HEADLINES: • Poland macro: August retail sales ring alarm bells • 11 bit studios: 350k Frostpunk 2 copies sold; costs fully covered already NEUTRAL • 11 bit studios: IR comments – Frostpunk 2 sales volumes as expected, disappointed with player reviews NEUTRAL • 11 bit studios: Frostpunk 2 falls to 11th position on Steam top seller list NEGATIVE • Richter: USD 10m milestone from Japan’s Fuji Pharma NEUTRAL
HEADLINES: • EME Macro/Strategy: macro all-in-one (16-22 September) • Raiffeisen Bank International: signs agreement targeted at sale of its Belarusian operations • 11 bit studios: Frostpunk 2 post-release player reviews and player count disappoint NEGATIVE • PCF Group: updates timeframe for strategy implementation, new PLN 350m financing needed in 2025-26E NEGATIVE • Kety: takeaways from the Investor Day NEUTRAL • ADNOC Distribution: Board approves interim dividend NEUTRAL • VIGO Photonics: beg...
HEADLINES: • Al Arabia Outdoor Advertising: waiting for better times (downgraded to HOLD) • Noval Property: 1H24 – recurring results in line with our estimates NEUTRAL • Motor Oil Hellas: fire at refinery NEGATIVE • Inter Cars: key takeaways from the 2Q24 earnings call NEUTRAL • Lamda Development: another land plot sales tranche, to lift NAV by 6% POSITIVE • mBank: UniCredit seeks regulator's approval to reach 30% stake in Commerzbank • CTP: raises EUR 300m through an ABB, at EUR 16.0/share • 11...
HEADLINES: • GEVORKYAN: 2Q24 EBITDA down 12% yoy on one-off costs NEUTRAL • Auto Partner: 2Q24 slightly ahead of expectations NEUTRAL • CCC: change of Modivo CEO NEUTRAL • NEPI Rockcastle: potential acquisition of Magnolia Park • Kety: 3Q24E preview – stable EBITDA (+4% yoy) expected (due on 19 September)
HEADLINES: • CD Projekt: expensive after the rally (downgraded to SELL) • 11 bit studios: interview with CEO – “very satisfied” with Frostpunk 2 pre-orders POSITIVE • MOL: secures new agreements for crude supply via Druzhba POSITIVE • Allegro: 2Q24E results preview – 28% yoy EBITDA growth expected (due on 19 September) • Short News (CEZ)
EME Equity Market – August 2024 A red month for the EME indices, with only the Czech PX index in positive territory. The MSCI EM Europe index declined by 4.7% in EUR terms and 2.6% in USD terms in August. The Czech PX index was the only index to report a positive figure, adding 0.5% mom in EUR terms. The rest of the indices were in the red: the Turkish ISE30 index was down 11.5% mom in EUR terms, followed by Greece (-3.2% mom), Romania (-2.6% mom) and Hungary (-1.2% mom; all in EUR terms). The P...
HEADLINES: • Kruk: 2Q24 results – recently-announced miss caused by higher costs and negative revaluations in Spain NEUTRAL • Eurocash: weak 2Q24 across the board NEGATIVE • Asseco Poland: 2Q24 review – net profit down 10% yoy, 7% above the consensus POSITIVE • 11 bit studios: 2Q24 adjusted EBITDA slightly below our expectations, but bottom line boosted by associates NEUTRAL • Grupa Pracuj: 2Q24 results – adjusted EBITDA flat yoy, 2% above the market consensus; bottom-line miss on revaluation of...
HEADLINES: • Trade Estates: Greek retail parks – a dividend growth story (HOLD - initiation of coverage) • Wizz Air: thrust issues (stays BUY) • Bank Pekao: posts bottom line slightly below expectations, NPL ratio down to below 5%, solid 19%+ ROE intact NEUTRAL • CCC: 12% EBITDA beat in 2Q24, on opex control POSITIVE • Logo Yazilim: 2Q24 results – strong margin recovery, FY24E guidance reiterated POSITIVE • CEZ: 2Q earnings beat, EBITDA guidance up 2-3%, but net guidance unchanged NEUTRAL • CTP:...
HEADLINES: • Banca Transilvania: still some gas in the tank (stays BUY) • Ford Otosan: weak set of results in 2Q24 NEGATIVE • ING Bank: posts neutral set of 2Q24 results NEUTRAL • Shoper: preliminary 2Q24 adjusted EBITDA up by a strong 32% yoy, as expected NEUTRAL • Public Power Corporation: 2Q24 beats, on lower receivables provisioning and tax rate NEUTRAL • Richter: takeaways from the 2Q24 earnings call NEUTRAL • 11 bit studios: PAP interview with the CEO – key takeaways NEUTRAL • MOL: 2Q24E r...
HEADLINES: • EME Macro/Strategy: how strong are the recession signals? • Richter: well-rounded 2Q24 beat vs. the consensus POSITIVE • Tupras: 2Q24 results and dividend announcement POSITIVE • Turkish Airlines: 2Q24 – RASK up 1% and CASKX up 8% yoy, driving margins lower from peak levels, as expected NEUTRAL • Arabian Drilling: 2Q24 results below expectations NEGATIVE • Air Astana Group: 2Q24 in line, but 1H24 EBIT and FCFE both down yoy, and VietJet entry into Kazakhstan a risk NEUTRAL • KazMuna...
EME Equity Market – July 2024 Greece the biggest winner, while Poland the clear loser in July. The MSCI EM Europe Index declined by 1.1% in EUR terms and 0.3% in USD terms in July. The Greek ASE Index posted the best performance for the month, advancing by 5.3% mom in EUR terms. There was a broadly similar performance in Hungary, Czechia and Romania (+ 2.9%, 2.7% and 2.1% mom in EUR terms, respectively). The Turkish ISE30 Index declined by 1.6% mom in EUR terms, but the clear loser was the Polis...
HEADLINES: • Krka: 2Q24 earnings review NEUTRAL • PZU: AGM refuses to discharge entire management board from performance of duties for 2023 • PKO BP: Supervisory Board updates its recommendations for the AGM, due to reconvene next week • Mo-BRUK: signs PLN 9m contract for ecological bomb decommissioning in Katowice NEUTRAL • Richter: EMA accepts Denosumab submission NEUTRAL • OMV Petrom: 2Q24E results preview (due on 30 July) NEUTRAL • Arabian Drilling: 2Q24E results preview (due on 4 August) NE...
A director at 11 Bit Studios S.A. bought 120 shares at 634.667PLN and the significance rating of the trade was 52/100. 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 cle...
EME Equity Market – June 2024 Another positive month for most of the EME indices, with the Hungarian BUX Index outperforming. The MSCI EM Europe Index rose by 1.0% in EUR terms, but declined -0.2% in USD terms in June. The Hungarian BUX index reported the strongest performance, adding 4.8% in EUR terms, followed by the Romanian BET and the Polish WIG20 (+3.7% and 2.1%, in EUR terms, respectively), and the Turkish ISE30 (+0.9% in EUR terms). Greece and the Czech Republic were in negative territor...
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)
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
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 ...
HEADLINES: • Ford Otosan: getting ready to fire on all cylinders (upgraded to BUY) • Czech Republic macro: May inflation moderates, to hit the low point soon • Hungary macro: May inflation up, but in line with expectations • Richter: acquires Mithra assets for an EV of EUR 175m NEUTRAL • Jumbo: turnover +10%/+8% in May/5M24 POSITIVE • OMV Petrom: to invest EUR 750m in renewable fuels at Petrobrasi refinery NEUTRAL • Short News (ALR, PKO)
HEADLINES: • Erste Bank: strong capital position, strong returns (stays BUY) • NLB Group: presentation of offer to Addiko shareholders – takeaways NEUTRAL • Wirtualna Polska: concludes conditional agreement to acquire Romanian travel e-commerce business POSITIVE • ADNOC Drilling JV increases its stake in Gordon Technologies POSITIVE • Richter: Mithra declares bankruptcy, Richter talks continue NEUTRAL • OMV: starts up co-processing biofuels plant at Schwechat refinery NEUTRAL • LPP: 1Q24E result...
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