HEADLINES: • EME Macro/Strategy: macro all-in-one (14-20 July) • OPAP: acquires remaining 15.5% stake in Stoiximan POSITIVE • Solutions by STC: 2Q25E financial results preview (due out tomorrow) • Borouge: 2Q25E results preview (due on 31 July) NEUTRAL • Grupa Pracuj: 2Q25E results preview – 3% yoy adjusted EBITDA growth expected (due on 28 August) • Erste Bank: 2Q25E preview (due on 1 August) • OTP Bank: 2Q25E preview (due on 5 August) • Bank Pekao: 2Q25E preview (due on 7 August) • PKO BP: 2Q2...
AUCTUS PUBLICATIONS ________________________________________ Arrow Exploration (AXL LN/CN)C; Target price of £0.70 per share: AB wells deliver flow rates above expectations – Current production ranges between 4,600 and 4,800 bbl/d driven by strong performance from two new horizontal wells at Alberta Llanos (AB). AB-HZ5, onstream for ~2 weeks, is producing 1,790 bbl/d (895 bbl/d net to Arrow), while AB-HZ4, online for over a month, continues to produce 880 bbl/d (440 bbl/d net). Both wells are ou...
HEADLINES: • Ukraine macro: notes on the economy and the reconstruction process • VIGO Photonics: 2Q25 sales down 11% yoy, to PLN 20.3m NEGATIVE • Mo-BRUK: refund of interest on the overpayment related to the 2017 waste disposal decision NEUTRAL • CD Projekt: Cyberpunk to be released for Apple Macs tomorrow NEUTRAL • Sipchem: 2Q25E results preview (due on 21 July) NEUTRAL • Budimex: 2Q25E preview – EBIT up slightly, by 5% yoy (prelims due on 28 July) • Tupras: 2Q25E results preview (due on 29 Ju...
HEADLINES: • Aselsan: to tap DIRCM market POSITIVE • Romania macro: Government survives vote of no confidence, as expected • Wizz Air: to exit Abu Dhabi by the end of the summer • Bank Pekao: to book PLN 417m of extra provisions related to various legal risks in 2Q25E NEUTRAL • Grupa Pracuj: new job ads on Pracuj.pl at 395,000 in 1H25, flat yoy NEUTRAL • Lamda Development: completes early repayment of EUR 230m retail bond NEUTRAL • MONETA Money Bank: 2Q25E preview (due on 24 July) • Bank Millenn...
AUCTUS PUBLICATIONS ________________________________________ New Zealand Energy (NZ CN)C: Equity raise – New Zealand will raise up to C$3 mm of new equity at a price of C$0.18 per share. This includes the settlement of outstanding loans of C$0.3 mm through the issue of ~1.7 mm shares. Valeura Energy (VLE CN)C; Target price of C$12.70 per share: Another strong quarter. FY25 guidance re-iterated – 2Q25 production was 21.4 mbbl/d, which is very close to our forecast (~22 mbbl/d). The company repor...
HEADLINES: • Romanian Banks: fishing in Romania’s murky waters (Banca Transilvania stays BUY, BRD-GSG stays HOLD) • Komercni Banka: closing the rerating bet (downgraded to HOLD) • MONETA Money Bank: priced for perfection, but needs to deliver (stays HOLD) • Pepco Group: 3Q25 revenues of New Pepco up 8% yoy, in line with expectations; FY25E guidance maintained; EUR 50m buyback NEUTRAL • Jumbo: 1H25 sales up by a solid 8% yoy, as largely expected NEUTRAL • Polish utilities: Ministry of State Asset...
We have downgraded Komercni Banka to HOLD (from Buy), and we set our updated 12M price target (PT) at CZK 1,108 (up from CZK 959/share), 7% upside. We see the c.9% annual dividend yield as the key return for shareholders in the next 12 months. We believe that the high yield should be sustainable over the next two years, as we have prolonged our assumption of a 100% dividend payout ratio by one year, beyond management’s explicit current guidance. Komercni Banka is trading at our 2025-26E P/Es of ...
HEADLINES: • OMV: 2Q25 trading statement NEUTRAL • OMV Petrom: 2Q25 trading statement NEUTRAL • Bank Millennium: 2Q25E FX mortgage saga provisions information NEUTRAL • Auto Partner: monthly sales disappoint again – limited 8% yoy growth in June NEGATIVE • Türkiye macro: June budget data shows stable, but wide, deficit • Titan: invests in fly-ash processing facility in the UK NEUTRAL
EME Equity Market – June 2025 All EME indices in the green in June, with a rebound in Türkiye. The MSCI EM Europe Index advanced by 3.2% mom in EUR terms and 6.9% in USD terms. The Turkish ISE 30 Index was the best performer in our region, recouping the losses from the previous month and adding +6.6% mom in EUR terms. The Hungarian BUX and the Polish WIG indices added 3.1% and 2.8% mom in EUR terms, respectively, followed closely by the Romanian BET and the Greek ASE, with both adding 2.0% mom i...
Feedback of the companies present at the ODDO BHF Nextcap Forum Company Country Market cap. (m) Company Country Market cap. (m) Accsys Technologies € 124 Hoffmann Green € 62 Afyren € 72 Hornbach € 1 451 Altri € 1 058 IDI € 537 AMG € 550 Implenia CHF 973 AmRest PLN 3 544 Jacquet Metals € 494 Arcure € 29 Kloeckner & Co € 653 Arverne 194 Knaustabbert € 144 Austriacard Holdings € 188 Lna Santé € 270 Bastide € 218 Medincell € 398 Befesa € 1 116 Nacon € 63 CAF € 1 649 N...
Our 14th edition of the ODDO BHF Nextcap Forum took place on 11 June in Paris, and on 12 June virtually. 96 companies and 170 investors were present for more than 700 meetings organized. Overall, we noted a still cautious tone from companies, with limited visibility on a solid rebound in a persistently uncertain market environment (geopolitical situation, US politics, etc.), even if there are some signs of recovery and certain sectors remain very well positioned (leisure, energy, defence). At th...
HEADLINES: • Santander Bank Polska: sells 60% stake in SCB for 2024 P/BV of 1.2x, books modest gain of PLN 0.4bn NEGATIVE • Türkiye macro: weak BoP, but improving budget • Dino: AGM approves 1:10 share split NEUTRAL • Colt CZ Group SE: closes VSS acquisition • 4iG: signs non-binding term sheet to acquire nine defence subsidiaries from N7 Holding NEUTRAL
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