We are discontinuing our coverage of O2 Czech Republic, with immediate effect, due to the delisting of the stock as of 25 February 2022. The last trading day will be 24 February 2022. We caution against using the forecasts, ratings and price target guidance issued previously on this stock.
HEADLINES: • Mytilineos: tailwinds in times of headwinds (stays BUY) • Lotos: 4Q21 estimated results much better than expected • Bucharest Stock Exchange: 4Q21 results review - solid results on higher trading volumes • Norilsk Nickel: 2H21 IFRS results - 6% EBITDA miss, but a 3% beat vs. our FCF estimates NEUTRAL • Alrosa: January sales +28% mom and -24% yoy, on limited inventory availability NEUTRAL • 4iG: extends the deadline for agreement on the Space-Communications stake purchase to 28 Fe...
EME Equity Market – January 2022 Market performance – Russia’s equities lost 9.3%, while Turkish and Hungarian stocks advanced 8.6% and 9.3%, respectively, in January. The MSCI EM Europe Index declined 4.5% in EUR terms and 5.9% in USD. Hungary’s equities were the best performers in January, adding 9.3% in EUR and 5.4% in HUF terms; followed by Turkish equities, with an 8.6% gain in EUR and an 8.8% gain in TRY. In Greece, the ASE Index added 4.9%, while the PX Index, the Czech benchmark, gained ...
HEADLINES: • Greece macro: strong growth, high inflation • Poland macro: NBP President Glapinski reappointed • NLB Banka: 4Q21 results review - solid quarter, with annualised ROE of 15.6% • PGNiG: operating estimates for 4Q21, gas production volumes up 48% • O2 Czech Republic: shares to be withdrawn from trading on Prague Stock Exchange at end-February NEUTRAL • Electrica: looking to contract RON 1.5bn working capital loan for supply • Mobile TeleSystems: New Towers in talks to buy MTS' mo...
HEADLINES: • Purcari Wineries: more wine, please (BUY - transfer of coverage) • Mytilineos: solid 2021, but expecting an even stronger 2022E • Polymetal: 4Q21 operating results - production guidance beat, but 2022E capex guidance +15% NEGATIVE • Komercijalna Banka: results review - 2H21 net income of MKD 1.5bn, ROE of 15.5% POSITIVE • Kazatomprom: 4Q21 operating update NEGATIVE • Nexters: acquires three gaming companies for USD 100m POSITIVE • Transgaz: 2022E budget sees contracting net profit...
EME Equity Market – December 2021 Market performance – despite most markets being in the black, MSCI EM Europe declined by 1.7%. The MSCI EM Europe Index declined by 1.7% in EUR terms and 1.0% in USD terms. The Czech PX Index continued with its solid performance and advanced by 7.7% in EUR terms and 5.1% in CZK. The Romanian BET Index added 7.1% in both EUR and local currency. Turkish equities, represented by the ISE30 Index, grew 5.3% in EUR and 4.2% in TRY. Poland’s WIG20 Index gained 4.8% in ...
HEADLINES: • Polish food retail: the good, the expensive, and the ugly (duckling) (Dino stays SELL, Eurocash upgraded to BUY, Jeronimo Martins stays HOLD) • Fondul Proprietatea: power lift (upgraded to BUY) • OMV Petrom: 2030 Strategy - towards a lower carbon future POSITIVE • O2 Czech Republic: PPF obtains central bank approval to buy out remaining stake in O2 CZ NEUTRAL • Orange Polska: signs Social Agreement for 2022-23 with the trade unions NEUTRAL • PKN Orlen: to set up nuclear joint ventu...
EME Equity Market – November 2021 Market performance – most markets down, with Czech PX Index (+3.0%) the exception. The MSCI EM Europe Index lost 8.9% in EUR terms and 10.7% in USD in November. Prague’s PX Index added 3.0% in EUR terms and 2.3% in local currency, followed by the Romanian BET Index, which declined 3.2% in both EUR and RON terms. Greece’s ASE Index declined by 3.4% in EUR terms, while Hungary’s BUX Index declined by 6.2% in EUR and 5.0% in HUF. The Russian MOEX Index declined 8.6...
HEADLINES: • 11 bit studios: ongoing projects starting to gain momentum (BUY - transfer of coverage) • Sisecam: acquires majority stake in Ciner's US operations POSITIVE • Halyk Savings Bank: 3Q21 highlights • Piraeus Bank: 3Q21 - solid execution of transformation plan • Sava Re: 3Q21 results review - strong numbers, ytd annualised ROE of 16% POSITIVE • ANY PLC: 3Q21 - on track to book record 2021E revenues, very likely to beat our forecast • Kazatomprom: 3Q21 financial results - seasonally ...
HEADLINES: • Graphisoft Park: down by the riverside (stays BUY) • MONETA Money Bank: Air Bank merger back, with amended structure and price • NEPI Rockcastle: 3Q21 - tenants' sales 2% above pre-pandemic level POSITIVE • 11 bit studios: 3Q21 results beat consensus on lower costs POSITIVE • Krka: margins normalise in 3Q21, guidance indicates more of the same NEUTRAL • O2 Czech Republic: reports solid 3Q21 results, with EBITDA up 7% yoy, 4% above the consensus NEUTRAL • TBC Bank: 3Q21 results - g...
HEADLINES: • Russia macro: CBR surprises to the upside again, amid accelerating inflation pressure • CD Projekt: acquisition of US-based The Molasses Flood gaming studio NEUTRAL • Alior Bank: appoints an acting CEO while the Supervisory Board looks for a permanent candidate • Yandex: to provide delivery robots to Post of Russia POSITIVE • EME Macro/Strategy: at the crossroads • Russia macro: trip feedback snapshot • PKN Orlen: 3Q21E results preview (due on 28 October) • OMV: 3Q21E results ...
EME Equity Market – August 2021 Market performance - The Hungarian BUX Index gained 9.8% in EUR terms. The MSCI EM Europe Index rose 5.1% in EUR terms and 4.6% in USD terms. The best-performing equity index was the BUX, which added 9.8% in EUR terms and 6.9% in the local currency (LCU). The ISE30 Index advanced 7.7% in EUR terms and 5.8% in LCU, while Prague’s PX Index gained 6.5% in EUR terms and 6.2% in LCU. The Polish benchmark WIG20 Index added 6.1% in EUR terms and 5.1% in LCU, followed by ...
HEADLINES: • Tekfen Holding: 2Q21 results - guidance upgraded, despite 19% NI miss POSITIVE • Turkcell: 2Q21 results - broadly in line, FY21E guidance upgrade unlikely to move the consensus • BIM: 2Q21 a notch below expectations against tough comps NEUTRAL • X5: 2Q21 in line with expectations; EBITDA margin hike NEUTRAL • MLP Care: net profit beat on deferred tax gain NEUTRAL • O2 Czech Republic: reports solid 2Q21 results, with EBITDA up 6% yoy, 2% above the consensus NEUTRAL • Romgaz: 2Q21 re...
HEADLINES: • Wirtualna Polska: what doesn't kill you makes you stronger (stays BUY) • Mytilineos: heading for a record 2022E (stays BUY) • EME Macro/Strategy: ECB - renewed dovish commitment • Magnit: Dixy acquisition finalised POSITIVE • CEZ: details 2030 ambitions, signals new 10Y capex cycle POSITIVE • OPAP: scrip dividend issue price set at EUR 11.14/share • Athens Exchange Group: 2Q21E results (due on 26 July) • Erste Bank: summary of 2Q21E preview (due on 30 July) • Raiffeisen Bank ...
EME Equity Market – June 2021. Market performance – Russian equities stood out, rising 7%, in June. The MSCI Emerging Markets Europe index grew by 4.7% in June in EUR terms, continuing May’s good performance. June was also a good month for Russian stocks, advancing 7% in EUR terms and 3.2% in local currency terms. The second-best performance in EUR terms came from the BET Index (+3.7% mom; and 3.9% in local currency terms); while the Hungarian index saw a mild gain of 0.6% in EUR terms, but was...
HEADLINES: • Sopharma Group: New pharmacy powerhouse? Hard to say (stays SELL) • Alpha Bank: maximum price of the share offering • Polish banks: PFSA allows for dividends payouts in 2H21E POSITIVE • S Immo: shareholders reject the voting cap removal proposed by Immofinanz • MSCI: annual market review - Argentina demoted and downgrading Pakistan to FM under consideration NEUTRAL • O2 Czech Republic: PPF increases stake in O2 to 90.01% and intends to squeeze out the minorities NEUTRAL • Short n...
Today (24 June), PPF announced that it has acquired 19,353,910 shares in O2 CR, thereby increasing its stake in the company to 90.01%, from 83.58%. As the >90% holder in the share capital of O2 CR, PPF has announced its intention to initiate a squeeze-out procedure of the remaining minority shareholders of the company through a mandatory tender offer for the shares in the telecommunications operator.
HEADLINES: • Arena Hospitality Group: a promising start to the season (downgraded to HOLD) • LPP: 1Q21 results a touch above preliminary figures NEUTRAL • O2 Czech Republic: PPF announces intention to acquire >90% stake in O2 CR and delist the company POSITIVE • Czech Republic macro: CNB signals a hawkish start to the tightening cycle • Kety: 2Q21P EBITDA 5% above consensus bodes well for 2021E forecast hike in August POSITIVE • CD Projekt: Innovation Day takeaways - short-term triggers relate...
EME Equity Market – May 2021 Market performance – Polish equities continued to outperform in May. The MSCI EM Europe Index gained 6.9% in EUR terms and 8.7% in USD terms; while the WIG20 continued with its strong performance from April, advancing 11.4% in EUR terms and 9.6% in PLN terms. The BUX Index, the Hungarian benchmark and the worst performer in April, gained 11.4% in EUR terms and 7.4% in HUF terms in May. Prague’s PX index grew 7.5% in EUR terms and 5.7% in CZK terms; followed by the Ru...
HEADLINES: • Allterco: +60% sound good? Not yet, not for us (stays BUY) • Halyk Savings Bank: 1Q21 results review - business on track and still inexpensive • Aegean Airlines: capital increase priced at EUR 3.2/sh, rights can be exercised for next two weeks POSITIVE • Rosneft: 1Q21 results review • Enka Insaat: 1Q21 results - strong beat, due to one-off collections POSITIVE • HansaMatrix: strong network demand, net profit hit by warrant revaluation POSITIVE • Bittnet Systems: 1Q21 results rev...
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