Please find enclosed our daily market report.Market CommentCroatia Tankerska to bid for remaining shares of Atlantska Plovidba Luka Ploce cons pre-tax profit down 27% YoY in Q1 Kras proposes EUR 1.50 per share dividend (DIVY 1.3%) Meritus proposes EUR 2.30 DPS (1.1.%) Loans in Croatia up 4.8% YoY in March Slovenia OECD upgrades Slovenia's growth outlook Romania BRD sees net profit down 5% to RON 326 mil in Q1 Bulgaria Bulgarian banks' Q1 net profit grows 4.3% YoY
HT has managed to achieve growth in H1 2023, both on the top line but also in terms of profitability. When combined with the strong inflationary pressures on costs, this growth is even more impressive. This came even though the price indexation did not come into effect. The Company continues to be one of the most stable shares on the exchange. Their dividend payments (in 2023: EUR 1.1 DPS, 4.3% DY) as well as the continued share buyback program provide investors even more incentives to consi...
In Q1 2023, HT Group recorded a revenue of EUR 241.3m, representing an increase of 6.3% YoY. This was driven by both the increases in HT Group in Croatia, with a growth of 6.2% (or EUR 12.9m), and CT, with an increase of 7.2% (or EUR 1.3m). In terms of revenue by segments, Mobile service revenue increased by 4.1% YoY, supported by solid postpaid performance, which offset a decline in prepaid services. Mobile non-service revenue increased by 17.3%, driven by strong promotional activities in Q1...
In 2022, organic revenue increased by 2.2% YoY or HRK 159m, and amounted to HRK 7,410m, driven by continued growth momentum in core fixed and mobile services, both in Croatia and Montenegro. Organic results, in this case, exclude the H1 2021 contribution of Optima Telekom (OT), as the Company is no longer part of HT Group, and thus including its contribution would not give a complete picture. In Croatia, revenue grew by HRK 130m or 1.9% YoY, and in CT, it grew by HRK 29m or 5.3%. Breaking the...
In 9M 2022, HT’s organic revenue increased by 2.8% to HRK 5.5bn, driven by continued growth in core fixed and mobile services, both in Croatia and Montenegro. Organic results refer to the exclusion of Optima Telekom’s (OT) contribution impact, as they are no longer part of HT. Reported revenue increased by 0.2% YoY, and the lower growth came from OT’s contribution. In Croatia, revenue increased by HRK 130m (or 2.6%), while in Montenegro it grew by HRK 20m (or 4.8%). Excluding OT’s contributio...
-Strong post-paid customer base growth made up for the weaker pre-paid segment -Double-digit growth of handset sales, system solutions and other fixed revenues -Margins deteriorate on higher material expenses and depreciation -FY 2022 guidance confirmed -We rate the figures neutral to slightly positive for the share price development
AT: Energy - Excess profit taxes become more likely (negative) AT: OMV - Fitch Ratings confirms OMV's rating at A- (neutral) CEE: Banks - Citi plans to leave Russia completely EU: Telecom - Renewed talks about contributions from internet giants for network expansion (positive) HU: Banks - Risks from the MNB's emergency rate hike to 18% (negative) PL: Banks - Bank Handlowy's profit warning on loss in treasury business in Q3 (negative) PL: Insurance - MTPL prices continued to decli...
In H1 2022, organic revenue increased by 0.5% and amounted to HRK 3.5bn, mainly driven by the strong mobile revenue, driven by higher mobile service and mobile non-service revenue, which offset the lower fixed non-service and System Solution revenue. Organic results refer to the exclusion of Optima Telekom’s (OT) contribution from the results, to show a more accurate picture. Reported revenue decreased by -3.5% YoY, driven by decreases in HT Group in Croatia (-4%) or HRK -135m, which was slig...
AT: Andritz - Another stunning order intake, earnings in line with RBIe, above consensus, guidance confirmed (positive) AT: Palfinger - Q2 results clearly ahead of RBIe, EUR 2 bn top line target for FY 22 is comforting (positive) AT: STRABAG - Federal Competition Authority requests review of antitrust decision (negative) HR: Hrvatski Telekom - EBITDA guidance for the FY 22e lowered (negative) PL: Santander Bank Poslka - Q2 conference call highlights (neutral) RO: Fondul Proprietatea...
In Q1 2022, organic revenue was down -0.7% YoY to HRK 1.7bn, driven by the lower system solutions and fixed non-service revenue, offset by higher mobile service, mobile non-service, and fixed service revenue. Organic results mean that Optima Telekom’s contribution was excluded. Reported revenue decreased by -4.4% YoY, driven by the decrease in HT Group in Croatia (-1%) or HRK 16m, slightly offset by CT (+2.7%) or HRK 4m. Excluding OT contribution, mobile service revenue grew by HRK 27m or 4.6...
AT: AMAG - Q1 results in line with RBIe but above consensus, major cash drain from NWC, FY 22 EBITDA guidance of > EUR 200 mn heralds (expected) upside to estimates (neutral) AT: Andritz - Record order backlog, in-line results and guidance confirmed (positive) AT: Erste Group - Q1 22 net profit beating expectations / strong core revenues offset by higher opex and weak trading result / guidance for 2022 marginally tweaked upwards / CET1 drop should be only temporary (positive) AT: Oester...
AT: Oesterreichische Post - Q4 21 in line, muted outlook wording (neutral) AT: OMV - Borealis declined the binding offer of EuroChem for the acquisition of its fertilizer business (neutral) AT: OMV - OMV is considering building a waste sorting plant in Germany (neutral) CZ: Komercni Banka, Erste Group - Central bank to increase counter-cyclical capital buffer to 2.5% from April 22 (negative) HR: Hrvatski Telekom - Dividend proposal od HRK 8.00 per share (neutral) HR: Valamar Riviera ...
In 2021, organic revenue increased by 1.1% YoY, driven by strong mobile and core fixed business despite the shift in System Solution revenue due to a focus on high-margin deals. Organic results imply that Optima Telekom H2 2020 contribution was excluded. Reported revenue decreased by -0.9% YoY, driven by a decrease of HT Group in Croatia (-1.1% or HRK 78m), while Crnogorski Telekom reported an increase (+2.5% or HRK 14m). The revenue decrease was driven by lower system solutions revenue (-24....
AT: EVN - Q1 21/22 EBITDA in line, net better than expected, EUR 200-240 mn net income guidance confirmed (neutral) AT: IMMOFINANZ - CPI reaches 53.3% stake in IMMOFINANZ (neutral) AT: Rosenbauer - Company intends to increase stake in its American subsidiary (positive) AT: Wienerberger - Divestment of French plastic piping business planned (positive) HR: Ericsson Nikola Tesla - Good performance in Q4 21 at all levels (positive) HR: Hrvatski Telekom - EBITDA margin set to further impr...
System solutions segment revised downwards due to focus on higher margin business Remains to be seen how the monetisation of investments will develop Trades at attractive discount of 36% to peers (EV/EBITDA) We downgrade our recommendation from BUY to HOLD
In Q3 HT launched its 5G commercial network on 3.5GHz spectrum and additionally HT enabled 5G for foreign customers. 3Q also brought strong inflow of tourists as arrivals in 3Q grew 75% YoY. All this coupled with increased consumer spending by domestic customers resulted in quarterly mobile revenue growth accelerating to 15.3% YoY. 9M mobile revenue was up 11.0% YoY driven by solid commercial momentum, especially on the post-paid side and higher handset sales as sales of mobile devices improv...
Full Article at IIR has reaffirmed its Recommended rating for PIA after undertaking a review post the appointment of a new Portfolio Manager, Harding Loevner. The full report can be found on the IIR website. On 26 July 2021, Pengana International Equities Limited (PIA) announced a fully franked dividend of 1.35 cents per share for the June quarter. This represents an 8% increase on the March quarter dividend and takes the total dividends declared for FY21 of 5.1 cents per share, fully franked....
In 2Q consumer spending and ultimately sales of mobile devices improved further so HT Group’s H1 2021 increased by 3.4%. These results still include Optima Telekom contribution that will not be evidenced in H2 as deconsolidation of Optima due to sale of company will take place. Quarterly mobile revenue growth accelerated to 9.7% YoY (vs. 6.0% YoY in Q1) driven by solid commercial momentum, especially on the post-paid side and higher handset sales. Slightly lower prepaid was offset by increase...
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