reports
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 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
UNIPRO JSC sees a downgrade to Neutral on account of less fundamental ...
The independent financial analyst theScreener just lowered the general evaluation of UNIPRO JSC (RU), active in the Conventional Electricity industry. As regards its fundamental valuation, the title now shows 0 out of 4 stars while market behaviour can be considered defensive. theScreener believes that the title remains under pressure due to the loss of a star(s) and downgrades its general evaluation to Neutral. As of the analysis date March 11, 2022, the closing price was USD 0.01 and its targe...
Raiffeisen Research Institutional Equity Daily 09.03.2022
AT: Addiko Bank - Low Q4 21 profits above expectations, strong CET1 but no dividends, moderate nominal exposure to RU/UA/BY (neutral) AT: UNIQA - S&P confirms A rating, revises outlook to negative (neutral) CEE: Banks - UniCredit indicates negative impact from Russia at 200 bps in an extreme scenario CZ: CTP - FY 21 valuation result of EUR 1.1 bn drives earnings beat (positive) EU: Utilities - EU proposed to publish plans on how to reduce dependence on Russian gas by two thirds befor...
PEO BANK POLSKA KASA OPIEKI SA
CEZ CEZ AS
UNIQA INSURANCE GROUP AG
EVN EVN AG
PKO PKO BANK POLSKI S.A.
BHW BANK HANDLOWY W WARSZAWIE S.A.
ARHOF AMREST HOLDING
VER VERBUND AG CLASS A
SPL SANTANDER BANK POLSKA SA
MIL BANK MILLENNIUM SA
ALR ALIOR BANK SA
EONR UNIPRO
SFG SPHERA FRANCHISE GROUP SA
ADKO ADDIKO BANK
CTPNV CTP NV
- Andrew Keeley
- Andrey Gromadin
- Anton Stroutchenevski
- Artem Vinogradov
- Arthur Cherkesov
- Cole Akeson
- Dmitry Troshin
- Ekaterina Sidorova
- Georgiy Ivanin
- Igor Rapokhin
- Konstantin Samarin
- Maria Martynova
- Research Team
- Sergey Donskoy
CIS Market Daily - February 24, 2022
MARKET COMMENT - MILITARY CONFLICT WITH UKRAINE ERUPTS; RUBLE AND FUTURES DOWN MORE THAN 9%Russia entered a military conflict with Ukraine overnight. Prior to the Moscow Exchange halting trading, RTS futures were down more than 9%, with the median stock having fallen 19%. The ruble has declined more than 9% in interbank trading to its weakest level since 1998. The European Council and G7 are to hold emergency summits today, and US President Joe Biden has promised "severe sanctions." STORIES> Rus...
- Andrew Keeley
- Andrey Gromadin
- Anton Chernyshev
- Anton Stroutchenevski
- Artem Vinogradov
- Arthur Cherkesov
- Cole Akeson
- Dmitry Troshin
- Georgiy Ivanin
- Konstantin Samarin
- Maria Martynova
- Research Team
- Sergey Donskoy
CIS Market Daily - 24 февраля 2022
КОММЕНТАРИЙ И ПРОГНОЗ - ВОЕННЫЙ КОНФЛИКТ В ДОНБАССЕ; КУРС РУБЛЯ И КОТИРОВКИ ФЬЮЧЕРСОВ ТЕРЯЮТ БОЛЕЕ 9%Россия начала специальную военную операцию в Донбассе. До приостановки торгов на Московской бирже индекс РТС успел потерять более 9%, а медианная цена акций опустилась на 19%. Курс рубля снизился более чем на 9%. Европейский совет и страны "большой семерки" проведут сегодня экстренные саммиты, а президент США Джо Байден пообещал "жесткие санкции". НОВОСТИ> На прошлой неделе потребительские цены в...
Unipro Q4 21 - Above expectations except a negative non-cash one-off
EBITDA growth above expectations supported by Berezovskaya Unit 3 and market fundamentals Dividend guidance reiterated (16% DY expected in 2022-24e) The Berezovskaya sale is not in the companys plans, yet the interest in renewables remains We treat the results as moderately positive
- Dmitry Troshin
- Georgiy Ivanin
Unipro - Solid 2021 IFRS Results, Robust 2022 EBITDA guidance
Unipro has reported a solid set of 2021IFRS results, which beat our and the consensus estimates. The bottom line suffered from a sizable impairment at Berezovskaya GRES in 4Q21, though it should not have any impact on 2022 dividends. The company confirmed its dividend plans and provided a R34-36 bln 2022 EBITDA guidance, and we see some upside risk for our and the consensus forecasts. We reiterate our BUY rating on the stock and still see it as an attractive dividend story. > Robust performance ...
- Dmitry Troshin
- Georgiy Ivanin
Russian Utilities - Following Interest Rate Trend
The shares of Russian power-generating companies (gencos) dropped 12% in ruble terms in 2021, underperforming the broader market by 27 pp amid an acceleration in inflation and rise in interest rates in Russia, which dimmed the dividend outlooks and the increased capex risks. Given the depressed current share prices, most of the stocks offer attractive returns. We expect to see investors become a bit more interested in the sector during the dividend season in June-July, but we do not anticipate a...
- Cole Akeson
- Dmitry Troshin
- Ekaterina Usanova
- Georgiy Ivanin
- Maria Martynova
- Mikhail Krasnoperov
- Research Team
- Sergey Donskoy
CIS Market Daily - January 28, 2022
MARKET COMMENT - SHARPEST GAIN SINCE MARCH 2020 AS INVESTORS WELCOME LACK OF POLITICAL NEWSThe RTS soared 5.7% to almost 1,400 as a lack of worrisome headlines allowed investors to focus back in on Russia's valuations, which have reached record cheap levels. Global markets have been more mixed, with stock markets struggling but cyclicals outperforming. The preference for cyclicals and a decent to bullish backdrop for Russia assets specifically look supportive this morning.STORIES> Polymetal post...
- Anton Chernyshev
- Cole Akeson
- Dmitry Troshin
- Ekaterina Usanova
- Georgiy Ivanin
- Maria Martynova
- Mikhail Krasnoperov
- Research Team
- Sergey Donskoy
CIS Market Daily - 28 января 2022
КОММЕНТАРИЙ И ПРОГНОЗ - РОССИЙСКИЙ РЫНОК ПОКАЗАЛ САМЫЙ ЗНАЧИТЕЛЬНЫЙ РОСТ С МАРТА 2020 ГОДА НА ФОНЕ ПОЛИТИЧЕСКИХ НОВОСТЕЙИндекс РТС вчера вырос на 5,7% почти до 1 400 пунктов. В отсутствие негативных новостей инвесторы снова сфокусировали внимание на рыночной оценке российских акций, которые подешевели до рекордно низких уровней. На глобальных рынках динамика была разнонаправленной, фондовые рынки испытывали давление, однако цикличные сектора показали опережающую динамику. НОВОСТИ> Цены на нефть ...
- Anton Stroutchenevski
- Artem Vinogradov
- Cole Akeson
- Georgiy Ivanin
- Research Team
CIS Market Daily - November 8, 2021
MARKET COMMENT - CYCLICAL, ENERGY RECOVERY ON FRIDAY AHEAD OF MIXED OUTLOOK TODAYA mixed week improved on Friday, when a better than expected US payroll report supported economic hopes and cyclical stocks, while this along with OPEC+'s refusal to change output plans supported energy producers. The RTS climbed 1.2% on Friday to reach 1,848, offsetting some weakness earlier in the week. Meanwhile, indicators are mixed today while catalysts are limited but supportive, as detailed inside.STORIES> Ru...
- Andrew Keeley
- Arthur Cherkesov
- Cole Akeson
- Fedor Kornachev
- Georgiy Ivanin
- Research Team
CIS Market Daily - November 3, 2021
MARKET COMMENT - CAUTIOUS OUTLOOK AHEAD OF FED DECISION, OIL DEVELOPMENTSMarkets saw mixed, mostly slight moves yesterday, while today futures and oil signal a slight contraction before tonight's Fed decision and weekly oil inventories. The RTS fell 0.9% yesterday to 1,851, and futures imply a 0.4% drop on the open. While Russia will see a four-day weekend, we detail a busy agenda for central banks, oil and politics below. STORIES> Moscow Exchange 10m21 trading volumes: October good for equities...
- Andrey Gromadin
- Cole Akeson
- Georgiy Ivanin
- Igor Vasilyev
- Research Team
- Yuri Popov
CIS Market Daily - November 2, 2021
MARKET COMMENT - CYCLICALS CHARGED AHEAD YESTERDAY, CONSOLIDATION SIGNALS TODAYMarkets tended to bounce back, with notably strong performances in cyclicals and US small-caps. The MSCI EM was flat, held back by a 0.4% drop in China. The MSCI DM gained 0.5%. Russia outperformed, the RTS climbing 1.3% to 1,867 with gas and financials among the leaders. While few global catalysts have emerged this morning, APAC markets are following domestic developments, and global and Russia indicators suggest a b...
Raiffeisen Research Institutional Equity Daily 09.09.2021
CECE index review - Add: CZG, Masterplast, PGE; Del: CIG Pannonia, Kofola AT: Kapsch TrafficCom - AGM authorised up to 10% capital for unanticipated developments (neutral) PL: PKN - PKN should stick to its dividend policy despite considerable investments, CEO (neutral) RO: Banca Transilvania - AGM approved the cash dividend of RON 500 mn (neutral) RU: Unipro, Inter RAO - Unipro's sale rumours start to circulate again (neutral, positive)
- Anastasia Khakhaeva
- Andrey Kuznetsov
- Anton Stroutchenevski
- Artem Vinogradov
- Cole Akeson
- Fedor Kornachev
- Georgiy Ivanin
- Research Team
CIS Market Daily - August 12, 2021
MARKET COMMENT - US POLICY TENSIONS EASE, CHINESE TENSIONS RAMP UPA lack of surprises in the US inflation report eased some investors' concerns that US regulators could withdraw economic support more quickly than markets have anticipated. The MSCI ACWI gained 0.3%. However, a new five-year plan from China is generating negative headlines this morning on a reported call for more scrutiny and regulation of business. APAC indicators lean negative, DM futures flat and Russia indicators up this morni...
Unipro Q2 21 - Results in line with our expectations, above consensus
EBITDA, NI in line with our expectations, above consensus 21e EBITDA guidance raised to RUB 26-28 bn from RUB 25-28 bn due to Berezovskaya Unit 3s higher expected availability Management stands by RUB 20 bn in annual dividends this year and next year We treat the results as slightly positive
Unfortunately, this report is not available for the investor type or country you selected.
Report is subscription only.
Thank you, your report is ready.
Thank you, your report is ready.