HEADLINES: • Premier Energy: focus on RES (HOLD - initiation of coverage) • Polish banks: FinMin may raise CIT rate for the banks, some offset may come from slight cut in the bank tax NEGATIVE • Dino: 1-5% EBITDA miss in 2Q25; FY25E lfl guidance cut to mid-single digits NEGATIVE • Budimex: final 2Q25 results fully confirm prelims NEUTRAL • Kazatomprom: 2Q25 results NEUTRAL • Mo-BRUK: earnings call takeaways – optimistic outlook for 2H25E POSITIVE • Cyfrowy Polsat: key takeaways from the 2Q25 ear...
We initiate coverage of Premier Energy with a price target (PT) of RON 22.9/share and a HOLD. Premier is a fast-expanding energy group, with distribution, renewable power production assets and supply activities primarily in Romania and Moldova, led by an experienced management team, with a strong M&A track record. The company has grown via acquisitions, starting with local distribution and supply assets in Romania, and then expanding into Moldova, where it is the largest power distributor and su...
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