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 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 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...
- Anastasia Khakhaeva
- Andrey Gromadin
- Anton Stroutchenevski
- Artem Vinogradov
- Cole Akeson
- Dmitry Troshin
- Ekaterina Usanova
- Fedor Kornachev
- Georgiy Ivanin
- Konstantin Samarin
- Mikhail Krasnoperov
- Research Team
CIS Market Daily - March 9, 2022
MARKET COMMENT - MOSCOW TRADING REMAINS HALTED WHILE EYES REMAIN ON UKRAINERussian stocks continued to see only slight trading through Russia's long weekend. That will not change today, with the CBR having decided yesterday not to allow Moscow equity trading, continuing the halt since February 25 for a sixth business day.STORIES> How the crisis is evolving> US and UK seeking to embargo Russian oil and gas imports> Gazprom's export flows remain very strong> Rostelecom posts neutral 4Q21 IFRS resu...
- Anastasia Khakhaeva
- Andrey Gromadin
- Anton Stroutchenevski
- Artem Vinogradov
- Cole Akeson
- Dmitry Troshin
- Ekaterina Usanova
- Fedor Kornachev
- Georgiy Ivanin
- Konstantin Samarin
- Mikhail Krasnoperov
- Research Team
CIS Market Daily - 9 марта 2022
КОММЕНТАРИЙ И ПРОГНОЗСША и Великобритания вводят эмбарго на импорт нефти и газа из России, экспортные доходы Газпрома растут, Ростелеком, HeadHunter, Магнит и М. Видео представили отчетность.НОВОСТИ> Как развивается кризис> США и Великобритания вводят эмбарго на импорт нефти и газа из России> Экспортные доходы Газпрома растут> Ростелеком представил нейтральные результаты за 4К21 по МСФО> Вопрос о погашении облигаций Яндекса и Ozon> HeadHunter: результаты за 4К21 несколько ниже прогнозов, выкуп а...
- Anna Kurbatova
Rostelecom: Rostelecom reports firm 4Q21 results, 2021 DPS at RUB6.0
Rostelecom (RTKM RX; RTKMP RX; N/R) reported solid 4Q21 numbers, which came slightly above consensus estimates on revenue and EBITDA. Incremental mobile revenue growth of RUB3.5bn is still higher than those posted by VEON in Russia (RUB3.2bn), which suggests that Tele2 continues to gain market share. The company had RUB568bn in debt as of end-2021, which is 100% denominated in rubles. Overall, Rostelecom’s 2021 performance came slightly ahead of the company’s guidance. The company expectedly ...
- Research Team
WOOD Daily: OTP HB; MTSS RX; RTKM RX; VKCO LI; AST PW; CDR PW; 4IG HB;...
HEADLINES: • OTP Bank: 4Q21 results largely in line, but near-term outlook very uncertain due to geopolitics • Mobile TeleSystems: 4Q21 results review - OIBDA up 6% yoy, in line with the consensus • Rostelecom: 4Q21 results review - OIBDA up 10% yoy, in line with the consensus • VK: 4Q21 results broadly in line with guidance • Astarta Holding: current operations • CD Projekt: suspension of sales in Russia and Belarus NEGATIVE • 4iG: finalises agreement with Rheinmetall on purchase of 25.12%...
AST ASTARTA HOLDING
EEG1T EKSPRESS GRUPP A.S.
OTP OTP BANK NYRT
MAIL MAIL.RU GROUP LTD. SPONSORED GDR
GPW WARSAW STOCK EXCHANGE
RTKM ROSTELECOM PJSC
MTSS MOBILE TELESYSTEMS PJSC
TRP TERAPLAST
SNN SOCIETATEA NATIONALA NUCLEARELECTRICA SA
ELSA SOCIETATEA ENERGETICA ELECTRICA
FP. FONDUL PROPRIETATEA S.A. GDR (REG S)
4IG 4IG NYRT
- Research Team
WOOD Flash – Russian coverage universe: under review
Russia’s invasion of Ukraine has led to unprecedented dislocations of capital and resources, on top of human tragedies. The sanctions imposed, by the world’s key nations, on Russia, its politicians, institutions, companies and businessmen, as well as the counter-measures introduced by the Russian government, are wide-ranging and continue to be imposed on a daily basis. The most severe sanctions are related to the freezing of the CBR’s FX reserves, as well as the freezing of non-residents’ assets...
QIWI QIWI PLC SPONSORED ADR CLASS B
AFLT AEROFLOT RUSSIAN AIRLINES
AFKS SISTEMA PJSFC
POLY POLYMETAL INTERNATIONAL PLC
PJP X5 RETAIL GROUP N.V. SPONSORED GDR REGS
MAIL MAIL.RU GROUP LTD. SPONSORED GDR
RTKM ROSTELECOM PJSC
MTSS MOBILE TELESYSTEMS PJSC
2ET ETALON GROUP (GDR)
ALRS ALROSA PJSC
ROSN ROSNEFT OIL CO. SPONSORED GDR REGS
NVTK NOVATEK JSC SPONSORED GDR REGS
5M71 MAGNIT PJSC SPONSORED GDR REGS
3LSA LSR GROUP (GDR)
MOEX MOSCOW EXCHANGE MICEX-RTS PJSC
PLZL POLYUS (GDR)
LKODN OIL COMPANY LUKOIL PJSC SPONSORED ADR
OGZD GAZPROM (GDR)
SBNC SBERBANK RUSSIA PJSC SPONSORED ADR
ATAD TATNEFT (GDR)
904596 SURGUTNEFTEGAS (GDR)
MINING AND METALLURGICAL COMPANY NORILSK NICKEL (GDR)
OZON OZON HOLDINGS
GDEV NEXTERS INC
HHR HEADHUNTER GROUP PLC
- Anastasia Khakhaeva
- Andrew Keeley
- Andrey Gromadin
- Anton Stroutchenevski
- Artem Vinogradov
- Arthur Cherkesov
- Cole Akeson
- Ekaterina Usanova
- Fedor Kornachev
- Konstantin Samarin
- Mikhail Krasnoperov
- Research Team
CIS Market Daily - March 1, 2022
MARKET COMMENT - MSCI RUSSIA -27% D-O-D WHILE RUSSIA-UKRAINE, SANCTIONS NEWS CONTINUE TO DOMINATE INVESTOR ATTENTIONEquity trading in Moscow was canceled for yesterday and today. The government announced a range of measures to stabilize the Russian financial environment, but the measures also create risks for institutional investors. The MSCI Russia fell 27% yesterday, while Russia-Ukraine developments, sanctions news and the OPEC+ discussion are the obvious areas of focus today.STORIES> MSCI to...
- Anastasia Khakhaeva
- Andrew Keeley
- Andrey Gromadin
- Anton Chernyshev
- Anton Stroutchenevski
- Artem Vinogradov
- Arthur Cherkesov
- Cole Akeson
- Ekaterina Usanova
- Fedor Kornachev
- Konstantin Samarin
- Mikhail Krasnoperov
- Research Team
CIS Market Daily - 1 марта 2022
КОММЕНТАРИЙ И ПРОГНОЗ - ИНДЕКС MSCI RUSSIA ЗА ДЕНЬ УПАЛ НА 27%, В ЦЕНТРЕ ВНИМАНИЯ СИТУАЦИЯ НА УКРАИНЕ И НОВОСТИ О САНКЦИЯХТорги на фондовом рынке в Москве вчера не проводились, и сегодня пауза продолжается. Правительство объявило ряд мер, нацеленных на стабилизацию финансовой ситуации в России, однако эти меры также создают риски для институциональных инвесторов. Индекс MSCI Russia упал на 27%. Сегодня в центре внимания остаются геополитические события. НОВОСТИ> Меры, принимаемые монетарными вла...
- Alisa Zakirova
- Anastasia Khakhaeva
- Anton Stroutchenevski
- Artem Vinogradov
- Ekaterina Sidorova
- Fedor Kornachev
- Igor Rapokhin
- Olga Sterina
- Research Team
- Rodion Lomivorotov
- Sergey Kolesnikov
- FRM
Debt Markets Today - March 1, 2022. Steps to Stabilize Financial Spher...
CIS EUROBOND MARKETAnother round of new Western sanctions, including a joint commitment from Europe, the US and Canada to freeze the international reserves of the CBR, caused quotes on Russian sovereign Eurobonds to fall 26-35 pp to 35-55% of par. Ukrainian Eurobonds fell 14-35 pp to 35-37% of par.GOVERNMENT DEBTThere was no trading on the Moscow Exchange yesterday. Meanwhile, the CBR raised the key rate to 20%, so it is likely that OFZ yields will exceed 17% in 5y+ tenors once trading resumes i...
- Alisa Zakirova
- Anastasia Khakhaeva
- Anton Stroutchenevski
- Artem Vinogradov
- Ekaterina Sidorova
- Fedor Kornachev
- Igor Rapokhin
- Olga Sterina
- Research Team
- Rodion Lomivorotov
- Sergey Kolesnikov
- FRM
Долговые рынки сегодня - 1 марта 2022. Российские власти принимают мер...
РЫНОК ВНЕШНЕГО ДОЛГА СТРАН СНГОчередные санкции со стороны Запада, в том числе совместное заявление Европы, США и Канады о заморозке международных резервов ЦБ РФ, спровоцировали снижение котировок российских суверенных еврооблигаций на 26-35 п. п. до 35-55% от номинала. Украинские суверен-ные еврооблигации подешевели на 14-35 п. п. до 35-37% от номинала.ГОСУДАРСТВЕННЫЕ ЦЕННЫЕ БУМАГИВчера и сегодня торги на МосБирже не проводились. ЦБ РФ поднял ключевую ставку до 20%, поэтому, скорее всего, если ...
Raiffeisen Research Institutional Equity Daily 25.02.2022
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...
ROS ROSENBAUER INTERNATIONAL AG
WIE WIENERBERGER AG
TRNFP TRANSNEFT PJSC PREF.
RTKM ROSTELECOM PJSC
GAZP GAZPROM PJSC
ALRS ALROSA PJSC
HT-R-A HRVATSKI TELEKOM DD
BRD BRD-GROUPE SOCIETE GENERALE
TLV BANCA TRANSILVANIA S.A.
SNG SOCIETATEA NATIONALA DE GAZE NATURALE ROMGAZ SA
COTE CONPET SA
TGN SOCIETATEA NATIONALA DE TRANSPORT GAZE NATURALE TRANSGAZ S.A.
IIA IMMOFINANZ AG
ERNT-R-A ERICSSON NIKOLA TESLA D.D.
- Anastasia Khakhaeva
- Andrew Keeley
- Arthur Cherkesov
- Cole Akeson
- Dmitry Troshin
- Ekaterina Usanova
- Fedor Kornachev
- Georgiy Ivanin
- Mikhail Krasnoperov
- Research Team
CIS Market Daily - February 22, 2022
MARKET COMMENT - RTS PLUNGES, RUSSIA RECOGNIZES DNR AND LNR, EYES ON FURTHER DEVELOPMENTS TODAYThe RTS yesterday fell 13.2% to 1,208. Such a sharp fall had not been seen since 2008, and before that 1999. Yesterday's market collapse coincided with public discussions and the after-market announcement of the Russian government's recognition of the independence of the DNR and LNR. STORIES> RTS declines most since 2008, 1999; DNR/LNR recognition> VTB 4Q21 IFRS review: Modest end to year of ...
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