reports
- 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: EXAE GA; EME Macro/Strategy – Central Asia and the Caucasu...
HEADLINES: • Athens Exchange Group: set sail to dividend wonderland (BUY - transfer of coverage) • EME Macro/Strategy: Central Asia and the Caucasus – USD 1,000bn GDP by 2030! • EME Macro/Strategy: macro all-in-one – the Year-Ahead issue • Graphisoft Park: 3Q24 – on course for another good year POSITIVE • Bank Handlowy: rather neutral set of 3Q24 results NEUTRAL • Pegasus Airlines: 3Q24 – 22% higher CASKX alleviated by 4% higher RASK and 12% lower fuel CASK (in line with the consensus) • Bank of...
- Jan Frederik Slijkerman
- Jeroen van den Broek
- Jesse Norcross
- Nadège Tillier
- Timothy Rahill
- Research Team
WOOD Daily: BIMAS TI; CEZ CP; PGSUS TI; RICHT HB; APR PW; SNP RO; PPC ...
HEADLINES: • BIM: weak operating results in 3Q24 NEGATIVE • CEZ: 3Q24 bottom-line miss due to accounting changes; EBITDA guidance raised by 7% POSITIVE • Pegasus Airlines: 3Q24 – 22% higher caskx alleviated by 4% higher RASK and 12% lower fuel cask (in line with the consensus) • Richter: 3Q24 operating results in line NEUTRAL • Auto Partner: preliminary 3Q24 EBIT falls 22% yoy, 9-12% below our expectations and the market NEGATIVE • Auto Partner: October sales growth at 13% yoy, broadly as expect...
EQS-News: Mayr-Melnhof Karton AG: MM Gruppe erweitert Vorstand
EQS-News: Mayr-Melnhof Karton AG / Schlagwort(e): Personalie Mayr-Melnhof Karton AG: MM Gruppe erweitert Vorstand (News mit Zusatzmaterial) 11.11.2024 / 13:00 CET/CEST Für den Inhalt der Mitteilung ist der Emittent / Herausgeber verantwortlich. Der Aufsichtsrat der Mayr-Melnhof Karton AG (MM) hat Niels Flierman (49) zum Mitglied des Vorstandes für eine Funktionsperiode von drei Jahren ab Jänner 2025 neu bestellt. Herr Flierman leitete zuletzt die Paper & Recycling Division von DS Smith - einem weltweit führenden Anbieter von nachhaltigen faserbasierten Verpackungen mit Hau...
EQS-News: Mayr-Melnhof Karton AG: MM Group expands Management Board
EQS-News: Mayr-Melnhof Karton AG / Key word(s): Personnel Mayr-Melnhof Karton AG: MM Group expands Management Board (news with additional features) 11.11.2024 / 13:00 CET/CEST The issuer is solely responsible for the content of this announcement. The Supervisory Board of Mayr-Melnhof Karton AG (MM) has appointed Niels Flierman (49), as new member of the Management Board for a three-year period starting January 2025. Up to now, Niels has headed the Paper & Recycling division of DS Smith, a worldwide leading provider of sustainable fibre-based packaging headquartered in Lond...
- 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
- Mihaly Gajda
MOL exceeds market expectation in Q3 2024 at the level of Clean CCS-ba...
Key Message The company’s Clean CCS EBITDA reached USD 847 mn in Q3 2024, representing a 3% increase QoQ and a 13% decrease YoY, with the prior year impacted by additional taxes. Positive contributions stemmed from seasonal strength in consumer services, higher refined product sales, and slight improvements in waste management and upstream production, while normalizing refining margins, a turnaround-intensive period in downstream, and weak petrochemicals performance impacted the results...
- 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 ...
EQS-News: Mayr-Melnhof Karton AG: MM reports results for the first thr...
EQS-News: Mayr-Melnhof Karton AG / Key word(s): Quarter Results Mayr-Melnhof Karton AG: MM reports results for the first three quarters of 2024 07.11.2024 / 08:00 CET/CEST The issuer is solely responsible for the content of this announcement. 3rd quarter affected by annual maintenance downtime at Board & Paper Packaging divisions with continued solid performance Board & Paper despite significant volume increase affected by lower prices and higher costs Effects of targeted cartonboard price increases and consistent cost savings expected by 2025 Consumer restraint conti...
EQS-News: Mayr-Melnhof Karton AG: MM veröffentlicht Ergebnisse zum 3. ...
EQS-News: Mayr-Melnhof Karton AG / Schlagwort(e): Quartalsergebnis Mayr-Melnhof Karton AG: MM veröffentlicht Ergebnisse zum 3. Quartal 2024 07.11.2024 / 08:00 CET/CEST Für den Inhalt der Mitteilung ist der Emittent / Herausgeber verantwortlich. 3. Quartal durch jährlichen Wartungsstillstand bei Board & Paper beeinflusst Packagingdivisionen mit anhaltend solider Performance Board & Paper trotz deutlicher Mengensteigerung durch niedrigere Preise und Kostenanstieg belastet Effekte selektiver Kartonpreiserhöhungen und konsequenter Kosteneinsparungen für 2025 erwartet Ko...
- 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...
- Research Team
WOOD Daily: MONET CP; ALR PW; OPL PW; KTY PW; CEZ CP; WPS LN; GE Macro...
HEADLINES: • MONETA Money Bank: solid, good, 3Q24 results in line with expectations NEUTRAL • Alior Bank: 3Q24 in line, but we may be at the peak NEUTRAL • Orange Polska: 3Q24 results – EBITDAaL up 3% yoy, 2% above consensus on one-offs; EBITDAaL excluding one-offs in line; 2024E guidance reiterated NEUTRAL • Kety: full 3Q24 results below preliminaries NEGATIVE • CEZ: Babis promoting a buyout of the CEZ minorities POSITIVE • Eurowag: solid 3Q24 trading update POSITIVE • Georgia macro: NBG keeps ...
- Research Team
WOOD Daily: FTSHP CP; PL Macro; SAR GA; HU Macro; PKO PW; WPL PW; MYTI...
HEADLINES: • Footshop (FTSHP CP): a sneakerhead’s dream – soft coverage (NOT RATED) • Poland macro: weaker consumption boosts prospects for early rate cuts • Sarantis: 3Q trading update in line, FY24E guidance maintained NEUTRAL • Hungary macro: MNB signals a longer pause • PKO BP: CEO Midera gives the gist of key strategic directions in Puls Biznesu interview NEUTRAL • Wirtualna Polska: Wakacje.pl and Itaka extend cooperation NEUTRAL • Metlen Energy & Metals: 9M24 trading update preview (due ou...
- Research Team
WOOD Daily: EMEA Airlines; LPP PW; GEV CP; EME Macro/Strategy Weekly; ...
HEADLINES: • EMEA airlines: 3Q24 traffic, margin descent underway • LPP: regulator initiates proceedings against the company, on the miscommunication of the departure from Russia NEGATIVE • GEVORKYAN: successfully issues EUR 7.5m from the second tranche of its green bond NEUTRAL • EME Macro/Strategy: macro all-in-one (14-20 October) • Sarantis: 3Q24 trading update preview (due on 23 October) • Budimex: 3Q24E EBITDA flat yoy (due on 28 October) • PKO BP: 3Q24E preview (due on 7 November) • OTP Ba...
EQS-News: Telekom Austria: Die A1 Group verlautbart das Ergebnis für Q...
EQS-News: Telekom Austria AG / Schlagwort(e): Quartalsergebnis Telekom Austria: Die A1 Group verlautbart das Ergebnis für Q3 und 1-9M 2024. 15.10.2024 / 19:05 CET/CEST Für den Inhalt der Mitteilung ist der Emittent / Herausgeber verantwortlich. Relevante Unterlagen zu den Ergebnissen finden Sie unter folgendem Link: Weitere Informationen finden Sie auf der Website: Highlights Q3 und 1-9M 2024 Umsatzerlöse: +2,1% versus Q3 2023, trotz Rückgang der Erlöse aus dem Verkauf von Endgeräten. Serviceumsätze: +3,1% aufgrund wertsichernder Maßnahmen und starker Festnetz-Per...
EQS-News: Telekom Austria: A1 Group announces results for Q3 and 1-9M ...
EQS-News: Telekom Austria AG / Key word(s): Quarter Results Telekom Austria: A1 Group announces results for Q3 and 1-9M 2024. 15.10.2024 / 19:05 CET/CEST The issuer is solely responsible for the content of this announcement. Relevant documentation on the results can be found at the following link: For more information, visit the website: Highlights Q3 and 1-9M 2024 Revenues: +2.1% versus Q3 2023, despite decline in equipment revenues. Service revenues: +3.1%, driven by value-protecting measures and strong fixed-line performance in CEE. OPEX: Operational increase in core...
- Research Team
WOOD Daily: EME Macro/Strategy Weekly; PKO PW; EAT PW; SFG RO; ALR PW;...
HEADLINES: • EME Macro/Strategy: macro all-in-one (7-13 October) • PKO BP: PLN 994m of CHF mortgage saga provisions in 3Q24E NEUTRAL • AmRest/Sphera Group: Wendy’s entering CEE NEGATIVE • Alior Bank: 3Q24E preview (due on 24 October) • MONETA Money Bank: 3Q24E preview (due on 24 October) • Santander Bank Polska: 3Q24E preview (due on 29 October) • Komercni Banka: 3Q24E preview (due on 31 October)
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