reports
- Research Team
WOOD Daily: GSPARK HB (stays BUY); OMV AV; SNP RO; WPL PW; Polish tele...
HEADLINES: • Graphisoft Park: still great value (stays BUY) • OMV: 3Q24 trading statement NEUTRAL • OMV Petrom: 3Q24 trading statement NEUTRAL • Wirtualna Polska: real users in September 2024 NEGATIVE • Polish telecoms: mobile number portability in 3Q24 NEUTRAL • EME macro/strategy: macro all-in-one (30 September-6 October)
- Research Team
WOOD Daily: CAI AV (upgraded to BUY); OMV AV; TXT PW; Polish banks; Tü...
HEADLINES: • CA Immo: easing alleviates risks; stock at fair levels after dip (upgraded to HOLD) • OMV: force majeure lifted on Libyan oil exports POSITIVE • Text: key takeaways from the 2Q24-25 earnings call NEUTRAL • Polish banks: FinMin on potential sector consolidation and bank tax changes • Türkiye macro: inflation declines to 49.4% yoy in September • European Oil and Gas Monthly: September 2024 - Brent, refining margins down • Wizz Air CMD: show me the money NEUTRAL
- Research Team
WOOD Daily: WIZZ LN; BFT PW; PCF PW; Polish consumer staples; 11B PW; ...
HEADLINES: • Wizz Air: summer traffic in line, but consensus seems too bullish on earnings • Benefit Systems: net additions of 20k sport cards in 3Q24 POSITIVE • PCF Group: earnings call takeaways - Echo to be smaller than the other WFH projects NEUTRAL • Polish consumer staples: Netto plans to open 350 discount stores in Poland by 2028E NEGATIVE • 11 bit studios: delays the release of The Alters to 1Q25E NEGATIVE • Huuuge Games: September bookings estimate up 10% mom, but flat for the flagship ...
- Research Team
The Rear-View Mirror – EME markets: Greece rebounds, elsewhere mostly ...
EME Equity Market - September 2024 EME indices mostly in the red in September; rebound in Greece. The MSCI EM Europe Index declined 2.0% in EUR terms and 1.1% in USD terms in September. The Greek ASE Index was the best performer in our region, advancing 1.4% mom in EUR terms. Muted performances were seen in Czechia and Hungary (+0.3% and +0.2% mom, respectively in EUR terms), with declines in Poland, Romania and Turkey (-3.6%, -2.9% and -1.5% mom, respectively in EUR terms).
PEO BANK POLSKA KASA OPIEKI SA
OPAP GREEK ORGANISATION OF FOOTBALL PROGNOSTICS SA
KRU KRUK S.A.
MOL MOL NYRT
CEZ CEZ AS
CDR CD PROJEKT S.A.
RBI RAIFFEISEN BANK INTERNATIONAL AG
BIMAS BIM BIRLESIK MAGAZALAR A.S.
WIZZ WIZZ AIR HOLDINGS PLC
PZU POWSZECHNY ZAKLAD UBEZPIECZEN SPOLKA AKCYJNA
SPL SANTANDER BANK POLSKA SA
BSK ING BANK SLASKI S.A.
LAMDA LAMDA DEVELOPMENT S.A.
GEKTERNA GEK TERNA
KTY GRUPA KETY SA
PKN POLSKI KONCERN NAFTOWY ORLEN S.A.
SAR GR. SARANTIS S.A.
LPP LPP S.A.
ASELS ASELSAN ELEKTRONIK SANAYI VE TICARET A.S. CLASS B
CIMSA CIMENTO SANYAI VE TICARET A.S.
LOGO LOGO YAZILIM SANAYI VE TICARET A.S.
CCC CCC SA
CCOLA COCA-COLA ICECEK A.S.
AEGN AEGEAN AIRLINES SA
PGSUS.E PEGASUS HAVA TASIMACILIGI AS
APR AUTO PARTNER SA
PPC PUBLIC POWER CORPORATION S.A.
CAR INTER CARS S.A.
ARCLK ARCELIK A.S.
ECH ECHO INVESTMENT
CPS CYFROWY POLSAT SA
MBR MO-BRUK S.A.
11B 11 BIT STUDIOS S.A.
OTOEL AUTOHELLAS S.A.
VGO VIGO SYSTEM SA
WPL WIRTUALNA POLSKA HOLDING SA
BELA JUMBO S.A.
H4L1 HALYK SAVINGS BANK OF KAZAKHSTAN GDR
DIGI DIGI COMMUNICATIONS NV
NBGGY NATIONAL BANK OF GREECE S.A. ADS
RICHT RICHTER
19XX NEPI ROCKCASTLE PLC
R22 R22
ADNOCDIST ADNOC DISTRIBUTION PJSC
EAT AMREST HOLDINGS SE
TEN TEN SQUARE GAMES
ALG ALLEGRO.EU SA
CZG CESKA ZBROJOVKA GROUP
DUNAHOUSE DUNA HOUSE
KSPI KASPI KZ
INPST INPOST S.A.
PCF PCF GROUP SA
HUGE HUUUGE
PCO PEPCO GROUP NV
CTPNV KAZMUNAYGAS NC JSC
VRC CTP NV
KLKIM VERCOM SA
SHO KALEKIM KIMYEVI MADDELER SANAYI VE TICARET AS
4071 SHOPER SA
TRESTATES ARABIAN CONTRACTING SERVICES CO
GEV TRADE ESTATES REIC SA
NOVAL GEVORKYAN A.S.
BOCHGR NOVAL PROPERTY
BANK OF CYPRUS
- Research Team
WOOD Daily: KRU PW; CCC PW; VGO PW; KSPI US; HU Macro; 11B PW; ETE GA
HEADLINES: • Kruk: forging forward (stays BUY) • CCC: 2Q24 results a notch above prelims; positive trends maintained in 2Q24 POSITIVE • VIGO Photonics: miss on adjusted EBITDA and bottom line NEGATIVE • Kaspi.kz: issues response to short seller report • Hungary macro: MNB resumes the easing cycle • 11 bit studios: Frostpunk 2 falls to 20th position on Steam top seller list, player reviews recover marginally NEUTRAL • National Bank of Greece: HFSF to sell up to 12% of its stake
- Marta Jezewska-Wasilewska
- Miguel Dias
Kruk: forging forward (stays BUY)
We have increased our annual investment scale to PLN 2.5bn, in the long term, up from PLN 2.3bn, leading to our 2024-25E net profit increases of c.8%. Higher investments for longer result in value creation in the medium term, as revenues build up slowly, but more sustainably in a debt-collecting business. We continue to see Kruk as a high-quality long-term growth story, and we see most of the upside coming from that angle. However, at the current valuation juncture, we also see Kruk as cheap, tr...
- Research Team
The Rear-View Mirror – EME markets: only Czech PX index in positive te...
EME Equity Market – August 2024 A red month for the EME indices, with only the Czech PX index in positive territory. The MSCI EM Europe index declined by 4.7% in EUR terms and 2.6% in USD terms in August. The Czech PX index was the only index to report a positive figure, adding 0.5% mom in EUR terms. The rest of the indices were in the red: the Turkish ISE30 index was down 11.5% mom in EUR terms, followed by Greece (-3.2% mom), Romania (-2.6% mom) and Hungary (-1.2% mom; all in EUR terms). The P...
EUROB EUROBANK ERGASIAS SERVICES & HOLDINGS SA
PEO BANK POLSKA KASA OPIEKI SA
KRU KRUK S.A.
MOL MOL NYRT
EBS ERSTE GROUP BANK AG
BOCH BANK OF COMMERCE HOLDINGS
CEZ CEZ AS
ACP ASSECO POLAND SA
HTO HELLENIC TELECOMMUNICATIONS ORGANIZATION SA
CDR CD PROJEKT S.A.
OMV OMV AG
PKO PKO BANK POLSKI S.A.
KOMB KOMERCNI BANKA A.S.
BHW BANK HANDLOWY W WARSZAWIE S.A.
WIZZ WIZZ AIR HOLDINGS PLC
PZU POWSZECHNY ZAKLAD UBEZPIECZEN SPOLKA AKCYJNA
BSK ING BANK SLASKI S.A.
BDX BUDIMEX S.A.
MTELEKOM MAGYAR TELEKOM TELECOMMUNICATIONS
CAI CA IMMOBILIEN ANLAGEN AG
PKN POLSKI KONCERN NAFTOWY ORLEN S.A.
AKCNS AKCANSA CIMENTO
BRISA BRISA-BRIDGESTONE SABANCI LASTIK SANAYI VE TICARET A.S.
CIMSA CIMENTO SANYAI VE TICARET A.S.
LOGO LOGO YAZILIM SANAYI VE TICARET A.S.
CCC CCC SA
CCOLA COCA-COLA ICECEK A.S.
GTC GLOBE TRADE CENTRE S.A.
DOM DOM DEVELOPMENT SA
BFT BENEFIT SYSTEMS S.A. ALLOTMENT
MGROS MIGROS TICARET A.S
TKNSA TEKNOSA IC VE DIS TICARET AS
PGSUS.E PEGASUS HAVA TASIMACILIGI AS
LVC LIVECHAT SOFTWARE SA
TBCB TBC BANK JOINT STOCK CO
ALPHA ALPHA BANK AE
PPC PUBLIC POWER CORPORATION S.A.
OTP OTP BANK NYRT
CAR INTER CARS S.A.
FROTO FORD OTOMOTIV SANAYI A.S.
THYAO TURK HAVA YOLLARI A.O.
TUPRS TURKIYE PETROL RAFINERILERI A.S.
EUR EUROCASH S.A.
CPS CYFROWY POLSAT SA
MBR MO-BRUK S.A.
GPW WARSAW STOCK EXCHANGE
11B 11 BIT STUDIOS S.A.
ALR ALIOR BANK SA
OTOEL AUTOHELLAS S.A.
WPL WIRTUALNA POLSKA HOLDING SA
BRD BRD-GROUPE SOCIETE GENERALE
TLV BANCA TRANSILVANIA S.A.
ETEL TELECOM EGYPT
MONET MONETA MONEY BANK AS
SNG SOCIETATEA NATIONALA DE GAZE NATURALE ROMGAZ SA
H4L1 HALYK SAVINGS BANK OF KAZAKHSTAN GDR
PBK PATRIA BANK SA
TOFAS TOFAS TURK OTOMOBIL FABRIKASI A.S.
DIGI DIGI COMMUNICATIONS NV
DNP DINO POLSKA S.A.
NBGGY NATIONAL BANK OF GREECE S.A. ADS
BVB S.C. BURSA DE VALORI BUCURESTI S.A.
GEB BANK OF GEORGIA
RICHT RICHTER
19XX NEPI ROCKCASTLE PLC
M MED LIFE
SFG SPHERA FRANCHISE GROUP SA
ADNOCDIST ADNOC DISTRIBUTION PJSC
NLBR NLB GROUP
ESLT ELBIT SYSTEMS LTD
KAP NATIONAL ATOMIC COMPANY KAZATOMPROM
TEN TEN SQUARE GAMES
DUNAHOUSE DUNA HOUSE
KSPI KASPI KZ
PCF PCF GROUP SA
HUGE HUUUGE
4IG 4IG NYRT
IGN1L IGNITIS GRUPE
CTPNV CTP NV
ONE ONE UNITED PROPERTIES SA
GPP GRUPA PRACUJ DA
BCG BALTIC CLASSIFIEDS GROUP PLC
ADNOCDRILL ADNOC DRILLING CO
2381 ARABIAN DRILLING CO.
7202 ARABIAN INTERNET & COMMUNICATIONS SERVICES CO
9526 JAHEZ INTERNATIONAL CO
ELPE HELLENIQ ENERGY
SHO SHOPER SA
4071 ARABIAN CONTRACTING SERVICES CO
7203 ELM CO
AQ AQUILA PART PROD COM
TRESTATES TRADE ESTATES REIC SA
AIRA AIR ASTANA JSC
NOVAL NOVAL PROPERTY
- Research Team
WOOD Daily: DIGI RO; PZU PW; MOH GA; CDR PW; MBR PW; DOM PW; CAI AV; D...
HEADLINES: • DIGI Communications: heavyweight European telco champion (upgraded to BUY) • PZU: posts PLN 1.19bn of net profit in 2Q24; results affected by higher combined ratio in P&C NEUTRAL • Motor Oil Hellas: 2Q24 results POSITIVE • CD Projekt: 2Q24 EBITDA 4-7% above expectations; Polaris to enter production phase “very soon” NEUTRAL • Mo-BRUK: 2Q24 EBITDA 8% above our forecast, but in line with the consensus NEUTRAL • Dom Development: 2Q24 – in line, at first glance NEUTRAL • CA Immo: 2Q24 i...
- Research Team
WOOD Daily: KRU PW; EUR PW; ACP PW; 11B PW; GPP PW; ONE RO; WPL PW; TE...
HEADLINES: • Kruk: 2Q24 results – recently-announced miss caused by higher costs and negative revaluations in Spain NEUTRAL • Eurocash: weak 2Q24 across the board NEGATIVE • Asseco Poland: 2Q24 review – net profit down 10% yoy, 7% above the consensus POSITIVE • 11 bit studios: 2Q24 adjusted EBITDA slightly below our expectations, but bottom line boosted by associates NEUTRAL • Grupa Pracuj: 2Q24 results – adjusted EBITDA flat yoy, 2% above the market consensus; bottom-line miss on revaluation of...
- Research Team
WOOD Daily: KRU PW; EME Macro/Strategy Weekly; EME Strategy FTSE GEIS;...
HEADLINES: • Kruk: expects PLN 603m of 1H24E net profit (flash estimate) NEGATIVE • EME Macro/Strategy: macro all-in-one (19-25 August) • EME Strategy: FTSE GEIS September 2024 Semi-Annual Review • OMV: announces gas discovery in the Norwegian Sea NEUTRAL • Eurocash: 2Q24E results preview – 19% yoy EBITDA decline expected (due on 28 August)
- Stephane Foucaud
AUCTUS ON FRIDAY - 16/08/2024
AUCTUS PUBLICATIONS ________________________________________ Chariot (CHAR LN)C; Target price £0.45 per share: Commencing drilling operations at high impact well in Morocco – Drilling operations have commenced on the Anchois East well (now named Anchois-3). The well has three objectives. An initial pilot hole will be drilled to evaluate the potential of the Anchois Footwall prospect, located in an undrilled fault block to the east of the main field with a 2U Prospective Resource estimate of 170 ...
A2PAZ7 TETHYS PETROLEUM
OMV OMV AG
TXP TOUCHSTONE EXPLORATION
AOI. AFRICA OIL
SEI. SINTANA ENERGY
CHAR CHARIOT OIL & GAS
PEN PANORO ENERGY ASA
DGOC DIVERSIFIED GAS & OIL
JSE JADESTONE ENERGY
I3E I3 ENERGY
SOUC SOUTHERN ENERGY CORP
NOG NOSTRUM OIL & GAS PLC
J4V VAR ENERGI ASA
IAECN ITHACA ENERGY
- Research Team
WOOD Daily: DNP PW; BGEO LN; KAP LI; BRISA TI; GPW PW; BDX PW; BFT PW;...
HEADLINES: Dino Polska: 5-13% EBITDA miss in 2Q24, first yoy EBITDA drop since IPO NEGATIVE Bank of Georgia: 2Q24 highlights NEUTRAL Kazatomprom: 2Q24 results and 2025E production guidance POSITIVE Brisa: bottom line hit by financing costs, taxes; FY24 demand outlook remains challenging NEUTRAL Warsaw Stock Exchange: 2Q24 results NEGATIVE Budimex: 2Q24 results fully in line with the prelims NEUTRAL Benefit Systems: earnings call takeaways – supportive 2025E profitability outlook for Poland NEUTR...
- Research Team
WOOD Daily: PKO PW; CPS PW; BFT PW; GTC PW; PKN PW; HSBK LI; CEZ CP; K...
HEADLINES: • PKO BP: posts very solid 2Q24 delivery, implying upside risk for 2024E forecasts POSITIVE • Cyfrowy Polsat: 2Q24 results review – EBITDA up 8% yoy, 3% above our estimate POSITIVE • Benefit Systems: better-than-expected 2Q24 and FY24E profitability outlook revised upwards POSITIVE • GTC: 2Q24 in line, 2026 EUR 500m refinancing should be priority NEUTRAL • Orlen: 2Q24 results – in line with previous estimates NEUTRAL • Halyk Bank: 2Q24 conference call takeaways • CEZ: FinMin proposes ...
- Jonathan Lamb
European Oil and Gas Monthly: July 2024 – refining margins up again
Benchmark refining margins rose in July, by USD 0.7/bbl, to USD 9.5/bbl, after four straight months of decline remaining about USD 1.9/bbl higher than usual for the season. Better petrol cracks were the main driver of margins and we believe that this may be temporary. Petrochemicals margins remain under pressure.
- Stephane Foucaud
AUCTUS ON FRIDAY - 02/08/2024
AUCTUS PUBLICATIONS ________________________________________ ADX Energy (ADX AU)C; target of A$0.75 per share: Reflections on Welchau – IIndependent consultants have calculated that each of the three reservoirs encountered at Welchau (Reifling - 128 metres, Steinalm -118 metres and the Guttenstein - 111 metres) are hydrocarbon bearing with uncertainty on the hydrocarbon type. Laboratory work on the Steinalm reservoir has confirmed the full properties ofthe 43° API light sweet oil that was recove...
RDSA ROYAL DUTCH SHELL PLC CLASS A
GTE GRAN TIERRA ENERGY
OMV OMV AG
TXP TOUCHSTONE EXPLORATION
PXT PAREX RESOURCES INC.
SEI. SINTANA ENERGY
PEN PANORO ENERGY ASA
VLE VALEURA ENERGY INC.
SQZ SERICA ENERGY
XOM EXXON MOBIL CORPORATION
BP. BP P.L.C.
JSE JADESTONE ENERGY
AXL. ARROW EXPLORATION LTD
TRIN TRINITY CAPITAL INC
ADX ADX ENERGY LTD
BWEFF BW ENERGY LTD
TCF TRILLION ENERGY INTERNATIONAL INC
- Mihaly Gajda
OMV misses market expectations in Q2 2024 due to weak G&P segment
Key Message OMV reported a clean CCS-based operating result of EUR 1,232 mn, marking a 4% increase YoY, but a 17% decrease QoQ. The hydrocarbon price environment was stable. Refining margins decreased, likely permanently, negatively impacting the sector. Chemical market recovery is slow. The Gas & Power segment had a challenging quarter, although mostly due to temporary effects. Key positives The key positive development for the quarter is a slight increase in hydrocarbon prices comp...
- Research Team
The Rear-View Mirror – EME markets: Greek ASE – best performer in July
EME Equity Market – July 2024 Greece the biggest winner, while Poland the clear loser in July. The MSCI EM Europe Index declined by 1.1% in EUR terms and 0.3% in USD terms in July. The Greek ASE Index posted the best performance for the month, advancing by 5.3% mom in EUR terms. There was a broadly similar performance in Hungary, Czechia and Romania (+ 2.9%, 2.7% and 2.1% mom in EUR terms, respectively). The Turkish ISE30 Index declined by 1.6% mom in EUR terms, but the clear loser was the Polis...
PEO BANK POLSKA KASA OPIEKI SA
JMT JERONIMO MARTINS SGPS S.A.
KRU KRUK S.A.
EXAE HELLENIC EXCHANGES SA
CEZ CEZ AS
KRKG KRKA D.D.
HTO HELLENIC TELECOMMUNICATIONS ORGANIZATION SA
RBI RAIFFEISEN BANK INTERNATIONAL AG
OMV OMV AG
PKO PKO BANK POLSKI S.A.
ALK ALKALOID AD SKOPJE
WIZZ WIZZ AIR HOLDINGS PLC
PZU POWSZECHNY ZAKLAD UBEZPIECZEN SPOLKA AKCYJNA
SPL SANTANDER BANK POLSKA SA
MIL BANK MILLENNIUM SA
BDX BUDIMEX S.A.
LAMDA LAMDA DEVELOPMENT S.A.
MTELEKOM MAGYAR TELEKOM TELECOMMUNICATIONS
TPS ORANGE POLSKA S.A.
MYTIL MYTILINEOS S.A.
CCC CCC SA
CCOLA COCA-COLA ICECEK A.S.
2310 SAHARA INTERNATIONAL PETROCHEMICAL COMPANY
AEGN AEGEAN AIRLINES SA
BFT BENEFIT SYSTEMS S.A. ALLOTMENT
MGROS MIGROS TICARET A.S
PGSUS.E PEGASUS HAVA TASIMACILIGI AS
APR AUTO PARTNER SA
LVC LIVECHAT SOFTWARE SA
TBCB TBC BANK JOINT STOCK CO
TPEIR PIRAEUS BANK SA
PPC PUBLIC POWER CORPORATION S.A.
OTP OTP BANK NYRT
CAR INTER CARS S.A.
ARCLK ARCELIK A.S.
THYAO TURK HAVA YOLLARI A.O.
MBR MO-BRUK S.A.
OTOEL AUTOHELLAS S.A.
VGO VIGO SYSTEM SA
WPL WIRTUALNA POLSKA HOLDING SA
SAB1L SIAULIU BANKAS
MONET MONETA MONEY BANK AS
SNP PETROM S.A.
GEB BANK OF GEORGIA
RICHT RICHTER
19XX NEPI ROCKCASTLE PLC
M MED LIFE
NLBR NLB GROUP
KAP NATIONAL ATOMIC COMPANY KAZATOMPROM
TEN TEN SQUARE GAMES
KSPI KASPI KZ
HUGE HUUUGE
4IG 4IG NYRT
PCO PEPCO GROUP NV
GPP GRUPA PRACUJ DA
ADNOCDRILL ADNOC DRILLING CO
AROBS AROBS TRANSILVANIA SOFTWARE SA
7202 ARABIAN INTERNET & COMMUNICATIONS SERVICES CO
9526 JAHEZ INTERNATIONAL CO
SHO SHOPER SA
BOROUGE BOROUGE
7203 ELM CO
NOVAL NOVAL PROPERTY
- Research Team
WOOD Daily: ARCLK TI; GARAN TI; OMV AV; BOROUGE UH; SNP RO; HU Macro; ...
HEADLINES: • Arcelik: weak set of results in 2Q24 NEGATIVE • Garanti Bank: 2Q24 highlights – good margin management, guidance intact • OMV: 2Q24 results NEGATIVE • Borouge: 2Q24 results – sales growth drives profit increase POSITIVE • OMV Petrom: 2Q24 results – in line with the consensus NEUTRAL • Hungary macro: materially weaker than expected • Czech Republic macro: GDP picks up pace in 2Q, no surprises • CCC: 2Q24E prelims preview – 61% yoy EBITDA growth expected (due on 7 August) NEUTRAL • VI...
- Research Team
WOOD Daily: RBI AV; EXAE GA; SAB1L LH; AKBNK TI; BDX PW; SOLUTION AB; ...
HEADLINES: • Raiffeisen Bank International: posts solid 2Q24 POSITIVE • Athens Exchange Group: good results delivery in 2Q24 POSITIVE • Siauliu Bankas: high opex drags net profit down in 2Q24, but some positives NEUTRAL • Akbank: 2Q24 highlights – interest rate risk plays out • Budimex: earnings call takeaways – 2024E outlook reiterated NEUTRAL • Solutions by STC: 2Q24 conference call takeaways POSITIVE • Borouge/OMV: sign agreement, along with ADNOC and Borealis, with Wanhua Chemical Group for ...
RBI RAIFFEISEN BANK INTERNATIONAL AG
OMV OMV AG
BDX BUDIMEX S.A.
LVC LIVECHAT SOFTWARE SA
WPL WIRTUALNA POLSKA HOLDING SA
SAB1L SIAULIU BANKAS
BRD BRD-GROUPE SOCIETE GENERALE
ADNOCDIST ADNOC DISTRIBUTION PJSC
NLBR NLB GROUP
KAP NATIONAL ATOMIC COMPANY KAZATOMPROM
7202 ARABIAN INTERNET & COMMUNICATIONS SERVICES CO
BOROUGE BOROUGE
- Research Team
WOOD Daily: GE Banks; MONET CP; JMT PL; OPL PW; ACP PW
HEADLINES: • Georgian Banks: from Georgia to the region (Bank of Georgia and TBC Bank stay BUY) • MONETA Money Bank: 2Q24 results in line with expectations, on track to deliver its FY24E guidance NEUTRAL • Jeronimo Martins: a miss in 2Q24, -5% lfl at Biedronka; price war continues; weak guidance for 2H24E NEGATIVE • Orange Polska: key takeaways from the 2Q24 earnings call NEUTRAL • Asseco Poland: 2Q24E preview – 15% yoy decline in net profit expected (due on 27 August)
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