reports
- Research Team
WOOD Daily: SPL PW; PEO PW; PCF PW; EBS AV; OMV AV; BOROUGE UH; SNP RO...
HEADLINES: • Santander Bank Polska: 1Q24 results – 19%+ headline ROE affected only slightly by FX mortgage saga costs • Bank Pekao: 1Q24 results in line with market's expectations NEUTRAL • PCF Group: 4Q23 headlines hit heavily by write-offs, but a more limited EBITDA loss than we had expected NEUTRAL • Erste Bank: 1Q24 results NEUTRAL • OMV: 1Q24 results – chemicals stronger than expected NEUTRAL • Borouge: 1Q24 results – better than expected POSITIVE • OMV Petrom: 1Q24 results NEUTRAL • Garan...
- Research Team
WOOD Daily: ARCLK TI; SIPCHEM AB; KRU PW; EME Macro/Strategy Weekly; T...
HEADLINES: • Arcelik: weak bottom-line performance in 1Q24 NEGATIVE • Sipchem: 1Q24 results – weak net income NEGATIVE • Kruk: issues flash 1Q24 net profit of PLN 338m NEUTRAL • EME Macro/Strategy: macro all-in-one (22-28 April) • Türkiye macro: MPC takes a pause, but hiking cycle not over yet • OTP Bank: CEO Csanyi speaks at AGM on future acquisitions and Russian exposure POSITIVE • Budimex: BXF Energia acquires 60 MW photovoltaic project NEUTRAL • Inter Cars: dividend policy for 2023-25E and p...
Moody's Ratings affirms Bank Millennium's Baa3 long-term deposit ratin...
Moody's Ratings ("Moody's") has today affirmed Bank Millennium S.A.'s (BM) Baa3/P-3 long- and short-term deposit ratings and changed the outlook on the long-term deposit ratings to positive from negative. Further, Moody's affirmed the bank's ba3 Baseline Credit Assessment (BCA) and ba2 Adjusted BCA,...
Yandex N.V. Announces First Quarter 2024 Financial Results
Yandex N.V. Yandex N.V. Announces First Quarter 2024 Financial Results 26-Apr-2024 / 12:00 MSK The issuer is solely responsible for the content of this announcement. Yandex N.V. Announces First Quarter 2024 Financial Results AMSTERDAM, the Netherlands, April 26, 2024 -- Yandex N.V. (NASDAQ: YNDX), a Dutch public limited company, today announced its unaudited financial results for the first quarter ended March 31, 2024. Q1 2024 Financial and Operational Highlights1,2 On February 5, 2024, we announced our binding agreement with a purchaser consortium to sell all of the ...
- Gabor Bukta
- Szabolcs Pal
CEE Banks – Great opportunities with different risk profiles
The CEE region is expected to deliver a moderate rebound of GDP growth in 2024,following the preceding year’s weak growth, fuelling expectations of sustainable profits inthe banking sector. Inflation is seen to be twin faced in our region, similar to most of the coreeconomies. Even with a diminished potential for much intra-year improvement of the inflationpath in 2024, this inflation provides several CEE central banks more room to cut policy ratesthis year. Lower interest rates are expected to ...
- Research Team
WOOD Daily: JMT PL; CAR PW; MBR PW; SHO PW; TL Macro; UZ Macro; PL Ban...
HEADLINES: • Jeronimo Martins: small beat in 1Q24 NEUTRAL • Inter Cars: 4Q23 net profit in line with prelims, a miss vs. our initial forecasts due to lower gross margin NEUTRAL • Mo-BRUK: 4Q23 earnings call takeaways – supportive 2024E outlook POSITIVE • Shoper: earnings call takeaways – strong April, optimistic on 2024E outlook POSITIVE • Türkiye macro: MPC takes a pause, but hiking cycle not over yet • Uzbekistan macro: CBU keeps rates on hold • Polish banks: Polish Supreme Court reconfirms th...
- Research Team
WOOD Daily: MONET CP; ALR PW; SHO PW; MBR PW; WIZZ LN; ASELS TI; OPL P...
HEADLINES: • MONETA Money Bank: strong 1Q24 delivery, on better-than- expected revenues POSITIVE • Alior Bank: books small beat on 1Q24 delivery, driven by low credit risk charges; robust 2024E outlook supported POSITIVE • Shoper: 1Q24 adjusted EBITDA 9% above our expectations; FY23 results in line with prelims POSITIVE • Mo-BRUK: 4% miss vs. our 4Q23 adjusted EBITDA forecast, weak cash flows NEGATIVE • Wizz Air: fiscal 2024 post-close trading update POSITIVE • Aselsan: CEO's comments on exports...
TPS ORANGE POLSKA S.A.
ASELS ASELSAN ELEKTRONIK SANAYI VE TICARET A.S. CLASS B
CCC CCC SA
11B 11 BIT STUDIOS S.A.
ALR ALIOR BANK SA
VGO VIGO SYSTEM SA
MONET MONETA MONEY BANK AS
EAT AMREST HOLDINGS SE
TEN TEN SQUARE GAMES
INPST INPOST S.A.
SHO SHOPER SA
BOROUGE BOROUGE
AIRA AIR ASTANA JSC
- Research Team
WOOD Daily: OPL PW; VGO PW; GTC PW; PL Macro; HU Macro; KRU PW; BHW PW...
HEADLINES: • Orange Polska: 1Q24 results – EBITDAaL up 5% yoy, 4% above the consensus POSITIVE • VIGO Photonics: strong miss on EBITDA and bottom line NEGATIVE • GTC: 4Q23 – no material revaluation result, focus remains on refinancing ahead NEUTRAL • Poland macro: retail sales stay brisk in March • Hungary macro: MNB slows down pace of rate cuts • Kruk: 1Q24E preview (due on 8 May, after the close) • Bank Handlowy: 1Q24E preview (due on 9 May) • Eurocash: 1Q24E results preview – 16% yoy EBITDA ...
- Research Team
WOOD Daily: KSPI LI; KRU PW; TUPRS TI; TL Banks; SIPCHEM AB; JMT PL; E...
HEADLINES: • Kaspi.kz: 1Q24 highlights Kruk: buys more portfolios in Italy • Tupras: launches USD 256m propylene investment NEUTRAL • Turkish banks: coverage UNDER REVIEW • Sipchem: 1Q24E results preview (due on 25 April) NEUTRAL • Jeronimo Martins: 1Q24E results preview – 11% yoy EBITDA growth expected (due on 26 April, before the open) • Erste Bank: 1Q24E preview (due on 30 April) • BRD-GSG: 1Q24E preview (due on 2 May) NEUTRAL • PKO BP: 1Q24E preview (due on 9 May) • Banca Transilvania: 1Q24E...
KRU KRUK S.A.
EBS ERSTE GROUP BANK AG
CDR CD PROJEKT S.A.
PKO PKO BANK POLSKI S.A.
MIL BANK MILLENNIUM SA
2310 SAHARA INTERNATIONAL PETROCHEMICAL COMPANY
TUPRS TURKIYE PETROL RAFINERILERI A.S.
BRD BRD-GROUPE SOCIETE GENERALE
TLV BANCA TRANSILVANIA S.A.
TEN TEN SQUARE GAMES
KSPI KASPI KZ
HUGE HUUUGE
- Research Team
WOOD Daily: LPP - the glass is half full (stays BUY), EUR PW, 11B PW, ...
• LPP: the glass is half full (stays BUY) • Eurocash: 4Q23 beat on costs, profit warning for 1Q24E • 11 bit studios: 4Q23 adjusted EBITDA beats expectations on a solid top line • Polish banks: 2024 contributions to the BFG • MOL: oil production starts on a new platform at ACG field • Ford Otosan: completes the Eurobond book-building process • Kalekim: 2023 IAS 29 results - strong operating results • Lamda: 4Q23 results - a significant step-up in Ellinikon revenues, revaluation gain on existing m...
PEO BANK POLSKA KASA OPIEKI SA
MOL MOL NYRT
PKO PKO BANK POLSKI S.A.
BHW BANK HANDLOWY W WARSZAWIE S.A.
SPL SANTANDER BANK POLSKA SA
BSK ING BANK SLASKI S.A.
LAMDA LAMDA DEVELOPMENT S.A.
LPP LPP S.A.
FROTO FORD OTOMOTIV SANAYI A.S.
EUR EUROCASH S.A.
11B 11 BIT STUDIOS S.A.
ALR ALIOR BANK SA
KLKIM KALEKIM KIMYEVI MADDELER SANAYI VE TICARET AS
- Research Team
WOOD Daily: LAMDA GA, EL RO, PEO PW, 11B PW, SNN RO, EMEA airlines, BU...
HEADLINES: • Lamda: 4Q23 results - significant step-up in Ellinikon revenues, revaluation gain on existing malls • Electrica: proposed changes to the regulatory framework • Bank Pekao: AGM chooses new Supervisory Board members, approves PLN 19.2 DPS • 11 bit studios: release date of INDIKA moved to 2 May • Nuclearelectrica: shareholders abstain from voting on the items from yesterday’s GMS • EMEA airlines: 1Q24 traffic - a good start to the year • Budimex: 1Q24E flat yoy - profitability improvem...
- Ece Mandaci
MLP Care
MLP Care has effectively restructured its hospital portfolio over the past four years and implemented cost optimization measures, resulting in a 10% EBITDA CAGR in USD terms from 2019 to 2023. As private health insurance and foreign medical tourism revenues continued to recover, the proportion of revenue exposed to the social security system decreased to 14% by 2023. Concurrently, net debt decreased from USD348m in 2019 to USD110m in 2023, with 70% attributed to lease liabilities. Anticipating a...
- Research Team
WOOD Daily: SOKM TI, CAR PW, PL telecoms, PL media, SNP RO
HEADLINES: • Sok Marketler: weak performance in the 4Q23 results • Inter Cars: targets 15-17% yoy revenue growth this year • Polish telecoms: telecommunications fee to grow from 0.05% of sales to 0.15% sales • Polish media: CPS audience share at 21.53%, WP TV at 0.61% in March 2024 • OMV Petrom: 1Q24E results preview (due out 30 April)
- Research Team
WOOD Daily: PGSUS TI, 11B PW, VGO PW, GPP PW, APR PW, CCC PW, KAP TI
• Pegasus Airlines: 1Q24 traffic - international ASK up 85% vs. 1Q19 • 11 bit studios: Frostpunk 2 Beta now available for seven days, first gameplay deep dive trailer released • VIGO Photonics: 1Q24 sales down 16% yoy to PLN 15.8m • Grupa Pracuj: new online job ads number down 19% yoy in March 2024 • Auto Partner: earnings call takeaways - solid FY24E outlook maintained, despite disappointing March sales • CCC: key takeaways from the recent site visit • Kazatomprom: awarded a licence for Rare Ea...
- Research Team
WOOD Daily: ADNOCDRI UH; ARABIAND AB; PPC GA; KRU PW; BDX PW; PL Utili...
HEADLINES: • Middle Eastern Oil Services: we’re going with what’s growing (ADNOC Drilling upgraded to BUY, Arabian Drilling downgraded to HOLD) • Public Power Corporation: 4Q23 earnings review NEUTRAL • Kruk: 1Q24 trading update shows strong recoveries POSITIVE • Budimex: 4Q23 figures in line with the preliminary guidance NEUTRAL • Budimex: management recommends PLN 35.69 DPS (5% dividend yield), above our expectations POSITIVE • Polish utilities: Industry Ministry plans to link mines to coal-fi...
- Research Team
WOOD Daily: SNP RO; OMV AV; MIL PW; PL Utilities; EME Macro/Strategy W...
HEADLINES: • OMV Petrom: 1Q24 trading statement POSITIVE • OMV: 1Q24 trading statement NEUTRAL • Bank Millennium: 1Q24E CHF mortgage saga provisions land at PLN 507m NEUTRAL • Polish gencos: IndMin floats notion of alternative solution to the NABE NEUTRAL • EME Macro/Strategy: macro all-in-one (1-7 April) • Halyk Savings Bank: pays off State aid fully POSITIVE • Orange Polska: key takeaways from the interview with the CTO NEUTRAL • Polish telecoms: mobile number portability in 1Q24 NEUTRAL • Pub...
- Research Team
WOOD Daily: BDX PW; CCC PW; PGE PW; HU Macro; PL Macro; BDX PW; PCF PW...
HEADLINES: • Budimex: stands out, but deserves a pause (downgraded to HOLD) • CCC: 4Q23 slightly below prelims; sales acceleration and gross margin widening in 1Q24E POSITIVE • PGE: takeaways from the 4Q23 earnings call NEUTRAL • Hungary macro: the rise of the “Peter Magyar” phenomenon • Poland macro: local elections and NBP decision show continuity • Budimex: UOHS cancels decision on choosing BDX's offer for the D11 highway NEGATIVE • Budimex: potential new contract in road construction (PLN 0...
Bank Millennium S.A.: 1 director
A director at Bank Millennium S.A. sold 20,500 shares at 10.595PLN and the significance rating of the trade was 54/100. 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 cl...
- Research Team
WOOD Daily: GEV CP; THYAO TI; GPP PW; MOH GA; ENA PW; TXT PW; BGEO LN;...
HEADLINES: • GEVORKYAN: the power of powder (BUY - initiation of coverage) • Turkish Airlines: 4Q24 – ending a very good year on a strong note POSITIVE • Grupa Pracuj: 4Q23 results – adjusted EBITDA up 18% yoy, 8% above the market consensus POSITIVE • Motor Oil Hellas: 4Q23 results NEUTRAL • Enea: preliminary 4Q23 results POSITIVE • Text: key takeaways from the 4Q23-24 preliminary earnings call NEUTRAL • Bank of Georgia: finalises Ameria acquisition POSITIVE • Aegean Airlines: 1Q24 traffic – goo...
- Ece Mandaci
Turkcell
We favor Turkcell due to its strong revenue growth, primarily driven by price adjustments, mitigated impact of cost pressures and decline in financial leverage. We incorporate IAS29 effect to financials, revise up target price to TL110 per share (previously TL96) and maintain BUY rating. At 2024E EV/EBITDA ratio of 2.8x, Turkcell is trading at a 38% discount to its peers. 4Q23 Review, without the effect of inflationary accounting: Turkcell witnessed an 83% y/y revenue growth, thanks to ARPU gro...
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