HEADLINES: • Colt CZ Group SE: full metal jacket (stays BUY) • Pegasus Airlines: another good year (stays HOLD) • Allegro: 2Q24 above expectations, but growth deceleration guided for 3Q24E NEUTRAL • Echo Investment: 2Q24 ahead of PAP consensus expectations • Auto Partner: key takeaways from the 2Q24 earnings call NEUTRAL • Halyk Bank: announces programme to buy back up to USD 50m of its GDRs
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: • Wirtualna Polska: WP boosts media margins (stays BUY) • Aselsan: 2Q24 IAS 29 results – strong execution POSITIVE • Inter Cars: 2Q24 EBITDA 10% above our forecast and 5% above the consensus, on higher margin POSITIVE • Inter Cars: August sales growth at 8% yoy, in line with our expectations NEUTRAL • PCF Group: new work-for-hire agreement with Krafton; PLN 7m write-off on Project Red POSITIVE • Santander Bank Polska: strategic investor wants to reduce its stake • Kazatomprom: obtains...
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)
HEADLINES: • Duna House: loan ranger, with dividends to boot (BUY) • EME Macro/Strategy: macro all-in-one (2-8 September) • Huuuge Games: 2Q24 earnings call takeaways NEUTRAL • Auto Partner: August sales growth decelerates to just 7% yoy NEGATIVE • CD Projekt: class action lawsuit in the US regarding technical solutions used by GOG NEUTRAL • PCF Group: termination of credit facilities at Bank Pekao NEUTRAL • DIGI Communications: delivers first part of FTTH network in Spain NEUTRAL
Four Directors at CEZ sold 25,000 shares at between 855.600CZK and 862.290CZK. 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 ...
We maintain our BUY rating on Inter Cars (CAR) and our HOLD on Auto Partner (APR). The 2024E outlook now seems more challenging for auto parts distributors than we assumed in our February update. We believe, however, that this has already been priced in by the market. The key differences in the 2024E outlook between APR and CAR were reflected in the 1Q24 yoy SG&A dynamics, with CAR weathering the cost pressure better, in our view. Despite the short-term challenges, we believe the long-term funda...
Trade Estates’ (TE) 1H24 FFO came in at EUR 7m, above our estimate of EUR 6m, and up over 50% yoy. The strong growth was driven chiefly by the Smart Park acquisition. On the call with investors, Mr. Fourlis, the Chairman of the Board, reiterated the intention of Fourlis Group to sell a stake in Trade Estates by the year end, via a private placement, which would reduce its stake from 63.6% to sub-50%. This could double the free float (currently 22%) and improve the liquidity of the TE shares (3M ...
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...
>Dutch real estate transfer tax to be reduced from 10.4% to 8% - The Dutch government will reduce the transfer tax for commercial buyers to 8%, according to leaked documents that newspaper De Telegraaf released. This is still more than the 6% it was before 2021, but less than the current 10.4%. The budget has now been sent to the Council of State. On “Prinsjesdag”, September 17, the House of Representatives will officially receive the plans, and the budget will be mad...
HEADLINES: • DIGI Communications: heavyweight European telco champion (upgraded to BUY) • PZU: posts PLN 1.19bn of net profit in 2Q24; results affected by higher combined ratio in P&C NEUTRAL • Motor Oil Hellas: 2Q24 results POSITIVE • CD Projekt: 2Q24 EBITDA 4-7% above expectations; Polaris to enter production phase “very soon” NEUTRAL • Mo-BRUK: 2Q24 EBITDA 8% above our forecast, but in line with the consensus NEUTRAL • Dom Development: 2Q24 – in line, at first glance NEUTRAL • CA Immo: 2Q24 i...
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: Dino Polska: 5-13% EBITDA miss in 2Q24, first yoy EBITDA drop since IPO NEGATIVE Bank of Georgia: 2Q24 highlights NEUTRAL Kazatomprom: 2Q24 results and 2025E production guidance POSITIVE Brisa: bottom line hit by financing costs, taxes; FY24 demand outlook remains challenging NEUTRAL Warsaw Stock Exchange: 2Q24 results NEGATIVE Budimex: 2Q24 results fully in line with the prelims NEUTRAL Benefit Systems: earnings call takeaways – supportive 2025E profitability outlook for Poland NEUTR...
A director at Wizz Air Holdings bought 13,350 shares at 1,273p and the significance rating of the trade was 70/100. 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 clearl...
HEADLINES: • PKO BP: posts very solid 2Q24 delivery, implying upside risk for 2024E forecasts POSITIVE • Cyfrowy Polsat: 2Q24 results review – EBITDA up 8% yoy, 3% above our estimate POSITIVE • Benefit Systems: better-than-expected 2Q24 and FY24E profitability outlook revised upwards POSITIVE • GTC: 2Q24 in line, 2026 EUR 500m refinancing should be priority NEUTRAL • Orlen: 2Q24 results – in line with previous estimates NEUTRAL • Halyk Bank: 2Q24 conference call takeaways • CEZ: FinMin proposes ...
HEADLINES: • Migros: solid operating results in 2Q24 POSITIVE • NEPI Rockcastle: 1H24 – robust NOI growth and strong tenant sales POSITIVE • Banca Transilvania: 2Q24 bottom-line beat on higher trading income and lower provisions booked POSITIVE • Teknosa: weak set of results in 2Q24 NEGATIVE • Akcansa: 2Q24 conference call takeaways • Türkiye macro: CBT reaffirms prolonged pause • NLB Group: threshold for Addiko acquisition not met, plan shelved NEGATIVE • Bank Pekao and Commerzbank: notify Nati...
HEADLINES: • Coca-Cola Icecek: mixed results in 2Q24; 2024E guidance revised downwards NEGATIVE • Halyk Bank: 2Q24 highlights – quarter in line, margin makes up for soft COR and fee growth • Bank of Cyprus: to hold EGM on 13 September • CCC: to purchase 2.5% Modivo shares for PLN 100m NEUTRAL • Dino: 2Q24E preview – 4% yoy EBITDA erosion expected (due on 22 August) • Kazatomprom: 2Q24E results preview (due on 26 August) NEUTRAL
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