reports
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 ...
Raiffeisen Research Institutional Equity Daily 24.11.2022
AT: CA Immo - Higher Opex impact Q3, guidance confirmed, strategy overview (neutral) AT: IMMOFINANZ - Strong Q3 result as trigger for raised FY 22 guidance (positive) AT: SBO - Q3 results in line with RBIe, bookings at all-time high, bright 2023 sector outlook (positive) AT: UBM Development - Quarter reflects current challenges, break-even EBT (negative) CZ: Komercni Banka - Shareholders approve CZK 55.50 special dividend per share (neutral) DE: Encavis - Encavis acquired 14 MW subsi...
Raiffeisen Research Institutional Equity Daily 23.11.2022
AT: CA Immo - Sale of Romanian portfolio 3% below book value (neutral) AT: STRABAG - STRABAG to join the ATX index instead of S IMMO (neutral) AT: Verbund, OMV - Verbund and Borealis to build 4.7 MWp solar park in Schwechat (neutral) RO: Electrica - The court rejected Electrica's appeal (negative)
Raiffeisen Research Institutional Equity Daily 16.11.2022
AT: Kapsch TrafficCom - Q2 22/23 results in line, guidance of stable revenues and EBIT improvements confirmed (neutral) AT: Semperit - Clean Q3 EBITDA about in line with RBIe, unchanged FY outlook, Sempermed disposal moving to the forefront (neutral) AT: STRABAG - Dynamic output growth sustained in Q3, FY 22 output guidance revised upwards, margin objective of at least 4% confirmed (positive) RO: Digi Communications - Bought spectrum worth EUR 45.5 mn in the auction organized by the Roma...
Vienna Insurance Group First Impression - Double-digit premium growth ...
PBT of EUR 136 mn somewhat below our and consensus expectations Strong top-line growth continued with ~18% yoy, driven by P&C and Life segments Claims (+c. 17% yoy) and costs (+c. 23%) inflation offset the impressive premium growth Sound investment income performance We view the quarterly results as neutral in the light of rising claims and costs
Raiffeisen Research Institutional Equity Daily 15.11.2022
AT: Rosenbauer - Operating loss in Q3 amplified by restructuring costs, unchanged FY guidance of sales of ca. EUR 1 bn and positive EBIT requires major earnings uptick in Q4 (neutral) AT: Vienna Insurance Group - Strong earnings driven by underwriting and investment performance (neutral) DE: Encavis - Q3 22 above RBIe and consensus without EUR 30 mn provision for potential government revenue skimming, guidance confirmed (neutral) RO: Conpet - Q3 22 net profit up by 27% yoy, on the back o...
Raiffeisen Research Institutional Equity Daily 14.11.2022
RO: Banca Transilvania - Q3 22 bottom line down by 2% qoq to RON 631 mn due to higher provisions (neutral) RO: Electrica - Romanian government decided that the energy market will be regulated until March 2025 (neutral) RO: Sphera Franchise Group - Q3 22 bottom line of RON 23.9 mn, up 14% yoy, after a 23% surge in revenues (positive) RO: Transgaz - Q3 22 bottom line in black after an increase of 87% yoy for intern transport revenues (positive)
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 25.10.2022
AT: CA Immo - Changes to supervisory board (neutral) AT: CA Immo - Share buyback programme concluded (neutral) CZ: Banks, Energy - Two windfall tax proposals to be debated in parliament today (neutral) PL: CCC - Bondholders agreed to covenant changes (positive) PL: Orange Polska - Q3 22 EBITDAaL 4.7% ahead of consensus; solid core KPIs (positive) RO: Electrica - The court rejected Electrica's recourse against ANRE (neutral) RO: One United Properties - Convert a building within One ...
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 15.09.2022
AT: Vienna Insurance Group - Hartwig Löger to become new CEO as of July 2023 (neutral) EU: Energy - Commission proposal of EUR 180/MWh revenue cap during winter, solidarity contribution and 5% peak demand cut, hint at electricity market reform (negative) HU: MOL - Croatian government wants INA to sell all gas produced in Croatia domestically at regulated prices (negative)
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 02.09.2022
STOXX Europe 600 Index review - Encavis to be added, Raiffeisen Bank Intl. to be deleted WIG20/WIG30 indices review - No change in constituents AT: AT&S - New CFO and extension of the management board by the CTO position (neutral) AT: OMV - Restart of the crude oil unit at Schwechat refinery in September (neutral) RO: Digi Communications - AGM approved dividend for 2021 of RON 0.85 per share, DY 2.3% (neutral) RO: Electrica - Romanian government approved further caps energy prices un...
Raiffeisen Research Institutional Equity Daily 30.08.2022
AT: Bawag Group - Supreme Court rules against Bawag in the swap contract court case with City of Linz/ EUR 254 mn write-off has no impact on regulatory capital (neutral) AT: Kapsch TrafficCom - Kapsch TrafficCom agreed to sell Spanish public transport subsidiary (neutral) AT: PORR - Initial FY 22 output guidance below RBIe but might be conservative, earnings increase flagged (neutral) AT: Vienna Insurance Group - CEO Elisabeth Stadler will not renew her mandate (neutral) RO: Sphera Fra...
Vienna Insurance Group Q2 22 - Clear earnings beat on the back of stro...
PBT of EUR 153 mn significantly above our and consensus expectations Support came from P&C with a 94.1% combined ratio, but also other income Strong top-line growth continues with 12% yoy, outperforming claims and cost inflation Additional EUR 51 mn provisioning for Russia exposure, compensated by gains on disposals We view the quarterly results as positive in light of the impressive earnings beat
Raiffeisen Research Institutional Equity Daily 18.08.2022
AT: Flughafen Wien - Q2 22 results slightly top expectations, July traiffic figures at 88% of pre-crises level (positive) AT: Flughafen Wien - The management board advises shareholders not to accept the take over offer (neutral) AT: SBO - Better than expected Q2 results, positive outlook (positive) AT: Vienna Insurance Group - Clear earnings beat on the back of strong technical result (positive) PL: Cyfrowy Polsat - Q2 22 EBITDA in line with consensus, 7% beat on the bottom line (neutr...
PKO PKO BANK POLSKI S.A.
SBO SCHOELLER-BLECKMANN OILFIELD EQUIPMENT AG
VIG VIENNA INSURANCE GROUP AG WIENER VERSICHERUNG GRUPPE
CPS CYFROWY POLSAT SA
FLU FLUGHAFEN WIEN AG
603868 SHANGHAI FLYCO ELECTRICAL APPLIANCE (A)
EL SOCIETATEA COMERCIALA DE DISTRIBUTIE SI FURNIZARE A ENERGIEI ELECTRICE ELECTRICA
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...
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