reports
Raiffeisen Research Institutional Equity Daily 30.11.2022
MSCI November Index Review - Standard indices (STD) changes: DEL: Orange Polska; SmallCap indices (SC) changes: DEL: FACC, Telekom Austria; AT: Andritz - Andritz to supply equipment to Sappi in Austria (neutral) AT: OMV - Market rumors about Carlyle's interest in OMV's upstream assets (neutral) AT: Vienna Insurance Group - Hartwig Löger confirmed to become CEO (neutral) PL: LPP - CEO states company has prepared for weaker sales in coming months (negative) PL: Santander Bank Polska ...
Vienna Insurance Group First Impression - Double-digit premium growth ...
PBT of EUR 136 mn somewhat below our and consensus expectations Strong top-line growth continued with ~18% yoy, driven by P&C and Life segments Claims (+c. 17% yoy) and costs (+c. 23%) inflation offset the impressive premium growth Sound investment income performance We view the quarterly results as neutral in the light of rising claims and costs
Raiffeisen Research Institutional Equity Daily 15.11.2022
AT: Rosenbauer - Operating loss in Q3 amplified by restructuring costs, unchanged FY guidance of sales of ca. EUR 1 bn and positive EBIT requires major earnings uptick in Q4 (neutral) AT: Vienna Insurance Group - Strong earnings driven by underwriting and investment performance (neutral) DE: Encavis - Q3 22 above RBIe and consensus without EUR 30 mn provision for potential government revenue skimming, guidance confirmed (neutral) RO: Conpet - Q3 22 net profit up by 27% yoy, on the back o...
Raiffeisen Research Institutional Equity Daily 09.11.2022
AT: FACC - Negative EBIT and bottom line loss in Q3 22, FY outlook confirmed (negative) AT: S IMMO - Acquiring properties in Budapest from CPI Property Group (neutral) AT: Vienna Insurance Group - Application for listing on the Budapest Stock Exchange submitted (neutral) AT: voestalpine - Q2 results live up to pre-announced indication, NWC remains cash flow burden (neutral) CEE: Banks - KBC reports lower Q3 net profit qoq in CZ, but higher in BG and HU (neutral) CZ: CTP - Q3 trends i...
KOMB KOMERCNI BANKA A.S.
VOE VOESTALPINE AG
MTELEKOM MAGYAR TELEKOM TELECOMMUNICATIONS
SPI S IMMO AG
OTP OTP BANK NYRT
VIG VIENNA INSURANCE GROUP AG WIENER VERSICHERUNG GRUPPE
FACC FACC AG
TLV BANCA TRANSILVANIA S.A.
SNP PETROM S.A.
NLBR NOVA LJUBLJANSKA BANKA DD LJUBLJANA
ADKO ADDIKO BANK
CAP ENCAVIS AG
CTPNV CTP NV
Raiffeisen Research Institutional Equity Daily 15.09.2022
AT: Vienna Insurance Group - Hartwig Löger to become new CEO as of July 2023 (neutral) EU: Energy - Commission proposal of EUR 180/MWh revenue cap during winter, solidarity contribution and 5% peak demand cut, hint at electricity market reform (negative) HU: MOL - Croatian government wants INA to sell all gas produced in Croatia domestically at regulated prices (negative)
Raiffeisen Research Institutional Equity Daily 30.08.2022
AT: Bawag Group - Supreme Court rules against Bawag in the swap contract court case with City of Linz/ EUR 254 mn write-off has no impact on regulatory capital (neutral) AT: Kapsch TrafficCom - Kapsch TrafficCom agreed to sell Spanish public transport subsidiary (neutral) AT: PORR - Initial FY 22 output guidance below RBIe but might be conservative, earnings increase flagged (neutral) AT: Vienna Insurance Group - CEO Elisabeth Stadler will not renew her mandate (neutral) RO: Sphera Fra...
Vienna Insurance Group Q2 22 - Clear earnings beat on the back of stro...
PBT of EUR 153 mn significantly above our and consensus expectations Support came from P&C with a 94.1% combined ratio, but also other income Strong top-line growth continues with 12% yoy, outperforming claims and cost inflation Additional EUR 51 mn provisioning for Russia exposure, compensated by gains on disposals We view the quarterly results as positive in light of the impressive earnings beat
Raiffeisen Research Institutional Equity Daily 18.08.2022
AT: Flughafen Wien - Q2 22 results slightly top expectations, July traiffic figures at 88% of pre-crises level (positive) AT: Flughafen Wien - The management board advises shareholders not to accept the take over offer (neutral) AT: SBO - Better than expected Q2 results, positive outlook (positive) AT: Vienna Insurance Group - Clear earnings beat on the back of strong technical result (positive) PL: Cyfrowy Polsat - Q2 22 EBITDA in line with consensus, 7% beat on the bottom line (neutr...
PKO PKO BANK POLSKI S.A.
SBO SCHOELLER-BLECKMANN OILFIELD EQUIPMENT AG
VIG VIENNA INSURANCE GROUP AG WIENER VERSICHERUNG GRUPPE
CPS CYFROWY POLSAT SA
FLU FLUGHAFEN WIEN AG
603868 SHANGHAI FLYCO ELECTRICAL APPLIANCE (A)
EL SOCIETATEA COMERCIALA DE DISTRIBUTIE SI FURNIZARE A ENERGIEI ELECTRICE ELECTRICA
Raiffeisen Research Institutional Equity Daily 20.07.2022
AT: Andritz - Andritz to supply a combi-pulping system to China (neutral) CZ: Moneta Money Bank - Manecomte raises the stake to 10% EU: Gas supply - Nord Stream 1 expected to resume gas exports as scheduled, but at reduced capacity (neutral) EU: Utilities - EU commission to present plan to reduce gas consumption today (neutral) PL: Insurers - Motor insurance prices to increase (positive) RU: MMK - Steel sales volumes shrank by 16% yoy in H1 2022
Raiffeisen Research Institutional Equity Daily 23.06.2022
AT: Lenzing - Update of corporate strategy with ambitious EBITDA 27e target of >EUR 1 bn (positive) AT: Oesterreichische Post - increasing stake in smaller Austrian subsidiary Sendhybrid (neutral) AT: Rosenbauer - Takeover of the remaining 25% stake in the American subsidiary (neutral) AT: Vienna Insurance Group - Shareholder action for annulment of all resolutions from AGM (neutral) CZ: Czechia - resolutely hikes base rate again, this time by 125bp
Raiffeisen Research Institutional Equity Daily 17.06.2022
ATX indices review - FFF and NoS changes in IMMOFINANZ and Marinomed Biotech CECE index review - FFF and NoS changes in Allegro, Colt and MOL FTSE Index June review - No changes of index constituents in our Coverage Universe STOXX Europe 600 Index review - No changes of index constituents in our Coverage Universe WIG20/WIG30 indices review - No change in constituents AT: Erste Group - Willibald Cernko appointed as CEO until end 2024 (neutral) AT: Vienna Insurance Group - Results of...
Raiffeisen Research Institutional Equity Daily 09.06.2022
CECE index review - FFF and NoS changes in Allegro, Colt and MOL AT: IMMOFINANZ - Dietmar Reindl and Stefan Schönauer stepping down from management board (negative) AT: UBM Development, CA Immo - Sale of "Kaufmannshof" joint venture for EUR 48.5 mn (positive) AT: Vienna Insurance Group - Successful placemement of EUR 500 mn Tier 2 notes (neutral) HU: MOL - Fitch revised the outlook to negative from stable and affirmed MOL's investment grade credit rating at 'BBB-' (neutral) RO: One ...
Raiffeisen Research Institutional Equity Daily 07.06.2022
AT: OMV - Austria to release diesel and gasoline from strategic reserves due to a delayed restart of OMV's Schwechat refinery (neutral) AT: Vienna Insurance Group - Tender offer for 5.5% 2043 notes, Tier 2 placement (neutral) HU: Magyar Telekom - New tax to amount to approx. HUF 25 bn for FY 22; guidance downgrade (negative) HU: OTP - Joint Venture established in China (neutral) PL: Banks - KNF warns on troubles from planned moratoria for banks with large mortgage portfolios (neutral)...
PEO BANK POLSKA KASA OPIEKI SA
OMV OMV AG
PGN POLSKIE GORNICTWO NAFTOWE I GAZOWNICTWO SA
PKO PKO BANK POLSKI S.A.
BHW BANK HANDLOWY W WARSZAWIE S.A.
MTELEKOM MAGYAR TELEKOM TELECOMMUNICATIONS
OTP OTP BANK NYRT
VIG VIENNA INSURANCE GROUP AG WIENER VERSICHERUNG GRUPPE
ALR ALIOR BANK SA
SAN BANCO SANTANDER S.A.
Country News Hungary - Windfall tax impact on sectors
-Government presented some details on windfall tax plan with the aim to generate HUF 900 bn tax revenues from 8 sectors in 2022 and 2023 amid reducing the budget deficit and funding the defence of the country -Most impacted sectors seem banks and energy with each taking a burden of HUF 300 bn per year -Despite heavy negative reaction at Hungarian blue chips in last the 2 days, we expect the sentiment to stay under pressure in the short-term -At first glance directly impacted companies in our ...
Vienna Insurance Group Q1 22 - Strong premium growth and slight EBT de...
-Strong top line dynamics across all segments -EBT of EUR 124 mn declined slightly yoy due to a EUR 75 mn provision related to Russia -Combined ratio and cost ratio in line with expectations at 94.6% and 25.8%, respectively -Overall, we see the results as neutral
Raiffeisen Research Institutional Equity Daily 17.05.2022
AT: AT&S - Prelim. Q4 21/22 above expectations, FY outlook better on top line, EBITDA guidance mixed on start-up costs (neutral) AT: S IMMO - Considers sale of Germany residential assets (neutral) AT: Vienna Insurance Group - Strong premium growth, EBT below expectations on provisions for impact of war (neutral) PL: CCC - CEO expects a good Q2 with substantial sales growth and slight gross margin improvement, FY sales seen at PLN 9-10 bn (positive) PL: PGNiG - Considering entering into a long-te...
Raiffeisen Research Institutional Equity Daily 24.03.2022
AT: CA Immo - FY 21 and Q4 defined by capital rotation and lower occupancy, as expected (neutral) AT: EVN - Lower Austria presents Energy Transition Acceleration Package (neutral) AT: Vienna Insurance Group - Acquisition of Aegon Hungary closed (neutral) HU: MOL - Divestment of UK upstream assets for a total consideration of USD 305 mn (neutral) PL: Cyfrowy Polsat - Q4 21 net income beats consensus by ca. 20% (positive) PL: PGNiG - Final Q4 results fully in line with preliminaries (n...
PGN POLSKIE GORNICTWO NAFTOWE I GAZOWNICTWO SA
PZU POWSZECHNY ZAKLAD UBEZPIECZEN SPOLKA AKCYJNA
CAI CA IMMOBILIEN ANLAGEN AG
VIG VIENNA INSURANCE GROUP AG WIENER VERSICHERUNG GRUPPE
CPS CYFROWY POLSAT SA
BRD BRD-GROUPE SOCIETE GENERALE
TLV BANCA TRANSILVANIA S.A.
PLZL POLYUS (GDR)
MOL MOL HUNGARIAN OIL & GAS PLC CLASS A
NLBR NOVA LJUBLJANSKA BANKA DD LJUBLJANA
ONE ONE UNITED PROPERTIES SA
Vienna Insurance Group confirmed at BUY, TP EUR 27.0 - Long-term value...
Discount to peers of 15% on P/E ratio despite very stable performance and regular dividend payments Relatively minor Russia and Ukraine exposure, risk of impairments reflected in valuation Earnings to be supported by Aegon acquisition which should be completed this year Following share price correction we see some recovery potential
Vienna Insurance Group FY 21 - In line with pre-released figures, hig...
Headline results in line with pre-released figures Dividend of EUR 1.25 per share announced, ahead of cons. EUR 1.16 and RBIe EUR 1.20 No specific guidance due to uncertainty, in FY 22 aiming for positive operating performance We see the release as neutral
Raiffeisen Research Institutional Equity Daily 08.03.2022
AT: Andritz - Results above expectations and a positive outlook that contradicts our recent cautious stance (positive) AT: Frequentis - Frequentis announces dividend of EUR 0.20 per share, as expected (neutral) AT: IMMOFINANZ - CPI increases stake to 54.9%, calls for EGM for supervisory board elections (neutral) AT: Vienna Insurance Group - Headline results in line with pre-released figures, dividend ahead of expectations (neutral) AT: Zumtobel - Blowout beat in Q3 aided by shift of gr...
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