reports
- Research Team
WOOD Daily: BFT PW; PBK RO; CAR PW; FTSHP CP; AEGN GA; SFG RO; CBF PW;...
HEADLINES: • Benefit Systems: 3Q24 in line with our forecasts; solid trading update; 2025E outlook and 2025-27E strategy POSITIVE • Patria Bank: strong 3Q24 results POSITIVE • Inter Cars: 3Q24 EBITDA 1-4% below our and the market's expectations NEUTRAL • Footshop (NOT RATED): solid 3Q24; 2024E guidance boosted POSITIVE • Aegean Airlines: 3Q24 – flat RASK, CASKX up 14%; 27% lower EBIT, on 4% lower ASK (in line) NEUTRAL • Sphera Group: 3Q24 post-results webcast takeaways POSITIVE • cyber_Folks: ke...
- 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
Kruk S.A.: 1 director
A director at Kruk S.A. sold 8,408 shares at 428.856PLN and the significance rating of the trade was 67/100. 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 clearly showi...
- 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
- Clement Genelot
Jeronimo Martins: no end to the price war and css downward revisions i...
Post-Q3, we understand that Biedronka will continue to evolve on deflation and negative operating leverage in Q4 and at least part of 2025, depending on when the price war ends in Poland. Despite real cost-cutting and capex efforts to preserve FCF, we believe Jeronimo Martins will need to revive Lf
- 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.
- Bruno Cavalier
- Emira Sagaama
- Louis Boujard
- CFA
- Philippe Ourpatian
DHL DHL GROUP
AXA AXA
AKRBP AKER BP ASA
LUFTHANSA DEUTSCHE LUFTHANSA AKTIENGESELLSCHAFT
FP TOTAL SE
UBI UBISOFT ENTERTAINMENT SA
JMT JERONIMO MARTINS SGPS S.A.
SU SCHNEIDER ELECTRIC SE
AMUN AMUNDI SA
ELE ENDESA S.A.
GEBN GEBERIT AG
ORSTED ORSTED
NXT NEXT PLC
AIR AIRBUS SE
VOW3 VOLKSWAGEN AG PREF
CAP CAPGEMINI SE
AMP AMPLIFON S.P.A.
01913 PRADA S.P.A.
REP REPSOL SA
GAS NATURGY ENERGY GROUP S.A.
ARCAD ARCADIS NV
KGX KION GROUP AG
MAP MAPFRE SA
SKF B SKF AB CLASS B
PRY PRYSMIAN S.P.A.
WLN WORLDLINE SA
INGA ING GROEP NV
ABI ANHEUSER-BUSCH INBEV SA/NV
SIE SIEMENS AG
ARGX ARGEN-X SE
STM STMICROELECTRONICS NV
KBX KNORR-BREMSE AG
STLA STELLANTIS N.V.
SHEL SHELL PLC
DSFIR KONINKLIJKE DSM N.V.
- Bruno Cavalier
- Emira Sagaama
- Louis Boujard
- CFA
- Philippe Ourpatian
DHL DHL GROUP
AXA AXA
AKRBP AKER BP ASA
LUFTHANSA DEUTSCHE LUFTHANSA AKTIENGESELLSCHAFT
FP TOTAL SE
UBI UBISOFT ENTERTAINMENT SA
JMT JERONIMO MARTINS SGPS S.A.
SU SCHNEIDER ELECTRIC SE
AMUN AMUNDI SA
ELE ENDESA S.A.
GEBN GEBERIT AG
ORSTED ORSTED
NXT NEXT PLC
AIR AIRBUS SE
VOW3 VOLKSWAGEN AG PREF
CAP CAPGEMINI SE
AMP AMPLIFON S.P.A.
01913 PRADA S.P.A.
REP REPSOL SA
GAS NATURGY ENERGY GROUP S.A.
ARCAD ARCADIS NV
FDR FLUIDRA S.A.
KGX KION GROUP AG
MAP MAPFRE SA
SKF B SKF AB CLASS B
PRY PRYSMIAN S.P.A.
WLN WORLDLINE SA
INGA ING GROEP NV
ABI ANHEUSER-BUSCH INBEV SA/NV
SIE SIEMENS AG
ARGX ARGEN-X SE
STM STMICROELECTRONICS NV
KBX KNORR-BREMSE AG
STLA STELLANTIS N.V.
SHEL SHELL PLC
DSFIR KONINKLIJKE DSM N.V.
- Research Team
WOOD Daily: EBS AV; MBK PW; ING PW; JMT PL; KOMB CP; MCOVB SS; TKNSA T...
HEADLINES: • Erste Bank: 3Q24 results – strong NII delivery • mBank: underlying 3Q34 business delivery in line; beat on headline net profit due to tax charges NEUTRAL • ING BSK: 3Q24 results – minor miss on high credit risk charges, as corporate NPL ratio surges NEUTRAL • Jeronimo Martins: beat in 3Q24, Biedronka at -2% lfl and stable margin erosion; price war continues POSITIVE • Komercni Banka: 3Q24 results – net profit largely in line with expectations • Medicover: 3Q24 operating numbers in l...
JMT JERONIMO MARTINS SGPS S.A.
EBS ERSTE GROUP BANK AG
HTO HELLENIC TELECOMMUNICATIONS ORGANIZATION SA
KOMB KOMERCNI BANKA A.S.
BSK ING BANK SLASKI S.A.
BDX BUDIMEX S.A.
AKCNS AKCANSA CIMENTO
PGE PGE POLSKA GRUPA ENERGETYCZNA S.A.
TKNSA TEKNOSA IC VE DIS TICARET AS
CAR INTER CARS S.A.
TPE TAURON POLSKA ENERGIA S.A.
SAB1L SIAULIU BANKAS
BRD BRD-GROUPE SOCIETE GENERALE
DIGI DIGI COMMUNICATIONS NV
MCOV B MEDICOVER AB
ADNOCDIST ADNOC DISTRIBUTION PJSC
- Juan Ros-Padilla
Jeronimo Martins : Q3 EBITDA somewhat above. Margin pressure continues
>Q3 l-f-ls, albeit still negative, slightly beat street expectation - Sales grew at a pace of +7% y-o-y to € 8.5bn (vs +7% in Q2) with the group’s l-f-l contracting at -1% (vs -3% in Q2). By business, Biedronka sales grew +8% to € 5.9bn, posting a modest acceleration vs Q2 (+6%) negatively impacted by 1 extra Sunday closure and very tough comps (13% l-f-l in Q3 2023), which is partially offset by FX (+5pp) and space growth (4pp). L-f-l improved q-o-q to -1.9% (bette...
- Research Team
WOOD Daily: KRU PW; RBI AV; ADNOCDRI UH; ELM AB; CCC PW; DIGI RO; ALAR...
HEADLINES: • Kruk: 3Q24 headline net profit at record high (in line with earlier flash estimate), enables revenues to grow 35% yoy NEUTRAL • Raiffeisen Bank International: 3Q24 in line with expectations; higher CHF mortgage saga costs in Poland to affect FY24E ROE; significant acceleration in downsizing Russian business NEUTRAL • ADNOC Drilling: 3Q24 results NEUTRAL • Elm: 3Q24E financial results preview (due on 3 November) • CCC: 3Q24E prelims preview – 93% yoy EBITDA growth expected (due on 8 ...
- Cedric Rossi
- Clement Genelot
- Loic Morvan
- Philippine Adam
On the shelves now: Consumer Weekly #45
In this Consumer Weekly newsletter, we provide a brief overview of the key factors affecting our Consumer coverage, from Luxury & Consumer goods to Retail & E-commerce and Food & Ingredients. This week we look at spending patterns in Europe, which show a clear reallocation towards the f
- Clement Genelot
Jeronimo Martins: Reviving Polish growth estimates will be key to rera...
With a new Polish peer floating, we have reviewed the growth/profitability profile and valuation metrics of Jeronimo Martins, Dino and Zabka. The conclusion is that Jeronimo Martins can still rerate from its depressed 0.4x EV/Sales multiple, provided growth prospects improve when visibility clears
- Research Team
WOOD Daily: KRU PW; ALE PW; MCOVB SS; SOLUTION AB; EBS AV; CBF PW; APR...
HEADLINES: • Kruk: announces PLN 356m of net profit in 3Q24 POSITIVE • Allegro: introduction of spirits suspended NEGATIVE • Medicover: seeking approval to acquire laboratories in Romania • Solutions by STC: signs contract with Saudi Telecom Company • Erste Bank: 3Q24E preview (due on 31 October) • cyber_Folks: 3Q24E results preview – 24% yoy adjusted EBITDA growth (due on 13 November) • Auto Partner: 3Q24E EBITDA down 6% yoy (due on 19 November) • Short News (4iG)
- Julian Dobrovolschi
ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 10/10/2024
Thanks to unit revenue that has proven more resilient than anticipated, real discipline on capacity and a decline in the fuel bill, we expect margins to recover, especially for the legacies. IAG remains our top pick. We are upgrading Air France-KLM and Lufthansa to Neutral and downgrading Ryanair to Underperform as well as WizzAir on Neutral. - ...
- Julian Dobrovolschi
ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 10/10/2024
Grâce à une recette unitaire qui se tient mieux que prévu, une discipline capacitaire notable et une baisse de la facture carburant, nous anticipons un rebond des marges tout particulièrement pour les majors. IAG reste notre valeur préférée. Nous relevons Air France-KLM et Lufthansa à Neutre et abaissons Ryanair à Sous-performance ainsi que Wizz Air à Neutre. - ...
- Research Team
- Juan Ros-Padilla
Jeronimo Martins : Q3 preview: still a challenging environment
>Q3 2024 earnings preview - Jeronimo Martins is due to publish its Q3 2024 results on 30 October. We expect sales to grow 6% y-o-y to € 8.4bn (vs +7% in Q2) while we expect margin deterioration of 68bp to 6.7% (vs -79bp in Q2) as the competitive environment in all regions remains challenging with no sign of uptrading for now. Lastly, we expect the bottom line to post a negative y-o-y trend of -20% impacted by EBITDA (-4% y-o-y), bigger depreciation charges and somew...
- Clement Genelot
Jeronimo Martins: negative LfL and operating leverage for Q3
Ahead of Q3 results on 30th October, we have cut our FY 2024-26 EPS by c.5% and our PT from EUR19 to EUR18 to reflect negative LfL and negative operating leverage throughout H2 as the group commits to further reinvesting in prices to drive volume growth on toughening comps. We see no risk of a new
- Nicolas David
ODDO : Iberian Forum – Day 2
We hosted our 4th ODDO BHF Iberian Forum on the 1st and 2nd of October 2024, virtually. In total, 63 companies were present. In the following note, we provide some initial feedback from the companies on day 2. - >ACS (=): good operating momentum maintained, Abertis and its dividends on the front page - Atresmedia (=): Q3 should be challenging but outlook reiterated - Befesa (=): zinc prices held up well, offsetting the negative impact of maintenance on Q3 volumes - CaixaBank ...
REE RED ELECTRICA CORP. SA
ELE ENDESA S.A.
CIE CIE AUTOMOTIVE S.A.
NVG NAVIGATOR COMPANY SA
ACS ACTIVIDADES DE CONSTRUCCION Y SERVICIOS SA
A3TV ATRESMEDIA CORPORACION DE MEDIOS DE COMUNICACION SA
MAP MAPFRE SA
ENC ENCE ENERGIA Y CELULOSA SA
CABK CAIXABANK SA
IBE IBERDROLA SA
COL INMOBILIARIA COLONIAL SOCIMI SA
SAN BANCO SANTANDER S.A.
UNI UNICAJA BANCO S.A.
HOME NEINOR HOMES SA
BFSA BEFESA SA
GRE GRENERGY RENOVABLES
FER FERROVIAL SA
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