reports
- Research Team
WOOD Daily: CTPNV NA; GE Macro; RBI AV; AIRA LI; TPEIR GA; ALK MS; ETE...
HEADLINES: • CTP: better late than never (upgraded to BUY) • Georgia macro: protests in Tbilisi • Raiffeisen Bank International: posts solid 1Q24, keeps 2024E guidance (but only on ex. Russia and Belarus basis), facing huge pressure to address Russia and Belarus exposures from officials • Air Astana Group: 1Q24 – 15% ASK growth, RASK down slightly yoy, but CASK stable • Piraeus Financial Holdings: 1Q24 highlights NEUTRAL • Alkaloid: 1Q24 numbers a strong start to the year POSITIVE • National Ban...
- Can Demir
WOOD Flash - National Bank of Greece: 1Q24 highlights
NBG has reported EUR 358m in net income in 1Q24, with a 9% beat vs. the EUR 328m consensus. On a one-off adjusted basis, NBG’s EUR 380m net income from continuing operations is an 11% beat vs. the consensus (EUR 343m). The beat was due mainly to trading and other income (EUR 60m actual vs. the EUR 35m consensus). There is also a small EUR 10m beat in the core revenues (NII+fees). Overall, we see this as a decent quarter, particularly from the point of view of the capital generation. The bank add...
- Michael B. Schäfer
ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 04/30/2024
BHP's bid for Anglo American has confirmed interest from miners in copper in the context of increasingly challenged production and difficulties in fully completing projects. Anglo’s (Neutral) prospects in copper are now better valued and this is also the case for BHP (Neutral vs Underperform) although not so for Rio Tinto (Outperform vs Neutral). Downstream, Nexans and Montana Aerospace are our Top Picks (Outperform) vs Aurubis, Rexel and Prysmian (Neutral). - ...
TKA THYSSENKRUPP AG
DG VINCI SA
JMT JERONIMO MARTINS SGPS S.A.
GALP GALP ENERGIA SGPS SA CLASS B
ADS ADIDAS AG
MTX MTU AERO ENGINES AG
HO THALES SA
FORTUM FORTUM OYJ
WTB WHITBREAD PLC
DAI DAIMLER AG
QIA QIAGEN NV
RXL REXEL SA
VNA VONOVIA SE
CAP CAPGEMINI SE
NEM NEMETSCHEK SE
ABI ANHEUSER-BUSCH INBEV SA/NV
BBVA BANCO BILBAO VIZCAYA ARGENTARIA S.A.
STMN STRAUMANN HOLDING AG
- Michael B. Schäfer
ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 30/04/2024
L’offre de BHP sur Anglo American a confirmé l’intérêt des minières pour le cuivre dans un contexte de tensions croissantes sur la production et de difficultés à faire aboutir les projets. Les perspectives d’Anglo (Neutre) dans le cuivre sont désormais mieux valorisées, c’est aussi le cas de BHP (Neutre vs Sous-performance) mais pas encore assez, selon nous, sur Rio Tinto (Surperformance vs Neutre). En aval, Nexans et Montana Aerospace sont nos valeurs préférées (Surperformance) vs Au...
TKA THYSSENKRUPP AG
DG VINCI SA
JMT JERONIMO MARTINS SGPS S.A.
GALP GALP ENERGIA SGPS SA CLASS B
ADS ADIDAS AG
MTX MTU AERO ENGINES AG
HO THALES SA
FORTUM FORTUM OYJ
WTB WHITBREAD PLC
DAI DAIMLER AG
QIA QIAGEN NV
RXL REXEL SA
VNA VONOVIA SE
CAP CAPGEMINI SE
NEM NEMETSCHEK SE
ABI ANHEUSER-BUSCH INBEV SA/NV
BBVA BANCO BILBAO VIZCAYA ARGENTARIA S.A.
STMN STRAUMANN HOLDING AG
- 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...
- Juan Ros-Padilla
Jeronimo Martins : Q1 EBITDA beats our numbers and the consensus
>Calendar and FX certainly help but let’s not overlook the volume-driven underlying growth - Sales grew at a pace of +19% y-o-y to € 8.1bn (vs +17% in Q4) with the group’s l-f-l expanding at +6% (vs +10% in Q4). By business, Biedronka sales grew +19% to € 5.8bn, accelerating vs Q4 (+19%) helped by the calendar effect (3pp) and the FX (8pp). L-f-L only deteriorated 50bp q-o-q to 4.6% which is remarkable in a disinflationary context and proves right Biedronka’s volume-d...
- 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 CA Immo Baa3 rating; outlook stable
Moody's Ratings (Moody's) has today affirmed the Baa3 long term issuer and senior unsecured ratings of CA Immobilien Anlagen AG ("CA Immo"). The outlook changed to stable from negative. RATINGS RATIONALE The Baa3 rating for CA Immobilien Anlagen AG (CA Immo) is bolstered by its prime office port...
- Carole Braudeau
LHN LAFARGEHOLCIM LTD.
AC ACCOR SA
AMS AMS AG
SGO COMPAGNIE DE SAINT-GOBAIN SA
DG VINCI SA
ATO ATOS SE
BFIT BASIC-FIT NV
SK SEB SA
NXI NEXITY SA CLASS A
MF WENDEL SE
KORI KORIAN SA
CGM CEGEDIM SA
GRF GRIFOLS S.A. CLASS A
WIZZ WIZZ AIR HOLDINGS PLC
ERA ERAMET SA
DIC DIC ASSET AG
CLNX CELLNEX TELECOM S.A.
ULA UNIBAIL-RODAMCO-WESTFIELD SE STAPLED SECS CONS OF 1 SH UNIBAIL RODAMCO + 1 SH WFD UNIB ROD
- Carole Braudeau
LHN LAFARGEHOLCIM LTD.
AC ACCOR SA
AMS AMS AG
SGO COMPAGNIE DE SAINT-GOBAIN SA
DG VINCI SA
ATO ATOS SE
BFIT BASIC-FIT NV
SK SEB SA
NXI NEXITY SA CLASS A
MF WENDEL SE
KORI KORIAN SA
CGM CEGEDIM SA
GRF GRIFOLS S.A. CLASS A
WIZZ WIZZ AIR HOLDINGS PLC
ERA ERAMET SA
DIC DIC ASSET AG
CLNX CELLNEX TELECOM S.A.
ULA UNIBAIL-RODAMCO-WESTFIELD SE STAPLED SECS CONS OF 1 SH UNIBAIL RODAMCO + 1 SH WFD UNIB ROD
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 ...
- Clement Genelot
Jeronimo Martins: Q1 topping expectations; price war ongoing in Poland
With Q1 topping expectations in terms of both sales and EBITDA, notably thanks to Biedronla, we foresee a positive share price reaction this morning. But reiterated gloomy FY guidance combined with no early signs of the price war easing in Poland still suggests caution is advisable.
- 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...
- Charlotte Vaisse
- Jean-Baptiste Rouphael
- Luis de Toledo Heras
- Thomas Zlowodzki
ODDO BHF Small & MIDCAP MORNING NEWS - 04/25/2024
Having flirted with the 495-point mark on Friday, which could have triggered an extension of the correction, the market has rebounded well since then. Our technical analysis highlights a configuration in which we are only at the start of a powerful rally. Target of 622 points for Stoxx 600 index (+11%) by the end of the year confirmed. Prefer banks to insurance companies in the short term. - ...
ATO ATOS SE
CEN GROUPE CRIT SA
SDG SYNERGIE SA
MMB LAGARDERE SCA
ITP INTERPARFUMS
HCO HIGHCO SA
MRN MERSEN SA
LSS LECTRA SA
GOE GROUPE GORGE SA
FNAC FNAC DARTY SA
GLO GL EVENTS SA
EBRO EBRO FOODS SA
WIZZ WIZZ AIR HOLDINGS PLC
ERA ERAMET SA
VRNL VERNEUIL PARTICIPATIONS
AIXA AIXTRON SE
ALVIV VISIATIV SA
MELE MELEXIS NV
ALVDM VOYAGEURS DU MONDE SA
ARG ARGAN SA
ADOC ADOCIA SA
VLTSA VOLTALIA
SPIE SPIE SA
LFDE LA FRANCAISE DE L'ENERGIE SA
COPN COSMO PHARMACEUTICALS NV
SAE SHOP APOTHEKE EUROPE NV
XFAB X-FAB SILICON FOUNDRIES SE
SMCP SMCP SA
BFSA BEFESA SA
VOS VOSSLOH AG
AEDAS AEDAS HOMES SA
VRLA VERALLIA SAS
TCH TECHNICOLOR SA
SOL SOLTEC POWER HOLDINGS
BLV BELIEVE SA
FUR FUGRO NV
RWI RENEWI PLC
FLOW FLOW TRADERS LTD
- Charlotte Vaisse
- Jean-Baptiste Rouphael
- Luis de Toledo Heras
- Thomas Zlowodzki
ODDO BHF Small & MIDCAP MORNING NEWS - 25/04/2024
Après avoir frôlé vendredi la barre des 495 points qui aurait pu déclencher la poursuite de la correction, le marché a ensuite bien rebondi. Notre analyse technique met en lumière une configuration où nous ne serions qu’au début d’un rallye puissant. Objectif 622 points (+11%) d’ici à la fin de l’année confirmé sur le Stoxx 600. Préférer les banques aux assurances à court terme. - ...
ATO ATOS SE
CEN GROUPE CRIT SA
SDG SYNERGIE SA
MMB LAGARDERE SCA
ITP INTERPARFUMS
HCO HIGHCO SA
MRN MERSEN SA
LSS LECTRA SA
GOE GROUPE GORGE SA
FNAC FNAC DARTY SA
GLO GL EVENTS SA
EBRO EBRO FOODS SA
WIZZ WIZZ AIR HOLDINGS PLC
ERA ERAMET SA
VRNL VERNEUIL PARTICIPATIONS
AIXA AIXTRON SE
ALVIV VISIATIV SA
MELE MELEXIS NV
ALVDM VOYAGEURS DU MONDE SA
ARG ARGAN SA
ADOC ADOCIA SA
VLTSA VOLTALIA
SPIE SPIE SA
LFDE LA FRANCAISE DE L'ENERGIE SA
COPN COSMO PHARMACEUTICALS NV
SAE SHOP APOTHEKE EUROPE NV
XFAB X-FAB SILICON FOUNDRIES SE
SMCP SMCP SA
BFSA BEFESA SA
VOS VOSSLOH AG
AEDAS AEDAS HOMES SA
VRLA VERALLIA SAS
TCH TECHNICOLOR SA
SOL SOLTEC POWER HOLDINGS
BLV BELIEVE SA
FUR FUGRO NV
RWI RENEWI PLC
FLOW FLOW TRADERS LTD
- Olfa Taamallah
- Yan Derocles
Wizz Air : Reassuring trading update for FY 2024
>FY 2024 pretty much in line with expectations - Wizz Air has just released an unaudited post-close trading update for the FY to end-March 2024. Net income is expected in the range of € 350 - 370m for FY, in line with guidance. We were expecting € 357m and the Visible Alpha consensus €352m. Total revenue is expected to be in the range of € 5,050 - 5,100m (ODDO BHF: € 5,165m, VA € 5,154m) reflecting stronger ticket revenue and pricing, partially offset by softer ...
- Olfa Taamallah
- Yan Derocles
Wizz Air : Reassuring trading update for FY 2024
>FY 2024 pretty much in line with expectations - Wizz Air has just released an unaudited post-close trading update for the FY to end-March 2024. Net income is expected in the range of € 350 - 370m for FY, in line with guidance. We were expecting € 357m and the Visible Alpha consensus €352m. Total revenue is expected to be in the range of € 5,050 - 5,100m (ODDO BHF: € 5,165m, VA € 5,154m) reflecting stronger ticket revenue and pricing, partially offset by softer ...
- 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
- Jakub Caithaml
WOOD Flash – GTC: 4Q23 – no material revaluation result, focus remains...
In 2023, GTC launched – and eventually walked away from – an attempt to take over Ultima. Under new leadership, the company entered 2024 with an LTV of 49%, having made EUR 65m in FFO in 2023 (EUR 71m, if adjusted for non-recurring cost items). The key task ahead is the refinancing of the 2026E EUR 500m green bond. GTC plans to exit the Ireland data-centre development project, which could help it to repay part of the bonds. Importantly, it has secured permission to expand the technological campu...
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