Profitability step-up confirmed; where do we go now? – Titan Cement reported FY’23 EBITDA of €540mn, delivering 63% yoy growth on the back of 3.5% volume growth, double-digit pricing and c7pps margin expansion. With FY’23 EPS at €3.4, Titan has effectively beaten its FY’26 target three years earlier, rendering the communicated business plan obsolete. Going forward, mgmt echoed a positive outlook but refrained from updating the guidance, something we believe reflects more management conservatism ...
Profitability step-up confirmed; where do we go now? – Titan Cement reported FY’23 EBITDA of €540mn, delivering 63% yoy growth on the back of 3.5% volume growth, double-digit pricing and c7pps margin expansion. With FY’23 EPS at €3.4, Titan has effectively beaten its FY’26 target three years earlier, rendering the communicated business plan obsolete. Going forward, mgmt echoed a positive outlook but refrained from updating the guidance, something we believe reflects more management conservatism ...
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%) ...
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%) ...
EBITDA reset to >€500mn with market yet to fully price in the rebased profit level – 2023 has turned out markedly above our and consensus expectation, with Titan Cement primed to deliver a whopping 60% yoy EBITDA growth in FY23, some 30% above consensus a year ago. With demand trends remaining healthy in Titan’s markets, we expect the group to remain on a growth trajectory vs the rebased level of profitability and now envisage mid-single digit EBITDA growth through to 2026e. Although the stock h...
EBITDA reset to >€500mn with market yet to fully price in the rebased profit level – 2023 has turned out markedly above our and consensus expectation, with Titan Cement primed to deliver a whopping 60% yoy EBITDA growth in FY23, some 30% above consensus a year ago. With demand trends remaining healthy in Titan’s markets, we expect the group to remain on a growth trajectory vs the rebased level of profitability and now envisage mid-single digit EBITDA growth through to 2026e. Although the stock h...
EME Equity Market – November 2023 Market performance – Greeks in the lead, in a month with only green across the region. The MSCI EM Europe Index added 5.6% mom in EUR terms and 8.7% mom in USD in November. The Greek ASE Index was the top performer in our region (+6.9% mom), followed by the Polish WIG20 (+5.5% mom) and the Hungarian BUX (+4.0% mom). The Czech PX Index saw the most muted performance, advancing 2.8% mom.
HEADLINES: • Teknosa: good things come in small packages (BUY - initiation of coverage) • OTP Bank: beats expectations with 3Q23 delivery • Bank Handlowy: solid 3Q23, DPS feasible and attractive, still a reason to own the stock NEUTRAL • Eurocash: 3Q23 beat on costs POSITIVE • Dogus Otomotiv: strong bottom-line beat in 3Q23 POSITIVE • Ulker: 3Q23 results - strong beat POSITIVE • Sok Marketler Ticaret: 3Q23 in line operationally, strong bottom-line beat on deferred tax income NEUTRAL • Public P...
Summary Cimsa Cimento Sanayi ve Ticaret AS - Strategy, SWOT and Corporate Finance Report, is a source of comprehensive company data and information. The report covers the company's structure, operation, SWOT analysis, product and service offerings and corporate actions, providing a 360˚ view of the company. Key Highlights Cimsa Cimento Sanayi ve Ticaret AS (Cimsa), is a cement manufacturer. The company offers clinker, cement, and ready-mixed concrete products to domestic and international mar...
EME Equity Market – July 2023 Market performance – gains keep on rolling in all geographies, with special mention of Turkey’s stellar performance. The MSCI EM Europe Index gained 8.6% mom in EUR terms and 9.5% mom in USD in July. Turkey clearly outperformed its peers, gaining 18.6% mom in EUR terms. Most other geographies performed more or less at similar levels, with the Polish WIG20 in the upper part of the range, advancing 7.3% mom in EUR terms, followed by the Romanian BET and Czech PX indic...
HEADLINES: • Garanti: 2Q23 highlights - in line with change of heart on discretionary provisions • Ford Otosan: 2Q23 financials - better-than-expected results POSITIVE • OMV: 2Q23 results - weak net income in 2Q23 • OMV Petrom: net loss in 2Q23, but lower than expected NEUTRAL • Borouge: 2Q23 results - in line • Alkaloid: 2Q23 - another strong quarter, with broad-based growth POSITIVE • Titan Cement: tailwinds from lower energy prices, construction demand POSITIVE • Mytilineos: CEO comfortabl...
H1’23 results driving upgrades… – Following an impressive Q1’23, Titan Cement reported another blowout quarter, with Q2’23 EBITDA +45% yoy. With H1 EBITDA +77% yoy at €241mn, Titan looks set for a significant step-up in profitability in FY’23 for second consecutive year. In the light of the stellar H1, we raise our 2023-25e EBITDA by 9-11%, now envisaging FY’23e EBITDA of €411mn (+24% yoy) and FY’24e EBITDA of €428mn. Our updated estimates reflect better demand and pricing, as well as an improve...
H1’23 results driving upgrades… – Following an impressive Q1’23, Titan Cement reported another blowout quarter, with Q2’23 EBITDA +45% yoy. With H1 EBITDA +77% yoy at €241mn, Titan looks set for a significant step-up in profitability in FY’23 for second consecutive year. In the light of the stellar H1, we raise our 2023-25e EBITDA by 9-11%, now envisaging FY’23e EBITDA of €411mn (+24% yoy) and FY’24e EBITDA of €428mn. Our updated estimates reflect better demand and pricing, as well as an improve...
HEADLINES: • Mediterranean refiners: the morning after (Tupras stays BUY, HELLENIQ Energy and Motor Oil Hellas downgraded to HOLD) • Public Power Corporation: managing the margins (upgraded to BUY) • Raiffeisen Bank International: strong 1Q23, upgrades 2023E guidance POSITIVE • Dino: minor beat in 1Q23 results POSITIVE • Enerjisa Enerji: 1Q23 results - strong cash flow and FY guidance announced POSITIVE • Piraeus Bank: positive first read on the 1Q23 results and updated guidance POSITIVE • My...
2022: (Energy) Crisis averted… – Despite the adverse macro in 2022, with energy prices and freight costs at all-time highs, Titan delivered 20% yoy growth in EBITDA during the year (and 24% above the 2019 mark), materially above our expectations at the start of 2022 on the back of strong pricing across all regions. The recent easing of the energy crisis has improved group prospects, something also reflected in the share price, with Titan advancing +20% YTD outperforming the ASE Index. 2023: 2-d...
2022: (Energy) Crisis averted… – Despite the adverse macro in 2022, with energy prices and freight costs at all-time highs, Titan delivered 20% yoy growth in EBITDA during the year (and 24% above the 2019 mark), materially above our expectations at the start of 2022 on the back of strong pricing across all regions. The recent easing of the energy crisis has improved group prospects, something also reflected in the share price, with Titan advancing +20% YTD outperforming the ASE Index. 2023: 2-d...
HEADLINES: • US macro: the Fed switches to a softer tone • Iceland macro: Sedlabanki raises rates by 100bp • CA Immo: 4Q22 results - low rental income, but encouraging progress on disposals NEUTRAL • STS Group: 4Q22 final EBITDA at the upper range of the prelims; growth guidance for FY23E POSITIVE • Jeronimo Martins: 4Q22 profit below our expectations but net cash and DPS surprised positively NEUTRAL • Enea: 4Q22 results review - prelims confirmed NEUTRAL • Benefit Systems: strong 4Q22 result...
EME Equity Market – January 2023 Market performance – strong start to 2023 in Czechia and Greece; multi-month rally interrupted in Turkey. The MSCI EM Europe Index gained 3.2% mom in EUR terms and 4.6% mom in USD in January. The Czech PX and the Greek ASE were the best performers, posting double-digit gains of 12.3% and 10.0% mom in EUR terms, respectively. There were also very decent performances from Poland, Hungary and Romania, with gains of 5.5% mom, 5.5% mom and 4.7% mom in EUR terms, respe...
2022: The comeback – Greek equities staged an impressive comeback in 2022, outpacing most international markets with a 7% total return vs a 2-digit drop suffered by other European indices (and the S&P in EUR terms). Underpinning the ASE was certainly the better macroeconomic backdrop, with the Greek economy expanding by >5% in 2022 compared with c3% for the EU. Light positioning, healthy corporate profitability and more attractive yield gaps than in other regions were additional supporting facto...
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