reports
- Research Team
WOOD Morning (25 June)
HEADLINES: * Romania: latest political developments and implications * Turkey macro: Erdogan's victory does not change TRY weakness * CEE macro: lots of headwinds still ahead * CEZ: CZK 33/share dividend approved, Babis controls supervisory board NEUTRAL * Polish gencos: regulator to revise Quality of Service benchmarks POSITIVE * LiveChat Software: revises FY17-18 EBITDA result NEUTRAL * PKO BP/Bank Pekao: PFR asks state-controlled banks to participate in Pesa restructur...
- Jakub Caithaml
WOOD Flash – Immofinanz: reverse stock split, trading under new ISIN...
On Saturday (23 June), the commercial court in Vienna recorded the resolution approving the 10:1 reverse stock split in the company’s register. Effective as of Saturday, Immofinanz’s number of shares has dropped from 1,120,852,699 to 112,085,269 shares.
- Research Team
The Rear-View Mirror – EME markets: Record drop in Turkish ESI in Ma...
EME Equity Market – May 2018 Market performance – only Russia in positive territory, while Athens the worst performer. The MSCI EME lost 2% mom in May, continuing the negative trend after April’s 3.2% contraction. The best performer for May was the Russian MOEX index, which outperformed its peers (+4.6%). All the other indices were in negative territory: the Greek ASE realised the largest drop (-11.9%); Budapest’s BUX lost 9.7%; the Turkish ISE30 was down 9.4%; the Warsaw WIG20 fell 7.3%...
PEO BANK POLSKA KASA OPIEKI SA
KER KERNEL HOLDING S.A.
OPAP GREEK ORGANISATION OF FOOTBALL PROGNOSTICS SA
EXAE HELLENIC EXCHANGES SA
ATRS ATRIUM EUROPEAN REAL ESTATE LIMITED
MOL MOL NYRT
EBS ERSTE GROUP BANK AG
CEZ CEZ AS
PETG UNIQA INSURANCE GROUP AG
KRKG PETROL D.D.
HTO KRKA D.D.
CDR HELLENIC TELECOMMUNICATIONS ORGANIZATION SA
RBI CD PROJEKT S.A.
IMO1 RAIFFEISEN BANK INTERNATIONAL AG
YKBNK IMMOFINANZ AG
OMV YAPI VE KREDI BANKASI A.S.
PGN OMV AG
ISCTR POLSKIE GORNICTWO NAFTOWE I GAZOWNICTWO SA
KOMB TURKIYE IS BANKASI ANONIM SIRKETI CLASS C
STCK KOMERCNI BANKA A.S.
TITK STOCK SPIRITS GROUP
BHW TITAN CEMENT CO. SA
ARHOF BANK HANDLOWY W WARSZAWIE S.A.
BIMAS AMREST HOLDING
WIZZ BIM BIRLESIK MAGAZALAR A.S.
DOAS WIZZ AIR HOLDINGS PLC
SPL DOGUS OTOMOTIV SERVIS VE TICARET A.S.
BSK SANTANDER BANK POLSKA SA
MTELEKOM ING BANK SLASKI S.A.
KGH MAGYAR TELEKOM TELECOMMUNICATIONS
CAI KGHM POLSKA MIEDZ S.A.
LPP CA IMMOBILIEN ANLAGEN AG
AEFES LPP S.A.
ASELS ANADOLU EFES BIRACILIK VE MALT SANAYII A.S.
ENKAI ASELSAN ELEKTRONIK SANAYI VE TICARET A.S. CLASS B
GUBRF ENKA INSAAT VE SANAYI A.S.
CCC GUBRE FABRIKALARI T.A.S.
CCOLA CCC SA
CIE COCA-COLA ICECEK A.S.
ANY CIECH S.A.
EUPRO ALLAMI NYOMDA
GTC GRIVALIA PROPERTIES REIC
HALKB GLOBE TRADE CENTRE S.A.
AEGN TURKIYE HALK BANKASI ANONIM SIRKETI
ENA AEGEAN AIRLINES SA
PGE ENEA S.A.
EKGYO PGE POLSKA GRUPA ENERGETYCZNA S.A.
AFLT EMLAK KONUT GAYRIMENKUL YATIRIM ORTAKLIGI A.G.
JSW AEROFLOT RUSSIAN AIRLINES
PGSUS.E JASTRZEBSKA SPOLKA WEGLOWA S.A.
NOG PEGASUS HAVA TASIMACILIGI AS
LVC NOSTRUM OIL & GAS PLC
PCM LIVECHAT SOFTWARE SA
TBCB PRIME CAR MANAGEMENT
GHG TBC BANK JOINT STOCK CO
TPEIR GEORGIA HEALTHCARE GROUP
OTP PIRAEUS BANK SA
PPA OTP BANK NYRT
CAR PIRAEUS PORT AUTHORITY S.A.
AYGAZ INTER CARS S.A.
FROTO AYGAZ A.S.
THYAO FORD OTOMOTIV SANAYI A.S.
TUPRS TURK HAVA YOLLARI A.O.
SAHOL TURKIYE PETROL RAFINERILERI A.S.
EUR HACI OMER SABANCI HOLDING A.S.
LTS EUROCASH S.A.
VAKBN GRUPA LOTOS S.A.
ECH TURKIYE VAKIFLAR BANKASI TURK ANONIM ORTAKLIGI
GSPARK ECHO INVESTMENT
CPS GRAPHISOFT PARK SE
TSGYO CYFROWY POLSAT SA
TPE TSKB GAYRIMENKUL YATIRIM ORTAKLIGI AS (A)
MDG TAURON POLSKA ENERGIA S.A.
ALR MEDICALGORITHMICS SA
CCH ALIOR BANK SA
OTOEL COCA-COLA HBC AG
PKP AUTOHELLAS S.A.
ICD PKP CARGO
ENERGA SA
WPL BANK OF CYPRUS PCL
ROSN WIRTUALNA POLSKA HOLDING SA
SAB1L ROSNEFT OIL CO. SPONSORED GDR REGS
BRD SIAULIU BANKAS
TLV BRD-GROUPE SOCIETE GENERALE
MONET BANCA TRANSILVANIA S.A.
SNG MONETA MONEY BANK AS
ATGR-R-A SOCIETATEA NATIONALA DE GAZE NATURALE ROMGAZ SA
SNP ATLANTIC GRUPA
TOFAS PETROM S.A.
5M71 TOFAS TURK OTOMOBIL FABRIKASI A.S.
MMK MAGNIT PJSC SPONSORED GDR REGS
MOEX MAGNITOGORSK IRON & STEEL WORKS (GDR)
PLY MOSCOW EXCHANGE MICEX-RTS PJSC
PFL PLAY COMMUNICATIONS SA
LKODN PFLEIDERER GROUP SA
OGZD OIL COMPANY LUKOIL PJSC SPONSORED ADR
DIGI GAZPROM (GDR)
NIIS DIGI COMMUNICATIONS NV
MNOD NAFTNA INDUSTRIJA SRBIJE NOVA SAD
DNP NORILSK NICKEL
COTE DINO POLSKA S.A.
NBGGY CONPET SA
SNN NATIONAL BANK OF GREECE S.A. ADS
TEL SOCIETATEA NATIONALA NUCLEARELECTRICA SA
ELSA C.N.T.E.E. TRANSELECTRICA
FP. SOCIETATEA ENERGETICA ELECTRICA
GEB FONDUL PROPRIETATEA S.A. GDR (REG S)
FTE BANK OF GEORGIA
TGN FORTE
RICHT SOCIETATEA NATIONALA DE TRANSPORT GAZE NATURALE TRANSGAZ S.A.
WABERERS RICHTER
KOFOL WABERER'S INTERNATIONAL ZRT
ALPHA KOFOLA
SBNC ALPHA BANK
M SBERBANK RUSSIA PJSC SPONSORED ADR
SFG MED LIFE
ELPE SPHERA FRANCHISE GROUP SA
CGEO HELLENIC PETROLEUM
PTKHY GEORGIA CAPITAL
PETKIM PETROKIMYA HOLDING AS
- Research Team
WOOD Morning (30 May)
HEADLINES: * Polish retailers: FX wind of change (CCC stays BUY, LPP stays SELL) * Immofinanz: 1Q18 – miss on higher overhead costs, driven by EUR 4m bonus for management NEGATIVE * Piraeus Bank: sale of corporate NPL portfolio to Bain Capital POSITIVE * Bank of Cyprus: reassuring first quarter * Ciech: 1Q18 - a very predictable quarter, continuation of negative dynamics NEUTRAL * Lotos: proposes PLN 1 DPS NEUTRAL * Cyfrowy Polsat: recommends no dividend from 2017 NI NE...
IMO1 IMMOFINANZ AG
SPL SANTANDER BANK POLSKA SA
TPS ORANGE POLSKA S.A.
LPP LPP S.A.
CCC CCC SA
CIE CIECH S.A.
TPEIR PIRAEUS BANK SA
EUR EUROCASH S.A.
LTS GRUPA LOTOS S.A.
ECH ECHO INVESTMENT
CPS CYFROWY POLSAT SA
BANK OF CYPRUS PCL
LKODN OIL COMPANY LUKOIL PJSC SPONSORED ADR
OGZD GAZPROM (GDR)
NBGGY NATIONAL BANK OF GREECE S.A. ADS
ELPE HELLENIC PETROLEUM
For IMMOFINANZ AG, the environment deterioration entails a downgrade t...
IMMOFINANZ AG (AT), a company active in the Real Estate Holding & Development industry, now shows a lower overall rating. The independent financial analyst theScreener just confirmed the fundamental rating of 3 stars out of 4, as well as the stock market behaviour of the title as moderately risky. However, environmental deterioration penalises the general evaluation, which is downgraded to Neutral. As of the analysis date May 18, 2018, the closing price was EUR 2.10 and its expected value was es...
- Research Team
WOOD Morning (14 May)
HEADLINES: * Isbank: 1Q18 wrap up - a mixed bag, with a beat, one-offs and a major accounting change NEUTRAL * ANY PLC: 1Q18 results review - strong revenue performance mitigated by lower profitability NEUTRAL * Pfleiderer: management recommends PLN 1.2 DPS NEUTRAL * Immofinanz: shareholders vote to appoint a special auditor to investigate sale of Moscow malls NEUTRAL * Cyfrowy Polsat: receives antimonopoly office approval for Netia acquisition NEUTRAL * MedLife: 1Q18E preview...
- Research Team
The Rear-View Mirror – CEE markets: Greek equities gained the most i...
EME Equity Market – April 2018 Market performance – ASE gained the most in April, while the ISE30 lost the most. The MSCI EME dropped by 3.2% mom in EUR terms. The ASE index (+10% mom) reported the largest rate of return, followed by the Polish WIG20 index (+2.9%), and the BUX (+2.7% mom); while the Turkish ISE30 lost -10.4% mom, followed by the Russian MICEX (-6.3% mom), and the Czech PX index (-1.4% mom). The Romanian BET index stayed fairly flat (-0.1% mom).
EUROB EUROBANK ERGASIAS SERVICES & HOLDINGS SA
PEO BANK POLSKA KASA OPIEKI SA
KER KERNEL HOLDING S.A.
JMT JERONIMO MARTINS SGPS S.A.
OPAP GREEK ORGANISATION OF FOOTBALL PROGNOSTICS SA
KRU KRUK S.A.
EXAE HELLENIC EXCHANGES SA
TCELL TURKCELL ILETISIM HIZMETLERI A.S.
ATRS ATRIUM EUROPEAN REAL ESTATE LIMITED
EBS ERSTE GROUP BANK AG
OGZD GAZPROM
CDR CD PROJEKT S.A.
ELPE HELLENIC PETROLEUM SA
IMO1 IMMOFINANZ AG
PGN POLSKIE GORNICTWO NAFTOWE I GAZOWNICTWO SA
PKO PKO BANK POLSKI S.A.
CETV CENTRAL EUROPEAN MEDIA ENTERPRISES LTD. CL A
FFGRP FOLLI FOLLIE S.A.
TITK TITAN CEMENT CO. SA
BHW BANK HANDLOWY W WARSZAWIE S.A.
FP FONDUL PROPRIETATEA
ARHOF AMREST HOLDING
SIF2 SIF MOLDOVA S.A.
PODRRA PODRAVKA
SPL SANTANDER BANK POLSKA SA
MIL BANK MILLENNIUM SA
BSK ING BANK SLASKI S.A.
FOYRK FOURLIS HOLDINGS S.A.
MTELEKOM MAGYAR TELEKOM TELECOMMUNICATIONS
KGH KGHM POLSKA MIEDZ S.A.
TPS ORANGE POLSKA S.A.
PKN POLSKI KONCERN NAFTOWY ORLEN S.A.
MYTIL MYTILINEOS S.A.
SAR GR. SARANTIS S.A.
LPP LPP S.A.
AKBNK AKBANK TAS
AEFES ANADOLU EFES BIRACILIK VE MALT SANAYII A.S.
ASELS ASELSAN ELEKTRONIK SANAYI VE TICARET A.S. CLASS B
ENKAI ENKA INSAAT VE SANAYI A.S.
CCC CCC SA
CCOLA COCA-COLA ICECEK A.S.
AEGN AEGEAN AIRLINES SA
TTKOM TURK TELEKOMUNIKASYON A.S.
ENA ENEA S.A.
EKGYO EMLAK KONUT GAYRIMENKUL YATIRIM ORTAKLIGI A.G.
NOG NOSTRUM OIL & GAS PLC
LVC LIVECHAT SOFTWARE SA
PCM PRIME CAR MANAGEMENT
ALPHA ALPHA BANK AE
ETE NATIONAL BANK OF GREECE S.A.
PPC PUBLIC POWER CORPORATION S.A.
OTP OTP BANK NYRT
PPA PIRAEUS PORT AUTHORITY S.A.
CAR INTER CARS S.A.
FROTO FORD OTOMOTIV SANAYI A.S.
EUR EUROCASH S.A.
PJP X5 RETAIL GROUP N.V. SPONSORED GDR REGS
LTS GRUPA LOTOS S.A.
ECH ECHO INVESTMENT
TKFEN TEKFEN HOLDING
CPS CYFROWY POLSAT SA
GPW WARSAW STOCK EXCHANGE
MDG MEDICALGORITHMICS SA
ALR ALIOR BANK SA
OTOEL AUTOHELLAS S.A.
PKP PKP CARGO
WPL WIRTUALNA POLSKA HOLDING SA
TLV BANCA TRANSILVANIA S.A.
NVTK NOVATEK JSC SPONSORED GDR REGS
N7MG NLMK (GDR)
SVST SEVERSTAL (GDR)
TELEC O2 CZECH REPUBLIC A.S.
SNP PETROM S.A.
TOFAS TOFAS TURK OTOMOBIL FABRIKASI A.S.
5M71 MAGNIT PJSC SPONSORED GDR REGS
MMK MAGNITOGORSK IRON & STEEL WORKS (GDR)
EREGL ERDEMIR
MOEX MOSCOW EXCHANGE MICEX-RTS PJSC
PLY PLAY COMMUNICATIONS SA
TPEIR PIRAEUS FINANCIAL HOLDINGS S.A.
PFL PFLEIDERER GROUP SA
NIIS NAFTNA INDUSTRIJA SRBIJE NOVA SAD
MNOD NORILSK NICKEL
COTE CONPET SA
TEL C.N.T.E.E. TRANSELECTRICA
ELSA SOCIETATEA ENERGETICA ELECTRICA
TGN SOCIETATEA NATIONALA DE TRANSPORT GAZE NATURALE TRANSGAZ S.A.
KAZ LN KAZ MINERALS
HTO OTE
JSW JSW
SAB1L SIAULIU BANKAS
BELA JUMBO
CEZ CEZ
OMV OMV
EVR EVRAZ
RBI RAIFFEISEN BANK INTERNATIONAL
DOM PW DOM DEVELOPMENT
UQA AV UNIQA INSURANCE GROUP
LNTA LI LENTA
UNIP UNIPETROL
SFG SPHERA FRANCHISE GROUP SA
ARGRRA ATLANTIC GRUPA DD
FTE FORTE ENERGY NL
SBER SBERBANK OF RUSSIA PJSC
SGGD SURGUTNEFTEGAS OJSC
- Research Team
WOOD Morning (20 April)
HEADLINES: * Atrium: steady as she goes (stays HOLD) * AmRest: 1Q18 sales at EUR 348m, up 31% yoy (also 31% in LC), 14.5% growth excluding M&A POSITIVE * Lenta: 1Q sales up 20% yoy on 6.1% lfl (mainly on ticket growth) POSITIVE * X5: 1Q sales growth slows to 20% yoy on eroding lfl (only 0.6%, as traffic was negative) NEGATIVE * Sarantis: new guidance for 2018E reassuring POSITIVE * Hellenic Petroleum: to accept bid for DESFA POSITIVE * Immofinanz: starts bidding process fo...
- Research Team
WOOD Morning (19 April)
HEADLINES: * Sberbank: first look after new sanctions - stay on the sidelines * Turkey politics: early presidential elections * Eurocash: sales at small stores jump 9% yoy in March, according to CMR POSITIVE * Prime Car Management: mediocre fleet growth in 1Q18 NEUTRAL * Immofinanz: spends EUR 390m buying 29% of S-Immo from Benko and Pecik NEGATIVE * Coca-Cola Icecek: 1Q18E preview - solid results, in spite of SCT impact in Turkey (due on 3 May) NEUTRAL * Short News (PLY,...
- Jakub Caithaml
WOOD Flash – Immofinanz: spends EUR 390m buying 29% of S-Immo from B...
Immofinanz has announced that it has purchased 19.5m bearer shares (29.14%) of S-Immo, from RPR group and Signa Group (controlled by Mr. Pecik and Benko, respectively), at EUR 20.0/share (EUR 390.0m). We interpret the transaction as a defensive move by Immofinanz, which is buying out an activist shareholder, who could, via S-Immo, potentially try to take control over Immofinanz.
- Research Team
WOOD Morning (18 April)
HEADLINES: * Sphera: like a bat out of hell (HOLD - initiation of coverage) * Fourlis: all eyes on IKEA (stays BUY) * Aselsan: CEO retires (unexpected and potentially negative) * Kernel: 3Q FY18 operations - negative dynamics & inventory build-up continue, but 4Q outlook strong NEUTRAL * Inter Cars: 4Q17 results - weak gross margin, but SG&A drop and destocking improves cash flow NEUTRAL * CA Immo/Immofinanz: Starwood publishes takeover offer for CAI and IIA NEUTRAL * BZ ...
SPL SANTANDER BANK POLSKA SA
MIL BANK MILLENNIUM SA
FOYRK FOURLIS HOLDINGS S.A.
MTELEKOM MAGYAR TELEKOM TELECOMMUNICATIONS
CAI CA IMMOBILIEN ANLAGEN AG
ASELS ASELSAN ELEKTRONIK SANAYI VE TICARET A.S. CLASS B
CAR INTER CARS S.A.
PKP PKP CARGO
SVST SEVERSTAL (GDR)
TELEC O2 CZECH REPUBLIC A.S.
MMK MAGNITOGORSK IRON & STEEL WORKS (GDR)
SFG SPHERA FRANCHISE GROUP SA
- Research Team
WOOD Morning (13 April)
HEADLINES: * Polish banks: shifting down a gear (PKO BP, Pekao, BZ WBK, mBank, ING BSK, Handlowy, Alior Bank, Millennium, Getin Noble Bank) * Turk Telekom: executing a five-year plan well (BUY - transfer of coverage) * Turkcell: aiming to build its own digital ecosystem (HOLD - transfer of coverage) * Emlak Konut: tenders Istanbul Barkikoy Florya RSM project for 2.17x POSITIVE * Enka Insaat: increases capital by 8.7% NEUTRAL * Immofinanz: proposes vote on a reverse share s...
PEO BANK POLSKA KASA OPIEKI SA
TCELL TURKCELL ILETISIM HIZMETLERI A.S.
IMO1 IMMOFINANZ AG
PKO PKO BANK POLSKI S.A.
BHW BANK HANDLOWY W WARSZAWIE S.A.
SPL SANTANDER BANK POLSKA SA
MIL BANK MILLENNIUM SA
BSK ING BANK SLASKI S.A.
MTELEKOM MAGYAR TELEKOM TELECOMMUNICATIONS
ENKAI ENKA INSAAT VE SANAYI A.S.
TTKOM TURK TELEKOMUNIKASYON A.S.
EKGYO EMLAK KONUT GAYRIMENKUL YATIRIM ORTAKLIGI A.G.
GNB GETIN NOBLE BANK SA
LVC LIVECHAT SOFTWARE SA
ALR ALIOR BANK SA
- Research Team
Focus: reinitiating on Nostrum Oil & Gas with a BUY and a GBp 404 PT; ...
HEADLINES: * Nostrum Oil & Gas: starting a new chapter (BUY - reinitiation of coverage) * Greece macro: refreshingly boring? * Immofinanz: 4Q17 - predictably weak, but positive underlying momentum driven by growing occupancy NEUTRAL * Dom Development: sells 848 units in 1Q18, up 5% yoy NEUTRAL * PKP Cargo: agreement for locomotive renovation with Newag NEUTRAL * The Rear-View Mirror - CEE markets: Romanian index the top performer in March
- Research Team
Focus: initiating on Dom Development with a HOLD and a PLN 88 PT; Turk...
HEADLINES: * Dom Development: riding the peak (HOLD - initiation of coverage) * Turkish automotive: green light for Tofas (DOAS stays BUY; FROTO stays HOLD; TOASO upgraded to BUY) * CA Immo/Immofinanz: Starwood Capital bids for CAI (EUR 27.5/share) and IIA (EUR 2.10/share) POSITIVE * CD Projekt: 4Q17 better on The Witcher sales, Gwent no surprises NEUTRAL * Cyfrowy Polsat: 4Q17 results - operating results in line, miss on the NI due to tax one-off NEUTRAL * Medicalgorithmics:...
CDR CD PROJEKT S.A.
IMO1 IMMOFINANZ AG
DOAS DOGUS OTOMOTIV SERVIS VE TICARET A.S.
CAI CA IMMOBILIEN ANLAGEN AG
GTC GLOBE TRADE CENTRE S.A.
OTP OTP BANK NYRT
AYGAZ AYGAZ A.S.
FROTO FORD OTOMOTIV SANAYI A.S.
TUPRS TURKIYE PETROL RAFINERILERI A.S.
CPS CYFROWY POLSAT SA
MDG MEDICALGORITHMICS SA
TLV BANCA TRANSILVANIA S.A.
TOFAS TOFAS TURK OTOMOBIL FABRIKASI A.S.
DIGI DIGI COMMUNICATIONS NV
LKOD LUKOIL
TGN SOCIETATEA NATIONALA DE TRANSPORT GAZE NATURALE TRANSGAZ S.A.
HTO OTE
DOM PW DOM DEVELOPMENT
- Research Team
The Rear-View Mirror – CEE markets: Moscow MICEX the regional top pe...
EME Equity Market – February 2018 Market performance –Moscow the regional top performer in February. In February, the MSCI EME lost 1.1% mom in EUR terms, vs. the 6.6% gain in the previous month. The largest rate of return in February was realised by the MICEX, up 2.1%, followed by Bucharest’s BET (+0.9% mom) and the Turkish ISE30 (+0.7%). The other regional indices ended the month in negative territory, with Warsaw’s WIG20 recording the largest drop (-7.9%) and Budapest’s BUX followin...
PEO BANK POLSKA KASA OPIEKI SA
KER KERNEL HOLDING S.A.
EXAE HELLENIC EXCHANGES SA
ATRS ATRIUM EUROPEAN REAL ESTATE LIMITED
EBS ERSTE GROUP BANK AG
BOCH BANK OF COMMERCE HOLDINGS
ELPE HELLENIC PETROLEUM SA
IMO1 IMMOFINANZ AG
PGN POLSKIE GORNICTWO NAFTOWE I GAZOWNICTWO SA
ISCTR TURKIYE IS BANKASI ANONIM SIRKETI CLASS C
KOMB KOMERCNI BANKA A.S.
CETV CENTRAL EUROPEAN MEDIA ENTERPRISES LTD. CL A
BHW BANK HANDLOWY W WARSZAWIE S.A.
FP FONDUL PROPRIETATEA
ARHOF AMREST HOLDING
SIF2 SIF MOLDOVA S.A.
WIZZ WIZZ AIR HOLDINGS PLC
PZU POWSZECHNY ZAKLAD UBEZPIECZEN SPOLKA AKCYJNA
DOAS DOGUS OTOMOTIV SERVIS VE TICARET A.S.
SPL SANTANDER BANK POLSKA SA
MIL BANK MILLENNIUM SA
BSK ING BANK SLASKI S.A.
MTELEKOM MAGYAR TELEKOM TELECOMMUNICATIONS
TPS ORANGE POLSKA S.A.
PKN POLSKI KONCERN NAFTOWY ORLEN S.A.
MYTIL MYTILINEOS S.A.
LPP LPP S.A.
AKBNK AKBANK TAS
ASELS ASELSAN ELEKTRONIK SANAYI VE TICARET A.S. CLASS B
ENKAI ENKA INSAAT VE SANAYI A.S.
CCC CCC SA
CCOLA COCA-COLA ICECEK A.S.
EUPRO GRIVALIA PROPERTIES REIC
HALKB TURKIYE HALK BANKASI ANONIM SIRKETI
ENA ENEA S.A.
BIZIM BIZIM TOPTAN SATIS MAGAZALARI AS
LWB LUBELSKI WEGIEL BOGDANKA S.A.
PGE PGE POLSKA GRUPA ENERGETYCZNA S.A.
EKGYO EMLAK KONUT GAYRIMENKUL YATIRIM ORTAKLIGI A.G.
AFLT AEROFLOT RUSSIAN AIRLINES
GNB GETIN NOBLE BANK SA
PGSUS.E PEGASUS HAVA TASIMACILIGI AS
LVC LIVECHAT SOFTWARE SA
GHG GEORGIA HEALTHCARE GROUP
ETE NATIONAL BANK OF GREECE S.A.
PPC PUBLIC POWER CORPORATION S.A.
PPA PIRAEUS PORT AUTHORITY S.A.
CAR INTER CARS S.A.
AYGAZ AYGAZ A.S.
FROTO FORD OTOMOTIV SANAYI A.S.
OTKAR OTOKAR OTOMOTIV VE SAVUNMA SANAYI A.S.
TUPRS TURKIYE PETROL RAFINERILERI A.S.
SAHOL HACI OMER SABANCI HOLDING A.S.
EUR EUROCASH S.A.
LTS GRUPA LOTOS S.A.
VAKBN TURKIYE VAKIFLAR BANKASI TURK ANONIM ORTAKLIGI
GSPARK GRAPHISOFT PARK SE
TKFEN TEKFEN HOLDING
CPS CYFROWY POLSAT SA
GPW WARSAW STOCK EXCHANGE
TPE TAURON POLSKA ENERGIA S.A.
MDG MEDICALGORITHMICS SA
ALR ALIOR BANK SA
OTOEL AUTOHELLAS S.A.
PKP PKP CARGO
ICD ENERGA SA
HB HELLENIC BANK LTD.
WPL WIRTUALNA POLSKA HOLDING SA
BRD BRD-GROUPE SOCIETE GENERALE
TLV BANCA TRANSILVANIA S.A.
NVTK NOVATEK JSC SPONSORED GDR REGS
TBCG TBC BANK GROUP
N7MG NLMK (GDR)
SVST SEVERSTAL (GDR)
TELEC O2 CZECH REPUBLIC A.S.
MONET MONETA MONEY BANK AS
SNG SOCIETATEA NATIONALA DE GAZE NATURALE ROMGAZ SA
SIF3 SIF TRANSILVANIA S.A.
SNP PETROM S.A.
TOFAS TOFAS TURK OTOMOBIL FABRIKASI A.S.
5M71 MAGNIT PJSC SPONSORED GDR REGS
SIF1 SIF BANAT-CRISANA S.A.
MMK MAGNITOGORSK IRON & STEEL WORKS (GDR)
EREGL ERDEMIR
PLY PLAY COMMUNICATIONS SA
TPEIR PIRAEUS FINANCIAL HOLDINGS S.A.
VTBR VTB BANK (GDR)
PFL PFLEIDERER GROUP SA
DIGI DIGI COMMUNICATIONS NV
SIF5 SOCIETATEA DE INVESTITII FINANCIARE OLTENIA SA
MOL MOL HUNGARIAN OIL & GAS PLC CLASS A
NIIS NAFTNA INDUSTRIJA SRBIJE NOVA SAD
COTE CONPET SA
SNN SOCIETATEA NATIONALA NUCLEARELECTRICA SA
TEL C.N.T.E.E. TRANSELECTRICA
ELSA SOCIETATEA ENERGETICA ELECTRICA
BVB S.C. BURSA DE VALORI BUCURESTI S.A.
0RO5 MEDLIFE
CCH COCA-COLA HBC
GEB BANK OF GEORGIA
DOC DO&CO
FTE FORTE
TGN SOCIETATEA NATIONALA DE TRANSPORT GAZE NATURALE TRANSGAZ S.A.
KAZ LN KAZ MINERALS
HTO OTE
SIF4 SIF MUNTENIA S.A.
JSW JSW
RICHT RICHTER
SAB1L SIAULIU BANKAS
SBER03 SBERBANK
GARAN GARANTI BANK
CEZ CEZ
OMV OMV
EVR EVRAZ
UNIP UNIPETROL
- Research Team
Focus: keeping our BUY on Bank of Cyprus, with unchanged EUR 3.7 PT; C...
HEADLINES: * Bank of Cyprus: market not convinced, but we are (stays BUY) * CA Immo: 4Q17 results - another strong quarter, FFO guidance suggests upside for our forecasts POSITIVE * Bizim Toptan: 4Q17 results - restructuring-heavy year ends on a high note POSITIVE * Aeroflot: 4Q17 results - a return to positive dynamics earlier than we expected POSITIVE * Dogus Oto: 4Q17 review - good operational print, but miss on bottom line; surprise dividend payout POSITIVE * Jeronimo Mart...
JMT JERONIMO MARTINS SGPS S.A.
BOCH BANK OF COMMERCE HOLDINGS
IMO1 IMMOFINANZ AG
OMV OMV AG
WIZZ WIZZ AIR HOLDINGS PLC
DOAS DOGUS OTOMOTIV SERVIS VE TICARET A.S.
CAI CA IMMOBILIEN ANLAGEN AG
ENA ENEA S.A.
AFLT AEROFLOT RUSSIAN AIRLINES
EUR EUROCASH S.A.
GPW WARSAW STOCK EXCHANGE
PLY PLAY COMMUNICATIONS SA
SAB1L SIAULIU BANKAS
SBER03 SBERBANK
- Jakub Caithaml
WOOD Flash – Immofinanz: suspends merger process with CAI, may sell ...
Immofinanz has announced that it is suspending the merger process with CA Immo, based on the supervisory board’s decision at the meeting held today. According to the statement, the company no longer expects the merger to take place in 2018. According to the press release, Immofinanz is also evaluating other options, including the disposal of the shares. Separately, the company announced a preliminary extension of the contract with CFO Stefan Schonauer, until 30 April 2021. We expect the share...
- Jakub Caithaml
3Q16 – does the weak end to the year mark an inflection point?
The last two months of 2016 brought (predictably) weak results for Immofinanz (IIA). The FFO, depressed by elevated expenses related to the ongoing refurbishment of properties, amounted to -EURÂ 9.9m for the two months (when not including the large positive current income taxes in the calculation). Also, the company booked yet another write-off of its Russian assets, whose value now stands just a touch above EURÂ 1.0bn. That said, the figures have come in broadly in line with our expectations, b...
- Jakub Caithaml
Immofinanz: shares down 7% on Friday – a compelling entry opportunit...
Following the refinancing steps announced on Thursday evening (12 January), Immofinanz shares were under strong pressure on Friday (13 January), closing 6.6% lower than the Thursday close on heavy volumes, as some 30m shares were traded during the session, over 10x the daily average.
- Jakub Caithaml
WOOD Flash – Immofinanz: 2Q16 – NAV slides further
Immofinanz has reported another set of weak results for 2Q16. While there has been some positive momentum in some of the cost lines (with lower property expenses, driven by lower taxes and declining vacancy costs), the underlying FFO was still very low (if we annualise the FFO I reported by Immofinanz, we get a c1.6% yield on the current share price), as Russia and, to a degree, office vacancy, still continued to weigh on the top line. While the resulting poor profitability was widely expected, ...
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