EME Equity Market – September 2025 Romanian BET led in September, while Türkiye and Hungary lagged. The MSCI EM Europe Index added 0.7% mom in EUR terms and 1.1% in USD terms. The Romanian BET was the top performer, adding 3.6% in EUR terms; followed by the Czech PX (+3.2% mom) and the Polish WIG20 (+1.1% mom) (all in EUR terms); while there was a muted performance from the Greek ASE (+0.6% mom in EUR terms). The Turkish ISE30 and the Hungarian BUX were the worst performing indices in September(...
HEADLINES: • GTC: launches a landmark bond refinancing with a 6.5% EUR 455m 2030 tranche POSITIVE • Zabka: key takeaways from the Investor Day POSITIVE • PCF Group: 2Q25 earnings call takeaways • CCC: final 2Q25 EBITDA 3% below the prelims, on an earlier recognition of costs NEUTRAL • Benefit Systems: end-3Q25 card base at 2.38m, Türkiye accelerated in September NEUTRAL • Wizz Air: September capacity growth slower than the summer, but better load factor NEUTRAL • OTE/DIGI Communications: sale o...
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 ...
HEADLINES: • Pepco: lfl recovery continued in 4Q25, with Poland falling behind W. Europe; another EUR 50m buyback announced POSITIVE • Jumbo: 1H25 earnings slightly lower than expected - adj. EBITDA +7% yoy to EUR 165m NEGATIVE • Theon International: wins another sizeable OCCAR contract POSITIVE • Czech Republic macro: CNB on hold • Eurowag: TA Associates completes GBP 56m ABB • PZU: new acting CEO appointed, pending PFSA approval NEUTRAL • Banca Transilvania: proposes an extraordinary DPS of RO...
HEADLINES: • Mo-BRUK: growth acceleration priced in already (downgraded to HOLD) • GTC: moves to amend terms of the two outstanding Forint bonds • OTE/DIGI Communications: Telekom Romania sold to DIGI and Vodafone for EUR 70m POSITIVE • EMEA Airlines: flights cancelled in Europe over weekend due to cyberattack on airport software • Wizz Air: strike on 26 September may disrupt operations in Italy NEGATIVE • Huuuge Games: earnings call takeaways NEUTRAL • Titan: Fidelity Investments cuts ownership...
HEADLINES: • Romanian Oil & Gas: still beyond the horizon (OMV Petrom downgraded to HOLD, Romgaz stays HOLD) • EME Macro/Strategy: Türkiye – twin deficits ameliorate, challenges persist • Huuuge Games: 2Q25 in line with expectations, USD 120m share buyback announced POSITIVE • Noval Property: 1H25 – FFO seems en route to exceed FY guidance POSITIVE • Auto Partner: 2Q25 earnings call takeaways – to test new small warehouse in Germany NEUTRAL • Bank Handlowy: to pay extra dividend in October POSIT...
In today's Morning Views publication we comment on developments of the following high yield issuers: European Entertainment Group, SPIE, Pfleiderer, Altice France (SFR), Forvia (formerly Faurecia), Ineos, Sammontana Italia, Ineos Quattro, Biogroup, Cerba, Ithaca Energy
HEADLINES: • EME Macro/Strategy: macro all-in-one (8-14 September) • Greece macro: debt remains on a steep downward path • DIGI Communications: planning IPO of its Spanish subsidiary, reportedly POSITIVE • Georgia Capital: healthcare business prices GEL 350m bond offering NEUTRAL • Jahez: buyback approved during EGM (3.6% of total shares) NEUTRAL • Mavi: 2Q25E earnings preview (due on 17 September) • Short News (CDR, CAR)
We publish monthly front book pricing data in our Tariff Tracker product. In this report we show some new analysis looking at how front book tariffs are a good leading indicator for service revenue trends in mobile and fixed, including new work looking at discounted and undiscounted prices.
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 ...
EME Equity Market – August 2025 Corrections in Poland and the broader MSCI EM Europe. The MSCI EM Europe Index declined by 2.3% mom in EUR terms and was flat (0.0%) in USD terms in August. The Hungarian BUX was the top performer, adding 2.2% mom in EUR terms, followed by the Romanian BET (+1.9% mom), the Czech PX (+1.7% mom) and the Greek ASE (+1.4% mom) (all in EUR terms); while there was a muted performance from the Turkish ISE 30 (+0.4% mom in EUR terms). The biggest loser was the Polish WIG ...
DIGI has reported its Q2 results today morning. While the revenue growth remained solid, supported by the continued strong customer base expansion on key markets, net profit to owners disappointed in this quarter as well which came in at EUR -0.9mn, 104% down YoY.
In today's Morning Views publication we comment on developments of the following high yield issuers: Loxam, Atalian, Progroup, Techem, Fedrigoni, Tele Columbus, Odido, EVOCA, Pfleiderer, Victoria, Mehilainen, Biofarma, Cerba, Picard, Scan Global Logistics, Odigeo, Lecta, Stena AB
HEADLINES: • PZU: 2Q25 results – beat on the bottom line, but insurance operations show some weakness and delivered below expectations NEUTRAL • Dom Development: 2Q25 results – beat driven by stellar 37% gross profit margin POSITIVE • Bank Handlowy: neutral 2Q25 results – beat on underlying bottom line driven by bond sales gains; negative NII trend NEUTRAL • Eurocash: 2Q25 – slightly above low expectations; new strategy publication in November POSITIVE • DataWalk: 2Q25 actual numbers fully in li...
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