EME Equity Market – April 2024 Market performance – green across all geographies, with Turkey outperforming. The MSCI EM Europe Index was up 5.3% mom in EUR terms and 4.2% mom in USD in April; while the Turkish ISE30 saw the strongest performance, adding 11.6% mom; followed by the Hungarian BUX (+5.0% mom); the Czech PX (+2.8% mom); the Greek ASE (+1.8% mom), the Polish WIG20 (+1.2% mom) and the Romanian BET (+0.1% mom) (all in EUR terms).
HEADLINES: • CTP: better late than never (upgraded to BUY) • Georgia macro: protests in Tbilisi • Raiffeisen Bank International: posts solid 1Q24, keeps 2024E guidance (but only on ex. Russia and Belarus basis), facing huge pressure to address Russia and Belarus exposures from officials • Air Astana Group: 1Q24 – 15% ASK growth, RASK down slightly yoy, but CASK stable • Piraeus Financial Holdings: 1Q24 highlights NEUTRAL • Alkaloid: 1Q24 numbers a strong start to the year POSITIVE • National Ban...
EQS-News: STRABAG SE / Key word(s): Annual Results STRABAG SE: Higher net income despite declining markets in 2023 25.04.2024 / 07:00 CET/CEST The issuer is solely responsible for the content of this announcement. STRABAG SE: Higher net income despite declining markets in 2023 New record output of € 19.1 billion (+8% vs. 2022) High order backlog largely unchanged at € 23.5 billion EBIT margin above expectations at 5.0% Higher dividend of € 2.20 proposed Outlook for 2024: output volume of around € 19.4 billion, EBIT margin ≥ 4% STRABAG publishes its first online Ann...
EQS-News: STRABAG SE / Schlagwort(e): Jahresergebnis STRABAG SE: Höheres Konzernergebnis trotz rückläufiger Märkte in 2023 25.04.2024 / 07:00 CET/CEST Für den Inhalt der Mitteilung ist der Emittent / Herausgeber verantwortlich. STRABAG SE: Höheres Konzernergebnis trotz rückläufiger Märkte in 2023 Neue Rekordleistung von € 19,1 Mrd. (+8 % vs. 2022) Hoher Auftragsbestand nahezu stabil bei € 23,5 Mrd. EBIT-Marge mit 5,0 % über den Erwartungen Höhere Dividende von € 2,20 vorgeschlagen Ausblick 2024: Leistung rd. € 19,4 Mrd., EBIT-Marge ≥ 4 % STRABAG veröffentlicht erstma...
EQS-News: STRABAG SE / Schlagwort(e): Kapitalmaßnahme/Ausschüttungen Ergänzende Bekanntmachung zur Auszahlung der Bar-Ausschüttung der am 16.6.2023 beschlossenen Kapitalherabsetzung der STRABAG SE (ISIN AT000000STR1) über ein Wertrecht (ISIN AT0000A36HK3) 16.04.2024 / 07:00 CET/CEST Für den Inhalt der Mitteilung ist der Emittent / Herausgeber verantwortlich. STRABAG SE Villach Ergänzende Bekanntmachung zur Auszahlung der Bar-Ausschüttung der am 16.6.2023 beschlossenen Kapitalherabsetzung der STRABAG SE (ISIN AT000000STR1) über ein Wertrecht (ISIN AT0000A36HK3) ...
EQS-News: STRABAG SE / Key word(s): Corporate Action/Payout Supplementary announcement on the payment of the cash distribution from the capital reduction of STRABAG SE (ISIN AT000000STR1) resolved on 16 June 2023 via a value right (ISIN AT0000A36HK3) 16.04.2024 / 07:00 CET/CEST The issuer is solely responsible for the content of this announcement. STRABAG SE Villach Supplementary announcement on the payment of the cash distribution from the capital reduction of STRABAG SE (ISIN AT000000STR1) resolved on 16 June 2023 via a value right (ISIN AT0000A36HK3) 2nd Pe...
HEADLINES: • Auto Partner: 4Q23 EBITDA misses our forecast by 4%, but the consensus by 12% NEGATIVE • Cyfrowy Polsat: 4Q23 results review – adjusted EBITDA down 17% yoy, 4% below the consensus NEGATIVE • Warsaw Stock Exchange: 4Q23 bottom-line beat lacking some quality NEUTRAL • Pepco Group: lfl worsens to -2.9% in 2Q24; new CEO appointed NEGATIVE • DataWalk: actual 4Q23 numbers fully in line with the preliminaries; strong 1Q24 sales funnel POSITIVE • CEZ: Parliament formally drops Lex CEZ 2.0 N...
EME Equity Market – March 2024 Market performance – mixed performances in March, with the Romanian BET outperforming. The MSCI EM Europe Index declined by 0.3% mom in EUR terms and 0.4% mom in USD in March. The Romanian BET reported the strongest performance, adding 7.1% mom in EUR terms, followed by the Czech PX and the Polish WIG20 (+4.1% and 1.0% mom, in EUR terms, respectively). Greece saw a relatively muted performance (-0.2% mom in EUR terms), while Hungary (-1.1% mom in EUR terms) and Tür...
HEADLINES: • InPost: 4Q23 strong, as expected; neutral FY24E guidance; volume acceleration in 1Q24 NEUTRAL • Asseco Poland: 4Q23 review – net profit up 10% yoy, in line with preliminaries; strong 2024 backlog recorded POSITIVE • Echo Investment: 4Q23 – residential good, offices bad NEUTRAL • Athens Exchange Group: 4Q23 results NEUTRAL • LPP: key takeaways from the conference call on the exit from Russia, 2.0 POSITIVE • Kruk: 2023 net profit DPS proposal of PLN 18, in line with our expectations N...
HEADLINES: • Tofas: fortune favours the bold (stays BUY) • LPP: 4Q23 in line with prelims; FY24E guidance maintained; stellar rollout plans NEUTRAL • Aselsan: strong pre-IAS29 4Q23 results, bullish FY24E guidance POSITIVE • Hungary macro: MNB turns cautious, with a slower pace of rate cuts • Logo Yazilim: weak 4Q23 results, but the details matter NEGATIVE • Eurowag: takeaways from the 2H23 earnings call NEUTRAL • Wirtualna Polska: key takeaways from the 4Q23 earnings call POSITIVE • Ten Square G...
Moody's Ratings (Moody's) has today affirmed the Baa1/(P)Baa1 senior unsecured debt/senior unsecured MTN program ratings of CEZ, a.s. (CEZ) and the baa2 Baseline Credit Assessment (BCA). At the same time, Moody's has changed the outlook to negative from stable. Today's rating action follows the co...
HEADLINES: • Ten Square Games: 4Q23 adjusted EBITDA 8% above our forecast, but trading update disappoints NEUTRAL • Wirtualna Polska: 4Q23 results review – adjusted EBITDA up 3% yoy, in line with the consensus POSITIVE • Colt CZ Group SE: weak 4Q23 results, but bullish FY24E guidance NEGATIVE • Fondul Proprietatea: proposes RON 0.06 DPS (11.8% dividend yield) POSITIVE • PKO BP: new acting CEO and two new board members appointed; more to come; but CRO Mazur stays • CEZ: starts divestment of Polis...
HEADLINES: • Türkiye macro: MPC surprises with a 500bp hike • Hungary macro: Hungary ends the cap on bank deposits • Aselsan: new USD 0.6bn contract • Dino: 8-10% EBITDA miss in 4Q23 - qoq sales erosion • Benefit Systems: conference call takeaways - solid 2024E outlook, Türkiye promising, churn-related risks from the Czech Republic should not materialise in Poland • 11 bit studios: Indika release date set for 8 May • CEZ: takeaways from the 4Q23 earnings call • Jahez: conference call takeaways •...
HEADLINES: • Air Astana Group: a cash-accretive airline from the heart of Eurasia (BUY - initiation of coverage) • Elm: still a digital champion (stays HOLD) • PZU: reports solid 4Q23; high DPS potential POSITIVE • CEZ: misses on 4Q23 net profit, tepid 2024E guidance NEGATIVE • Benefit Systems: strong 4Q23 beats expectations, but company trims 2024E guidance for card additions abroad NEUTRAL • Teknosa: mixed results in 4Q23 NEGATIVE • CA Immo: 4Q23 – all about the disposals POSITIVE • Brisa: 4Q2...
EQS-News: STRABAG SE / Key word(s): Corporate Action STRABAG SE: Implementation of non-cash capital increase entered in the commercial register; details on issuance of new shares and cash distribution 21.03.2024 / 07:00 CET/CEST The issuer is solely responsible for the content of this announcement. NOT FOR DISTRIBUTION, PUBLICATION OR TRANSMISSION, DIRECTLY OR INDIRECTLY, INTO OR WITHIN THE UNITED STATES OF AMERICA, AUSTRALIA OR JAPAN OR ANY OTHER JURISDICTION WHERE SUCH PUBLICATION IS UNLAWFULSTRABAG SE: Implementation of non-cash capital increase entered in the commerc...
EQS-News: STRABAG SE / Key word(s): Corporate Action/Payout Announcement on the payment of the cash distribution from the capital reduction of STRABAG SE (ISIN AT000000STR1) resolved on 16 June 2023 via a value right (ISIN AT0000A36HK3) 21.03.2024 / 07:00 CET/CEST The issuer is solely responsible for the content of this announcement. This is a working translation from the German language version and for convenience purposes only. The only binding document is the German language document. STRABAG SE VillachAnnouncement on the payment of the cash distribution from the c...
EQS-News: STRABAG SE / Schlagwort(e): Kapitalmaßnahme/Ausschüttungen Bekanntmachung zur Auszahlung der Bar-Ausschüttung der am 16.6.2023 beschlossenen Kapitalherabsetzung der STRABAG SE (ISIN AT000000STR1) über ein Wertrecht (ISIN AT0000A36HK3) 21.03.2024 / 07:00 CET/CEST Für den Inhalt der Mitteilung ist der Emittent / Herausgeber verantwortlich. STRABAG SE VillachBekanntmachung zur Auszahlung der Bar-Ausschüttung der am 16.6.2023 beschlossenen Kapitalherabsetzung der STRABAG SE (ISIN AT000000STR1) über ein Wertrecht (ISIN AT0000A36HK3) In der am 16.6.2023 abgehaltene...
EQS-News: STRABAG SE / Schlagwort(e): Kapitalmaßnahme STRABAG SE: Durchführung der Sachkapitalerhöhung im Firmenbuch eingetragen; Details zur Ausgabe neuer Aktien und Ausschüttung in bar 21.03.2024 / 07:00 CET/CEST Für den Inhalt der Mitteilung ist der Emittent / Herausgeber verantwortlich. NICHT ZUR VERTEILUNG, VERÖFFENTLICHUNG ODER WEITERLEITUNG, MITTELBAR ODER UNMITTELBAR, IN ODER INNERHALB DER VEREINIGTEN STAATEN VON AMERIKA, AUSTRALIEN ODER JAPAN ODER SONSTIGER LÄNDER, IN DENEN EINE SOLCHE VERÖFFENTLICHUNG UNZULÄSSIG ISTSTRABAG SE: Durchführung der Sachkapitalerhöhun...
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