reports
- Research Team
WOOD Daily: RO Oil & Gas; AKCNS TI; EME Macro/Strategy – Dividends; HU...
HEADLINES: • Romanian oil & gas: just have a little patience (OMV Petrom stays BUY, Romgaz downgraded to HOLD – transfer of coverage) • Akcansa: recovery on the horizon (stays BUY) • EME Macro/Strategy: dividends in EMEA – if growth is in doubt, opt for payout • Huuuge Games: 3Q24 broadly in line with our expectations, slightly above the consensus NEUTRAL • Colt CZ Group SE: 3Q24 results – slow quarter; FY24E guidance confirmed NEUTRAL • Türkiye macro: CBT signals a dovish turn • Cyfrowy Polsat:...
- Bram Buring
- CFA
- Jonathan Lamb
Romanian Oil & Gas: just have a little patience (OMV Petrom stays BUY,...
To be the owners of the biggest gas project in the EU, at a time when the former biggest supplier is threatening, once again, to cut supply off, is perhaps an enviable situation to be in, in our view. The contracts have been signed, construction has begun, and the drilling rig has arrived. However, we still need to wait until 2027E for completion, and the partners are boosting their capital expenditure to record levels. While the future is being constructed, the past continues to fade, with both...
- Research Team
WOOD Daily: 11B PW; SFG RO; AEGN GA; ELPE GA; HTO GA; SNG RO; MTELEKOM...
HEADLINES: • 11 bit studios: 3Q24 surprises slightly positively, but ytd Frostpunk 2 sales disappoint NEGATIVE • Sphera Group: small beat in 3Q24 – new Cioccolatitaliani franchise signed for Italy POSITIVE • Aegean Airlines: 3Q24 – flat RASK, CASKX up 14%; 27% lower EBIT, on 4% lower ASK (in line) NEUTRAL • HELLENiQ Energy: 3Q24 results and interim dividend NEUTRAL • OTE: 3Q24 results review – soft quarter, with flat yoy adjusted EBITDA, in line with expectations NEUTRAL • Romgaz: 3Q24 results N...
MTELEKOM MAGYAR TELEKOM TELECOMMUNICATIONS
CCC CCC SA
AEGN AEGEAN AIRLINES SA
PPC PUBLIC POWER CORPORATION S.A.
MBR MO-BRUK S.A.
11B 11 BIT STUDIOS S.A.
ETEL TELECOM EGYPT
SNG SOCIETATEA NATIONALA DE GAZE NATURALE ROMGAZ SA
DIGI DIGI COMMUNICATIONS NV
SFG SPHERA FRANCHISE GROUP SA
TEN TEN SQUARE GAMES
VRC VERCOM SA
- Research Team
WOOD Daily: BIMAS TI; CEZ CP; PGSUS TI; RICHT HB; APR PW; SNP RO; PPC ...
HEADLINES: • BIM: weak operating results in 3Q24 NEGATIVE • CEZ: 3Q24 bottom-line miss due to accounting changes; EBITDA guidance raised by 7% POSITIVE • Pegasus Airlines: 3Q24 – 22% higher caskx alleviated by 4% higher RASK and 12% lower fuel cask (in line with the consensus) • Richter: 3Q24 operating results in line NEUTRAL • Auto Partner: preliminary 3Q24 EBIT falls 22% yoy, 9-12% below our expectations and the market NEGATIVE • Auto Partner: October sales growth at 13% yoy, broadly as expect...
- Research Team
The Rear-View Mirror – EME markets: only the Czech Republic in the bla...
EME Equity Market – October 2024 A red October for the EME indices, only Czechia in positive territory. The MSCI EM Europe Index declined by 6.0% in EUR terms and 8.4% in USD terms in October. The Czech PX index was the only one spared, adding 1.3% mom in EUR terms. Türkiye was battered the most, with the Turkish ISE30 declining by 7.3% mom in EUR terms, followed closely by the Polish WIG20 (-6.7% mom in EUR terms). Greece fell 4.8% mom in EUR terms, while the Hungarian BUX index lost 2.7% mom i...
JMT JERONIMO MARTINS SGPS S.A.
OPAP GREEK ORGANISATION OF FOOTBALL PROGNOSTICS SA
KRU KRUK S.A.
EBS ERSTE GROUP BANK AG
CEZ CEZ AS
ACP ASSECO POLAND SA
HTO HELLENIC TELECOMMUNICATIONS ORGANIZATION SA
CDR CD PROJEKT S.A.
RBI RAIFFEISEN BANK INTERNATIONAL AG
OMV OMV AG
PKO PKO BANK POLSKI S.A.
KOMB KOMERCNI BANKA A.S.
ALK ALKALOID AD SKOPJE
BIMAS BIM BIRLESIK MAGAZALAR A.S.
WIZZ WIZZ AIR HOLDINGS PLC
SPL SANTANDER BANK POLSKA SA
MIL BANK MILLENNIUM SA
BSK ING BANK SLASKI S.A.
BDX BUDIMEX S.A.
GEKTERNA GEK TERNA
KTY GRUPA KETY SA
TPS ORANGE POLSKA S.A.
CAI CA IMMOBILIEN ANLAGEN AG
MYTIL MYTILINEOS S.A.
SAR GR. SARANTIS S.A.
LPP LPP S.A.
AKCNS AKCANSA CIMENTO
ASELS ASELSAN ELEKTRONIK SANAYI VE TICARET A.S. CLASS B
CIMSA CIMENTO SANYAI VE TICARET A.S.
CCC CCC SA
2310 SAHARA INTERNATIONAL PETROCHEMICAL COMPANY
DOM DOM DEVELOPMENT SA
AEGN AEGEAN AIRLINES SA
MGROS MIGROS TICARET A.S
ARCLK ARCELIK A.S.
OTKAR OTOKAR OTOMOTIV VE SAVUNMA SANAYI A.S.
EUR EUROCASH S.A.
GSPARK GRAPHISOFT PARK SE
ALR ALIOR BANK SA
OTOEL AUTOHELLAS S.A.
WPL WIRTUALNA POLSKA HOLDING SA
SAB1L SIAULIU BANKAS
BRD BRD-GROUPE SOCIETE GENERALE
MONET MONETA MONEY BANK AS
SNP PETROM S.A.
TOFAS TOFAS TURK OTOMOBIL FABRIKASI A.S.
DNP DINO POLSKA S.A.
RICHT RICHTER
R22 R22
MCOV B MEDICOVER AB
ADNOCDIST ADNOC DISTRIBUTION PJSC
CGEO GEORGIA CAPITAL
SOKM SOK MARKETLER TICARET AS
KAP NATIONAL ATOMIC COMPANY KAZATOMPROM
ALG ALLEGRO.EU SA
KSPI KASPI KZ
INPST INPOST S.A.
WPS W.A.G PAYMENT SOLUTIONS PLC
ADNOCDRILL ADNOC DRILLING CO
7202 ARABIAN INTERNET & COMMUNICATIONS SERVICES CO
ELPE HELLENIQ ENERGY
4071 ARABIAN CONTRACTING SERVICES CO
AIRA AIR ASTANA JSC
GEV GEVORKYAN A.S.
- Research Team
WOOD Daily: MIL PW; SPL PW; OMV AV; SNP RO; BDX PW; EUR PW
HEADLINES: • Bank Millennium: ambitious, but achievable, 2025-28E strategy implies a return to growth and more of a focus on the corporate segment POSITIVE • Bank Millennium: 3Q24 results in line; key focus on 2025-28E strategic update • Santander Bank Polska: posts solid 3Q24 profits, as NII peaks and FX mortgage saga costs are very low for the quarter • OMV: 3Q24 results – CCS EBIT in line with the consensus NEUTRAL • OMV Petrom: 3Q24 results in line with consensus NEUTRAL • Budimex: key takea...
- Research Team
WOOD Daily: ACP PW; EME Macro/Strategy Weekly; GE Macro; ARCLK TI; SOL...
HEADLINES: • Asseco Poland: profitability rebound slower than expected (downgraded to HOLD) • EME Macro/Strategy: macro all-in-one (21-27 October) • Georgia macro: early takes following the parliamentary election • Arcelik: weak set of results in 3Q24 NEGATIVE • Solutions by STC: 3Q24 results NEGATIVE • Budimex: 3Q24 EBIT marginally above our and the market's expectations NEUTRAL • Cimsa: 3Q24 conference call takeaways • PKO BP: three of four largest minority shareholders act jointly to call EGM...
OMV OMV AG
PKO PKO BANK POLSKI S.A.
BDX BUDIMEX S.A.
BRISA BRISA-BRIDGESTONE SABANCI LASTIK SANAYI VE TICARET A.S.
CIMSA CIMENTO SANYAI VE TICARET A.S.
ARCLK ARCELIK A.S.
11B 11 BIT STUDIOS S.A.
SNP PETROM S.A.
MCOV B MEDICOVER AB
CGEO GEORGIA CAPITAL
7202 ARABIAN INTERNET & COMMUNICATIONS SERVICES CO
- Research Team
WOOD Daily: GSPARK HB (stays BUY); OMV AV; SNP RO; WPL PW; Polish tele...
HEADLINES: • Graphisoft Park: still great value (stays BUY) • OMV: 3Q24 trading statement NEUTRAL • OMV Petrom: 3Q24 trading statement NEUTRAL • Wirtualna Polska: real users in September 2024 NEGATIVE • Polish telecoms: mobile number portability in 3Q24 NEUTRAL • EME macro/strategy: macro all-in-one (30 September-6 October)
- Research Team
The Rear-View Mirror – EME markets: only Czech PX index in positive te...
EME Equity Market – August 2024 A red month for the EME indices, with only the Czech PX index in positive territory. The MSCI EM Europe index declined by 4.7% in EUR terms and 2.6% in USD terms in August. The Czech PX index was the only index to report a positive figure, adding 0.5% mom in EUR terms. The rest of the indices were in the red: the Turkish ISE30 index was down 11.5% mom in EUR terms, followed by Greece (-3.2% mom), Romania (-2.6% mom) and Hungary (-1.2% mom; all in EUR terms). The P...
EUROB EUROBANK ERGASIAS SERVICES & HOLDINGS SA
PEO BANK POLSKA KASA OPIEKI SA
KRU KRUK S.A.
MOL MOL NYRT
EBS ERSTE GROUP BANK AG
BOCH BANK OF COMMERCE HOLDINGS
CEZ CEZ AS
ACP ASSECO POLAND SA
HTO HELLENIC TELECOMMUNICATIONS ORGANIZATION SA
CDR CD PROJEKT S.A.
OMV OMV AG
PKO PKO BANK POLSKI S.A.
KOMB KOMERCNI BANKA A.S.
BHW BANK HANDLOWY W WARSZAWIE S.A.
WIZZ WIZZ AIR HOLDINGS PLC
PZU POWSZECHNY ZAKLAD UBEZPIECZEN SPOLKA AKCYJNA
BSK ING BANK SLASKI S.A.
BDX BUDIMEX S.A.
MTELEKOM MAGYAR TELEKOM TELECOMMUNICATIONS
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.
GTC GLOBE TRADE CENTRE S.A.
DOM DOM DEVELOPMENT SA
BFT BENEFIT SYSTEMS S.A. ALLOTMENT
MGROS MIGROS TICARET A.S
TKNSA TEKNOSA IC VE DIS TICARET AS
PGSUS.E PEGASUS HAVA TASIMACILIGI AS
LVC LIVECHAT SOFTWARE SA
TBCB TBC BANK JOINT STOCK CO
ALPHA ALPHA BANK AE
PPC PUBLIC POWER CORPORATION S.A.
OTP OTP BANK NYRT
CAR INTER CARS S.A.
FROTO FORD OTOMOTIV SANAYI A.S.
THYAO TURK HAVA YOLLARI A.O.
TUPRS TURKIYE PETROL RAFINERILERI A.S.
EUR EUROCASH S.A.
CPS CYFROWY POLSAT SA
MBR MO-BRUK S.A.
GPW WARSAW STOCK EXCHANGE
11B 11 BIT STUDIOS S.A.
ALR ALIOR BANK SA
OTOEL AUTOHELLAS S.A.
WPL WIRTUALNA POLSKA HOLDING SA
BRD BRD-GROUPE SOCIETE GENERALE
TLV BANCA TRANSILVANIA S.A.
ETEL TELECOM EGYPT
MONET MONETA MONEY BANK AS
SNG SOCIETATEA NATIONALA DE GAZE NATURALE ROMGAZ SA
H4L1 HALYK SAVINGS BANK OF KAZAKHSTAN GDR
PBK PATRIA BANK SA
TOFAS TOFAS TURK OTOMOBIL FABRIKASI A.S.
DIGI DIGI COMMUNICATIONS NV
DNP DINO POLSKA S.A.
NBGGY NATIONAL BANK OF GREECE S.A. ADS
BVB S.C. BURSA DE VALORI BUCURESTI S.A.
GEB BANK OF GEORGIA
RICHT RICHTER
19XX NEPI ROCKCASTLE PLC
M MED LIFE
SFG SPHERA FRANCHISE GROUP SA
ADNOCDIST ADNOC DISTRIBUTION PJSC
NLBR NLB GROUP
ESLT ELBIT SYSTEMS LTD
KAP NATIONAL ATOMIC COMPANY KAZATOMPROM
TEN TEN SQUARE GAMES
DUNAHOUSE DUNA HOUSE
KSPI KASPI KZ
PCF PCF GROUP SA
HUGE HUUUGE
4IG 4IG NYRT
IGN1L IGNITIS GRUPE
CTPNV CTP NV
ONE ONE UNITED PROPERTIES SA
GPP GRUPA PRACUJ DA
BCG BALTIC CLASSIFIEDS GROUP PLC
ADNOCDRILL ADNOC DRILLING CO
2381 ARABIAN DRILLING CO.
7202 ARABIAN INTERNET & COMMUNICATIONS SERVICES CO
9526 JAHEZ INTERNATIONAL CO
ELPE HELLENIQ ENERGY
SHO SHOPER SA
4071 ARABIAN CONTRACTING SERVICES CO
7203 ELM CO
AQ AQUILA PART PROD COM
TRESTATES TRADE ESTATES REIC SA
AIRA AIR ASTANA JSC
NOVAL NOVAL PROPERTY
- Mihaly Gajda
Romgaz reported a decline in earnings in its Q2 2024 financial results
The EBITDA in Q2 2024 was RON 770 million, representing a 40% y/y decrease, with an EBITDA margin of 47.4%. The net profit also decreased by 17.3% y/y, totaling RON 592 million, with a net profit margin of 36.4%. Romgaz faced financial pressures in Q2 2024 due to lower gas prices, while it maintained strong operational performance and continued to invest in key strategic projects.
- Research Team
WOOD Daily: GSPARK HB; DIGI RO; ETEL EY; SNG RO; PGSUS TI; PGSUS TI; C...
HEADLINES: • Graphisoft Park: 2Q24 – steady results, guidance reviewed slightly upwards • DIGI Communications: 2Q24 results – adjusted EBITDA up 16% yoy, 1% above our estimate POSITIVE • Telecom Egypt: 2Q24 results review – EBITDA up 40% yoy, 7% above our estimate POSITIVE • Romgaz: 2Q24 results NEUTRAL • Pegasus Airlines: 2Q24 – RASK (up 4% yoy) ahead of our and the consensus estimates POSITIVE • Pegasus Airlines: erratum • Georgia Capital: takeaways from the 2Q24 earnings call NEUTRAL • DataWa...
- Mihaly Gajda
Petrom slightly exceeded expectations in Q2 2024
Key Message The company reported a clean CCS operating profit of RON 1,379 mn, marking a 15% decline YoY and a 11% decrease quarter-over-quarter. The decline was primarily driven by the weak performance of the Gas & Power segment due to lower sales, higher gas storage obligations, and a decreased refining indicator margin in the R&M segment, partially offset by higher hydrocarbon prices, increased refined product sales, and higher retail and commercial margins in R&M.
- Research Team
The Rear-View Mirror – EME markets: Greek ASE – best performer in July
EME Equity Market – July 2024 Greece the biggest winner, while Poland the clear loser in July. The MSCI EM Europe Index declined by 1.1% in EUR terms and 0.3% in USD terms in July. The Greek ASE Index posted the best performance for the month, advancing by 5.3% mom in EUR terms. There was a broadly similar performance in Hungary, Czechia and Romania (+ 2.9%, 2.7% and 2.1% mom in EUR terms, respectively). The Turkish ISE30 Index declined by 1.6% mom in EUR terms, but the clear loser was the Polis...
PEO BANK POLSKA KASA OPIEKI SA
JMT JERONIMO MARTINS SGPS S.A.
KRU KRUK S.A.
EXAE HELLENIC EXCHANGES SA
CEZ CEZ AS
KRKG KRKA D.D.
HTO HELLENIC TELECOMMUNICATIONS ORGANIZATION SA
RBI RAIFFEISEN BANK INTERNATIONAL AG
OMV OMV AG
PKO PKO BANK POLSKI S.A.
ALK ALKALOID AD SKOPJE
WIZZ WIZZ AIR HOLDINGS PLC
PZU POWSZECHNY ZAKLAD UBEZPIECZEN SPOLKA AKCYJNA
SPL SANTANDER BANK POLSKA SA
MIL BANK MILLENNIUM SA
BDX BUDIMEX S.A.
LAMDA LAMDA DEVELOPMENT S.A.
MTELEKOM MAGYAR TELEKOM TELECOMMUNICATIONS
TPS ORANGE POLSKA S.A.
MYTIL MYTILINEOS S.A.
CCC CCC SA
CCOLA COCA-COLA ICECEK A.S.
2310 SAHARA INTERNATIONAL PETROCHEMICAL COMPANY
AEGN AEGEAN AIRLINES SA
BFT BENEFIT SYSTEMS S.A. ALLOTMENT
MGROS MIGROS TICARET A.S
PGSUS.E PEGASUS HAVA TASIMACILIGI AS
APR AUTO PARTNER SA
LVC LIVECHAT SOFTWARE SA
TBCB TBC BANK JOINT STOCK CO
TPEIR PIRAEUS BANK SA
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.
MBR MO-BRUK S.A.
OTOEL AUTOHELLAS S.A.
VGO VIGO SYSTEM SA
WPL WIRTUALNA POLSKA HOLDING SA
SAB1L SIAULIU BANKAS
MONET MONETA MONEY BANK AS
SNP PETROM S.A.
GEB BANK OF GEORGIA
RICHT RICHTER
19XX NEPI ROCKCASTLE PLC
M MED LIFE
NLBR NLB GROUP
KAP NATIONAL ATOMIC COMPANY KAZATOMPROM
TEN TEN SQUARE GAMES
KSPI KASPI KZ
HUGE HUUUGE
4IG 4IG NYRT
PCO PEPCO GROUP NV
GPP GRUPA PRACUJ DA
ADNOCDRILL ADNOC DRILLING CO
AROBS AROBS TRANSILVANIA SOFTWARE SA
7202 ARABIAN INTERNET & COMMUNICATIONS SERVICES CO
9526 JAHEZ INTERNATIONAL CO
SHO SHOPER SA
BOROUGE BOROUGE
7203 ELM CO
NOVAL NOVAL PROPERTY
- Research Team
WOOD Daily: ARCLK TI; GARAN TI; OMV AV; BOROUGE UH; SNP RO; HU Macro; ...
HEADLINES: • Arcelik: weak set of results in 2Q24 NEGATIVE • Garanti Bank: 2Q24 highlights – good margin management, guidance intact • OMV: 2Q24 results NEGATIVE • Borouge: 2Q24 results – sales growth drives profit increase POSITIVE • OMV Petrom: 2Q24 results – in line with the consensus NEUTRAL • Hungary macro: materially weaker than expected • Czech Republic macro: GDP picks up pace in 2Q, no surprises • CCC: 2Q24E prelims preview – 61% yoy EBITDA growth expected (due on 7 August) NEUTRAL • VI...
- Research Team
WOOD Daily: KRKG SV; PZU PW; PKO PW; MBR PW; RICHT HB; SNP RO; ARABIAN...
HEADLINES: • Krka: 2Q24 earnings review NEUTRAL • PZU: AGM refuses to discharge entire management board from performance of duties for 2023 • PKO BP: Supervisory Board updates its recommendations for the AGM, due to reconvene next week • Mo-BRUK: signs PLN 9m contract for ecological bomb decommissioning in Katowice NEUTRAL • Richter: EMA accepts Denosumab submission NEUTRAL • OMV Petrom: 2Q24E results preview (due on 30 July) NEUTRAL • Arabian Drilling: 2Q24E results preview (due on 4 August) NE...
- Research Team
WOOD Daily: Georgia macro; KRU PW; WIZZ LN; THYAO TI; PGSUS TI; PEO PW...
HEADLINES: Georgia macro: EU halts accession negotiations Kruk: 2Q24 trading update points to continuation of strong recoveries trends and high investments POSITIVE Wizz Air: Hungary may cancel special tax on airlines, but may introduce fines for delayed and cancelled flights NEUTRAL Turkish Airlines: flies 38% more ASK in 2Q24 vs. 2Q19 NEUTRAL Pegasus Airlines: 2Q24 ASK 53% above 2Q19 levels, international ASK 77% higher NEUTRAL Bank Pekao: finally has a new CEO POSITIVE Mo-BRUK: interview with...
- Research Team
The Rear-View Mirror – EME markets: another positive month for most EM...
EME Equity Market – June 2024 Another positive month for most of the EME indices, with the Hungarian BUX Index outperforming. The MSCI EM Europe Index rose by 1.0% in EUR terms, but declined -0.2% in USD terms in June. The Hungarian BUX index reported the strongest performance, adding 4.8% in EUR terms, followed by the Romanian BET and the Polish WIG20 (+3.7% and 2.1%, in EUR terms, respectively), and the Turkish ISE30 (+0.9% in EUR terms). Greece and the Czech Republic were in negative territor...
EUROB EUROBANK ERGASIAS SERVICES & HOLDINGS SA
OPAP GREEK ORGANISATION OF FOOTBALL PROGNOSTICS SA
KRU KRUK S.A.
EBS ERSTE GROUP BANK AG
CEZ CEZ AS
HTO HELLENIC TELECOMMUNICATIONS ORGANIZATION SA
OMV OMV AG
BIMAS BIM BIRLESIK MAGAZALAR A.S.
WIZZ WIZZ AIR HOLDINGS PLC
MIL BANK MILLENNIUM SA
LAMDA LAMDA DEVELOPMENT S.A.
GEKTERNA GEK TERNA
CAI CA IMMOBILIEN ANLAGEN AG
SAR GR. SARANTIS S.A.
LPP LPP S.A.
CCC CCC SA
AEGN AEGEAN AIRLINES SA
PGSUS.E PEGASUS HAVA TASIMACILIGI AS
APR AUTO PARTNER SA
TPEIR PIRAEUS BANK SA
PPC PUBLIC POWER CORPORATION S.A.
OTP OTP BANK NYRT
CAR INTER CARS S.A.
FROTO FORD OTOMOTIV SANAYI A.S.
THYAO TURK HAVA YOLLARI A.O.
CPS CYFROWY POLSAT SA
GPW WARSAW STOCK EXCHANGE
11B 11 BIT STUDIOS S.A.
WPL WIRTUALNA POLSKA HOLDING SA
BELA JUMBO S.A.
ETEL TELECOM EGYPT
SNP PETROM S.A.
NBGGY NATIONAL BANK OF GREECE S.A. ADS
RICHT RICHTER
R22 R22
CGEO GEORGIA CAPITAL
NLBR NLB GROUP
TEN TEN SQUARE GAMES
DUNAHOUSE DUNA HOUSE
PCF PCF GROUP SA
HUGE HUUUGE
WPS W.A.G PAYMENT SOLUTIONS PLC
CTPNV CTP NV
VRC VERCOM SA
GPP GRUPA PRACUJ DA
KLKIM KALEKIM KIMYEVI MADDELER SANAYI VE TICARET AS
ADNOCDRILL ADNOC DRILLING CO
2381 ARABIAN DRILLING CO.
9526 JAHEZ INTERNATIONAL CO
ELPE HELLENIQ ENERGY
- Research Team
WOOD Daily: MBK PW; CTPNV NA; EU Macro; TL Macro; CZ Macro; GPW PW; CP...
HEADLINES: • mBank: 2Q24E CHF mortgage saga cost at PLN 1bn NEGATIVE • CTP: issues EUR 500m unsecured loan at 4.7% fixed, buys back EUR 500m of outstanding bonds POSITIVE • Europe macro: June surveys confirm stagnant industry, but rising inflation expectations • Türkiye macro: CBT extends the hawkish hold • Czech Republic macro: CNB preparing the ground for slower rate cuts • Warsaw Stock Exchange: OGM approves dividend of PLN 3/share NEUTRAL • Cyfrowy Polsat: to invest in 500 MW wind farm proje...
- Research Team
WOOD Daily: SNP RO, RICHT HB, MIL PW, KRU PW, PCF PW, 11B PW
HEADLINES: • OMV Petrom: strategy update • Richter: acquires Belgian BCI Pharma to identify WHC preclinical drug candidates • Bank Millennium: ends repair programme • Kruk: announces a portfolio purchase in Spain • PCF Group: Project Gemini plan agreed and content rider concluded • 11 bit studios: Creatures of Ava to be released on 7 August • Short News (ALR, PKO BP, MTELEKOM)
- Jonathan Lamb
WOOD Flash - OMV Petrom: strategy update
OMV Petrom held a capital markets day (CMD) on 19 June, to update its 2030E strategy and provide new targets to the market. The previous strategy update was held at the end of 2021, when the macro environment was less favourable. In this plan, therefore, the assumptions on crude oil and gas prices, and refining margins, have all been revised upwards. The 2030E target for Clean CCS EBIT has decreased slightly to EUR 1.4bn, from EUR 1.5bn, but expectations for the interim period are much higher. C...
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