reports
- Gerben Hieminga
- Nadège Tillier
Energy price caps are appealing, but are not without risks
In this article our power market experts Gerben Hieminga and Nadège Tillier discuss the energy price cap recently proposed by the European Commission and detail the 10 things they will be monitoring closely in the run-up to, and after, the introduction of the cap
Raiffeisen Research Institutional Equity Daily 17.06.2022
ATX indices review - FFF and NoS changes in IMMOFINANZ and Marinomed Biotech CECE index review - FFF and NoS changes in Allegro, Colt and MOL FTSE Index June review - No changes of index constituents in our Coverage Universe STOXX Europe 600 Index review - No changes of index constituents in our Coverage Universe WIG20/WIG30 indices review - No change in constituents AT: Erste Group - Willibald Cernko appointed as CEO until end 2024 (neutral) AT: Vienna Insurance Group - Results of...
Raiffeisen Research Institutional Equity Daily 14.06.2022
AT: Flughafen Wien - Significant hike of FY 22 guidance (positive) AT: IMMOFINANZ - Starting share buyback programme for up to 1% of share capital (positive) AT: STRABAG - Resignation of Peter Krammer became effective as of June 12 (neutral) RO: Medlife - Medlife opens a new clinic in Targu Mures, and expands its regional presence through two acquisitions (positive) RU: Transneft, RusHydro - Government decree provides for RUB 23.3 bn in 2021 dividends from RusHydro and RUB 76 bn from T...
Raiffeisen Research Institutional Equity Daily 01.06.2022
AT: IMMOFINANZ - CPI Property Group raises stake in IMMOFINANZ to 76.9% during additional acceptance period (neutral) AT: Wienerberger - Moody's affirmed Ba1 rating, outlook changed to positive from stable (neutral) PL: Bank Pekao - Increasing interest rate offer for deposits with maturity (neutral) PL: mBank - Demerger of mBank's mortgage bank arm with no share issue requirement (neutral) RU: InterRAO - Shareholders approve 2021 dividends (positive) RU: OGK-2 - Board recommends 2021...
Raiffeisen Research Institutional Equity Daily 31.05.2022
MSCI May Index Review - Standard indices (STD) changes: DEL: Raiffeisen Bank Intl.; SmallCap indices (SC) changes: ADD: STRABAG SE, DEL: Zumtobel Oil&Gas: Oil price - EU agreed to ban most of Russia oil imports AT: STRABAG - Double digit output growth and backlog at new high in Q1, FY 22 guidance reiterated (positive) CZ: Moneta Money Bank - PPF and Moneta terminate the acquisition of AirBank group / cancelation of the capital increase and mandatory tender offer by PPF HU: Makro - Ra...
Raiffeisen Research Institutional Equity Daily 18.05.2022
AT: OMV - OMV and ADNOC announce intention to float 10% stake in Borouge (neutral) AT: Semperit - Q1 results well ahead of RBIe and consensus (positive) CZ: CTP - Strong growth dynamics in Q1, but inflation shows effect on yield on cost (neutral) PL: Orange Polska - Competitors are pressing regulator to impose conditions of access to fiber optic network built using EU funds (negative) RU: OGK-2 - Q1 22: EBITDA marginally below expectations, FCF propped up by temporarily lower capex, no dividend ...
Raiffeisen Research Institutional Equity Daily 12.05.2022
AT: Verbund - Soaring Q1 results, but only in line adjusted for hedging, lower end of guidance range lifted as expected (neutral) AT: Wienerberger - Q1 results confirmed strong trading statement a month ago, confident wording on Q2 trading conditions, FY EBITDA guidance again reiterated (neutral) CEE: Banks - UniCredit in talks to sell Russia DE: Encavis - Final Q1 22 results in line with very strong preliminaries, FY 22 guidance confirmed (neutral) HU: Magyar Telekom - Upbeat Q1 22 p...
PEO BANK POLSKA KASA OPIEKI SA
PGN POLSKIE GORNICTWO NAFTOWE I GAZOWNICTWO SA
PKO PKO BANK POLSKI S.A.
VER VERBUND AG CLASS A
SPL SANTANDER BANK POLSKA SA
MIL BANK MILLENNIUM SA
MTELEKOM MAGYAR TELEKOM TELECOMMUNICATIONS
WIE WIENERBERGER AG
EUR EUROCASH S.A.
LTS GRUPA LOTOS S.A.
CPS CYFROWY POLSAT SA
ALR ALIOR BANK SA
EONR UNIPRO
SNG SOCIETATEA NATIONALA DE GAZE NATURALE ROMGAZ SA
SNP PETROM S.A.
UNCFF UNICREDIT S.P.A.
NLBR NOVA LJUBLJANSKA BANKA DD LJUBLJANA
CAP ENCAVIS AG
Raiffeisen Research Institutional Equity Daily 29.04.2022
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...
OMV OMV AG
PAL PALFINGER AG
SEM SEMPERIT HOLDING AG
LKOH OIL COMPANY LUKOIL PJSC
POST OSTERREICHISCHE POST AG
ANDR ANDRITZ AG
STR STRABAG SE
SIBN GAZPROM NEFT PJSC
ROSN ROSNEFT OIL CO.
SNGS SURGUTNEFTEGAS PJSC
TCS TCS GROUP HOLDING PLC SPONSORED GDR CLASS A REGS
HT-R-A HRVATSKI TELEKOM DD
BRD BRD-GROUPE SOCIETE GENERALE
TLV BANCA TRANSILVANIA S.A.
ENRU ENEL RUSSIA
SNG SOCIETATEA NATIONALA DE GAZE NATURALE ROMGAZ SA
ATGR-R-A ATLANTIC GRUPA
SNP PETROM S.A.
COTE CONPET SA
TGN SOCIETATEA NATIONALA DE TRANSPORT GAZE NATURALE TRANSGAZ S.A.
AMAG AMAG AUSTRIA METALL AG
SFG SPHERA FRANCHISE GROUP SA
ADRS2-R-A ADRIS GRUPA D.D. PFD.
ERNT-R-A ERICSSON NIKOLA TESLA D.D.
WINE PURCARI WINERIES PCL
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...
Raiffeisen Research Institutional Equity Daily 22.03.2022
AT: Palfinger - Yet another profit warning (negative) HU: Magyar Telekom - Magyar Telekom shareholder proposes a dividend of HUF 25 bn (neutral) HU: OTP Bank - Proposal for a catch-up DPS of HUF 426 from 2019/20 earnings and a symbolic DPS of HUF 3.3 from 2021 (negative) PL: CD Projekt - Company stated it is working on the next installment of the Witcher series, which will run on the Unreal 5 engine (positive) RO: Conpet - Board proposed 2021 DPS of RON 7.28, DY 9.6% (positive) RO: ...
- Andrey Gromadin
- Anton Stroutchenevski
- Artem Vinogradov
- Cole Akeson
- Dmitry Troshin
- Georgiy Ivanin
- Konstantin Samarin
- Research Team
CIS Market Daily - March 22, 2022
MARKET COMMENT - EQUITIES STILL SUSPENDED WHILE OIL, WHEAT SURGE ON LACK OF POSITIVE HEADLINES REGARDING THE CONFLICTMoscow equity trading continues into its unprecedented fourth week of suspension. Polymetal and VEON gained 2-3%, while other FSU stocks were mixed. The ruble weakened 2% offshore to reach nearly USD/RUB 107, while in Moscow it gained 0.8% to mark USD/RUB 104. OFZ (local ruble sovereign) bonds will trade for a second day.STORIES> Russian gas reaches record 15% of Chinese imports i...
- Andrey Gromadin
- Anton Chernyshev
- Anton Stroutchenevski
- Artem Vinogradov
- Cole Akeson
- Dmitry Troshin
- Georgiy Ivanin
- Konstantin Samarin
- Research Team
CIS Market Daily - 22 марта 2022
КОММЕНТАРИЙ И ПРОГНОЗ - ЦЕНЫ НА НЕФТЬ И ПШЕНИЦУ ВЫРОСЛИ В ОТСУТСТВИЕ ХОРОШИХ НОВОСТЕЙТорги акциями не проводятся на Московской бирже четвертую неделю подряд. На зарубежных площадках Polymetal и VEON прибавили вчера в цене 2-3%, динамика акций других компаний из стран СНГ была смешанной. Рубль на внешнем рынке ослаб на 2% до примерно 107 руб. за доллар, а в Москве укрепился на 0,8% и достиг отметки 104. Сегодня состоится второй после перерыва день торгов ОФЗ. НОВОСТИ> Цены на нефть растут на фоне...
Raiffeisen Research Institutional Equity Daily 17.03.2022
AT: Erste Group - Erste presents some insights into the exposure towards Russia, Ukraine and Belarus (neutral) AT: OMV - Key takeaways from OMV Strategy 2030 presentation (neutral) AT: SBO - Final results in line with preliminaries, 2021 DPS proposal of EUR 0.75 beats our expectations, higher E&P spending in 2022 to support demand for SBO's equipment and services (neutral) AT: Verbund - Q4 EBITDA about in line, net better on one-offs; FY 22 guidance wide as a barn door, upper end signals...
- Anton Stroutchenevski
- Artem Vinogradov
- Cole Akeson
- Dmitry Troshin
- Georgiy Ivanin
- Igor Rapokhin
- Research Team
CIS Market Daily - March 17, 2022
MARKET COMMENT - GLOBAL MARKETS SURGE WHILE RUSSIA SUSPENDED, RUBLE STILL DOWN 28% M-O-MRussian equities remain suspended at least through the end of this week, the third full week of suspension. Polymetal climbed 14%, offshore ruble quotes gained 8% to USD/RUB 98 and Moscow quotes 2% to USD/RUB 108.STORIES> Russian weekly inflation still very high at 2.1% last week> CBR Preview: CBR may take pause in rate hikes> Enel Russia 2021 IFRS results review: Dividend payments in 2022 canceled> Energy Mi...
- Anton Chernyshev
- Anton Stroutchenevski
- Artem Vinogradov
- Cole Akeson
- Dmitry Troshin
- Georgiy Ivanin
- Igor Rapokhin
- Research Team
CIS Market Daily - 17 марта 2022
КОММЕНТАРИЙ И ПРОГНОЗ - МИРОВЫЕ РЫНКИ ВЫРОСЛИ, РОССИЙСКИЙ РЫНОК ПО-ПРЕЖНЕМУ ЗАКРЫТ, РУБЛЬ ВСЕ ЕЩЕ НА 28% СЛАБЕЕ, ЧЕМ В ФЕВРАЛЕРоссийский рынок акций закрыт по меньшей мере до конца недели, то есть уже третью неделю подряд. Котировки Polymetal выросли на 14%, рубль на внешнем рынке укрепился на 8% до 98 за доллар, а на внутреннем - прибавил 2% до 108 за доллар. НОВОСТИ> За неделю цены в РФ выросли на 2,1%> Прогноз итогов заседания ЦБ РФ: ЦБ может взять паузу в повышении ставки> Цены на нефть стаб...
Raiffeisen Research Institutional Equity Daily 16.03.2022
AT: Andritz - Andritz received small press section rebuild order (neutral) AT: OMV - Strategy 2030 aims at moving to a more sustainable way of doing business (neutral) AT: Strabag, UNIQA - Strabag syndicate cancelled by Haselsteiner Group (neutral) PL: Bank Handlowy - DPS of PLN 5.47 to be proposed from 2021 profit (neutral) PL: mBank - No significant change in risk provisioning in 2022 expected by the CRO (neutral) RU: Inter RAO - Interfax: Inter RAO considers delisting from Moscow ...
- Andrey Gromadin
- Cole Akeson
- Dmitry Troshin
- Ekaterina Usanova
- Georgiy Ivanin
- Konstantin Samarin
- Mikhail Krasnoperov
- Research Team
CIS Market Daily - March 16, 2022
MARKET COMMENT - POLYMETAL TUMBLES 33% AS FTSE EXCLUSION FURTHERS RUSSIA'S ISOLATION FROM GLOBAL MARKETSMoscow equity trading remains closed by the CBR. Among the only instruments still trading, Polymetal's London listing fell 33%, while FTSE announced the exclusion of the shares from its indexes, eliminating one of the last examples of Russia being included in global markets. STORIES> Oil and gas: Not benefiting much from strong Brent, but gaining from weak ruble> Tatneft: Moderate miss in 4Q2...
- Andrey Gromadin
- Anton Chernyshev
- Anton Stroutchenevski
- Artem Vinogradov
- Cole Akeson
- Dmitry Troshin
- Ekaterina Usanova
- Georgiy Ivanin
- Konstantin Samarin
- Mikhail Krasnoperov
- Research Team
CIS Market Daily - 16 марта 2022
КОММЕНТАРИЙ И ПРОГНОЗ - АКЦИИ ПОЛИМЕТАЛЛА УПАЛИ В ЦЕНЕ НА 33% ПОСЛЕ ИСКЛЮЧЕНИЯ ИЗ ИНДЕКСОВ FTSEТорги акциями на Московской бирже по-прежнему не проводятся по решению ЦБ РФ. Бумаги Полиметалла с листингом в Лондоне - один из немногих российских инструментов, остававшийся на глобальных рынках, - упали в цене на 33% после того, как FTSE объявила об их исключении из своих индексов. Рубль торгуется около 105-110 за доллар. НОВОСТИ> Цены на нефть под давлением перед публикацией ежемесячного отчета МЭА...
- Anton Stroutchenevski
- Artem Vinogradov
- Cole Akeson
- Dmitry Troshin
- Georgiy Ivanin
- Research Team
CIS Market Daily - March 14, 2022
MARKET COMMENT - MOSCOW EQUITIES TO BE CLOSED ANOTHER WEEK WHILE VALUE STOCKS OUTPERFORMThe CBR has announced that equity trading will be closed another week. Possible negotiations between Russia and Ukraine are the focal point for Russia investors this week, while main themes elsewhere include resumed rotation to value stocks and above $100/bbl oil prices, all of which would be benefiting Russia in a normal market environment, but not this one.STORIES> Government allocates R1 trln to support th...
- Anton Chernyshev
- Anton Stroutchenevski
- Artem Vinogradov
- Cole Akeson
- Dmitry Troshin
- Georgiy Ivanin
- Research Team
CIS Market Daily - 14 марта 2022
КОММЕНТАРИЙ И ПРОГНОЗ - ТОРГИ В МОСКВЕ НЕ БУДУТ ПРОВОДИТЬСЯ ЕЩЕ НЕДЕЛЮ; НА ГЛОБАЛЬНОМ РЫНКЕ ОПЕРЕЖАЮЩУЮ ДИНАМИКУ ПОКАЗЫВАЮТ АКЦИИ СТОИМОСТИЦБ РФ принял решение еще неделю не возобновлять торги на МосБирже в секции фондового рынка. На текущей неделе в центре внимания будут возможные переговоры между Россией и Украиной. НОВОСТИ> Правительство выделило 1 трлн руб. на поддержку экономики> Нефтяные котировки консолидировались около минимумов прошлой недели в преддверии многочисленных событий на этой ...
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