reports
- Research Team
WOOD Daily: RO Oil & Gas; AKCNS TI; EME Macro/Strategy – Dividends; HU...
HEADLINES: • Romanian oil & gas: just have a little patience (OMV Petrom stays BUY, Romgaz downgraded to HOLD – transfer of coverage) • Akcansa: recovery on the horizon (stays BUY) • EME Macro/Strategy: dividends in EMEA – if growth is in doubt, opt for payout • Huuuge Games: 3Q24 broadly in line with our expectations, slightly above the consensus NEUTRAL • Colt CZ Group SE: 3Q24 results – slow quarter; FY24E guidance confirmed NEUTRAL • Türkiye macro: CBT signals a dovish turn • Cyfrowy Polsat:...
- Carole Braudeau
- Carole Braudeau
- Research Department
IBERIAN DAILY 21 NOVEMBER (ANÁLISIS BANCO SABADELL)
NEWS SUMMARY: SANTANDER. Caution continues due to the geopolitical situation European stock markets ended with slight corrections despite the initial gains, with all eyes on the tension in Ukraine and Nvidia’s results (that released good earnings after the closing bell). Thus, in the STOXX 600, Basic Resources and Pharma (for the second consecutive session) led gains vs. Automobiles (once more the worst performer) and Real Estate that ended with the biggest drops. From the ECB, L. de Guindos c...
- Research Team
WOOD Morning (21 November 2024)
HEADLINES: • PZU: 3Q24 not as weak as feared – once the special claims end, should deliver a very strong profitability profile POSITIVE • Cyfrowy Polsat: 3Q24 results review – adjusted EBITDA up 13% yoy, 2% above our estimate POSITIVE • Grupa Pracuj: 3Q24 results – adjusted EBITDA up 8% yoy, 3% above our forecast and 6% above the consensus POSITIVE • OPAP: 3Q24 earnings beat expectations, as EBITDA jumps 24% yoy POSITIVE • Motor Oil Hellas: 3Q24 results – CCS EBITDA in line NEUTRAL • Elbit Syste...
- Research Department
INFORME DIARIO 21 NOVIEMBRE (ANÁLISIS BANCO SABADELL)
COMPAÑÍAS QUE APARECEN EN EL INFORME: ESPAÑA: SANTANDER. Continúa la cautela por la geopolítica Pese al buen arranque de las bolsas europeas, las ganancias se fueron diluyendo hasta terminar con tímidas caídas, pendientes de la tensión en Ucrania y los resultados de Nvidia (que publicó buenos resultados con el mercado ya cerrado aunque recortó por dudas con respecto al 4T). Así, dentro del STOXX 600, R.Básicos y Farma (por segundo día consecutivo) lideraron las ganancias, frente a Autos (que ...
- Mihaly Gajda
Oil & gas macroeconomic environment shifts from tailwind to headwind f...
We have updated our financial model to reflect recent macroeconomic developments, setting a 2025 year-end ex-dividend target price of 42.6 EUR, representing a 23.1% upside including the anticipated EUR 4.00 dividend following the 2024 fiscal year. Consequently, we maintain our Buy recommendation for OMV.
- Research Team
WOOD Daily: OTP HB; CCC PW; DNP PW; INPST NA; MOL HB; WIZZ LN; EUROB G...
HEADLINES: • OTP Bank: solid 3Q24 results, in line with our forecasts; future share price performance depends on growth guidance and/or capital distribution NEUTRAL • CCC: historically-best quarterly EBITDA 9% above our expectations, due to opex control POSITIVE • Dino Polska: 4-8% EBITDA beats in 3Q24, EBITDA back on the rise POSITIVE • InPost: 3Q24 in line with expectations; FY24E guidance upgrade POSITIVE • MOL: 3Q24 results – EBITDA in line with our and the consensus estimates NEUTRAL • Wizz...
MOL MOL NYRT
WIZZ WIZZ AIR HOLDINGS PLC
BDX BUDIMEX S.A.
CCC CCC SA
OTP OTP BANK NYRT
CPS CYFROWY POLSAT SA
GPW WARSAW STOCK EXCHANGE
TPE TAURON POLSKA ENERGIA S.A.
WPL WIRTUALNA POLSKA HOLDING SA
DNP DINO POLSKA S.A.
NBGGY NATIONAL BANK OF GREECE S.A. ADS
NLBR NLB GROUP
INPST INPOST S.A.
GEV GEVORKYAN A.S.
- Research Department
INFORME DIARIO 06 NOVIEMBRE + RDOS. ESPAÑA Y EUROPA 3T’24. IDEAS DESTA...
COMPAÑÍAS QUE APARECEN EN EL INFORME: ESPAÑA: ACCIONA ENERGÍA, SANTANDER. EUROPA: AHOLD DELHAIZE, BMW, SIEMENS, UNICREDIT. Incluido en el informe diario de hoy, y durante toda la campaña de resultados, incorporamos al final una presentación con los resultados destacados en positivo y negativo y previews de Rdos. 3T’24 que se publicarán en España y Europa en los próximos días. Trump gana las elecciones A la espera de conocer el desenlace oficial, todo parece indicar que Trump habría ganado las...
- Research Department
IBERIAN DAILY 06 NOVEMBER + 3Q’24 RESULTS. HIGHLIGHTS AND REST OF PREV...
NEWS SUMMARY: ACCIONA ENERGÍA, SANTANDER. At the end of today’s report, and during the entire results season, we will include a presentation with positive and negative results highlights and previews for the 3Q’24 results to be released over the coming days in Spain. Trump wins the elections Awaiting the official results, all indications suggest that Donald Trump would have won the US presidential election (248 of 270 necessary electoral votes), where four of the so-called swing states would h...
- Research Team
WOOD Daily: MTELEKOM HB; SHO PW; THYAO TI; CCOLA TI; TOASO TI; AIRA LI...
HEADLINES: • Magyar Telekom: another record strong year ahead (stays BUY) • Shoper: 3Q24 adjusted EBITDA up 28% yoy, broadly as expected NEUTRAL • Turkish Airlines: 3Q24 – EBIT and EBITDA in line with our estimates, 4-5% above the consensus POSITIVE • Coca-Cola Icecek: weak results in 3Q24, revenue growth guidance lowered NEGATIVE • Tofas: highly weak set of results in 3Q24 NEGATIVE • Air Astana Group: 3Q24 in line with our estimates NEUTRAL • Isbank: 3Q24 highlights – core bank still loss makin...
CCOLA COCA-COLA ICECEK A.S.
THYAO TURK HAVA YOLLARI A.O.
CPS CYFROWY POLSAT SA
MBR MO-BRUK S.A.
WPL WIRTUALNA POLSKA HOLDING SA
TOFAS TOFAS TURK OTOMOBIL FABRIKASI A.S.
ALG ALLEGRO.EU SA
GPP GRUPA PRACUJ DA
ADNOCDRILL ADNOC DRILLING CO
9526 JAHEZ INTERNATIONAL CO
SHO SHOPER SA
AIRA AIR ASTANA JSC
- Research Team
The Rear-View Mirror – EME markets: only the Czech Republic in the bla...
EME Equity Market – October 2024 A red October for the EME indices, only Czechia in positive territory. The MSCI EM Europe Index declined by 6.0% in EUR terms and 8.4% in USD terms in October. The Czech PX index was the only one spared, adding 1.3% mom in EUR terms. Türkiye was battered the most, with the Turkish ISE30 declining by 7.3% mom in EUR terms, followed closely by the Polish WIG20 (-6.7% mom in EUR terms). Greece fell 4.8% mom in EUR terms, while the Hungarian BUX index lost 2.7% mom i...
JMT JERONIMO MARTINS SGPS S.A.
OPAP GREEK ORGANISATION OF FOOTBALL PROGNOSTICS SA
KRU KRUK S.A.
EBS ERSTE GROUP BANK AG
CEZ CEZ AS
ACP ASSECO POLAND SA
HTO HELLENIC TELECOMMUNICATIONS ORGANIZATION SA
CDR CD PROJEKT S.A.
RBI RAIFFEISEN BANK INTERNATIONAL AG
OMV OMV AG
PKO PKO BANK POLSKI S.A.
KOMB KOMERCNI BANKA A.S.
ALK ALKALOID AD SKOPJE
BIMAS BIM BIRLESIK MAGAZALAR A.S.
WIZZ WIZZ AIR HOLDINGS PLC
SPL SANTANDER BANK POLSKA SA
MIL BANK MILLENNIUM SA
BSK ING BANK SLASKI S.A.
BDX BUDIMEX S.A.
GEKTERNA GEK TERNA
KTY GRUPA KETY SA
TPS ORANGE POLSKA S.A.
CAI CA IMMOBILIEN ANLAGEN AG
MYTIL MYTILINEOS S.A.
SAR GR. SARANTIS S.A.
LPP LPP S.A.
AKCNS AKCANSA CIMENTO
ASELS ASELSAN ELEKTRONIK SANAYI VE TICARET A.S. CLASS B
CIMSA CIMENTO SANYAI VE TICARET A.S.
CCC CCC SA
2310 SAHARA INTERNATIONAL PETROCHEMICAL COMPANY
DOM DOM DEVELOPMENT SA
AEGN AEGEAN AIRLINES SA
MGROS MIGROS TICARET A.S
ARCLK ARCELIK A.S.
OTKAR OTOKAR OTOMOTIV VE SAVUNMA SANAYI A.S.
EUR EUROCASH S.A.
GSPARK GRAPHISOFT PARK SE
ALR ALIOR BANK SA
OTOEL AUTOHELLAS S.A.
WPL WIRTUALNA POLSKA HOLDING SA
SAB1L SIAULIU BANKAS
BRD BRD-GROUPE SOCIETE GENERALE
MONET MONETA MONEY BANK AS
SNP PETROM S.A.
TOFAS TOFAS TURK OTOMOBIL FABRIKASI A.S.
DNP DINO POLSKA S.A.
RICHT RICHTER
R22 R22
MCOV B MEDICOVER AB
ADNOCDIST ADNOC DISTRIBUTION PJSC
CGEO GEORGIA CAPITAL
SOKM SOK MARKETLER TICARET AS
KAP NATIONAL ATOMIC COMPANY KAZATOMPROM
ALG ALLEGRO.EU SA
KSPI KASPI KZ
INPST INPOST S.A.
WPS W.A.G PAYMENT SOLUTIONS PLC
ADNOCDRILL ADNOC DRILLING CO
7202 ARABIAN INTERNET & COMMUNICATIONS SERVICES CO
ELPE HELLENIQ ENERGY
4071 ARABIAN CONTRACTING SERVICES CO
AIRA AIR ASTANA JSC
GEV GEVORKYAN A.S.
EQS-News: ANDRITZ verzeichnet solide Entwicklung im dritten Quartal 20...
EQS-News: Andritz AG / Schlagwort(e): 9-Monatszahlen/Quartalsergebnis ANDRITZ verzeichnet solide Entwicklung im dritten Quartal 2024 31.10.2024 / 07:30 CET/CEST Für den Inhalt der Mitteilung ist der Emittent / Herausgeber verantwortlich. GRAZ, 31. OKTOBER 2024. Der internationale Technologiekonzern ANDRITZ verzeichnete im dritten Quartal 2024 trotz des weiterhin herausfordernden wirtschaftlichen Umfelds eine solide Geschäftsentwicklung. Während sich der Auftragseingang im Vergleich zum dritten Quartal 2023 erhöhte, blieb die Rentabilität (EBITA-Marge) stabil und der Umsat...
EQS-News: ANDRITZ reports solid development in Q3 2024
EQS-News: Andritz AG / Key word(s): 9 Month figures/Quarter Results ANDRITZ reports solid development in Q3 2024 31.10.2024 / 07:30 CET/CEST The issuer is solely responsible for the content of this announcement. GRAZ, OCTOBER 31, 2024 International technology group ANDRITZ reported solid business development in the third quarter of 2024 despite the continuously challenging economic environment. While order intake increased from the third quarter of 2023, profitability (EBITA margin) remained stable, and revenue declined slightly. The increase in order intake was driven by...
- Konrad Zomer
- Thomas Zlowodzki
ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 30/10/2024
Le scrutin présidentiel US reste incertain, mais le momentum semble être du côté de Donald Trump depuis début octobre : le candidat est désormais en tête dans 6 des 7 swing states, vient de dépasser Kamala Harris dans le vote national et est donné gagnant à 63% chez les parieurs. Nous rappelons les valeurs européennes à privilégier ou à éviter en cas de victoire de Donald Trump, et avons également listé les valeurs européennes ayant une base de production aux US, par nature moins expo...
SGO COMPAGNIE DE SAINT-GOBAIN SA
SU SCHNEIDER ELECTRIC SE
ADS ADIDAS AG
FORTUM FORTUM OYJ
WKL WOLTERS KLUWER NV
REE RED ELECTRICA CORP. SA
ELE ENDESA S.A.
BAS BASF SE
VOW3 VOLKSWAGEN AG PREF
CAP CAPGEMINI SE
ASM ASM INTERNATIONAL N.V.
KGX KION GROUP AG
MONC MONCLER SPA
AENA AENA SME SA
SKF B SKF AB CLASS B
SAN BANCO SANTANDER S.A.
BP. BP P.L.C.
BIM BIOMERIEUX SA
CPR DAVIDE CAMPARI-MILANO N.V.
GSK GSK PLC
FER FERROVIAL SA
PUIG PUIG BRANDS
- Konrad Zomer
- Thomas Zlowodzki
ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 10/30/2024
The outcome of the US presidential election hangs in the balance, but the momentum seems to be with Donald Trump since the beginning of October: the candidate is now in the lead in six of the seven swing states, has just overtaken Kamala Harris in the national vote while 63% of punters are tipping him to win. We recap in the present note on the European stocks to play or avoid in the event of Donald Trump's victory and have also listed European stocks with a production base in the US,...
SGO COMPAGNIE DE SAINT-GOBAIN SA
SU SCHNEIDER ELECTRIC SE
ADS ADIDAS AG
FORTUM FORTUM OYJ
WKL WOLTERS KLUWER NV
REE RED ELECTRICA CORP. SA
BAS BASF SE
VOW3 VOLKSWAGEN AG PREF
CAP CAPGEMINI SE
ASM ASM INTERNATIONAL N.V.
KGX KION GROUP AG
MONC MONCLER SPA
AENA AENA SME SA
SKF B SKF AB CLASS B
SAN BANCO SANTANDER S.A.
BP. BP P.L.C.
BIM BIOMERIEUX SA
CPR DAVIDE CAMPARI-MILANO N.V.
GSK GSK PLC
FER FERROVIAL SA
PUIG PUIG BRANDS
- Benoit Valleaux
- Steven Gould
Santander : Further solid trends in Q3 2024, evidencing the group’s sm...
>Outperform rating and € 5.6 target price maintained - Santander’s Q3/9M 2024 figures lend weight to our Outperform rating on the stock. We have shaded down our net income estimates (-1% on average) for 2024-2026e, based on a slightly more cautious stance on the top line, but our target price of € 5.6 is unchanged. The bank’s continuing solid operating performances further underpin the smooth progress in terms of its strategic initiatives and the main financial guidan...
- Benoit Valleaux
- Steven Gould
Santander : Un T3 2024 de nouveau solide et qui conforte la (bonne) st...
>Opinion Surperformance maintenue – OC inchangé à 5.6 € - Les chiffres T3/9M 2024 confortent notre call positif (Surperformance) sur Santander. Nous révisons légèrement en baisse nos estimations de RN (-1% en moyenne) sur 2024-26e, en raison d’un biais un peu plus prudent sur la topline. Notre OC reste néanmoins inchangé à 5.6 €. L’évolution de nouveau solide des performances opérationnelles valide un peu plus la bonne avancée des initiatives stratégiques et les princ...
- Carole Braudeau
- Carole Braudeau
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