reports
- Research Team
WOOD Daily: CCOLA TI; EME Macro/Strategy – RO; OPL PW; MBR PW; EL RO; ...
HEADLINES: • Coca-Cola Icecek: keeping the faith (stays BUY) • EME Macro/Strategy: Romania - growth ok, loose fiscal stance with attractive yields • Orange Polska: key takeaways from the interview with the CEO NEUTRAL • Mo-BRUK: acquires 95% stake in El-Kajo for PLN 29m and up to PLN 34m earnout POSITIVE • Electrica: distribution tariffs could rise by c.6% next year NEUTRAL • InPost: EUR 2m shares transferred between Supervisory Board Member and CEO NEUTRAL • PCF Group: CEO comments on strateg...
- Research Team
WOOD Daily: ACP PW; AEGN GA; PCF PW; PL Banks; PL Utilities; BDX PW; L...
HEADLINES: • Asseco Poland: key takeaways from the 3Q23 earnings call NEUTRAL • Asseco Poland: wants to sell 17.84% own stake to financial investors NEUTRAL • Aegean Airlines: update on the GTF issue POSITIVE • PCF Group: strategic discussions on Project Gemini and works on review of development plans NEGATIVE • Polish banks: PFSA unlikely to change dividend guidance for banks for 2024E • Polish utilities: Polish coal prices could drop by c.40% in 2024 POSITIVE • Budimex: PLN 199m appendix to t...
- FIMA Research
Fima Daily Insight 23 November 2023
Please find enclosed our daily market report.Market CommentCroatia Croatia's unemployment rate rises to 6.2% in Oct Slovenia Intereuropa's nine-month net profit drops 17% YoY Petrol names CEO Romania Alro set to implement two USD 4.2 mil investment projects Romania’s banking system makes over RON 10 bil profit in Jan-Sep Bulgaria Zaharni Zavodi 9-mo cons net profit plunges 84% YoY
- Research Team
WOOD Daily: PZU PW; HUG PW; LAMDA GA; GPP PW; ENA PW; TPE PW; CAR PW; ...
HEADLINES: • PZU: posts solid 3Q23 results, raising hopes for a solid dividend pick-up next year NEUTRAL • Huuuge Games: adjusted EBITDA in line, reported line affected by USD 1.7m provision for litigation NEUTRAL • Lamda Development: 3Q23 - tenant sales (+23% yoy in 9M23) still at a very brisk pace NEUTRAL • Grupa Pracuj: 3Q23 results - adjusted EBITDA up 3% yoy, 5% above the market consensus NEUTRAL • Enea: 3Q23 results in line with preliminary figures • Tauron: 3Q23 results in line with prel...
- Nikos Athanasoulias CFA
Terna Energy | Green light on
M&A buzz tapering off; focus back to fundamentals – Since early 2022, Terna Energy’s investment case has been dominated by potential takeover interest, a theme which has at times overshadowed fundamentals. In recent months, headwinds for the RES sector internationally along with unfavorable weather conditions domestically and a waning M&A narrative have weighed on sentiment driving a c27% drop in the share price since the summer highs. Looking ahead, we expect the stock to move more in tandem wi...
- Nikos Athanasoulias CFA
Terna Energy | Green light on
M&A buzz tapering off; focus back to fundamentals – Since early 2022, Terna Energy’s investment case has been dominated by potential takeover interest, a theme which has at times overshadowed fundamentals. In recent months, headwinds for the RES sector internationally along with unfavorable weather conditions domestically and a waning M&A narrative have weighed on sentiment driving a c27% drop in the share price since the summer highs. Looking ahead, we expect the stock to move more in tandem wi...
- Research Team
WOOD Daily: MOH GA; OPAP GA; FOYRK GA; PGE PW; TEN PW; WPL PW; HU Macr...
HEADLINES: • Motor Oil Hellas: 3Q23 results - stronger than expectations • OPAP: 3Q23 results and FY23 guidance slightly below expectations NEGATIVE • Fourlis: 3Q23 review - slightly weaker quarter, on soft Intersport results NEGATIVE • PGE: 3Q23 results in line with preliminary figures • Ten Square Games: earnings call takeaways - no major surprises, no detailed targets for 2024E NEUTRAL • Wirtualna Polska: key takeaways from the 3Q23 earnings call POSITIVE • Hungary macro: MNB moves ahead wi...
- Research Team
WOOD Daily: AKCNS TI; WPL PW; APR PW; TEN PW; EXAE GA; EL RO; PKN PW; ...
HEADLINES: • Akcansa: a resilient business model that is hard to ignore (BUY - initiation of coverage) • Wirtualna Polska: 3Q23 results review - adjusted EBITDA up 56% yoy, 4% above the consensus POSITIVE • Auto Partner: 3Q23 EBITDA 7-9% above expectations on a better gross margin POSITIVE • Ten Square Games: 3Q23 adjusted EBITDA marginally above expectations, weak October for Hunting Clash NEUTRAL • Ten Square Games: share buyback of up to PLN 115m to be voted on at the EGM POSITIVE • Ten Squa...
- Jonathan Lamb
WOOD Flash – Orlen: to buy KPC’s assets in Norway
Orlen has announced that it is acquiring KUFPEC, the Norwegian subsidiary of Kuwait Petrol Corporation (KPC). KUFPEC owns a stake in five producing assets in which Orlen is also a partner; hence, the deal will increase Orlen’s share of existing properties. It also includes a project that Orlen is not a partner of, but which will be tied into one of Orlen’s fields. The deal will increase the Norwegian reserves by 13%, the total reserves by about 4% and production by about 11%. The acquisition wil...
- Research Team
WOOD Daily: CDR PW; 11B PW; HSBK LI; ENA PW; EME Macro/Strategy Weekly...
HEADLINES: • CD Projekt: solid long-term prospects, but a long way to go (upgraded to HOLD) • 11 bit studios: weak 3Q23, but losses more limited than expected NEUTRAL • Halyk Savings Bank: 3Q23 highlights - balance sheet working harder • Enea: reports 3Q23 EBITDA of PLN 1.1bn, 9% above the consensus, strong bottom-line beat POSITIVE • EME Macro/Strategy: macro all-in-one (13-19 November) • Hidroelectrica: cancels tender for feasibility study for 1.5 GW solar park • CEZ: IndMin comments on po...
- Research Team
WOOD Daily: GTC PW; DOM PW; CAR PW; NRP NA; ONE RO; SNG RO; PBK RO; BF...
HEADLINES: • GTC: 3Q23 - decides not to pursue Ultima deal POSITIVE • Dom Development: 3Q23 in line, management concerns about the sustainability of subsidised mortgages NEUTRAL • Inter Cars: 3Q23 results broadly in line with expectations NEUTRAL • NEPI Rockcastle: 9M23 trading update sees continued growth in footfall and average spend per visit POSITIVE • ONE United Properties: 3Q23 - staying the course, covering ground • Romgaz: 3Q23 conference call takeaways • Patria Bank: 3Q23 results - we...
GTC GLOBE TRADE CENTRE S.A.
DOM DOM DEVELOPMENT SA
BFT BENEFIT SYSTEMS S.A. ALLOTMENT
CAR INTER CARS S.A.
OTOEL AUTOHELLAS S.A.
SNG SOCIETATEA NATIONALA DE GAZE NATURALE ROMGAZ SA
PBK PATRIA BANK SA
TGN SOCIETATEA NATIONALA DE TRANSPORT GAZE NATURALE TRANSGAZ S.A.
19XX NEPI ROCKCASTLE PLC
ALG ALLEGRO.EU SA
ONE ONE UNITED PROPERTIES SA
- Emmanuel Matot
PUB PUBLICIS GROUPE SA
DGE DIAGEO PLC
RNO RENAULT SA
AGN AEGON NV
ALO ALSTOM SA
TLX TALANX AG
WPP WPP PLC
SOI SOITEC SA
EVK EVONIK INDUSTRIES AG
SIE SIEMENS AG
SHL SIEMENS HEALTHINEERS AG
EVD CTS EVENTIM AG & CO. KGAA
HFG HELLOFRESH SE
ALG ALLEGRO.EU SA
ENR SIEMENS ENERGY AG
SHUR SHURGARD SELF STORAGE LIMITED
- Emmanuel Matot
DGE DIAGEO PLC
RNO RENAULT SA
AGN AEGON NV
ALO ALSTOM SA
TLX TALANX AG
SOI SOITEC SA
EVK EVONIK INDUSTRIES AG
SIE SIEMENS AG
SHL SIEMENS HEALTHINEERS AG
EVD CTS EVENTIM AG & CO. KGAA
HFG HELLOFRESH SE
ALG ALLEGRO.EU SA
ENR SIEMENS ENERGY AG
SHUR SHURGARD SELF STORAGE LIMITED
- Stefano Toffano
Allegro : Allegro delivers again
>Solid results - This morning Allegro reported Q3 23 results, with Allegro meeting or exceeding its quarterly guidance on most KPIs. Active Buyers and GMV/Active Buyer metrics continue to increase, contributing to 4.8% yoy group revenue growth (+19.9% yoy for the Polish operations). Advertising revenue in Poland showed another quarter of good growth (+38% yoy), and is expected to remain strong over the rest of the year. Overall revenue growth was relatively in line wi...
- Research Team
WOOD Daily: ADNOCDIS UH; ALE PW; BFT PW; AROBS RO; KRKG SV; DAT PW; VG...
HEADLINES: • ADNOC Distribution: fuelled by non-fuel (stays BUY) • Allegro: 3Q23 results a notch above expectations; guidance for a strong 4Q23E in Poland POSITIVE • Benefit Systems: better-than-expected 3Q23, solid 2023-24E outlook but also higher capex guidance POSITIVE • AROBS Transilvania Software: qoq margin expansion in 3Q23 POSITIVE • Krka: 3Q results normalising, in line with our FY23E outlook NEUTRAL • DataWalk: actual 3Q23 numbers fully in line with preliminaries NEUTRAL • VIGO Photon...
BFT BENEFIT SYSTEMS S.A. ALLOTMENT
PGE PGE POLSKA GRUPA ENERGETYCZNA S.A.
11B 11 BIT STUDIOS S.A.
DAT DATAWALK SA
ETEL TELECOM EGYPT
DIGI DIGI COMMUNICATIONS NV
ELSA SOCIETATEA ENERGETICA ELECTRICA
FP. FONDUL PROPRIETATEA S.A. GDR (REG S)
SFG SPHERA FRANCHISE GROUP SA
ADNOCDIST ADNOC DISTRIBUTION PJSC
ALG ALLEGRO.EU SA
4IG 4IG NYRT
AROBS AROBS TRANSILVANIA SOFTWARE SA
H2O HIDROELECTRICA S.A.
- Research Team
WOOD Daily: TEL RO; ADNOCDRI UH; DIGI RO; ETEL EY; ONE RO; BOCH CY; SN...
HEADLINES: • Transelectrica: 3Q23 results in line with our expectations, but weak yoy performance might surprise NEGATIVE • ADNOC Drilling: 3Q23 results - better margins than expected • DIGI Communications: 3Q23 results - adjusted EBITDA up 18% yoy, in line with our estimate NEUTRAL • Telecom Egypt: 3Q23 results review - EBITDA up 7% yoy, in line with the consensus NEUTRAL • ONE United Properties: 3Q23 - gross profit margin at 27%, rental income of EUR 5m for the quarter • Bank of Cyprus: 3Q2...
- Research Team
WOOD Daily: AEGN GA; ALR RO; SNN RO; TLV RO; GSPARK HB; HTO GA; M RO; ...
HEADLINES: • Aegean Airlines: en route to the best year on record, by far (stays HOLD) • Alro: deep net loss of RON 230m in 3Q23 NEGATIVE • Nuclearelectrica: 3Q23 reported net profit 4% lower yoy, fully in line with our estimate NEUTRAL • Banca Transilvania: solid 3Q23 results, but spoiled, once again, by the Volksbank saga • Graphisoft Park: 3Q23 - steady as she goes • OTE: key takeaways from the 3Q23 earnings call NEUTRAL • MedLife: targeting return to c.15% EBITDA margins NEUTRAL • ADNOC D...
- Research Team
WOOD Morning (9 November 2023)
HEADLINES: • Kruk: 3Q23 - books another strong quarter • PKO BP: solid 3Q23, announces another attempt to pay 2022 DPS, books 25%+ headline ROE • CEZ: 3Q23 a solid beat; adjusted net profit guidance unchanged, at CZK 33-37bn POSITIVE • InPost: 3Q23 beat on stronger international operations; breakeven in UK; strong start to 4Q POSITIVE • Pegasus Airlines: 3Q23 - another strong summer, guidance maintained NEUTRAL • Cyfrowy Polsat: 3Q23 results review - soft numbers, in line with expectations NEU...
CEZ CEZ AS
PKO PKO BANK POLSKI S.A.
WIZZ WIZZ AIR HOLDINGS PLC
MTELEKOM MAGYAR TELEKOM TELECOMMUNICATIONS
CCC CCC SA
PGSUS.E PEGASUS HAVA TASIMACILIGI AS
CPS CYFROWY POLSAT SA
MBR MO-BRUK S.A.
SNN SOCIETATEA NATIONALA NUCLEARELECTRICA SA
TEL C.N.T.E.E. TRANSELECTRICA
ELSA SOCIETATEA ENERGETICA ELECTRICA
TGN SOCIETATEA NATIONALA DE TRANSPORT GAZE NATURALE TRANSGAZ S.A.
INPST INPOST S.A.
CTPNV CTP NV
ADNOCDRILL ADNOC DRILLING CO
4071 ARABIAN CONTRACTING SERVICES CO
- Research Team
WOOD Daily: WIZZ LN; ISCTR TI; SOLUTION AB; BRD RO; PL Macro; OMV AV; ...
HEADLINES: • Wizz Air: go big, or go home (stays BUY) • Isbank: 3Q23 - NIM and earnings quality weaker than its peers • Solutions by STC: key takeaways from the 3Q23 conference call NEUTRAL • BRD-GSG: 9M23 results conference call takeaways NEUTRAL • Poland macro: President Duda gives Morawiecki first mandate • OMV: forms geothermal JV with Wien Energie • Hidroelectrica: Supervisory Board appoints new management NEUTRAL • Banca Transilvania: might be in pole position for OTP Romania acquisi...
ISCTR TURKIYE IS BANKASI ANONIM SIRKETI CLASS C
WIZZ WIZZ AIR HOLDINGS PLC
LVC LIVECHAT SOFTWARE SA
OTP OTP BANK NYRT
11B 11 BIT STUDIOS S.A.
WPL WIRTUALNA POLSKA HOLDING SA
BRD BRD-GROUPE SOCIETE GENERALE
TLV BANCA TRANSILVANIA S.A.
SNG SOCIETATEA NATIONALA DE GAZE NATURALE ROMGAZ SA
SNN SOCIETATEA NATIONALA NUCLEARELECTRICA SA
7202 ARABIAN INTERNET & COMMUNICATIONS SERVICES CO
H2O HIDROELECTRICA S.A.
- Research Team
WOOD Daily: CZ Macro; KOMB CP; RBI AV; BRD RO; DNP PW; ELPE GA; DAT PW...
HEADLINES: • Czech Republic macro: CNB begins rate cut deliberations • Komercni Banka: solid 3Q23 delivery, but not implying any major changes in medium-term outlook NEUTRAL • Raiffeisen Bank: beats 3Q23 expectations, improves guidance, but valuation still at deep discounts NEUTRAL • BRD-GSG: 3Q23 results - strong bottom line with still provision releases POSITIVE • Dino: 2-5% beat in 3Q23 NEUTRAL • HELLENiQ Energy: 3Q23 results - above the consensus, plus interim dividend of EUR 0.3/share • ...
KOMB KOMERCNI BANKA A.S.
VER VERBUND AG CLASS A
BRISA BRISA-BRIDGESTONE SABANCI LASTIK SANAYI VE TICARET A.S.
PPC PUBLIC POWER CORPORATION S.A.
CPS CYFROWY POLSAT SA
DAT DATAWALK SA
WPL WIRTUALNA POLSKA HOLDING SA
BRD BRD-GROUPE SOCIETE GENERALE
DNP DINO POLSKA S.A.
FP. FONDUL PROPRIETATEA S.A. GDR (REG S)
RICHT RICHTER
ALG ALLEGRO.EU SA
INPST INPOST S.A.
9526 JAHEZ INTERNATIONAL CO
ELPE HELLENIQ ENERGY
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