AT: Flughafen Wien - Q1 in line, very strong April traffic figures, potential guidance hike hinted with H1 results (positive) AT: UNIQA - EBT ahead of RBIe on better than expected investment income, strong combined ratio (positive) PL: PKO BP - Q1 22 bottom-line marginally ahead of expectations (neutral) PL: PZU - Q1 earnings slightly ahead of expectations on better than expected claims performance (positive) RU: Gazprom Neft - Gazprom Neft BoD recommends final dividends (positive) R...
AT: AMAG - Q1 results in line with RBIe but above consensus, major cash drain from NWC, FY 22 EBITDA guidance of > EUR 200 mn heralds (expected) upside to estimates (neutral) AT: Andritz - Record order backlog, in-line results and guidance confirmed (positive) AT: Erste Group - Q1 22 net profit beating expectations / strong core revenues offset by higher opex and weak trading result / guidance for 2022 marginally tweaked upwards / CET1 drop should be only temporary (positive) AT: Oester...
DE: Encavis - Encavis acquired a 11.5 MW wind farm in Denmark (neutral) HU: EU to trigger rule of law mechanism against Hungary (negative) RO: Banca Transilvania, BRD-GSG - National Bank of Romania raises key interest rate by 50 bps to 300 bps (neutral) RO: Purcari Wineries - Proposes dividend for 2021 of RON 0.51 per share (DY 4.4%) and the option for the capital increase (positive) RU: Russian Oil statistics - Daily oil output declines by 4% (negative)
The general evaluation of SURGUTNEFTEGAZ PAO (RU), a company active in the Integrated Oil & Gas industry, has been upgraded by the independent financial analyst theScreener with the addition of a star. Its fundamental valuation now shows 2 out of 4 possible stars while its market behaviour can be considered as defensive. theScreener believes that the additional star(s) merits the upgrade of its general evaluation to Positive. As of the analysis date February 4, 2022, the closing price was USD 0....
AT: Atrium - Announcement of the amount and payment dates of dividends based on adj. FFO (neutral) AT: Palfinger - Contract of CFO Strohbichler extended until the end of 2027 (neutral) AT: Raiffeisen Bank International - Q4 2021 consolidated net profit of EUR 317 mn 24% ahead of consensus / FY 22 guidance announced and proposed EUR 1.15 DPS from 2021 HU: MOL - January model refinery and petchem margins lower mom mainly due to higher gas prices (negative) PL: AmRest - Development agree...
STOXX Europe 600 Index review - No changes of index constituents in our Coverage Universe AT: BAWAG Group - Completion of Hello Bank acquisition (neutral) AT: UNIQA - Preliminary results of bond tender offer (neutral) PL: mBank - Interview with the CEO for Parkiet (neutral) PL: PGNiG - Downward revision of mid-term domestic gas production guidance (negative) RO: Digi Communications - Digi sells its Hungarian subsidiaries for EUR 625 mn (positive) RU: Russian O&G statistics - Daily...
AT: Addiko Bank - Q3 earnings below expectations, 2021 guidance reiterated (neutral) AT: CA Immo - Sale of hotel in Vienna (neutral) AT: EVN - EVN raised the FY 2020/21 net profit guidance to EUR 325 mn on valuation effects and better operations in Q4 (positive) AT: Lenzing - Q3 results in line with RBI but below consensus, guidance confirmed (neutral) AT: Raiffeisen Bank International - Q3 net profit well ahead of consensus,FY 21 guidance upgraded, 2022 risk costs seen at around 40 b...
AT: Erste Group - Q3 21 net profit 10% ahead of expectations, modest 2021 guidance upgrade mainly on lower risk costs and strong fees in Q3, no 2022 outlook at this stage (positive) AT: OMV - Speculation about a potential split of the company (neutral) HU: Wizz Air - October capacity similar to 2019, load-factor of 80% (neutral) PL: AmRest - Preliminary Q3 21 sales grow by 20.9% yoy to EUR 533.6 mn (neutral) PL: mBank - 2025 KPIs announced / CMD takes place on November 16 (positive) ...
WIG20/WIG30 indices review - No change in constituents AT: CA Immo - Sale of Budapest office property 28% above book value (positive) PL: Banks - Supreme Court once again failed to reach verdict on CHF loans (neutral) RU: Moscow Exchange - Trading in August grew 6% yoy (neutral) RU: RusHydro - Considers constructing 4 new HPPs, CSA guaranteed returns as an option (neutral) RU: Russian O&G statistics - Daily oil and condensate output slightly declined in August despite increase in qu...
Revenue and EBITDA were stronger hoh on higher hoh oil prices and production H1 21 free cash flow soared to USD 2.4 bn Cash pile expanded to USD 55.1 bn from USD 51.8 bn at the end of 2020 We see the results as marginally positive for the stock
AT: FACC - Positve EBIT and net profit in Q2 21, small hike of FY guidance (positive) AT: Vienna Insurance Group - Return to impressive top-line growth, EBT broadly in line (positive) RO: Electrica - Q2 21 net profit decreased significantly to RON 18.3 mn due to higher electricity expenses (negative) RU: Surgutneftegas - Strong H1 21 results allowed cash pile to increase to over USD 55 bn (positive)
Full Article at IIR has reaffirmed its Recommended rating for PIA after undertaking a review post the appointment of a new Portfolio Manager, Harding Loevner. The full report can be found on the IIR website. On 26 July 2021, Pengana International Equities Limited (PIA) announced a fully franked dividend of 1.35 cents per share for the June quarter. This represents an 8% increase on the March quarter dividend and takes the total dividends declared for FY21 of 5.1 cents per share, fully franked....
AT: AT&S - Q1 sales above consensus, EBITDA in line, net profit below, FY revenue guidance increased, but reported EBITDA unchanged (neutral) AT: Atrium - Gazit Globe offer of EUR 3.35 per share for 25% free float (positive) AT: CA Immo - CA Immo Holders Convert 2025 Bonds of EU197.8m Nominal Value (neutral) AT: Frequentis - Closing of C4i acquisition marks completion of L3Harris transaction (neutral) AT: Mayr-Melnhof - Takoever of Kotkamills closed (neutral) CZ: Komercni Banka - Q2 ...
2021e DPS of RUB 3.77 on preferreds, resulting in a dividend yield of more than 8% Average DY for the next three years is currently forecasted at over 7% for preferreds FCF to rebound to USD 3.6 bn in 2021e and USD 4.8 bn in 2022e (from USD 0.8 bn in 2020) Cash pile (including deposits) expected to grow up to USD 60 bn by 2022e
AT: Flughafen Wien - Q1 21 about in line, increased risks for FY guidance (neutral) AT: UBM Development - ISS ESG raising ESG rating to C+, 'Prime Status' AT: UNIQA - Q1 exceeding ambitious expectations, Covid-19 tailwinds (positive) AT: Wienerberger - Moody's affirmed Ba1 rating, outlook changed to stable from negative (neutral) PL: Orange Polska - No dividend to be paid out of 2020 profit, DPS of PLN 0.25 proposed to be paid out of 2021 profit (negative) RU: Lenta - Agreed to acqu...
AT: Atrium - Q1 headline figures broadly in line with previous quarters AT: CA Immo - Management board mandate of Keegan Viscius extended by three years (neutral) AT: Lenzing - Lenzing to invest EUR 200 mn in Asia to convert production facilities to specialty fibres and reduce CO2 emissions (neutral) HR: Atlantic Grupa - Dividend proposal of HRK 40 per share (positive) HU: MOL - April macro data show stronger refining and petchem model margins (positive) RO: Banca Transilvania - Q1 2...
-Surgutneftegas H2 20 revenue was almost in line with estimates -However, EBITDA exceeded forecast due to lower than expected material and selling cost -As a result of stronger EBITDA and positive WC effect, FCF was above projections -We treat the results as marginally positive for the stock
-Revenue is expected to be stronger on higher oil prices, though pressed by weaker oil output -EBITDA is estimated to gain 43% hoh thanks to hike in netbacks and weaker rouble -However it was not enough to bring FCF to the positive zone in H2 20e -2020 DPS on preferreds is estimated at RUB 6.72
AT: CA Immo - Starwood receives merger clearance from takeover comission (neutral) AT: Frequentis - CFO Bardach to retire to supervisory board in April, Peter Skerlan to succeed as CFO (neutral) AT: IMMOFINANZ - Confusion regarding conclusion of Pecik's stake sale, Pecik remains CEO (negative) AT: Lenzing - Lenzing transfers shareholding in Hygiene Austria to Palmers (neutral) EU: Utilities/ESG - Preliminary CO2 data shows 14.4% drop yoy in EU ETS-covered emissions (neutral) HU/AT: W...
STOXX Europe 600 Index review - Wizz Air to be added AT: FACC - Announces high level long-term strategy (neutral) AT: Mayr-Melnhof - Placement of promissory notes in the amount of EUR 1 bn for acquisition financing (neutral) AT: Zumtobel - Q3 results in line with RBIe except for positive one-off, good CF, positive adj. EBIT flagged for Q4 (neutral) HU: MOL - Stronger petchem margins in February to be supportive for Q1 downstream earnings (positive) HU: Wizz Air - February capacity at...
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