reports
- Natalia Svyriadi
Aegean Airlines | Flying high
Another upgrade on more resilient yields – 2024 looks set to be far more resilient than embedded in our previous estimates, given the strong demand and reasonable capacity additions in the remainder of the year. The improved outlook is manifested in our upgraded 2024e, where we fine tune our unit revenue assumption now envisaging flat yields yoy. On the cost side, we factor in the agreement with Pratt & Whitney on a compensation scheme for the grounding of the Airbus Family neo fleet, underlying...
- Natalia Svyriadi
Aegean Airlines | Flying high
Another upgrade on more resilient yields – 2024 looks set to be far more resilient than embedded in our previous estimates, given the strong demand and reasonable capacity additions in the remainder of the year. The improved outlook is manifested in our upgraded 2024e, where we fine tune our unit revenue assumption now envisaging flat yields yoy. On the cost side, we factor in the agreement with Pratt & Whitney on a compensation scheme for the grounding of the Airbus Family neo fleet, underlying...
- Research Team
WOOD Daily: SNP RO, RICHT HB, MIL PW, KRU PW, PCF PW, 11B PW
HEADLINES: • OMV Petrom: strategy update • Richter: acquires Belgian BCI Pharma to identify WHC preclinical drug candidates • Bank Millennium: ends repair programme • Kruk: announces a portfolio purchase in Spain • PCF Group: Project Gemini plan agreed and content rider concluded • 11 bit studios: Creatures of Ava to be released on 7 August • Short News (ALR, PKO BP, MTELEKOM)
- Research Team
WOOD Daily: 11B PW (upgraded to BUY), CEZ CP, PEO PW/PZU PW, GEKTERNA ...
HEADLINES: • 11 bit studios: awaiting a major boost in 3Q24E (upgraded to BUY) • CEZ: no counter-proposal from the State on the CZK 52/share dividend • GEK Terna: close of Attiki Odos deal delayed, rather as expected • Bank Pekao/PZU: press speculation that Luminor Bank is being offered to Polish financial institutions
- Maria Mickiewicz
- Piotr Raciborski
- CFA
11 bit studios: awaiting a major boost in 3Q24E (upgraded to BUY)
We are upgrading 11 bit studios (11B) to BUY from Hold, increasing our 12M price target (PT) by 34% to PLN 840, offering 33% potential upside. We expect the two scheduled game releases in 3Q24E, Frostpunk 2 and The Alters, to boost the results and drive the P/E into single-digit territory. Even though the 2025E results might decline yoy, as we assume that Projekt 8 could be delayed to 1Q26E, next year remains solid, as it should be supported by the Frostpunk 2 console release and paid DLCs, and ...
- Research Team
WOOD Daily: EME Macro/Strategy – EU Elections; LAMDA GA; BIMAS TI; LPP...
HEADLINES: • EME Macro/Strategy: how big should the political risk premium in Europe be? • Lamda Development: 1Q24 – with the wind in its sails • BIM: strong set of results in 1Q24 POSITIVE • LPP: 1Q24 strong, as expected; FY24E guidance maintained POSITIVE • CCC: 1Q24 results in line with prelims; positive trends maintained in 2Q24 NEUTRAL • US macro: Fed pushes back on rate cuts • Jahez: announces SAR 150m real estate purchase NEUTRAL • Text: 4Q23-24E preview – 1% yoy EBITDA drop expected (due...
- Research Team
The Rear-View Mirror – EME markets: Turkish equities in the lead
EME Equity Market – May 2024 Turkish equities lead, in the mostly green month of May. The MSCI EM Europe Index rose by 0.7% mom in EUR terms and 1.8% mom in LCU terms in May. The Turkish ISE30 index reported the strongest performance, adding 3.6% mom in EUR terms, followed by the Romanian BET and the Czech PX (+2.7% and 2.1% mom in EUR terms, respectively). The Hungarian BUX index and the Polish WIG20 remained broadly flat (+0.4% and +0.2% mom in EUR terms, respectively); although, in LCU terms,...
EUROB EUROBANK ERGASIAS SERVICES & HOLDINGS SA
PEO BANK POLSKA KASA OPIEKI SA
OPAP GREEK ORGANISATION OF FOOTBALL PROGNOSTICS SA
KRU KRUK S.A.
EXAE HELLENIC EXCHANGES SA
CEZ CEZ AS
ACP ASSECO POLAND SA
KRKG KRKA D.D.
HTO HELLENIC TELECOMMUNICATIONS ORGANIZATION SA
CDR CD PROJEKT S.A.
RBI RAIFFEISEN BANK INTERNATIONAL AG
OMV OMV AG
PKO PKO BANK POLSKI S.A.
KOMB KOMERCNI BANKA A.S.
BHW BANK HANDLOWY W WARSZAWIE S.A.
BIMAS BIM BIRLESIK MAGAZALAR A.S.
WIZZ WIZZ AIR HOLDINGS PLC
PZU POWSZECHNY ZAKLAD UBEZPIECZEN SPOLKA AKCYJNA
MIL BANK MILLENNIUM SA
BSK ING BANK SLASKI S.A.
BDX BUDIMEX S.A.
GEKTERNA GEK TERNA
MTELEKOM MAGYAR TELEKOM TELECOMMUNICATIONS
CAI CA IMMOBILIEN ANLAGEN AG
PKN POLSKI KONCERN NAFTOWY ORLEN S.A.
LPP LPP S.A.
ASELS ASELSAN ELEKTRONIK SANAYI VE TICARET A.S. CLASS B
BRISA BRISA-BRIDGESTONE SABANCI LASTIK SANAYI VE TICARET A.S.
CIMSA CIMENTO SANYAI VE TICARET A.S.
LOGO LOGO YAZILIM SANAYI VE TICARET A.S.
CCC CCC SA
CCOLA COCA-COLA ICECEK A.S.
GTC GLOBE TRADE CENTRE S.A.
TENERGY TERNA ENERGY S.A.
BFT BENEFIT SYSTEMS S.A. ALLOTMENT
MGROS MIGROS TICARET A.S
PGE PGE POLSKA GRUPA ENERGETYCZNA S.A.
PGSUS.E PEGASUS HAVA TASIMACILIGI AS
APR AUTO PARTNER SA
TBCB TBC BANK JOINT STOCK CO
TPEIR PIRAEUS BANK SA
ALPHA ALPHA BANK AE
PPC PUBLIC POWER CORPORATION S.A.
OTP OTP BANK NYRT
CAR INTER CARS S.A.
FROTO FORD OTOMOTIV SANAYI A.S.
OTKAR OTOKAR OTOMOTIV VE SAVUNMA SANAYI A.S.
THYAO TURK HAVA YOLLARI A.O.
EUR EUROCASH S.A.
ECH ECHO INVESTMENT
GSPARK GRAPHISOFT PARK SE
CPS CYFROWY POLSAT SA
MBR MO-BRUK S.A.
GPW WARSAW STOCK EXCHANGE
11B 11 BIT STUDIOS S.A.
TPE TAURON POLSKA ENERGIA S.A.
ALR ALIOR BANK SA
OTOEL AUTOHELLAS S.A.
VGO VIGO SYSTEM SA
BANK OF CYPRUS PCL
WPL WIRTUALNA POLSKA HOLDING SA
BRD BRD-GROUPE SOCIETE GENERALE
TLV BANCA TRANSILVANIA S.A.
ETEL TELECOM EGYPT
H4L1 HALYK SAVINGS BANK OF KAZAKHSTAN GDR
SNP PETROM S.A.
PBK PATRIA BANK SA
DIGI DIGI COMMUNICATIONS NV
DNP DINO POLSKA S.A.
NBGGY NATIONAL BANK OF GREECE S.A. ADS
BVB S.C. BURSA DE VALORI BUCURESTI S.A.
GEB BANK OF GEORGIA
RICHT RICHTER
M MED LIFE
SFG SPHERA FRANCHISE GROUP SA
ADNOCDIST ADNOC DISTRIBUTION PJSC
CGEO GEORGIA CAPITAL
SOKM SOK MARKETLER TICARET AS
EAT AMREST HOLDINGS SE
ESLT ELBIT SYSTEMS LTD
KAP NATIONAL ATOMIC COMPANY KAZATOMPROM
TEN TEN SQUARE GAMES
ILRA-R-A ILIRIJA D.D.
ALG ALLEGRO.EU SA
CZG CESKA ZBROJOVKA GROUP
DUNAHOUSE DUNA HOUSE
PCF PCF GROUP SA
HUGE HUUUGE
4IG 4IG NYRT
IGN1L IGNITIS GRUPE
PCO PEPCO GROUP NV
CTPNV KAZMUNAYGAS NC JSC
GPP CTP NV
ADNOCDRILL GRUPA PRACUJ DA
AROBS ADNOC DRILLING CO
2381 AROBS TRANSILVANIA SOFTWARE SA
7202 ARABIAN DRILLING CO.
9526 ARABIAN INTERNET & COMMUNICATIONS SERVICES CO
ELPE JAHEZ INTERNATIONAL CO
4071 HELLENIQ ENERGY
7203 ARABIAN CONTRACTING SERVICES CO
AQ ELM CO
GEV AQUILA PART PROD COM
GEVORKYAN A.S.
- Research Team
WOOD Daily: EMEA airlines; AKCNS TI; 4IG HB
• EMEA airlines: margin descent commencing? (Wizz Air stays BUY; Aegean Airlines, Pegasus Airlines and Turkish Airlines stay HOLDs); • Akcansa: 1Q24 financial results review; • 4iG: 1Q24 review – solid operating results, with 31% yoy pro-forma EBITDA growth; net loss reported due to FX and interest
- Jakub Caithaml
- Peter Palovic
EMEA airlines: margin descent commencing? (Wizz Air stays BUY; Aegean ...
The past two years have been a very profitable period for a number of airlines globally. The demand for travel rebounded sharply as the pandemic receded. This pulled the fare levels up, ushering in an era of record-high margins. Carriers able to ramp-up capacity quickly, while keeping costs in check, benefitted particularly. The ticket prices are still above the pre-pandemic levels. However, some airlines (Pegasus, Turkish Airlines) are seeing some softening of fares already, from the high base ...
- Research Team
WOOD Daily: SFG RO; PCF PW; ACP PW; TEN PW; ECH PW; GTC PW; PGE PW; CI...
HEADLINES: • Sphera Group: out of the shadows (stays BUY) • PCF Group: 1Q24 EBITDA above our and the market's expectations, driven by self-publishing POSITIVE • Asseco Poland: 1Q24 review – net profit up 16% yoy, 10% the above consensus POSITIVE • Ten Square Games: 1Q24 adjusted EBITDA as expected NEUTRAL • Echo Investment: 1Q24 – benign margin environment continuing for Polish homebuilders NEUTRAL • GTC: 1Q24 in line, management recommends PLN 0.22 DPS NEGATIVE • PGE: 1Q24 earnings in line with...
ACP ASSECO POLAND SA
HTO HELLENIC TELECOMMUNICATIONS ORGANIZATION SA
CIMSA CIMENTO SANYAI VE TICARET A.S.
GTC GLOBE TRADE CENTRE S.A.
BFT BENEFIT SYSTEMS S.A. ALLOTMENT
PGE PGE POLSKA GRUPA ENERGETYCZNA S.A.
ECH ECHO INVESTMENT
11B 11 BIT STUDIOS S.A.
DIGI DIGI COMMUNICATIONS NV
SFG SPHERA FRANCHISE GROUP SA
TEN TEN SQUARE GAMES
PCF PCF GROUP SA
- Research Team
WOOD Daily: KMGZ KZ, 11B PW, TOASO TI, BIMAS TI, FTSE GEIS, AEGN GA
• KazMunayGas: 1Q24 results - strong EBITDA • 11 Bit studios: quite positive first reviews of The Alters after the hands-on event • Tofas: the Competition Board extends the final review period for Tofas’s takeover of Stellantis Otomotiv • BIM: BoD proposes a DPS of TRY 10 • FTSE GEIS June 2024 quarterly review • Aegean Airlines: 1Q24 - ASK 24% above 1Q19, but revenue >50% higher, as RASK continues to trend up
- Jakub Caithaml
WOOD Flash – Aegean Airlines: 1Q24 – ASK 24% above 1Q19, but revenue >...
During 1Q24, Aegean managed to generate one of the strongest first-quarter results on record, as the RASK still trended up (5% yoy), even from the already high levels of 1Q23. The good performance in 1Q24, which was flagged by the company, reflects the successful efforts to extend the tourism season and provide higher capacity during the shoulder months, as well as the still strong demand for flying and the continued supportive ticket price environment. We see some upside for our forecasts for 2...
- Research Team
WOOD Daily: BOCH CY; MGROS TI; PCO PW; 11B PW; CZG CP; TL Macro; CPS P...
HEADLINES: • Bank of Cyprus: keep calm and return capital (stays BUY) • Migros: weak operating results in 1Q24 NEGATIVE • Pepco Group: 1H24 beat on gross margin; slow start to 3Q and cautious FY EBITDA guidance POSITIVE • 11 bit studios: 1Q24 adjusted EBITDA slightly above our forecast, but a touch below the consensus NEUTRAL • Colt CZ Group SE: weak 1Q24 results, but FY24E guidance reiterated NEGATIVE • Türkiye macro: CBT on hold, with a hawkish demeanour • Cyfrowy Polsat: key takeaways from th...
- Research Team
WOOD Daily: JAHEZ AB; ILRA CZ; FROTO TI; TOASO TI; APR PW; CAI AV; WPL...
HEADLINES: • Jahez: shifting up a gear (upgraded to BUY) • Ilirija d.d.: on track for another solid summer season (NOT RATED) • Ford Otosan: 1Q24 results – operating margin evolution as expected NEUTRAL • Tofas: 1Q24 results – operating performance as expected NEUTRAL • Auto Partner: 1Q24 results in line with the prelims; 34% yoy increase in logistics costs is the major concern NEUTRAL • CA Immo: 1Q24 – rents up 6% yoy lfl, more sales above book, pre-tax FFO I of EUR 26m NEUTRAL • Wirtualna Pols...
- Research Team
WOOD Daily: PZU PW; WPL PW; PPC GA; HSBK LI; CEZ CP; KMGZ KZ; GPP PW; ...
HEADLINES: • PZU: posts solid 1Q24, confirming growth trends in the non-life segment; strategy from new management update due in 4Q24E NEUTRAL • Wirtualna Polska: 1Q24 results review – adjusted EBITDA up 11% yoy, 3% above the consensus POSITIVE • Public Power Corporation: 1Q24 EBITDA jumps, but bottom line disappoints NEGATIVE • Halyk Bank: 1Q24 highlights and notes from the conference call NEUTRAL • CEZ: proposes CZK 52 DPS from the 2023 earnings NEUTRAL • KazMunayGas: Board recommends KZT 491....
- Research Team
WOOD Daily: CGEO LN; ELPE GA; GPW PW; BOCH CY; ALPHA GA; EUROB GA; BFT...
HEADLINES: • Georgia Capital: announces two new buyback programmes POSITIVE • HELLENiQ Energy: 1Q24 results – mildly above expectations POSITIVE • Warsaw Stock Exchange: bottom-line miss and further margin compression in the 1Q24 results NEGATIVE • Bank of Cyprus: 1Q24 highlights POSITIVE • Alpha Services and Holdings: 1Q24 highlights – trading-related beat, but NIM and fees evolve better than expected • Eurobank Ergasias Services: 1Q24 highlights – helped by trading income, but good quarter ove...
KRKG KRKA D.D.
MTELEKOM MAGYAR TELEKOM TELECOMMUNICATIONS
PKN POLSKI KONCERN NAFTOWY ORLEN S.A.
LOGO LOGO YAZILIM SANAYI VE TICARET A.S.
BFT BENEFIT SYSTEMS S.A. ALLOTMENT
ALPHA ALPHA BANK AE
MBR MO-BRUK S.A.
GPW WARSAW STOCK EXCHANGE
11B 11 BIT STUDIOS S.A.
BANK OF CYPRUS PCL
CGEO GEORGIA CAPITAL
CZG CESKA ZBROJOVKA GROUP
4IG 4IG NYRT
AROBS AROBS TRANSILVANIA SOFTWARE SA
ELPE HELLENIQ ENERGY
- Research Team
WOOD Daily: INPST NA; GSPARK HB; SFG RO; H2O RO; DIGI RO; AROBS RO; PG...
HEADLINES: • InPost: strong 1Q24, as expected; FY24E guidance maintained; slight volume deceleration in 2Q24 so far POSITIVE • Graphisoft Park: 1Q24 – occupancy and results stable so far; guidance maintained POSITIVE • Sphera Group: 1Q24 above our expectations POSITIVE • Hidroelectrica: 1Q24 – lower power prices offset by no tax on producers NEGATIVE • DIGI Communications: 1Q24 results – adjusted EBITDA up 22% yoy, 6% above our estimate POSITIVE • AROBS Transilvania Software: weak 1Q24 results, ...
HTO HELLENIC TELECOMMUNICATIONS ORGANIZATION SA
PKO PKO BANK POLSKI S.A.
BDX BUDIMEX S.A.
PGE PGE POLSKA GRUPA ENERGETYCZNA S.A.
GSPARK GRAPHISOFT PARK SE
11B 11 BIT STUDIOS S.A.
DIGI DIGI COMMUNICATIONS NV
RICHT RICHTER
SFG SPHERA FRANCHISE GROUP SA
INPST INPOST S.A.
AROBS AROBS TRANSILVANIA SOFTWARE SA
ELPE HELLENIQ ENERGY
H2O HIDROELECTRICA S.A.
- Research Team
WOOD Daily: CEZ CP; EUR PW; BIMAS TI; RICHT HB; ARABIAND AB; CE4/GR Ma...
HEADLINES: • CEZ: 1Q24 – strong beat on supply and generation POSITIVE • Eurocash: weak 1Q24 across the board NEGATIVE • BIM: 4Q23 results – strong beat POSITIVE • Richter: 1Q24 operations in line, net beat on FX revaluation NEUTRAL • Arabian Drilling: 1Q24 interim results – net income below expectations NEUTRAL • CE4/Greece macro: the consumption recovery – pivoting from necessities to discretionary • Türkiye macro: our takes from our Symposium; a focus on Coca-Cola Icecek, Tupras, and Aselsan ...
- Research Team
WOOD Daily: MBK PW; OTP HB; MIL PW; CCC PW; DNP PW; EAT PW; MOL HB; M ...
HEADLINES: • mBank: solid 1Q24 results justify one of the top market valuations (1Q24 P/BV of 2.1x) POSITIVE • OTP Bank: books solid 1Q24, keeps 2024E guidance unchanged NEUTRAL • Bank Millennium: 1Q24 results in line • CCC: 40% EBITDA beat in 1Q24, on opex control POSITIVE • Dino: 2-7% EBITDA miss in 1Q24 NEGATIVE • AmRest: 1Q24 broadly in line with our forecasts, but below the consensus NEGATIVE • MOL: 1Q24 results – EBITDA below expectations on maintenance NEUTRAL • MedLife: 1Q24 results poin...
MOL MOL NYRT
HTO HELLENIC TELECOMMUNICATIONS ORGANIZATION SA
MIL BANK MILLENNIUM SA
MTELEKOM MAGYAR TELEKOM TELECOMMUNICATIONS
CCC CCC SA
OTP OTP BANK NYRT
11B 11 BIT STUDIOS S.A.
DIGI DIGI COMMUNICATIONS NV
DNP DINO POLSKA S.A.
BVB S.C. BURSA DE VALORI BUCURESTI S.A.
M MED LIFE
EAT AMREST HOLDINGS SE
4IG 4IG NYRT
7202 ARABIAN INTERNET & COMMUNICATIONS SERVICES CO
- Jonathan Lamb
European Oil and Gas Monthly: April 2024 – margins retreating
Refining margins retreated again in April, by USD 1.2/bbl, to USD 12.6/bbl, remaining about 40% higher than usual for the season. Petrol cracks continued their seasonal rising trend, but diesel weakened more. Polymer margins had a positive month, but olefins and aromatics saw their margins go the other way.
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