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Mytilineos S.A.: 1 director
A director at Mytilineos S.A. sold 8,694 shares at 38.574EUR and the significance rating of the trade was 75/100. 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 clearly ...
- Toby Thorrington
Mytilineos - Strong Q1 and plans for potential London listing
On April 25, Mytilineos (MYTIL) announced, as part of its strategic review, that it is considering a potential international listing on the London Stock Exchange (LSE) within the next 12–18 months. Listing on the LSE would demonstrate a strong vote of confidence by MYTIL in the UK market and aligns with its international growth ambitions, allowing the company to leverage its geographically diverse portfolio of operations. It would provide greater liquidity for investors and enable MYTIL to conti...
- Research Team
- Nikos Athanasoulias CFA
MYTILINEOS Energy & Metals | More than just a deal, more than 10% grow...
Stellar delivery, bulletproof growth, and more catalysts ahead… – Over the past two years Mytilineos has reported impressive results, leveraging synergies arising from the vertically integrated model. Following outstanding delivery to the ambitious FY’23 EBITDA target of €1bn (+23% yoy), we still see ample room for growth, now estimating FY’24 EBITDA of €1.14bn (+13% yoy) and a 3-year EBITDA CAGR of 10%, driven by a step-up in Renewables and solid growth Metals. Moreover, we view the value-accre...
- Nikos Athanasoulias CFA
MYTILINEOS Energy & Metals | More than just a deal, more than 10% grow...
Stellar delivery, bulletproof growth, and more catalysts ahead… – Over the past two years Mytilineos has reported impressive results, leveraging synergies arising from the vertically integrated model. Following outstanding delivery to the ambitious FY’23 EBITDA target of €1bn (+23% yoy), we still see ample room for growth, now estimating FY’24 EBITDA of €1.14bn (+13% yoy) and a 3-year EBITDA CAGR of 10%, driven by a step-up in Renewables and solid growth Metals. Moreover, we view the value-accre...
- Research Team
The Rear-View Mirror – EME markets: mixed market performances in March
EME Equity Market – March 2024 Market performance – mixed performances in March, with the Romanian BET outperforming. The MSCI EM Europe Index declined by 0.3% mom in EUR terms and 0.4% mom in USD in March. The Romanian BET reported the strongest performance, adding 7.1% mom in EUR terms, followed by the Czech PX and the Polish WIG20 (+4.1% and 1.0% mom, in EUR terms, respectively). Greece saw a relatively muted performance (-0.2% mom in EUR terms), while Hungary (-1.1% mom in EUR terms) and Tür...
EUROB EUROBANK ERGASIAS SERVICES & HOLDINGS SA
PEO BANK POLSKA KASA OPIEKI SA
JMT JERONIMO MARTINS SGPS S.A.
OPAP GREEK ORGANISATION OF FOOTBALL PROGNOSTICS SA
KRU KRUK S.A.
EXAE HELLENIC EXCHANGES SA
MOL MOL NYRT
CEZ CEZ AS
ACP ASSECO POLAND SA
HTO HELLENIC TELECOMMUNICATIONS ORGANIZATION SA
CDR CD PROJEKT S.A.
OMV OMV AG
PKO PKO BANK POLSKI S.A.
ALK ALKALOID AD SKOPJE
BHW BANK HANDLOWY W WARSZAWIE S.A.
PZU POWSZECHNY ZAKLAD UBEZPIECZEN SPOLKA AKCYJNA
VER VERBUND AG CLASS A
SPL SANTANDER BANK POLSKA SA
MIL BANK MILLENNIUM SA
BSK ING BANK SLASKI S.A.
BDX BUDIMEX S.A.
TPS ORANGE POLSKA S.A.
CAI CA IMMOBILIEN ANLAGEN AG
SAR GR. SARANTIS S.A.
LPP LPP S.A.
AKCNS AKCANSA CIMENTO
ASELS ASELSAN ELEKTRONIK SANAYI VE TICARET A.S. CLASS B
BRISA BRISA-BRIDGESTONE SABANCI LASTIK SANAYI VE TICARET A.S.
CIMSA CIMENTO SANYAI VE TICARET A.S.
LOGO LOGO YAZILIM SANAYI VE TICARET A.S.
CCC CCC SA
CCOLA COCA-COLA ICECEK A.S.
2310 SAHARA INTERNATIONAL PETROCHEMICAL COMPANY
DOM DOM DEVELOPMENT SA
AEGN AEGEAN AIRLINES SA
ENA ENEA S.A.
BFT BENEFIT SYSTEMS S.A. ALLOTMENT
MGROS MIGROS TICARET A.S
PGE PGE POLSKA GRUPA ENERGETYCZNA S.A.
TKNSA TEKNOSA IC VE DIS TICARET AS
PGSUS.E PEGASUS HAVA TASIMACILIGI AS
LVC LIVECHAT SOFTWARE SA
TBCB TBC BANK JOINT STOCK CO
OTP OTP BANK NYRT
CAR INTER CARS S.A.
ARCLK ARCELIK A.S.
FROTO FORD OTOMOTIV SANAYI A.S.
OTKAR OTOKAR OTOMOTIV VE SAVUNMA SANAYI A.S.
TUPRS TURKIYE PETROL RAFINERILERI A.S.
ECH ECHO INVESTMENT
11B 11 BIT STUDIOS S.A.
TPE TAURON POLSKA ENERGIA S.A.
ALR ALIOR BANK SA
WPL WIRTUALNA POLSKA HOLDING SA
BRD BRD-GROUPE SOCIETE GENERALE
TLV BANCA TRANSILVANIA S.A.
ETEL TELECOM EGYPT
SNG SOCIETATEA NATIONALA DE GAZE NATURALE ROMGAZ SA
H4L1 HALYK SAVINGS BANK OF KAZAKHSTAN GDR
SNP PETROM S.A.
TOFAS TOFAS TURK OTOMOBIL FABRIKASI A.S.
DIGI DIGI COMMUNICATIONS NV
DNP DINO POLSKA S.A.
NBGGY NATIONAL BANK OF GREECE S.A. ADS
SNN SOCIETATEA NATIONALA NUCLEARELECTRICA SA
TEL C.N.T.E.E. TRANSELECTRICA
ELSA SOCIETATEA ENERGETICA ELECTRICA
FP. FONDUL PROPRIETATEA S.A. GDR (REG S)
GEB BANK OF GEORGIA
TGN SOCIETATEA NATIONALA DE TRANSPORT GAZE NATURALE TRANSGAZ S.A.
RICHT RICHTER
ALPHA ALPHA BANK
SFG SPHERA FRANCHISE GROUP SA
ADNOCDIST ADNOC DISTRIBUTION PJSC
KAP NATIONAL ATOMIC COMPANY KAZATOMPROM
TEN TEN SQUARE GAMES
ALG ALLEGRO.EU SA
CZG CESKA ZBROJOVKA GROUP
INPST INPOST S.A.
PCF PCF GROUP SA
HUGE HUUUGE
WINE PURCARI WINERIES PCL
CTPNV KAZMUNAYGAS NC JSC
ONE CTP NV
GPP ONE UNITED PROPERTIES SA
AROBS GRUPA PRACUJ DA
2381 AROBS TRANSILVANIA SOFTWARE SA
9526 ARABIAN DRILLING CO.
4071 JAHEZ INTERNATIONAL CO
H2O ARABIAN CONTRACTING SERVICES CO
7203 HIDROELECTRICA S.A.
AQ ELM CO
AIRA AQUILA PART PROD COM
AIR ASTANA JSC
- Research Team
WOOD Daily: INPST NA; ACP PW; ECH PW; EXAE GA; LPP PW; KRU PW; PZU PW;...
HEADLINES: • InPost: 4Q23 strong, as expected; neutral FY24E guidance; volume acceleration in 1Q24 NEUTRAL • Asseco Poland: 4Q23 review – net profit up 10% yoy, in line with preliminaries; strong 2024 backlog recorded POSITIVE • Echo Investment: 4Q23 – residential good, offices bad NEUTRAL • Athens Exchange Group: 4Q23 results NEUTRAL • LPP: key takeaways from the conference call on the exit from Russia, 2.0 POSITIVE • Kruk: 2023 net profit DPS proposal of PLN 18, in line with our expectations N...
EXAE HELLENIC EXCHANGES SA
CEZ CEZ AS
ACP ASSECO POLAND SA
PZU POWSZECHNY ZAKLAD UBEZPIECZEN SPOLKA AKCYJNA
LPP LPP S.A.
CCC CCC SA
ECH ECHO INVESTMENT
TEL C.N.T.E.E. TRANSELECTRICA
ADNOCDIST ADNOC DISTRIBUTION PJSC
INPST INPOST S.A.
4071 ARABIAN CONTRACTING SERVICES CO
H2O HIDROELECTRICA S.A.
- Research Team
WOOD Daily: AIRA LI; ELM AB; PZU PW; CEZ CP; BFT PW; TKNSA TI; CAI AV;...
HEADLINES: • Air Astana Group: a cash-accretive airline from the heart of Eurasia (BUY - initiation of coverage) • Elm: still a digital champion (stays HOLD) • PZU: reports solid 4Q23; high DPS potential POSITIVE • CEZ: misses on 4Q23 net profit, tepid 2024E guidance NEGATIVE • Benefit Systems: strong 4Q23 beats expectations, but company trims 2024E guidance for card additions abroad NEUTRAL • Teknosa: mixed results in 4Q23 NEGATIVE • CA Immo: 4Q23 – all about the disposals POSITIVE • Brisa: 4Q2...
ACP ASSECO POLAND SA
PZU POWSZECHNY ZAKLAD UBEZPIECZEN SPOLKA AKCYJNA
CAI CA IMMOBILIEN ANLAGEN AG
BRISA BRISA-BRIDGESTONE SABANCI LASTIK SANAYI VE TICARET A.S.
BFT BENEFIT SYSTEMS S.A. ALLOTMENT
TKNSA TEKNOSA IC VE DIS TICARET AS
OTKAR OTOKAR OTOMOTIV VE SAVUNMA SANAYI A.S.
TPE TAURON POLSKA ENERGIA S.A.
SNN SOCIETATEA NATIONALA NUCLEARELECTRICA SA
ELSA SOCIETATEA ENERGETICA ELECTRICA
TGN SOCIETATEA NATIONALA DE TRANSPORT GAZE NATURALE TRANSGAZ S.A.
7203 ELM CO
AIRA AIR ASTANA JSC
- Research Team
WOOD Daily: ELM AB; CAR PW; EME Macro/Strategy Weekly; AKCNS TI; PZU P...
HEADLINES: • Elm: strong 4Q23 financial results POSITIVE • Elm: signs three MoUs at LEAP 2024, to boost tourism and healthcare in Saudi Arabia POSITIVE • Inter Cars: 4Q23 preliminary net profit misses our forecast by 32% NEGATIVE • EME Macro/Strategy: macro all-in-one (4-10 March) • Akcansa: proposes dividend almost in line with our estimate NEUTRAL • PZU: 4Q23E preview (due on 21 March) • Short News (SNN)
- Research Team
The Rear-View Mirror – EME markets: February mostly green, despite det...
EME Equity Market – February 2024 Market performance – a positive February, with the Polish WIG20 outperforming. The MSCI EM Europe Index added 4.2% mom in EUR terms and 3.7% mom in USD in February. The Polish WIG20 saw the strongest performance, adding 6.4% mom in EUR terms, followed by the Greek ASE (+4.2% mom), the Turkish ISE30 (+4.0% mom) and the Romanian BET (+2.6% mom) (all in EUR terms). There was a relatively muted performance in Hungary (+0.6% mom in EUR terms) and a decline in the Cze...
PEO BANK POLSKA KASA OPIEKI SA
JMT JERONIMO MARTINS SGPS S.A.
KRU KRUK S.A.
MOL MOL NYRT
EBS ERSTE GROUP BANK AG
CEZ CEZ AS
HTO HELLENIC TELECOMMUNICATIONS ORGANIZATION SA
YKBNK YAPI VE KREDI BANKASI A.S.
OMV OMV AG
PKO PKO BANK POLSKI S.A.
ISCTR TURKIYE IS BANKASI ANONIM SIRKETI CLASS C
KOMB KOMERCNI BANKA A.S.
BHW BANK HANDLOWY W WARSZAWIE S.A.
PZU POWSZECHNY ZAKLAD UBEZPIECZEN SPOLKA AKCYJNA
VER VERBUND AG CLASS A
SPL SANTANDER BANK POLSKA SA
BSK ING BANK SLASKI S.A.
BDX BUDIMEX S.A.
MTELEKOM MAGYAR TELEKOM TELECOMMUNICATIONS
TPS ORANGE POLSKA S.A.
PKN POLSKI KONCERN NAFTOWY ORLEN S.A.
LPP LPP S.A.
AKBNK AKBANK TAS
AKCNS AKCANSA CIMENTO
CIMSA CIMENTO SANYAI VE TICARET A.S.
LOGO LOGO YAZILIM SANAYI VE TICARET A.S.
CCC CCC SA
CCOLA COCA-COLA ICECEK A.S.
AUG1L AGROWILL GROUP AB
MGROS MIGROS TICARET A.S
APR AUTO PARTNER SA
LVC LIVECHAT SOFTWARE SA
TBCB TBC BANK JOINT STOCK CO
TPEIR PIRAEUS BANK SA
PPC PUBLIC POWER CORPORATION S.A.
CAR INTER CARS S.A.
ARCLK ARCELIK A.S.
EUR EUROCASH S.A.
GSPARK GRAPHISOFT PARK SE
GPW WARSAW STOCK EXCHANGE
11B 11 BIT STUDIOS S.A.
ALR ALIOR BANK SA
VGO VIGO SYSTEM SA
BANK OF CYPRUS PCL
WPL WIRTUALNA POLSKA HOLDING SA
BRD BRD-GROUPE SOCIETE GENERALE
TLV BANCA TRANSILVANIA S.A.
MONET MONETA MONEY BANK AS
SNG SOCIETATEA NATIONALA DE GAZE NATURALE ROMGAZ SA
SNP PETROM S.A.
PBK PATRIA BANK SA
TOFAS TOFAS TURK OTOMOBIL FABRIKASI A.S.
DIGI DIGI COMMUNICATIONS NV
SNN SOCIETATEA NATIONALA NUCLEARELECTRICA SA
TEL C.N.T.E.E. TRANSELECTRICA
ELSA SOCIETATEA ENERGETICA ELECTRICA
FP. FONDUL PROPRIETATEA S.A. GDR (REG S)
BVB S.C. BURSA DE VALORI BUCURESTI S.A.
GEB BANK OF GEORGIA
TGN SOCIETATEA NATIONALA DE TRANSPORT GAZE NATURALE TRANSGAZ S.A.
RICHT RICHTER
19XX NEPI ROCKCASTLE PLC
M MED LIFE
SFG SPHERA FRANCHISE GROUP SA
ADNOCDIST ADNOC DISTRIBUTION PJSC
EAT AMREST HOLDINGS SE
NLBR NLB GROUP
KAP NATIONAL ATOMIC COMPANY KAZATOMPROM
TEN TEN SQUARE GAMES
KSPI KASPI KZ
HUGE HUUUGE
4IG 4IG NYRT
IGN1L IGNITIS GRUPE
WPS W.A.G PAYMENT SOLUTIONS PLC
PCO PEPCO GROUP NV
ONE KAZMUNAYGAS NC JSC
KLKIM ONE UNITED PROPERTIES SA
ADNOCDRILL KALEKIM KIMYEVI MADDELER SANAYI VE TICARET AS
AROBS ADNOC DRILLING CO
7202 AROBS TRANSILVANIA SOFTWARE SA
ELPE ARABIAN INTERNET & COMMUNICATIONS SERVICES CO
SHO HELLENIQ ENERGY
4071 SHOPER SA
BOROUGE ARABIAN CONTRACTING SERVICES CO
H2O BOROUGE
AQ HIDROELECTRICA S.A.
AQUILA PART PROD COM
- Research Team
WOOD Daily: BDX PW; VGO PW; PL Banks; PZU PW; SNP RO; FP RO; WINE RO; ...
HEADLINES: • Budimex: 4Q23 preliminary results in line with the January guidance, strong gross margin of 14.4% NEUTRAL • VIGO Photonics: HyperPIC selected for PLN 453.6m co-financing under the European Funds for a Modern Economy 2021-2027 POSITIVE • Polish banks: PLN 1,563m of sector contributions to resolution fund in 2024E, guarantee fund contributions still suspended • PZU: most of the Management Board dismissed, but CFO stays • OMV Petrom: signs financing agreement through recovery plan for ...
Edison issues update on Georgia Capital (CGEO): FY23 NAV TR of 20% in ...
Edison Investment Research Limited Edison issues update on Georgia Capital (CGEO): FY23 NAV TR of 20% in sterling terms 23-Feb-2024 / 15:57 GMT/BST The issuer is solely responsible for the content of this announcement. London, UK, 23 Februar 2024 Edison issues update on Georgia Capital (CGEO): FY23 NAV TR of 20% in sterling terms Georgia Capital (GCAP) reported a Q423 NAV total return (TR) of 7.7% in Georgian lari (GEL) terms (3.4% in sterling terms), bringing the FY23 NAV TR to a strong 26.5% (20.4% in sterling terms). The considerable increase in the sterling share pric...
- Pedro Fonseca
Georgia Capital - FY23 NAV TR of 20% in sterling terms
Georgia Capital (GCAP) reported a Q423 NAV total return (TR) of 7.7% in Georgian lari (GEL) terms (3.4% in sterling terms), bringing the FY23 NAV TR to a strong 26.5% (20.4% in sterling terms). The considerable increase in the sterling share price of Bank of Georgia (BoG) was the main contributor, adding c 5.1% and 19.5% to GCAP’s opening NAV in Q423 and FY23, respectively. This was further assisted by positive revaluation of all large and investment-stage private holdings, except for the hospit...
- Research Team
WOOD Daily: PPC GA; TL Macro; MTELEKOM HB; NLBR SV; KRU PW; HTO GA; CG...
HEADLINES: • Public Power Corporation: shifting into high gear (stays BUY) • Turkey macro: CBRT extends the cautious pause • Magyar Telekom: 4Q23 results review – EBITDA up 16% yoy, in line with the consensus; strong 2024E guidance POSITIVE • NLB Group: strong 4Q23 results and massive increase in 2023 dividends POSITIVE • Kruk: announces PLN 1,012m of 2023E net profit NEUTRAL • OTE: 4Q23 results review – solid quarter, with 2% yoy adjusted EBITDA growth; EUR 450m shareholders' payout guidance PO...
- Research Team
WOOD Daily: GSPARK HB; NRP NA; BOCH CY; CCOLA TI; DIGI RO; SIPCHEM AB;...
HEADLINES: • Graphisoft Park: 4Q23 – another year of growing earnings, FFO approaching EUR 15m in 2023 POSITIVE • NEPI Rockcastle: 2H23 – NOI grows by 13% yoy in 2023, on strong tenant sales POSITIVE • Bank of Cyprus: 4Q23 highlights and 2024E guidance POSITIVE • Coca-Cola Icecek: completes acquisition of Coca-Cola Bangladesh Beverages Ltd NEUTRAL • DIGI Communications: 4Q23E preview – 13% yoy EBITDA growth expected (due 28 February) • Sipchem: 4Q23E results preview (due on 28 February) NEUTRAL ...
- Can Demir
WOOD Flash – Bank of Cyprus: 4Q23 highlights and 2024E guidance
Bank of Cyprus has announced a decent EUR 138m of net income for 4Q23, which brought the full-year bottom line to EUR 487m. Although some pressures on earnings is starting to emerge, with peaking NIMs in 4Q23, we believe that BOCH’s market valuation (0.5x P/TBV and 2.9x P/E, on our 2024E estimates) is still implying a too abrupt normalisation from the current >20% ROTE levels. Management's mid-teens ROTE guidance for a normalised ECB deposit rate backdrop of 2-2.5% still stands. As long as the r...
- Research Team
WOOD Daily: OPL PW; TPEIR GA; PL Macro; HU Macro; RO Macro; CZ Macro; ...
HEADLINES: • Orange Polska: 4Q23 results – EBITDAaL up 2% yoy, in line with the consensus NEGATIVE • Piraeus Bank: 4Q23 highlights and 2024-26E guidance • Poland macro: 2023 ends with near stagnant growth • Hungary macro: underwhelming 2023, but constructive signs for the new year • Romania macro: GDP to accelerate further, after a good 2023 • Czech Republic macro: GDP ends 2023 on a soft note • CEZ: committee recommends dropping Lex CEZ 2.0 NEUTRAL • Electrica: 4Q23 operational review shows s...
- Research Team
WOOD Daily: YKBNK TI; EME Macro/Strategy Weekly; TL Macro; WPL PW
HEADLINES: • Yapi Kredi: 4Q23 results and 2024E guidance highlights NEUTRAL • EME Macro/Strategy: macro all-in-one (29 January-4 February) • Turkey macro: new CBRT Governor appointed • Wirtualna Polska: 4Q23E preview – 2% yoy adjusted EBITDA growth expected (due on 26 March) • Short News (HUG, CEZ, TRP)
- Andreas Souvleros
- CFA
- Christiana Armpounioti
- Marios Bourazanis
- Natalia Svyriadi
- Nikos Athanasoulias CFA
- Stamatios Draziotis CFA
Greek Equity Strategy – 2024 outlook | Junk no more
2023: Reclaiming investor spotlight – Greek equities had another year of stellar performance, with the ASE index popping >40%, eclipsing the Stoxx 600 by >25ppts. Strong fundamentals (mid-teens EBITDA growth for non-financials, >50% NII growth for banks) were coupled with falling risk premia thanks to crystallized domestic political stability and expectations for Greece’s return to investment grade (IG), further propelled by the generic risk-on rally in Q4 and low positioning. Financials (+66%) ...
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