.44% upside. WPL’s share price has declined 22% ytd, due mainly to the Media segment’s growth stalling, even despite the relatively solid market environment. It seems that, finally, the group’s management has recognised the reasons behind the issues, and has implemented a series of initiatives aimed at boosting the growth and profitability of the segment, includi...
- Research Team
WOOD Daily: DUNAHOUS HB; EME Macro/Strategy Weekly; HUG PW; APR PW; CD...
HEADLINES: • Duna House: loan ranger, with dividends to boot (BUY) • EME Macro/Strategy: macro all-in-one (2-8 September) • Huuuge Games: 2Q24 earnings call takeaways NEUTRAL • Auto Partner: August sales growth decelerates to just 7% yoy NEGATIVE • CD Projekt: class action lawsuit in the US regarding technical solutions used by GOG NEUTRAL • PCF Group: termination of credit facilities at Bank Pekao NEUTRAL • DIGI Communications: delivers first part of FTTH network in Spain NEUTRAL
CEZ: 4 directors
Four Directors at CEZ sold 25,000 shares at between 855.600CZK and 862.290CZK. The significance rating of the trade was 68/100. Is that information sufficient for you to make an investment decision? This report gives details of those trades and adds context and analysis to them such that you can judge whether these trading decisions are ones worth following. Included in the report is a detailed share price chart which plots discretionary trades by all the company's directors over the last two ...
- Research Team
WOOD Daily: CBF PW; SAR GA; VRC PW; EME Macro/Strategy – DE Macro; KZ ...
HEADLINES: • cyber_Folks: 2Q24 results review – 21% yoy adjusted EBITDA growth, 4% above our estimate POSITIVE • Sarantis: 1H24 EBITDA up 45% yoy, 8% ahead of our expectations; FY24E guidance maintained POSITIVE • Vercom: 2Q24 results review – 29% yoy EBITDA growth, 6% above our estimate POSITIVE • EME Macro/Strategy: reflections on the consequences of a weak Germany • Kazakhstan macro: Tokayev’s 2024 state-of-the-nation address • Türkiye macro: GDP underperforms in 2Q • 4iG: key takeaways from ...
- 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: 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: KRU PW; EUR PW; ACP PW; 11B PW; GPP PW; ONE RO; WPL PW; TE...
HEADLINES: • Kruk: 2Q24 results – recently-announced miss caused by higher costs and negative revaluations in Spain NEUTRAL • Eurocash: weak 2Q24 across the board NEGATIVE • Asseco Poland: 2Q24 review – net profit down 10% yoy, 7% above the consensus POSITIVE • 11 bit studios: 2Q24 adjusted EBITDA slightly below our expectations, but bottom line boosted by associates NEUTRAL • Grupa Pracuj: 2Q24 results – adjusted EBITDA flat yoy, 2% above the market consensus; bottom-line miss on revaluation of...
- 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: DNP PW; BGEO LN; KAP LI; BRISA TI; GPW PW; BDX PW; BFT PW;...
HEADLINES: Dino Polska: 5-13% EBITDA miss in 2Q24, first yoy EBITDA drop since IPO NEGATIVE Bank of Georgia: 2Q24 highlights NEUTRAL Kazatomprom: 2Q24 results and 2025E production guidance POSITIVE Brisa: bottom line hit by financing costs, taxes; FY24 demand outlook remains challenging NEUTRAL Warsaw Stock Exchange: 2Q24 results NEGATIVE Budimex: 2Q24 results fully in line with the prelims NEUTRAL Benefit Systems: earnings call takeaways – supportive 2025E profitability outlook for Poland NEUTR...
- 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
WOOD Daily: CCOLA TI; HSBK LI; BOCH LN; CCC PW; DNP PW; KAP LI
HEADLINES: • Coca-Cola Icecek: mixed results in 2Q24; 2024E guidance revised downwards NEGATIVE • Halyk Bank: 2Q24 highlights – quarter in line, margin makes up for soft COR and fee growth • Bank of Cyprus: to hold EGM on 13 September • CCC: to purchase 2.5% Modivo shares for PLN 100m NEUTRAL • Dino: 2Q24E preview – 4% yoy EBITDA erosion expected (due on 22 August) • Kazatomprom: 2Q24E results preview (due on 26 August) NEUTRAL
- Research Team
WOOD Daily: GSPARK HB; DIGI RO; ETEL EY; SNG RO; PGSUS TI; PGSUS TI; C...
HEADLINES: • Graphisoft Park: 2Q24 – steady results, guidance reviewed slightly upwards • DIGI Communications: 2Q24 results – adjusted EBITDA up 16% yoy, 1% above our estimate POSITIVE • Telecom Egypt: 2Q24 results review – EBITDA up 40% yoy, 7% above our estimate POSITIVE • Romgaz: 2Q24 results NEUTRAL • Pegasus Airlines: 2Q24 – RASK (up 4% yoy) ahead of our and the consensus estimates POSITIVE • Pegasus Airlines: erratum • Georgia Capital: takeaways from the 2Q24 earnings call NEUTRAL • DataWa...
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