reports
- Erol Danis
- Koray Pamir
Model Portfolio Update - Removing Aygaz from our Model Portfolio
Following a very strong run and the partial normalization of the core valuation anomaly that underpinned our initial call, we have downgraded Aygaz to Hold from Buy and simultaneously remove it from our model portfolio, while retaining a constructive fundamental stance. Since the inclusion in our model portfolio, the shares are up 23% in USD, outperforming the BIST-100 by 22%. At the time of our rating upgrade, Aygaz’s participation portfolio (Tupras, Opet Aygaz REIC, United LPG, Sendeo) more t...
- Koray Pamir
Aygaz - Relative upside compression following strong run. Downgrade to...
Downgraded to Hold on risk/reward normalization: Since our upgrade to Buy on 30 July 2025, Aygaz has delivered a 31% return in USD, outperforming the BIST-100 by 32% and Tupras by 12%. This has substantially eroded the relative valuation cushion. Our 12M TP of TL272/share is unchanged, but implied upside has compressed to 30%, versus 43% for our coverage universe and 40% for our ex-banks coverage. On a 12M rating basis, this moves Aygaz into Hold territory: we continue to like the name fundament...
- Dave Nicoski
- Ross LaDuke
Vital Signs: Actionable charts
In this product we rank the most positive and negative domestic stocks, filter the symbols by market-cap and trading volume, and then divide the companies into sectors and groups. We then manually look through charts leadership/changes, bottoms-up/top-down ideas, short-term patterns that may have long-term significance, etc. We believe you will find this product valuable as significant price and relative moves begin in the daily charts.
YNDX YANDEX NV CLASS A
WDC WESTERN DIGITAL CORPORATION
TTMI TTM TECHNOLOGIES INC.
RUN SUNRUN INC.
OSIS OSI SYSTEMS INC.
OHI OMEGA HEALTHCARE INVESTORS INC.
NWPX NORTHWEST PIPE CO.
MMSI MERIT MEDICAL SYSTEMS INC.
LPTH LIGHTPATH TECHNOLOGIES INC. CL A
LOCO EL POLLO LOCO HOLDINGS INC
KWR QUAKER CHEMICAL CORPORATION
HNRG HALLADOR ENERGY CO.
GALT GALECTIN THERAPEUTICS
EXPO EXPONENT INC.
BRKR BRUKER CORPORATION
AXTI AXT INC.
ASPN ASPEN AEROGELS
GASS STEALTHGAS
BJRI BJ'S RESTAURANTS INC.
AUP AURINIA PHARMACEUTICALS INC.
NVT NINH VAN BAY REAL ESTATE
ATEC ALPHATEC HOLDINGS INC.
BIO BIO-RAD LABORATORIES INC. CLASS A
FSLR FIRST SOLAR INC.
LPLA LPL FINANCIAL HOLDINGS INC.
TWLO TWILIO INC. CLASS A
HCC WARRIOR MET COAL INC.
BTU PEABODY ENERGY CORPORATION
NEXA NEXA RESOURCES S.A.
AMRX AMNEAL PHARMACEUTICALS INC. CLASS A
OPXSD OPTEX SYSTEMS HOLDINGS INC
CSTL CASTLE BIOSCIENCES
TXG 10X GENOMICS INC CLASS A
TVTX TRAVERE THERAPEUTICS INC
AMR ALPHA METALLURGICAL RESOURCES INC
CGEM CULLINAN ONCOLOGY INC
MMED MIND MEDICINE MINDMED
MRVL MARVELL TECHNOLOGY INC
DAWN DAY ONE BIOPHARMACEUTICALS INC
NVTS NAVITAS SEMICONDUCTOR CORP
APG API GROUP CORP
JOBY JOBY AVIATION INC
SPXC SPX TECHNOLOGIES INC
IE IVANHOE ELECTRIC INC
AMPX AMPRIUS TECHNOLOGIES INC
DUOT DUOS TECHNOLOGIES GROUP INC
IMPP IMPERIAL PETE INC
LAES SEALSQ CORP
LXEO LEXEO THERAPEUTICS INC
METC RAMACO RESOURCES INC.
RAPP RAPPORT THERAPEUTICS INC
TOYO TOYO CO LTD
CLNN CLENE INC
FCEL FUELCELL ENERGY INC.
QUIK QUICKLOGIC CORP
GSAT GLOBALSTAR INC.
ACA ALDA CAPITAL CORP COM
- Koray Pamir
- Mehmet Yigit Yorulmaz
Monthly Refining Margin Data (October 2025)
In October, within mid distillates, diesel cracks (in USD/bbl.) registered at 26.4 (down 0.2 m/m, up 11.4 y/y) and jet fuel cracks registered at 24.2 (up 2.6 m/m, up 10.8 y/y) based on Tupras provided data. Gasoline cracks came to 18.4 (down 3.4 m/m, up 4.5 y/y). HSFO cracks were realized at negative 5.3 (up 0.7 m/m, down 1.1 y/y). Differentials were slightly wider m/m. As outlined in our report published today, regional mid distillate cracks remain strong in the region, as evidenced in this mo...
- Koray Pamir
Aygaz - Buy re-iterated. Appealing valuation & favourable dividend yie...
Buy maintained; 12M roll-forward and TP raised: We maintain Buy and roll our 12M valuation to Dec-2026, lifting our TP 9% to TL272/share, implying 38% upside (Coverage: 43%; ex-bank Coverage: 37%). Shares have outperformed the BIST-100 by +9%/+18% over 1M/3M (+7%/+17% in USD). We keep Aygaz in our model portfolio, as earnings carry, balance-sheet strength, and look-through value continue to screen well on our cross-coverage stack. Valuation appeal with earnings support—still room to run: Despit...
- Koray Pamir
- Mehmet Yigit Yorulmaz
Monthly Refining Margin Data (September 2025)
In September, within mid distillates, diesel cracks (in USD/bbl.) registered at 26.6 (up 4.6 m/m, up 11.8 y/y) and jet fuel cracks registered at 21.6 (up 3.3 m/m, up 9.4 y/y) based on Tupras provided data. Gasoline cracks came to 21.8 (up 3.4 m/m, up 10.5 y/y). HSFO cracks were realized at negative 9.1 (down 2.3 m/m, up 4.2 y/y). Differentials were slightly wider m/m. On a quarterly basis, diesel cracks came to 25.0 (up 60% y/y, up 46% q/q), jet cracks rose to 20.0 (up 48% y/y, up 26% q/q) and ...
- Erol Danis
- Koray Pamir
Model Portfolio Update - Adding Aygaz to our Model Portfolio
Yesterday may have been about iPhone 17; today is about Aygaz where, even after a 10% holding discount, the participation portfolio now trades broadly at par with its market cap, leaving the core LPG franchise (including net cash of TL2.3bn) effectively priced at zero—an inefficiency we expect to mean-revert. We recently upgraded to Buy and the shares have outperformed the BIST-100 by c.5% since; we now add Aygaz to our model portfolio to reiterate our conviction. Near-term EPS is supported by ...
- Dave Nicoski
- Ross LaDuke
Vital Signs: Actionable charts
In this product we rank the most positive and negative domestic stocks, filter the symbols by market-cap and trading volume, and then divide the companies into sectors and groups. We then manually look through charts leadership/changes, bottoms-up/top-down ideas, short-term patterns that may have long-term significance, etc. We believe you will find this product valuable as significant price and relative moves begin in the daily charts.
UNH UNITEDHEALTH GROUP INCORPORATED
SEDG SOLAREDGE TECHNOLOGIES INC.
RUN SUNRUN INC.
ROFIN SINAR TECH
RRGB RED ROBIN GOURMET BURGERS INC.
PBYI PUMA BIOTECHNOLOGY INC.
KE KIMBALL ELECTRONICS
GAIA GAIA INC CL A
UEC UNIMIT ENGINEERING
FI FRANK'S INTERNATIONAL NV
FSLR FIRST SOLAR INC.
DK DELEK US HOLDINGS INC
NEON NEONODE INC.
LYFT LYFT
ZETA ZETA GLOBAL HLDGS CORP
ARHS ARHAUS INC
EVLV EVOLV TECHNOLOGIES HLDGS INC
ESEA EUROSEAS LTD
VERB VERB TECHNOLOGY COMPANY INC.
MPLN MULTIPLAN CORPORATION
BKTI BK TECHNOLOGIES CORP
RIGL RIGEL PHARMACEUTICALS INC.
CSIOX CATALYST PERINI STRATEGIC INCOM ORD
SCLX SCILEX HOLDING COMPANY
- Dave Nicoski
- Ross LaDuke
- Koray Pamir
Aygaz - Core business valuation gyrates back to attractive following U...
Upgraded to Buy on improved relative valuation: We upgrade Aygaz to Buy (from Hold) with a revised 12-month target price of TL230/share (+23%), implying 50% upside potential. This follows a valuation refresh—including updated subsidiary assumptions and a shift in our valuation horizon to mid-2026. Our key argument centers on a compelling relative valuation reset: Aygaz has underperformed Tupras by 17% since our downgrade in January 2025, despite Tupras constituting approximately 68% of Aygaz’s t...
Nebius to Offer NVIDIA Blackwell Ultra-Powered Instances
Nebius Group Nebius to Offer NVIDIA Blackwell Ultra-Powered Instances 18-March-2025 / 21:01 CET/CEST The issuer is solely responsible for the content of this announcement. Nebius to Offer NVIDIA Blackwell Ultra-Powered Instances Nebius will be an early adopter cloud provider of the NVIDIA Blackwell Ultra platform, offering NVIDIA GB300 NVL72-powered instances Announces general availability of NVIDIA Blackwell GPU capacity at U.S. data centers beginning in Q2 Also named as ecosystem partner for new NVIDIA Dynamo Inference Engine Amsterdam, March 18, 2025 — Nebius (NASDAQ:...
Nebius Academy and Stevens Institute of Technology launch lab to explo...
Nebius Group Nebius Academy and Stevens Institute of Technology launch lab to explore how AI can advance math research and education 12-March-2025 / 14:01 CET/CEST The issuer is solely responsible for the content of this announcement. Nebius Academy and Stevens Institute of Technology launch lab to explore how AI can advance math research and education Opening March 12, the lab will explore applications for AI and related technologies to advance teaching and learning in mathematics Hoboken, N.J., March 12, 2025 – Stevens Institute of Technology is collaborating with , the le...
Nebius accelerates US expansion, adding up to 300 MW capacity at new d...
Nebius Group Nebius accelerates US expansion, adding up to 300 MW capacity at new data center in New Jersey 05-March-2025 / 13:01 CET/CEST The issuer is solely responsible for the content of this announcement. Nebius accelerates US expansion, adding up to 300 MW capacity at new data center in New Jersey New build-to-suit facility in New Jersey will have design capacity of up to 300 MW; Incremental capacity also being added at existing facility in Kansas City and new site in Iceland. Amsterdam, March 5, 2025 — Nebius Group N.V. (“Nebius Group” or the “Company”; NASDAQ: NBIS), a ...
Nebius Group N.V. announces fourth quarter and full-year 2024 financi...
Nebius Group Nebius Group N.V. announces fourth quarter and full-year 2024 financial results 20-Feb-2025 / 13:01 CET/CEST The issuer is solely responsible for the content of this announcement. Exhibit 99.1 Nebius Group N.V. announces fourth quarter and full-year 2024 financial results Amsterdam, February 20, 2025 – Nebius Group N.V. (“Nebius Group”, the “Group” or the “Company”; NASDAQ: NBIS),(1) a leading AI infrastructure company, today announced its unaudited financial results for the fourth quarter and full year ended December 31, 2024. In Q4 2024, the Group’s re...
Nebius Group N.V. announces date of fourth quarter and full year 2024 ...
Nebius Group Nebius Group N.V. announces date of fourth quarter and full year 2024 results conference call 06-Feb-2025 / 12:01 CET/CEST The issuer is solely responsible for the content of this announcement. Nebius Group N.V. announces date of fourth quarter and full year 2024 results conference call Amsterdam, February 6, 2025 – Nebius Group N.V. (NASDAQ:NBIS) will release its financial results for fourth quarter and full year 2024 on Thursday, February 20, 2025 before market open. The Company will hold a conference call to discuss those results at 8:00 a.m. Eastern Time (5...
Nebius AI Studio introduces one of the most cost-effective suite for t...
Nebius Group Nebius AI Studio introduces one of the most cost-effective suite for text-to-image generation with leading open-source AI models 22-Jan-2025 / 13:01 CET/CEST The issuer is solely responsible for the content of this announcement. Nebius AI Studio introduces one of the most cost-effective suite for text-to-image generation with leading open-source AI models With the latest addition of Flux Schnell, Flux Dev, and SDXL models, Nebius AI Studio becomes one of the most competitive providers of text-to-image AI models in the market Nebius AI Studio’s standard capacity of...
Nebius announces oversubscribed strategic equity financing of USD 700 ...
Nebius Group Nebius announces oversubscribed strategic equity financing of USD 700 million to accelerate roll-out of full-stack AI infrastructure 02-Dec-2024 / 13:01 CET/CEST The issuer is solely responsible for the content of this announcement. Nebius announces oversubscribed strategic equity financing of USD 700 million to accelerate roll-out of full-stack AI infrastructure Investment comes from a select group of institutional and accredited investors, including participation from Accel, NVIDIA, and certain accounts managed by Orbis Investments Supports additional capacity ...
Nebius expands in US with first GPU cluster in Kansas City, offices in...
Nebius Group Nebius expands in US with first GPU cluster in Kansas City, offices in San Francisco, Dallas and New York 19-Nov-2024 / 13:01 CET/CEST The issuer is solely responsible for the content of this announcement. Nebius expands in US with first GPU cluster in Kansas City, offices in San Francisco, Dallas and New York AI infrastructure provider’s first GPU cluster in the US will service customer workloads from early 2025 GPU cluster in Kansas City has potential capacity to house up to about 35 thousand GPUs after expansion Nebius’s new customer hubs in San Francisco and...
Nebius Group N.V. announces third quarter 2024 financial results
Nebius Group Nebius Group N.V. announces third quarter 2024 financial results 31-Oct-2024 / 12:11 CET/CEST The issuer is solely responsible for the content of this announcement. Nebius Group N.V. announces third quarter 2024 financial results Amsterdam, October 31, 2024 – Nebius Group N.V. (“Nebius Group”, the “Group” or the “Company”; NASDAQ: NBIS), a leading AI infrastructure company, today announced its unaudited financial results for the third quarter ended September 30, 2024. Nebius Group is a technology company building full-stack infrastructure to service the high-gr...
Nebius Group confirms schedule for resumption of trading on Nasdaq and...
Nebius Group Nebius Group confirms schedule for resumption of trading on Nasdaq and provides further company background information 21-Oct-2024 / 11:00 CET/CEST The issuer is solely responsible for the content of this announcement. Nebius Group confirms schedule for resumption of trading on Nasdaq and provides further company background information Amsterdam, October 21, 2024 — Nebius Group N.V. (“Nebius Group” or the “Company”; NASDAQ: NBIS) confirms that the trading of the Company’s Class A ordinary shares on the Nasdaq Global Select Market is scheduled to resume at 9:00 a.m....
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