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Raiffeisen Research Institutional Equity Daily 30.11.2022
MSCI November Index Review - Standard indices (STD) changes: DEL: Orange Polska; SmallCap indices (SC) changes: DEL: FACC, Telekom Austria; AT: Andritz - Andritz to supply equipment to Sappi in Austria (neutral) AT: OMV - Market rumors about Carlyle's interest in OMV's upstream assets (neutral) AT: Vienna Insurance Group - Hartwig Löger confirmed to become CEO (neutral) PL: LPP - CEO states company has prepared for weaker sales in coming months (negative) PL: Santander Bank Polska ...
FACC Q3 22 - Negative operating and net result despite strong top line
-EBIT of EUR -1.9 mn and net profit of EUR -9.6 mn clearly in the red -Ramp up costs in the Interior segment triggered the operating loss -High income tax payments pushed the bottom line strongly negative -FY outlook confirmed -Negative FCF increased net debt and leverage -We rate the results release as negative
Raiffeisen Research Institutional Equity Daily 09.11.2022
AT: FACC - Negative EBIT and bottom line loss in Q3 22, FY outlook confirmed (negative) AT: S IMMO - Acquiring properties in Budapest from CPI Property Group (neutral) AT: Vienna Insurance Group - Application for listing on the Budapest Stock Exchange submitted (neutral) AT: voestalpine - Q2 results live up to pre-announced indication, NWC remains cash flow burden (neutral) CEE: Banks - KBC reports lower Q3 net profit qoq in CZ, but higher in BG and HU (neutral) CZ: CTP - Q3 trends i...
KOMB KOMERCNI BANKA A.S.
VOE VOESTALPINE AG
MTELEKOM MAGYAR TELEKOM TELECOMMUNICATIONS
SPI S IMMO AG
OTP OTP BANK NYRT
VIG VIENNA INSURANCE GROUP AG WIENER VERSICHERUNG GRUPPE
FACC FACC AG
TLV BANCA TRANSILVANIA S.A.
SNP PETROM S.A.
NLBR NOVA LJUBLJANSKA BANKA DD LJUBLJANA
ADKO ADDIKO BANK
CAP ENCAVIS AG
CTPNV CTP NV
Raiffeisen Research Institutional Equity Daily 28.09.2022
AT: FACC - Changes in the management board (neutral) AT: S IMMO - Receives two awards for sustainability reporting (neutral) AT: UBM Development - Sale of joint venture project in Berlin (neutral) AT: Wienerberger - Share buyback programme completed, partial cancellation allows for more buybacks in due course (positive) PL: Banks - KNF plans to fully replace WIBOR by the beginning of 2025 (neutral) PL: mBank - Profit warning Nr. 2: Huge FX mortgage risk provision in Q3 triggering net...
Raiffeisen Research Institutional Equity Daily 09.09.2022
AT: FACC - Low Airbus aircraft deliveries in August (neutral) AT: Utilities - Former Verbund CEO calls for temporary windfall profit taxation (negative) CZ: CEZ - Czech parliament to discuss emergency energy price caps and windfall profit taxes on September 16 (negative) HR: Macro - Croatia prepares anti-inflation set of measures worth HRK 21 bn HU: MOL - The restart of the Danube refinery (neutral) PL: Banks - European Court of Justice says no replacement of unfair FX clauses possi...
Raiffeisen Research Institutional Equity Daily 17.08.2022
AT: Andritz - Andritz won massive USD 1.5 bn EPC pulp mill order from Paracel (positive) AT: FACC - Q2 22 results in line with RBI estimates; FY guidance confirmed (neutral) AT: Frequentis - H1 22 back to the usual seasonality, earnings above RBIe, book-to-bill at 0.96x (neutral) AT: Kapsch TrafficCom - Q1 22/23 a mixed bag on FX and margins (neutral) AT: S IMMO - CPI reaching 82.7% stake during acceptance period (neutral) AT: Semperit - Q2 results beat due to Industrial strength, un...
Raiffeisen Research Institutional Equity Daily 09.08.2022
AT: FACC - Airbus delivered less planes in July (negative) AT: FACC - Boeing gets green light to again hand over 787 Dreamliners (positive) AT: S IMMO - Bonds in the amount of EUR 105 mn called as a result of change of control (neutral) CZ: CEZ - Q2 results below expectation on reversal of Q1 trading gains, FY 22 guidance increase again by 15% on EBITDA (neutral) HR: Valamar Riviera - Proposal on dividend payout (positive) PL: PKO - CEO Iwona Duda reportedly to resign today (negative...
Raiffeisen Research Institutional Equity Daily 02.08.2022
AT: AT&S - Q1 22/23 almost lives up to RBIe, beats consensus on USD effects, guidance confirmed (positive) AT: FACC - Boeing close to re-start 787 production (positive) AT: Oesterreichische Post - Retail chains dicontinue or cut flyer advertising (negative) AT: Palfinger - Transfer of 7.52%own shares from Sany completed (neutral) AT: Raiffeisen Bank International - Q2 22 consolidated net profit of EUR 1,270 mn significantly ahead of consensus on better top line and FX effect / raised R...
Raiffeisen Research Institutional Equity Daily 28.07.2022
AT: AMAG - Q2 figures meet forecasts, sustained cash drain from NWC, more optimistic EBITDA guidance of EUR 220-250 mn (positive) AT: FACC - Airbus revises production forecasts (negative) AT: OMV - Better than expected 2Q clean earnings, strong operating CF generation, positive 2H 22 outlook (positive) AT: Verbund - Q2 22 results below expectations on trading position valuation, FY guidance range slighty up (neutral) CZ: Moneta Money Bank - Q2 22 net profit of CZK 1.58 bn modestly ahea...
VER VERBUND AG CLASS A
BWB BAADER BANK AG
TPS ORANGE POLSKA S.A.
FACC FACC AG
SAN BANCO SANTANDER S.A.
MONET MONETA MONEY BANK AS
SNP PETROM S.A.
DIGI DIGI COMMUNICATIONS NV
AMAG AMAG AUSTRIA METALL AG
FP S.C. FONDUL PROPRIETATEA S.A.
ADRS2-R-A ADRIS GRUPA D.D. PFD.
ONE ONE UNITED PROPERTIES SA
CZA COAL OF AFRICA LTD
Raiffeisen Research Institutional Equity Daily 19.07.2022
AT: FACC - Order for the supply of key parts for urban air mobility aircraft (positive) HU: OTP - Closing of Albanian acquisition (neutral) PL: Dino - Dino to issue PLN 170 mn in 4Y bonds (neutral) PL: Lotos, PKN - EC cleared the acquisition of Lotos Paliwa by MOL (neutral)
Raiffeisen Research Institutional Equity Daily 04.05.2022
AT: FACC - Q1 22 EBIT of EUR 3.0 mn marks a good start into the year, guidance confirmed (positive) AT: IMMOFINANZ - Considering to sell Duesseldorf office assets valued at ca. EUR 600 mn, media reports (negative) AT: Lenzing - Q1 22 results significantly above expectations on better passing on of costs, guidance confirmed (positive) AT: Oesterreichische Post - Regulator green lights price hikes for eco letter mail products (positive) AT: Raiffeisen Bank International - Q1 22 consolida...
FACC confirmed at HOLD, TP EUR 8.60 - The aviation sector is still pri...
We confirm our HOLD recommendation and TP of EUR 8.60 for FACC We acknowledge the return to growth momentum with a guided top-line increase of about 10% in FY 22e which, in our view, should stay robust in the coming years. Nevertheless, our fair value calculations are already based on a very strong rebound of operating profitability which yet has to materialise. In addition, the valuation with which is about in-line to somewhat above peers (EV/EBITDA 23/24e of around 10x, EV/EBIT 23/24e around...
FACC Q4 21 - Final results match preliminaries
-Final FY 21 results fully in line with preliminaries -Unchanged outlook wording expecting 10% sales growth and low single digit EUR mn EBIT -We see the release as neutral for the investment case -Potentially more constructive talks between Russia and Ukraine are supportive for the Aviation industry
Raiffeisen Research Institutional Equity Daily 30.03.2022
AT: FACC - FY 21 results in line with preliminaries, outlook wording confirmed AT: Utilities - Drought likely to affect Q1 22 hydro output (negative) AT: Wienerberger - 0.69% of the capital repurchased so far (neutral) DE: Encavis - Encavis delivers on results and guidance beat (positive) RU: Inter RAO - Not discussing delisting from the Moscow Exchange (positive) RU: RusHydro - Paying agent blocks coupon payment on RUB eurobond over British sanctions (negative) RU: Russia - Minist...
EBS ERSTE GROUP BANK AG
CEZ CEZ AS
UNIQA INSURANCE GROUP AG
EVN EVN AG
MMK MAYR-MELNHOF KARTON AG
OMV OMV AG
PGN POLSKIE GORNICTWO NAFTOWE I GAZOWNICTWO SA
PKO PKO BANK POLSKI S.A.
KOMB KOMERCNI BANKA A.S.
VOE VOESTALPINE AG
ARHOF AMREST HOLDING
PZU POWSZECHNY ZAKLAD UBEZPIECZEN SPOLKA AKCYJNA
VER VERBUND AG CLASS A
POS PORR AG
LNZ LENZING AG
ROS ROSENBAUER INTERNATIONAL AG
PAL PALFINGER AG
WIE WIENERBERGER AG
SEM SEMPERIT HOLDING AG
PKN POLSKI KONCERN NAFTOWY ORLEN S.A.
LPP LPP S.A.
CCC CCC SA
WXF WARIMPEX FINANZ UND BETEILIGUNG
OTP OTP BANK NYRT
VIG VIENNA INSURANCE GROUP AG WIENER VERSICHERUNG GRUPPE
PYT POLYTEC HOLDING
ZAG ZUMTOBEL GROUP AG
ANDR ANDRITZ AG
STR STRABAG SE
FLU FLUGHAFEN WIEN AG
FACC FACC AG
PODR-R-A PODRAVKA D.D.
ATGR-R-A ATLANTIC GRUPA
MOL MOL HUNGARIAN OIL & GAS PLC CLASS A
BG BAWAG GROUP AG
COTE CONPET SA
AMAG AMAG AUSTRIA METALL AG
AGR AGRANA BETEILIGUNGS-AG
NLBR NOVA LJUBLJANSKA BANKA DD LJUBLJANA
ERNT-R-A ERICSSON NIKOLA TESLA D.D.
WINE PURCARI WINERIES PCL
KOEI KONCAR GROUP
Raiffeisen Research Institutional Equity Daily 24.02.2022
AT: Andritz - Andritz received another fluidizen bed boiler order from Japan (neutral) AT: FACC - Adj. Q4 21 and FY 22 guidance in line with expectations (neutral) AT: IMMOFINANZ - CPI takeover offer cleared by competition authorities (neutral) AT: OMV - Borouge successfully starts up its fifth polypropylene unit in Ruwais (neutral) AT: Palfinger - Q4 shaped by much stronger sales but weaker margin and CF, FY 22 outlook in line (neutral) AT: UNIQA - Earnings beat expectations on high...
PEO BANK POLSKA KASA OPIEKI SA
UNIQA INSURANCE GROUP AG
OMV OMV AG
PKO PKO BANK POLSKI S.A.
KOMB KOMERCNI BANKA A.S.
SPL SANTANDER BANK POLSKA SA
MIL BANK MILLENNIUM SA
PAL PALFINGER AG
OTP OTP BANK NYRT
ANDR ANDRITZ AG
ALR ALIOR BANK SA
FACC FACC AG
BRD BRD-GROUPE SOCIETE GENERALE
TLV BANCA TRANSILVANIA S.A.
MONET MONETA MONEY BANK AS
SFG SPHERA FRANCHISE GROUP SA
IIA IMMOFINANZ AG
NLBR NOVA LJUBLJANSKA BANKA DD LJUBLJANA
FACC Q4 21 - Final quarter impacted by guided one-off charge
-Preliminary FY 21 figures came in line with RBI and market expectations -Strong net debt reduction to EUR 178 mn vs. RBI est. of EUR 202 mn -Bottoming out aviation markets - subject to economic impacts from current Ukraine/Russia escalations -Company expects sales growth of 10% in FY 22 and EBIT in the low double-digit EUR mn range, which is broadly in line with current RBI and consensus forecasts -We rate the results and FY 22 guidance as neutral for the investment case as it came in line with...
Raiffeisen Research Institutional Equity Daily 04.02.2022
AT: Andritz - Andritz to supply a new wood handling plant to Russia (neutral) AT: FACC - Expecting significant sales growth in FY 22e and guiding higher capex (neutral) CZ: Moneta Money Bank - Q4 21 net profit of CZK 1.08 bn meeting consensus / Net profit guidance 2022 raised by 15% while 2023-2025 kept unchanged CZ: Moody's rating - Moody's is expected to leave the Czech Republic's Aa3/stable rating unchanged
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