OTP Bank: 3 directors

Two Directors at OTP Bank sold 15,000 shares at between 17,806.000HUF and 17,812.000HUF. The significance rating of the trade was 65/100. Is that information sufficient for you to make an investment decision? This report gives details of those trades and adds context and analysis to them such that you can judge whether these trading decisions are ones worth following. Included in the report is a detailed share price chart which plots discretionary trades by all the company's directors over the...

WOOD Daily: CBF PW; VRC PW; PPC GA; OPAP GA

HEADLINES: • cyber_Folks (CBF PW): top exposure to e-commerce and AI in Poland (BUY - initiation of coverage, PT PLN 177.2) • Vercom (VRC PW): global expansion through M&A ahead (HOLD - initiation of coverage, PT PLN 139.8) • Public Power Corporation: announces merger of Romanian businesses NEUTRAL • OPAP: extends Cyprus concession for another 15 years POSITIVE

WOOD Daily: OTP HB; RICHT HB; TL Macro

HEADLINES: • OTP Bank: just too much of a discount (upgraded to BUY) • Richter: takeaways from the Women’s Healthcare call NEUTRAL • Türkiye macro: good tourism data ahead of the summer this year • Short News (MTELEKOM)

OTP Bank: just too much of a discount (upgraded to BUY)

OTP Bank (OTP) is trading at our 2024-25E P/BVs of 1.0-0.9x, while it should deliver 2024-25E ROEs of 23-17%, on our current forecasts. It is also trading at our 2024-25E P/Es of 4.7-5.8x. These expectations are built on our conservative assumptions of deconsolidating Russia as of end-2024E, at zero book value repatriation and with only organic growth assumptions. At the same time, we identify OTP as having a material capital surplus and, judging from the CEO’s recent comments, management is lik...

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 25/06/2024

Peu de secteurs polarisent autant que le luxe automobile sportif. A la pointe de l’innovation technologique et artistique pour les uns, il est le reflet d’inégalités excessives pour les autres. Nous estimons que le secteur a un rôle prépondérant à jouer sur l’atténuation du changement climatique, mais aussi l’économie circulaire ou la transition juste. Considérant les impacts, risques et opportunités matériels, nous plaçons Ferrari en Best-in-Class ESG, Porsche en Neutre ESG, et Aston...

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 06/25/2024

Few sectors are as polarising as luxury sports cars. At the cutting edge of technological and artistic innovation for some, they reflect excessive inequality for others. We believe the sector has a key role to play in climate change mitigation, as well as in the circular economy and just transition. Taking into account material impacts, risks and opportunities, we see Ferrari as ESG Best-in-Class, Porsche as ESG Neutral and Aston-Martin Lagonda as ESG Not Recommended. - ...

ODDO BHF Small & MIDCAP MORNING NEWS - 06/25/2024

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ODDO BHF Small & MIDCAP MORNING NEWS - 25/06/2024

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WOOD Daily: GE Macro; CEZ CP; OPAP GA; ELPE GA

HEADLINES: • Georgia macro: Borrell's statements on Georgia • CEZ: AGM approves dividend of CZK 52/share NEUTRAL • OPAP: Greek gaming market picks up speed in April POSITIVE • HELLENiQ Energy: eyeing 50% stake in Elpedison; State to the rescue with regards to 35% stake in Depa Commercial? POSITIVE • Short News (MTELEKOM)

ODDO : What stock market momentum in France depending on the results o...

>Retail REITs broadly the best positioned - The announcement of the dissolution of parliament created a stock market shock or French real estate stocks leading to a negative performance of 10.6% since 7 June vs -4.2% for our other real estate stocks, notably in line with the increase in the 10-year OAT yield (c.+5bp) and its difference with the German 10-year yield (+c.23bp).The outcome of the legislative elections is still uncertain. Based on the sc...

ODDO : Quel momentum boursier sur l’immobilier côté français en foncti...

>Les foncières de commerce globalement les mieux positionnées - L’annonce de la dissolution de l’Assemblée Nationale a créé un choc boursier sur les valeurs immobilières françaises engendrant une performance négative de 10.6% depuis le 7 juin vs -4.2% sur nos autres valeurs immobilières, en ligne notamment avec la hausse du rendement de l’OAT 10 ans (+c.+5 pb) et son écartement avec le 10 ans allemand (+c. 23 pb).L’issue des élections législatives est encore inc...

Kruk S.A.: 1 director

A director at Kruk S.A. sold 7,000 shares at 460.840PLN and the significance rating of the trade was 71/100. Is that information sufficient for you to make an investment decision? This report gives details of those trades and adds context and analysis to them such that you can judge whether these trading decisions are ones worth following. Included in the report is a detailed share price chart which plots discretionary trades by all the company's directors over the last two years clearly showi...

WOOD Daily: Eurowag (stays BUY), OMV AV, GEKTERNA GA/TENERGY GA

HEADLINES: • WAG Payment Solutions (Eurowag): migration season starts now (stays BUY) • OMV: the company and its Partners have been awarded a second CO2 storage licence in Norway • GEK Terna: agrees to sell Terna Energy to Masdar of Abu Dhabi • Terna Energy: coverage discontinued • Short News (WPL, MTELEKOM)

WOOD Daily: Eurowag (stays BUY), OMV AV, GEKTERNA GA/TENERGY GA

HEADLINES: • WAG Payment Solutions (Eurowag): migration season starts now (stays BUY) • OMV: the company and its Partners have been awarded a second CO2 storage licence in Norway • GEK Terna: agrees to sell Terna Energy to Masdar of Abu Dhabi • Terna Energy: coverage discontinued • Short News (WPL, MTELEKOM)

ODDO : Tulips are not the only thing blooming in the Netherlands: Prov...

Dutch real estate companies showed signs of cautious optimism at the recent Provada conference, with logistics and retail favoured. Healthcare shows some positive signs, with limited devaluations. The Dutch government's potential reduction of the Real Estate Transfer Tax and new REIT regime could benefit listed real estate companies active in the country. - >Cautious optimism as market shows signs of improvement - Last week the annual Dutch real estate conference, Prov...

MBank S.A.: 1 director

A director at MBank S.A. sold 1,653 shares at 625.020PLN and the significance rating of the trade was 68/100. Is that information sufficient for you to make an investment decision? This report gives details of those trades and adds context and analysis to them such that you can judge whether these trading decisions are ones worth following. Included in the report is a detailed share price chart which plots discretionary trades by all the company's directors over the last two years clearly show...

WOOD Flash – Terna Energy: coverage discontinued

Due to the agreed takeover of the company, we are discontinuing our coverage of Terna Energy with immediate effect. We caution against using the forecasts, ratings and price target guidance issued previously on this stock.

WOOD Flash - GEK Terna: agrees to sell Terna Energy to Masdar of Abu D...

On 20 June, GEK Terna announced the long-rumoured sale of 36.59%-owned Terna Energy (TENERGY) to Masdar, the United Arab Emirates green energy vehicle, at EUR 20.0/share. Following the deal, Masdar will launch a mandatory public offer to acquire the minorities, also at EUR 20.0/share, with the whole process expected to be concluded towards the year end. The deal implies an EV/EBITDA multiple of about 16x on our 2024E estimates, but leaving aside the crystallisation of value, the sale makes stron...

WOOD Daily: Türkiye - inflation accounting, ELPE GA/MOH GA, GEKTERNA G...

HEADLINES: • EME Strategy: Türkiye - inflation accounting - demystifying the enigma • Greek refiners: Finance Ministry to impose an unexpected windfall tax on refiners • GEK Terna: agrees to sell Terna Energy to Masdar of Abu Dhabi • LPP: the Prosecutor’s office has opened an investigation against Hindenburg Research • Uzbekistan macro: notes from our recent trip • Short news (MTELEKOM)

Wedbush Gaming Weekly – Nintendo’s Bid to Extend the Switch Cycle