Fima Daily Insight 13 June 2024

Please find enclosed our daily market report.Market CommentCroatia Adris shareholders to receive dividend of EUR 2.57 per share (DIVY 4.2%) World Bank upholds Croatia's GDP growth f'casts for ‘24, ‘25 EC clears acquisition of Croatia's Fortenova by Pavao Vujnovac Croatia Airlines expects delivery of first new A220 in July Slovenia Stock market up Romania Nuclearelectrica and Canadian Nuclear Partners sign framework agreement for Cernavoda NPP Unit 1 refurbishment project Roman...

WOOD Daily: EME Macro/Strategy – EU Elections; LAMDA GA; BIMAS TI; LPP...

HEADLINES: • EME Macro/Strategy: how big should the political risk premium in Europe be? • Lamda Development: 1Q24 – with the wind in its sails • BIM: strong set of results in 1Q24 POSITIVE • LPP: 1Q24 strong, as expected; FY24E guidance maintained POSITIVE • CCC: 1Q24 results in line with prelims; positive trends maintained in 2Q24 NEUTRAL • US macro: Fed pushes back on rate cuts • Jahez: announces SAR 150m real estate purchase NEUTRAL • Text: 4Q23-24E preview – 1% yoy EBITDA drop expected (due...

WOOD Daily: FROTO TI; CZ Macro; HU Macro; RICHT HB; BELA GA; SNP RO

HEADLINES: • Ford Otosan: getting ready to fire on all cylinders (upgraded to BUY) • Czech Republic macro: May inflation moderates, to hit the low point soon • Hungary macro: May inflation up, but in line with expectations • Richter: acquires Mithra assets for an EV of EUR 175m NEUTRAL • Jumbo: turnover +10%/+8% in May/5M24 POSITIVE • OMV Petrom: to invest EUR 750m in renewable fuels at Petrobrasi refinery NEUTRAL • Short News (ALR, PKO)

Ford Otosan: getting ready to fire on all cylinders (upgraded to BUY)

We upgrade Ford Otosan to BUY (from Hold) and raise our 12M price target (PT) to TRY 1,554 (from TRY 905.5). We believe that investors have partially reflected the effects of new vehicle launches in the share price and adopted a conservative stance on the company’s cash flow generation. Our investment case remains unchanged, and we believe that Ford Otosan is well positioned to benefit from the ongoing structural transformation of the European automotive market, by capitalising on its next-gener...

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 06/11/2024

As part of the consolidation of the renewable energy sector, an acquisition in cash of Solaria by Endesa, at a price of € 20 (+73%) would make strategic and financial sense, without endangering balance sheet strength. It would give Endesa a new growth trajectory and allow its parent company, Enel, to benefit from Solaria’s ongoing solar energy developments in Italy and Germany. Our positive ratings are based on a speculative approach for Solaria and the resilience of the integrated bu...

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 11/06/2024

Dans le cadre de la consolidation du secteur des énergies renouvelables, une acquisition en numéraire de Solaria par Endesa, à un prix estimé de 20 € (+73%), ferait sens au plan stratégique et financier, sans risque sur la solidité bilantielle. Cette opération donnerait une nouvelle trajectoire de croissance à Endesa et permettrait à sa maison mère, Enel, de bénéficier des développements solaires en cours de Solaria en Italie et en Allemagne. Nos opinions positives se fondent sur une ...

ODDO : Food Retail update: where do we stand with our sector hierarchy...

>Update: our hierarchy is working, but alpha remains low - We published a sector note on 14 March (link). We established our hierarchy, with Jeronimo Martins as Top Pick, followed by Ahold Delhaize as Outperform. We took the opportunity to downgrade Carrefour to Neutral, which was already the case on Colruyt and pessimistic on Casino. After three months, some Q1, market share figures and CMDs, we take a step back on this hierarchy. Overall, of the five companies in ou...

ODDO : Point d’étape Food Retail : où en est-on avec notre hiérarchie ...

>Point d’étape : notre hiérarchie fonctionne, mais l’alpha reste faible - Nous avons publié une note sectorielle le 14 mars 2024 (lien). Nous avions établi notre hiérarchie, avec en Jeronimo Martins en Top Pick, suivie d’Ahold Delhaize en Surperformance. Nous en avions profité pour dégrader Carrefour à Neutre, alors que nous l’étions étions déjà sur Colruyt et étions toujours sceptiques sur Casino. Après 3 mois, nous profitons de la publication des T1 et des CMD, ains...

WOOD Daily: EBS AV; NLBR SV; WPL PW; ADNOCDRI UH; RICHT HB; OMV AV; LP...

HEADLINES: • Erste Bank: strong capital position, strong returns (stays BUY) • NLB Group: presentation of offer to Addiko shareholders – takeaways NEUTRAL • Wirtualna Polska: concludes conditional agreement to acquire Romanian travel e-commerce business POSITIVE • ADNOC Drilling JV increases its stake in Gordon Technologies POSITIVE • Richter: Mithra declares bankruptcy, Richter talks continue NEUTRAL • OMV: starts up co-processing biofuels plant at Schwechat refinery NEUTRAL • LPP: 1Q24E result...

WOOD Daily: EU Macro; GR Macro; CAR PW; OMV AV; SNP RO

HEADLINES: • Europe macro: European parliamentary elections – broadly as expected • Greece macro: 1Q GDP flash estimate shows improvement • Inter Cars: May sales up by a mere 2% yoy NEGATIVE • OMV: New Zealand to lift ban on oil exploration, which may benefit the company POSITIVE • OMV Petrom: to acquire PV projects with 130 MW capacity, with partner Renovatio NEUTRAL • Short News (BHW, HUG)

SMG Technology Acceleration SE: 1 director

A director at SMG Technology Acceleration SE sold 13,116,323 shares at 0.130EUR and the significance rating of the trade was 100/100. Is that information sufficient for you to make an investment decision? This report gives details of those trades and adds context and analysis to them such that you can judge whether these trading decisions are ones worth following. Included in the report is a detailed share price chart which plots discretionary trades by all the company's directors over the las...

Šiaulių bankas AB: 1 director

A director at Šiaulių bankas AB bought 11,733,728 shares at 0.599EUR and the significance rating of the trade was 100/100. Is that information sufficient for you to make an investment decision? This report gives details of those trades and adds context and analysis to them such that you can judge whether these trading decisions are ones worth following. Included in the report is a detailed share price chart which plots discretionary trades by all the company's directors over the last two years...

WOOD Daily: EU Macro; ETE GA; NLBR SV; EU Oil and Gas Monthly; CGEO LN...

HEADLINES: • Europe macro: ECB delivers cautious introductory cut • National Bank of Greece: declares EUR 0.36/share dividend, following SSM approval POSITIVE • NLB Group: publishes takeover offer to acquire Addiko Bank NEUTRAL • European oil and gas monthly: May 2024 – gas prices’ surprising comeback • Georgia Capital: in civil dispute over education investment NEGATIVE • Auto Partner: Investor Day takeaways NEUTRAL • CCC: 5.8m shares admitted to trading NEUTRAL • Romgaz: share split; new price...

European Oil and Gas Monthly: May 2024 – gas prices’ surprising comeba...

Benchmark refining margins retreated again in May, by USD 1.0/bbl, to USD 11.4/bbl, remaining about USD 2.5/bbl higher than usual for the season. Both petrol cracks and diesel cracks were a little weaker than the previous month, while fuel oil was a little better. The petrochemicals market looks more balanced, but the very weak ethylene margins continue.

Wedbush Morning Call - Jun 06 2024 7:17AM