HEADLINES: • Gentoo Media: one step back, two steps forward (stays BUY) • Colt CZ Group SE: 1Q25 results – strong beat, no change in guidance POSITIVE • Mo-BRUK: 1Q25 earnings call – management optimistic on 2H25E, but we see challenges NEGATIVE • Cyfrowy Polsat: key takeaways from the 1Q25 earnings call NEUTRAL • Tauron: 1Q25 conference call highlights NEUTRAL • Elbit Systems: raises USD 512m on the Nasdaq POSITIVE • Athens Exchange Group: 1Q25E preview (due on 26 May) • Motor Oil Hellas: 1Q25E...
HEADLINES: • Raiffeisen Bank International: 1Q25 results largely in line NEUTRAL • ADNOC Distribution: 1Q25 results NEUTRAL • Enea: preliminary 1Q25 EBITDA 13% above our expectations, driven by strong Supply; only 8% of 2025E capex plan realisation POSITIVE • Titan America: soft 1Q25 results, guidance unchanged NEUTRAL • Romania macro: reflections on the resignation of PM Ciolacu • Brisa: takeaways from the 1Q25 earnings call NEUTRAL • Inter Cars: earnings call takeaways - targeting 2025E revenu...
EME Equity Market – April 2025 EME indices mostly in the red in April, Hungarian BUX and Greek ASE the exceptions. The MSCI EM Europe Index declined by 2.0% mom in EUR terms, but was up 2.9% mom in USD terms in April. The Hungarian BUX was the best performer, followed by the Greek ASE index (+3.5% and 0.8% mom in EUR terms, respectively). There was a slight decline in the Polish WIG20, and more pronounced deteriorations in the Romanian BET and Czech PX indices (-0.6%, -2.0% and -4.2% mom in EUR ...
HEADLINES: • Arcelik: weak set of results in 1Q25 NEGATIVE • Akbank: 1Q25 highlights – management cautious on margin, but positive on fees • Yapi Kredi: 1Q25 highlights, before the call – beat on NII and fees (evolved better than the guidance) • Solutions by STC: weak 1Q25 financial results, disappointing revenue growth NEGATIVE • Poland macro: April data paint an encouraging picture • PCF Group: PLN 173m write-offs to hit the 2024 results, related mostly to Bifrost NEGATIVE • Richter: positive ...
HEADLINES: • Wirtualna Polska: shifting up a gear for e-commerce growth (stays BUY) • OMV: making chemical bonds (stays BUY) • Budimex: final 4Q24 results confirm prelims fully NEUTRAL • Budimex: recommends PLN 25.43 DPS from the 2024 earnings, 4.5% dividend yield NEUTRAL • Cyfrowy Polsat: key takeaways from the 4Q24 earnings call NEUTRAL • Enea: key takeaways from the 4Q24 conference NEUTRAL • 11 bit studios: release date of The Alters set as 13 June NEUTRAL
HEADLINES: • Enea: full 4Q24 results in line with preliminaries; PLN 7.9bn capex planned in 2025E NEGATIVE • Cyfrowy Polsat: 4Q24 results review – adjusted EBITDA up 15% yoy, in line with the consensus NEUTRAL • Kruk: issues 1Q25 trading statement NEUTRAL • Aegean Airlines: 1Q25 traffic – a strong start to the year POSITIVE • Turkish Airlines: 1Q25 traffic – 4% ASK growth yoy NEUTRAL • Auto Partner: March sales growth recovers to 13% yoy, but still well below our FY expectations NEUTRAL • Bank M...
HEADLINES: • Magyar Telekom: regulatory risk outweighs the growth story (downgraded to HOLD) • DataWalk: actual 4Q24 figures in line with the prelims; strong hikes in sales funnel and value of acquired contracts in 1Q25 POSITIVE • LPP: key takeaways from 4Q24 and the strategy update presentation POSITIVE • Text: key takeaways from the 4Q24-25 preliminary earnings call NEUTRAL • Colt CZ Group SE: management's initial comment on US tariffs NEGATIVE • European oil and gas monthly: March 2025 – refi...
HEADLINES: • LPP: mediocre 4Q24 – EBIT 4-5% below expectations, but decent start to the year; FY25E guidance broadly maintained, and FY26-27E guidance of stable margins, despite major sales growth acceleration POSITIVE • EEMEA macro: US reciprocal tariff effects • Trade Estates: strong 2024 results POSITIVE • Motor Oil Hellas: 4Q24 results – CCS EBITDA in line with the consensus, but net income weak NEUTRAL • Eurocash: 4Q24 in line with the prelims NEUTRAL • Text: 4Q24-25 (calendar 1Q25) prelimi...
HEADLINES: • Mavi: a mispriced story with solid fundamentals (BUY - reinitiation of coverage) • Turkish banks: weather vs. climate (reinitiating on Akbank, Garanti, Isbank and Yapi Kredi with HOLDs) • Warsaw Stock Exchange: just move on up (stays BUY) • Benefit Systems: March sports cards addition surprises positively, mostly in Poland POSITIVE • MOL: announces dividend proposal of HUF 275/share NEUTRAL • EU macro: cohesion funds can be deployed for defence, housing and energy investments • Dino...
EME Equity Market – March 2025 Türkiye hammered, once again. The MSCI EM Europe Index advanced 0.5% in EUR terms and 4.5% mom in USD terms in March. The Czech PX Index was the best performer (+7.0% mom in EUR terms), followed by the Greek ASE (+4.8% mom), Polish WIG (+3.7% mom) and Hungarian BUX(+1.3% mom) indices (all in EUR terms). There was a muted performance from the Romanian BET Index (-0.1% mom in EUR terms). The Turkish ISE30 finished in the red again, declining 9.5% mom in EUR terms.
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