reports
- Andreas Souvleros
- CFA
- Christiana Armpounioti
- Marios Bourazanis
- Natalia Svyriadi
- Nikos Athanasoulias CFA
- Stamatios Draziotis CFA
Greek Equity Strategy – 2025 outlook | Almost same story, different ye...
Repeat of 2024, with different headwinds – Following a year in which Greek equities performed broadly in line with EU periphery stocks (but better than broad EU indices), 2025 looks somewhat trickier given international headwinds (e.g. tariffs, geopolitics). Easing monetary policy is certainly a positive, in the sense that it could justify higher valuations, but the overriding driver of re-rating would be a resolution of the war in Ukraine, as is the case for the EU as a whole. On the positive s...
- Andreas Souvleros
- CFA
- Christiana Armpounioti
- Marios Bourazanis
- Natalia Svyriadi
- Nikos Athanasoulias CFA
- Stamatios Draziotis CFA
Greek Equity Strategy – 2025 outlook | Almost same story, different ye...
Repeat of 2024, with different headwinds – Following a year in which Greek equities performed broadly in line with EU periphery stocks (but better than broad EU indices), 2025 looks somewhat trickier given international headwinds (e.g. tariffs, geopolitics). Easing monetary policy is certainly a positive, in the sense that it could justify higher valuations, but the overriding driver of re-rating would be a resolution of the war in Ukraine, as is the case for the EU as a whole. On the positive s...
- MarketLine Department
Cimsa Cimento Sanayi ve Ticaret AS - Company Profile and SWOT Analysis
Summary Cimsa Cimento Sanayi ve Ticaret AS - Company Profile and SWOT Analysis, 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. It offers clinker, cement, and ready-mixed concrete products to domestic and international markets. The company p...
- Andreas Souvleros
- CFA
- Christiana Armpounioti
- Marios Bourazanis
- Natalia Svyriadi
- Nikos Athanasoulias CFA
- Stamatios Draziotis CFA
GREEK MARKET PULSE | Autumn Chill
The ATHEX has shed c3% since the start of August, significantly underperforming vs both broader Europe (Stoxx 600 +0.7%) and periphery markets (MIB +2.8%). Performance has been weighed down primarily by banks, which have fallen c7% over the period, compared to a c4% return registered by their EU peers. Non-financials have also stalled, with just a handful of companies in the green since August (mostly from the mid-cap space). Of note is that this move is out of sync with fundamentals, as most co...
- Andreas Souvleros
- CFA
- Christiana Armpounioti
- Marios Bourazanis
- Natalia Svyriadi
- Nikos Athanasoulias CFA
- Stamatios Draziotis CFA
GREEK MARKET PULSE | Autumn Chill
The ATHEX has shed c3% since the start of August, significantly underperforming vs both broader Europe (Stoxx 600 +0.7%) and periphery markets (MIB +2.8%). Performance has been weighed down primarily by banks, which have fallen c7% over the period, compared to a c4% return registered by their EU peers. Non-financials have also stalled, with just a handful of companies in the green since August (mostly from the mid-cap space). Of note is that this move is out of sync with fundamentals, as most co...
- Nikos Athanasoulias CFA
TITAN CEMENT | Cementing value through US IPO
As the listing of the local business in the US approaches, we expect the market to gradually adopt a SOTP approach in valuing Titan, something which on our estimates could help crystallise value >€700mn or €9/share, given the lower risk premia attached on US assets. This should eventually move the valuation debate to the €40 area. We have reflected this in our model early on, now basing our valuation on a SOTP (US vs rest) lifting our PT to €40.5 (from €31), placing the stock at 6.3x 1-yr fwd EV...
- Nikos Athanasoulias CFA
TITAN CEMENT | Cementing value through US IPO
As the listing of the local business in the US approaches, we expect the market to gradually adopt a SOTP approach in valuing Titan, something which on our estimates could help crystallise value >€700mn or €9/share, given the lower risk premia attached on US assets. This should eventually move the valuation debate to the €40 area. We have reflected this in our model early on, now basing our valuation on a SOTP (US vs rest) lifting our PT to €40.5 (from €31), placing the stock at 6.3x 1-yr fwd EV...
- Nikos Athanasoulias CFA
Titan Cement | Growth cast in concrete
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 ...
- Nikos Athanasoulias CFA
Titan Cement | Growth cast in concrete
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 ...
- 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%) ...
- 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%) ...
- Research Team
- Nikos Athanasoulias CFA
TITAN CEMENT | Profitability step-up on solid foundations; top pick
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...
- Nikos Athanasoulias CFA
TITAN CEMENT | Profitability step-up on solid foundations; top pick
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...
- Research Team
The Rear-View Mirror – EME markets: Greek stocks in the lead
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.
PEO BANK POLSKA KASA OPIEKI SA
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
KRKG KRKA D.D.
HTO HELLENIC TELECOMMUNICATIONS ORGANIZATION SA
CDR CD PROJEKT S.A.
RBI RAIFFEISEN BANK INTERNATIONAL AG
OMV OMV AG
PKO PKO BANK POLSKI S.A.
ISCTR TURKIYE IS BANKASI ANONIM SIRKETI CLASS C
KOMB KOMERCNI BANKA A.S.
TITK TITAN CEMENT CO. SA
BHW BANK HANDLOWY W WARSZAWIE S.A.
BIMAS BIM BIRLESIK MAGAZALAR A.S.
WIZZ WIZZ AIR HOLDINGS PLC
PZU POWSZECHNY ZAKLAD UBEZPIECZEN SPOLKA AKCYJNA
DOAS DOGUS OTOMOTIV SERVIS VE TICARET A.S.
VER VERBUND AG CLASS A
SPL SANTANDER BANK POLSKA SA
BSK ING BANK SLASKI S.A.
BDX BUDIMEX S.A.
LAMDA LAMDA DEVELOPMENT S.A.
CAI CA IMMOBILIEN ANLAGEN AG
PKN POLSKI KONCERN NAFTOWY ORLEN S.A.
AKCNS AKCANSA CIMENTO
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.
DOM DOM DEVELOPMENT SA
AEGN AEGEAN AIRLINES SA
AUG1L AGROWILL GROUP AB
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
APR AUTO PARTNER SA
TBCB TBC BANK JOINT STOCK CO
PPC PUBLIC POWER CORPORATION S.A.
OTP OTP BANK NYRT
CAR INTER CARS S.A.
ARCLK ARCELIK A.S.
THYAO TURK HAVA YOLLARI A.O.
ULKER ULKER BISKUVI SANAYI A.S.
EUR EUROCASH S.A.
GSPARK GRAPHISOFT PARK SE
CPS CYFROWY POLSAT SA
MBR MO-BRUK S.A.
GPW WARSAW STOCK EXCHANGE
11B 11 BIT STUDIOS S.A.
TPE TAURON POLSKA ENERGIA S.A.
DAT DATAWALK SA
OTOEL AUTOHELLAS S.A.
BANK OF CYPRUS PCL
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.
PBK PATRIA BANK SA
DIGI DIGI COMMUNICATIONS NV
DNP DINO POLSKA S.A.
COTE CONPET SA
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)
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
ALPHA ALPHA BANK
M MED LIFE
SFG SPHERA FRANCHISE GROUP SA
PTKHY PETKIM PETROKIMYA HOLDING AS
ADNOCDIST ADNOC DISTRIBUTION PJSC
SOKM SOK MARKETLER TICARET AS
EAT AMREST HOLDINGS SE
NLBR NLB GROUP
ESLT ELBIT SYSTEMS LTD
KAP NATIONAL ATOMIC COMPANY KAZATOMPROM
TEN TEN SQUARE GAMES
ADKO ADDIKO BANK
ILRA-R-A ILIRIJA D.D.
ALG ALLEGRO.EU SA
CZG CESKA ZBROJOVKA GROUP
DUNAHOUSE DUNA HOUSE
INPST INPOST S.A.
PCF PCF GROUP SA
HUGE HUUUGE
ALR ALRO SLATINA
WINE PURCARI WINERIES PCL
4IG 4IG NYRT
PCO PEPCO GROUP NV
CTPNV CTP NV
ONE ONE UNITED PROPERTIES SA
ADNOCDRILL ADNOC DRILLING CO
AROBS AROBS TRANSILVANIA SOFTWARE SA
2381 ARABIAN DRILLING CO.
9526 JAHEZ INTERNATIONAL CO
ELPE HELLENIQ ENERGY
SHO SHOPER SA
4071 ARABIAN CONTRACTING SERVICES CO
H2O HIDROELECTRICA S.A.
- Research Team
WOOD Daily: TKNSA TI; OTP HB; BHW PW; EUR PW; DOAS TI; ULKER TI; SOKM ...
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...
CEZ CEZ AS
HTO HELLENIC TELECOMMUNICATIONS ORGANIZATION SA
TITK TITAN CEMENT CO. SA
DOAS DOGUS OTOMOTIV SERVIS VE TICARET A.S.
MTELEKOM MAGYAR TELEKOM TELECOMMUNICATIONS
TKNSA TEKNOSA IC VE DIS TICARET AS
TBCB TBC BANK JOINT STOCK CO
PPC PUBLIC POWER CORPORATION S.A.
OTP OTP BANK NYRT
CAR INTER CARS S.A.
ULKER ULKER BISKUVI SANAYI A.S.
EUR EUROCASH S.A.
CPS CYFROWY POLSAT SA
MBR MO-BRUK S.A.
GPW WARSAW STOCK EXCHANGE
FP. FONDUL PROPRIETATEA S.A. GDR (REG S)
M MED LIFE
ADNOCDIST ADNOC DISTRIBUTION PJSC
SOKM SOK MARKETLER TICARET AS
NLBR NLB GROUP
4IG 4IG NYRT
- Research Team
The Rear-View Mirror – EME markets: gains in all geographies – Turkey ...
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...
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
KRKG KRKA D.D.
CDR CD PROJEKT S.A.
RBI RAIFFEISEN BANK INTERNATIONAL AG
YKBNK YAPI VE KREDI BANKASI A.S.
OMV OMV AG
PKO PKO BANK POLSKI S.A.
KOMB KOMERCNI BANKA A.S.
TITK TITAN CEMENT CO. SA
ALK ALKALOID AD SKOPJE
WIZZ WIZZ AIR HOLDINGS PLC
VER VERBUND AG CLASS A
SPL SANTANDER BANK POLSKA SA
MIL BANK MILLENNIUM SA
BDX BUDIMEX S.A.
LAMDA LAMDA DEVELOPMENT S.A.
TPS ORANGE POLSKA S.A.
MYTIL MYTILINEOS S.A.
AKBNK AKBANK TAS
CCC CCC SA
BFT BENEFIT SYSTEMS S.A. ALLOTMENT
PGSUS.E PEGASUS HAVA TASIMACILIGI AS
APR AUTO PARTNER SA
LVC LIVECHAT SOFTWARE SA
PPC PUBLIC POWER CORPORATION S.A.
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.
TKFEN TEKFEN HOLDING
CPS CYFROWY POLSAT SA
TPE TAURON POLSKA ENERGIA S.A.
ALR ALIOR BANK SA
WPL WIRTUALNA POLSKA HOLDING SA
SAB1L SIAULIU BANKAS
TRP TERAPLAST
MONET MONETA MONEY BANK AS
SNG SOCIETATEA NATIONALA DE GAZE NATURALE ROMGAZ SA
SNP PETROM S.A.
TOFAS TOFAS TURK OTOMOBIL FABRIKASI A.S.
DIGI DIGI COMMUNICATIONS NV
DNP DINO POLSKA S.A.
SNN SOCIETATEA NATIONALA NUCLEARELECTRICA SA
ELSA SOCIETATEA ENERGETICA ELECTRICA
FP. FONDUL PROPRIETATEA S.A. GDR (REG S)
RICHT RICHTER
SFG SPHERA FRANCHISE GROUP SA
CGEO GEORGIA CAPITAL
SF3 STS GROUP AG
TEN TEN SQUARE GAMES
KSPI KASPI KZ
PCF PCF GROUP SA
HUGE HUUUGE
4IG ALRO SLATINA
PCO 4IG NYRT
GPP PEPCO GROUP NV
2381 GRUPA PRACUJ DA
7202 ARABIAN DRILLING CO.
4071 ARABIAN INTERNET & COMMUNICATIONS SERVICES CO
BOROUGE ARABIAN CONTRACTING SERVICES CO
BOROUGE
- Research Team
WOOD Daily: GARAN TI; FROTO TI; OMV AV; SNP RO; BOROUGE UH; ALK MS; TI...
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...
OMV OMV AG
TITK TITAN CEMENT CO. SA
ALK ALKALOID AD SKOPJE
VER VERBUND AG CLASS A
BDX BUDIMEX S.A.
MYTIL MYTILINEOS S.A.
APR AUTO PARTNER SA
CAR INTER CARS S.A.
FROTO FORD OTOMOTIV SANAYI A.S.
SNP PETROM S.A.
NLBR NLB GROUP
7202 ARABIAN INTERNET & COMMUNICATIONS SERVICES CO
BOROUGE BOROUGE
- Nikos Athanasoulias CFA
Titan Cement | Greener, leaner, better
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...
- Nikos Athanasoulias CFA
Titan Cement | Greener, leaner, better
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...
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