reports
- Shana Gavron
LHV Institutional Weekly Review, March 3rd, 2023
* Apranga (APG1L LH) Q4 Results Review: Resilience maintained, results in line with estimates * AUGA Group (AUG1L LH) Q4 Results Update: Solid y-o-y recovery * CrossChem (CCLAT067524FA) Q4 and 12M Results Review: Despite lower sales, profitability improved significantly * DelfinGroup AS (DGR1R LR) Q4 and 12M Results Review: Solid revenues but high credit losses and cost inflation limit profitability * Enefit Green (EGR1T ET) Q4 2022 Review: Decent numbers despite lower electricity production...
- Shana Gavron
LHV Institutional Weekly Review, February 23rd, 2023
* HansaMatrix (HMX1R LR) News Update: The voluntary buyback price is expected to be EUR 8.5 per share * Harju Elekter (HAE1T ET) Q4 2022: Results Review Record-high revenues but profitability deteriorated due to one-off items * Tallink (TAL1T ET) Q4 2022 Review: Strong charter income; profits beat estimates * Key metrics for stocks covered.
- Shana Gavron
LHV Institutional Baltic Insight, February 22nd, 2023
In our view, considering the market’s sentiment towards HMX, BaltCap sees an opportunity to acquire a large share in HMX at discount. BaltCap’s set target of 75% and Ilmars Osmanis comment indicates that there is an agreement from SIA Macro Riga to subscribe for voluntary share buyback and we believe that other main shareholders have expressed their willingness to subscribe too. It is quite a difficult situation for retail investors considering the illiquidity of shares if HMX is delisted. Altho...
- Shana Gavron
- Research Team
The Rear-View Mirror – EME markets: multi-month rally interrupted in T...
EME Equity Market – January 2023 Market performance – strong start to 2023 in Czechia and Greece; multi-month rally interrupted in Turkey. The MSCI EM Europe Index gained 3.2% mom in EUR terms and 4.6% mom in USD in January. The Czech PX and the Greek ASE were the best performers, posting double-digit gains of 12.3% and 10.0% mom in EUR terms, respectively. There were also very decent performances from Poland, Hungary and Romania, with gains of 5.5% mom, 5.5% mom and 4.7% mom in EUR terms, respe...
JMT JERONIMO MARTINS SGPS S.A.
KRU KRUK S.A.
KRKG KRKA D.D.
CDR CD PROJEKT S.A.
RBI RAIFFEISEN BANK INTERNATIONAL AG
OMV OMV AG
COG COGNOR HOLDING SA
PKO PKO BANK POLSKI S.A.
TITK TITAN CEMENT CO. SA
BHW BANK HANDLOWY W WARSZAWIE S.A.
WIZZ WIZZ AIR HOLDINGS PLC
DOAS DOGUS OTOMOTIV SERVIS VE TICARET A.S.
MIL BANK MILLENNIUM SA
MTELEKOM MAGYAR TELEKOM TELECOMMUNICATIONS
KGH KGHM POLSKA MIEDZ S.A.
PKN POLSKI KONCERN NAFTOWY ORLEN S.A.
MYTIL MYTILINEOS S.A.
AKBNK AKBANK TAS
AEFES ANADOLU EFES BIRACILIK VE MALT SANAYII A.S.
CCOLA COCA-COLA ICECEK A.S.
BFT BENEFIT SYSTEMS S.A. ALLOTMENT
POLY POLYMETAL INTERNATIONAL PLC
LVC LIVECHAT SOFTWARE SA
TBCB TBC BANK JOINT STOCK CO
TPEIR PIRAEUS BANK SA
CAR INTER CARS S.A.
ARCLK ARCELIK A.S.
MBR MO-BRUK S.A.
11B 11 BIT STUDIOS S.A.
OTOEL AUTOHELLAS S.A.
BELA JUMBO S.A.
ETEL TELECOM EGYPT
SNG SOCIETATEA NATIONALA DE GAZE NATURALE ROMGAZ SA
SNP PETROM S.A.
HMX1R HANSAMATRIX AS
DNP DINO POLSKA S.A.
SNN SOCIETATEA NATIONALA NUCLEARELECTRICA SA
TEL C.N.T.E.E. TRANSELECTRICA
FP. FONDUL PROPRIETATEA S.A. GDR (REG S)
GEB BANK OF GEORGIA
TGN SOCIETATEA NATIONALA DE TRANSPORT GAZE NATURALE TRANSGAZ S.A.
RICHT RICHTER
M MED LIFE
ADNOCDIST ADNOC DISTRIBUTION PJSC
NLBR NLB GROUP
SF3 STS GROUP AG
KAP NATIONAL ATOMIC COMPANY KAZATOMPROM
TEN TEN SQUARE GAMES
PEN PHOTON ENERGY NV
MINING AND METALLURGICAL COMPANY NORILSK NICKEL (GDR)
INPST INPOST S.A.
PCF PCF GROUP SA
HUGE HUUUGE
WINE PURCARI WINERIES PCL
4IG 4IG NYRT
PCO PEPCO GROUP NV
GPP GRUPA PRACUJ DA
7202 ARABIAN INTERNET & COMMUNICATIONS SERVICES CO
9526 JAHEZ INTERNATIONAL CO
- Shana Gavron
LHV Institutional 'Baltic Equity Companion'
Please find attached our latest monthly: 'The Baltic Equity Companion' * Up to date profiles of the leading Baltic equities. * Valuation charts, stock summaries and key numbers for companies we cover. Includes aggregated data of our coverage universe and company summary at the front of this publication, as well as key macro indicator forecasts. * Updated 'heat maps' to gauge the level of overall economic stress and development in each of the Baltic countries. This uses a variety of economic va...
TKM1T TALLINNA KAUBAMAJA A.S.
SFG1T SILVANO FASHION GROUP
HAE1T HARJU ELEKTER A.S.
AUG1L AGROWILL GROUP AB
MRK1T MERKO EHITUS (NEW)
KNF1L KLAIPEDOS NAFTA AB
TAL1T TALLINK GROUP
TVEAT AS TALLINNA VESI
NCN1T NORDECON INTERNATIONAL
LNA1L LINAS AGRO GROUP AB
SAB1L SIAULIU BANKAS
HMX1R HANSAMATRIX AS
NTU1L NOVATURAS AB
EFT1T EFTEN REAL ESTATE FUND III AS
TSM1T TALLINNA SADAM AS
MDARA MADARA COSMETICS
LINDA LINDA NEKTAR AS
CPA1T COOP PANK
HPR1T HEPSOR AS
VIRSI VIRSI-A AS
MAGIC TEXTMAGIC
DGR1R DELFINGROUP AS
- Research Team
The Rear-View Mirror – EME markets: 2022 ends with Turkey still on top
EME Equity Market – December 2022 Market performance – Turkey closed the year by outperforming the other markets, yet again. The MSCI EM Europe Index gained 2.0% mom in EUR terms and 5.9% mom in USD in December. Turkey was, again, the best performer, with the ISE30 index adding 6.3% mom in EUR terms and 10.8% mom in local currency terms. Positive performances were recorded by the WIG20 (+3.1% EUR / 3.2% lcl mom) and the ASE indices (+1.9% EUR mom) as well. On the other side, the Hungarian BUX de...
MOL MOL NYRT
CDR CD PROJEKT S.A.
OMV OMV AG
COG COGNOR HOLDING SA
PKO PKO BANK POLSKI S.A.
PZU POWSZECHNY ZAKLAD UBEZPIECZEN SPOLKA AKCYJNA
DOAS DOGUS OTOMOTIV SERVIS VE TICARET A.S.
KGH KGHM POLSKA MIEDZ S.A.
TPS ORANGE POLSKA S.A.
PKN POLSKI KONCERN NAFTOWY ORLEN S.A.
MYTIL MYTILINEOS S.A.
LPP LPP S.A.
CCC CCC SA
DOM DOM DEVELOPMENT SA
AUG1L AGROWILL GROUP AB
PGSUS.E PEGASUS HAVA TASIMACILIGI AS
LVC LIVECHAT SOFTWARE SA
PPC PUBLIC POWER CORPORATION S.A.
OTP OTP BANK NYRT
CPS CYFROWY POLSAT SA
MBR MO-BRUK S.A.
OTOEL AUTOHELLAS S.A.
HB HELLENIC BANK LTD.
BELA JUMBO S.A.
SAB1L SIAULIU BANKAS
ETEL TELECOM EGYPT
BNET BITTNET SYSTEMS
HMX1R HANSAMATRIX AS
DNP DINO POLSKA S.A.
SNN SOCIETATEA NATIONALA NUCLEARELECTRICA SA
FP. FONDUL PROPRIETATEA S.A. GDR (REG S)
A4L ALLTERCO AD
RICHT RICHTER
NLBR NLB GROUP
TEN TEN SQUARE GAMES
ADKO ADDIKO BANK
KSPI KASPI KZ
HUGE HUUUGE
4IG 4IG NYRT
SHO SHOPER
PCO PEPCO GROUP NV
ISB ISLANDSBANKI HF
ONE ARION BANKI HF
GPP ONE UNITED PROPERTIES SA
GRUPA PRACUJ DA
- Shana Gavron
LHV Institutional 'Baltic Equity Companion'
Please find attached our latest monthly: 'The Baltic Equity Companion' * Up to date profiles of the leading Baltic equities. * Valuation charts, stock summaries and key numbers for companies we cover. Includes aggregated data of our coverage universe and company summary at the front of this publication, as well as key macro indicator forecasts. * Updated 'heat maps' to gauge the level of overall economic stress and development in each of the Baltic countries. This uses a variety of economic va...
TKM1T TALLINNA KAUBAMAJA A.S.
SFG1T SILVANO FASHION GROUP
HAE1T HARJU ELEKTER A.S.
AUG1L AGROWILL GROUP AB
MRK1T MERKO EHITUS (NEW)
KNF1L KLAIPEDOS NAFTA AB
TAL1T TALLINK GROUP
TVEAT AS TALLINNA VESI
NCN1T NORDECON INTERNATIONAL
LNA1L LINAS AGRO GROUP AB
SAB1L SIAULIU BANKAS
HMX1R HANSAMATRIX AS
NTU1L NOVATURAS AB
EFT1T EFTEN REAL ESTATE FUND III AS
TSM1T TALLINNA SADAM AS
MDARA MADARA COSMETICS
LINDA LINDA NEKTAR AS
CPA1T COOP PANK
HPR1T HEPSOR AS
VIRSI VIRSI-A AS
MAGIC TEXTMAGIC
DGR1R DELFINGROUP AS
- Research Team
WOOD Daily: HMX1R LR; EMEA Airlines; FP RO; OMV AV; BELA GA; SNG RO; S...
HEADLINES: • HansaMatrix: on the upswing (stays BUY) • EMEA airlines: 11M22 traffic - so far, so good, but visibility on 2023E still limited • Fondul Proprietatea: sells its holdings in OMV Petrom via an ABB POSITIVE • Fondul Proprietatea: end-November NAV could be at least 5% lower mom NEGATIVE • OMV: amends dividend policy to enable special dividends • Jumbo: guiding for FY22E sales growth of 13% yoy • Romgaz/OMV Petrom: submit declaration of commercial discovery for Neptun Deep NEUTRAL • ...
OMV OMV AG
WIZZ WIZZ AIR HOLDINGS PLC
DOAS DOGUS OTOMOTIV SERVIS VE TICARET A.S.
MYTIL MYTILINEOS S.A.
AEGN AEGEAN AIRLINES SA
PGSUS.E PEGASUS HAVA TASIMACILIGI AS
THYAO TURK HAVA YOLLARI A.O.
BELA JUMBO S.A.
SNG SOCIETATEA NATIONALA DE GAZE NATURALE ROMGAZ SA
SNP PETROM S.A.
HMX1R HANSAMATRIX AS
FP. FONDUL PROPRIETATEA S.A. GDR (REG S)
- Bram Buring
- CFA
- Piotr Raciborski
- CFA
HansaMatrix: on the upswing (stays BUY)
Following the 9M22 results, we have updated our forecasts and rolled over our DCF model for HansaMatrix (HM), with an updated 12M price target (PT) of EUR 9.10/share, implying upside of c.30%. In both the recent FY22-23E guidance and the 9M webcast, management indicated that margins have bottomed out. Pass-through price hikes should see the EBITDA margin return to low-to-mid-teens levels (vs. 8.3% for 9M22) while the order book suggests that the industrial market sector should remain prominent i...
- Research Team
The Rear-View Mirror – EME markets: Turkey still on top (resend)
EME Equity Market – November 2022 Market performance – Turkey does it again, breezing past everyone else, once more, in November. The MSCI EM Europe Index advanced 11.6% mom in EUR terms and 16.7% mom in USD. The ISE30 index, again, boasted the best performance among our coverage, adding 18.6% mom in EUR terms and 23.9% mom in local currency (lcl) terms. Positive performances were also recorded in the WIG (+14.0% EU /13.0% lcl mom), the BUX (+12.6% EUR/12.0% lcl mom), the BET (+8.4% EUR/8.6% lcl...
EUROB EUROBANK ERGASIAS SERVICES & HOLDINGS SA
PEO BANK POLSKA KASA OPIEKI SA
OPAP GREEK ORGANISATION OF FOOTBALL PROGNOSTICS SA
KRU KRUK S.A.
EXAE HELLENIC EXCHANGES SA
TCELL TURKCELL ILETISIM HIZMETLERI A.S.
MOL MOL NYRT
EBS ERSTE GROUP BANK AG
CEZ CEZ AS
PETG PETROL D.D.
ACP ASSECO POLAND SA
KRKG KRKA D.D.
HTO HELLENIC TELECOMMUNICATIONS ORGANIZATION SA
CDR CD PROJEKT S.A.
RBI RAIFFEISEN BANK INTERNATIONAL AG
COG COGNOR HOLDING SA
PKO PKO BANK POLSKI S.A.
ISCTR TURKIYE IS BANKASI ANONIM SIRKETI CLASS C
KOMB KOMERCNI BANKA A.S.
TITK TITAN CEMENT CO. SA
ALK ALKALOID AD SKOPJE
BHW BANK HANDLOWY W WARSZAWIE S.A.
BIMAS BIM BIRLESIK MAGAZALAR A.S.
WIZZ WIZZ AIR HOLDINGS PLC
PZU POWSZECHNY ZAKLAD UBEZPIECZEN SPOLKA AKCYJNA
DOAS DOGUS OTOMOTIV SERVIS VE TICARET A.S.
MIL BANK MILLENNIUM SA
BSK ING BANK SLASKI S.A.
FOYRK FOURLIS HOLDINGS S.A.
MTELEKOM MAGYAR TELEKOM TELECOMMUNICATIONS
SFA SOPHARMA AD
CAI CA IMMOBILIEN ANLAGEN AG
PKN POLSKI KONCERN NAFTOWY ORLEN S.A.
SAR GR. SARANTIS S.A.
SPI S IMMO AG
AEFES ANADOLU EFES BIRACILIK VE MALT SANAYII A.S.
EREGL EREGLI DEMIR YE CELIK FABRIKALARI T.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
AEGN AEGEAN AIRLINES SA
TENERGY TERNA ENERGY S.A.
TTKOM TURK TELEKOMUNIKASYON A.S.
ENA ENEA S.A.
BIZIM BIZIM TOPTAN SATIS MAGAZALARI AS
BFT BENEFIT SYSTEMS S.A. ALLOTMENT
MGROS MIGROS TICARET A.S
PGE PGE POLSKA GRUPA ENERGETYCZNA S.A.
POLY POLYMETAL INTERNATIONAL PLC
LVC LIVECHAT SOFTWARE SA
TPEIR PIRAEUS BANK SA
PPC PUBLIC POWER CORPORATION S.A.
CAR INTER CARS S.A.
AYGAZ AYGAZ A.S.
FROTO FORD OTOMOTIV SANAYI A.S.
OTKAR OTOKAR OTOMOTIV VE SAVUNMA SANAYI A.S.
THYAO TURK HAVA YOLLARI A.O.
TUPRS TURKIYE PETROL RAFINERILERI A.S.
ULKER ULKER BISKUVI SANAYI A.S.
ECH ECHO INVESTMENT
GSPARK GRAPHISOFT PARK SE
CPS CYFROWY POLSAT SA
POSR POZAVAROVALNICA SAVA
GPW WARSAW STOCK EXCHANGE
11B 11 BIT STUDIOS S.A.
TPE TAURON POLSKA ENERGIA S.A.
ALRS ALROSA PJSC
DAT DATAWALK SA
ALR ALIOR BANK SA
OTOEL AUTOHELLAS S.A.
BANK OF CYPRUS PCL
HB HELLENIC BANK LTD.
WPL WIRTUALNA POLSKA HOLDING SA
SKK SIRMA GROUP HOLDING JSC
BELA JUMBO S.A.
SAB1L SIAULIU BANKAS
BRD BRD-GROUPE SOCIETE GENERALE
TLV BANCA TRANSILVANIA S.A.
MONET MONETA MONEY BANK AS
SNG SOCIETATEA NATIONALA DE GAZE NATURALE ROMGAZ SA
BNET BITTNET SYSTEMS
SNP PETROM S.A.
HMX1R HANSAMATRIX AS
DIGI DIGI COMMUNICATIONS NV
DNP DINO POLSKA S.A.
COTE CONPET SA
NBGGY NATIONAL BANK OF GREECE S.A. ADS
SNN SOCIETATEA NATIONALA NUCLEARELECTRICA SA
TEL C.N.T.E.E. TRANSELECTRICA
ELSA SOCIETATEA ENERGETICA ELECTRICA
FP. FONDUL PROPRIETATEA S.A. GDR (REG S)
BVB S.C. BURSA DE VALORI BUCURESTI S.A.
GEB BANK OF GEORGIA
TGN SOCIETATEA NATIONALA DE TRANSPORT GAZE NATURALE TRANSGAZ S.A.
A4L ALLTERCO AD
RICHT RICHTER
ALPHA ALPHA BANK
M MED LIFE
PTKHY PETKIM PETROKIMYA HOLDING AS
ADNOCDIST ADNOC DISTRIBUTION PJSC
CGEO GEORGIA CAPITAL
IIA IMMOFINANZ AG
SOKM SOK MARKETLER TICARET AS
EAT AMREST HOLDINGS SE
NLBR NLB GROUP
ENJSA ENERJISA ENERJI
SF3 STS GROUP AG
TEN TEN SQUARE GAMES
ADKO ADDIKO BANK
PEN PHOTON ENERGY NV
KOFOL KOFOLA CESKOSLOVENSKO A.S.
ILRA-R-A ILIRIJA D.D.
ALG ALLEGRO.EU SA
CZG CESKA ZBROJOVKA GROUP
DUNAHOUSE DUNA HOUSE
INPST INPOST S.A.
PCF PCF GROUP SA
HUGE HUUUGE
WINE ALRO SLATINA
4IG PURCARI WINERIES PCL
IGN1L 4IG NYRT
SHO IGNITIS GRUPE
KCEL SHOPER
GPP KCELL JSC
TNB GRUPA PRACUJ DA
7202 NLB TUTUNSKA BANKA AD SKOPJE
9526 ARABIAN INTERNET & COMMUNICATIONS SERVICES CO
ELPE JAHEZ INTERNATIONAL CO
HELLENIQ ENERGY
- Shana Gavron
LHV Institutional 'Baltic Equity Companion'
* Up to date profiles of the leading Baltic equities. * Valuation charts, stock summaries and key numbers for companies we cover. Includes aggregated data of our coverage universe and company summary at the front of this publication, as well as key macro indicator forecasts. * Updated 'heat maps' to gauge the level of overall economic stress and development in each of the Baltic countries. This uses a variety of economic variables (confidence measures, equity market, foreign and domestic trade ...
TKM1T TALLINNA KAUBAMAJA A.S.
SFG1T SILVANO FASHION GROUP
HAE1T HARJU ELEKTER A.S.
AUG1L AGROWILL GROUP AB
MRK1T MERKO EHITUS (NEW)
KNF1L KLAIPEDOS NAFTA AB
TAL1T TALLINK GROUP
TVEAT AS TALLINNA VESI
NCN1T NORDECON INTERNATIONAL
LNA1L LINAS AGRO GROUP AB
SAB1L SIAULIU BANKAS
HMX1R HANSAMATRIX AS
NTU1L NOVATURAS AB
EFT1T EFTEN REAL ESTATE FUND III AS
TSM1T TALLINNA SADAM AS
LINDA LINDA NEKTAR AS
CPA1T COOP PANK
HPR1T HEPSOR AS
VIRSI VIRSI-A AS
MAGIC TEXTMAGIC
DGR1R DELFINGROUP AS
- Shana Gavron
- Shana Gavron
- Research Team
WOOD Daily: ALPHA GA; EUROB GA; ETE GA; TPEIR GA; DOM PW; KGH PW; ALR ...
HEADLINES: • Greek banks: earnings upgrades cycle (Alpha Bank, Eurobank, NBG and Piraeus Bank stay BUY) • Dom Development: 3Q22 - en route to another year of record profit POSITIVE • KGHM: 3Q22 results review - net income beat, but operating cash flow remains weak • Alro: takeaways from the 3Q22 earnings call POSITIVE • Purcari Wineries: takeaways from the 3Q22 earnings call NEUTRAL • Romgaz: takeaways from the 3Q22 earnings call NEUTRAL • Polish banks: PLN mortgage loan agreements subject t...
EXAE HELLENIC EXCHANGES SA
KGH KGHM POLSKA MIEDZ S.A.
DOM DOM DEVELOPMENT SA
TPEIR PIRAEUS BANK SA
BANK OF CYPRUS PCL
SNG SOCIETATEA NATIONALA DE GAZE NATURALE ROMGAZ SA
HMX1R HANSAMATRIX AS
NBGGY NATIONAL BANK OF GREECE S.A. ADS
ALPHA ALPHA BANK
ALR ALRO SLATINA
WINE PURCARI WINERIES PCL
- Research Team
WOOD Daily: AEGN GA; CPS PW; WINE RO; FP RO; COTE RO; DIGI RO; SNG RO;...
HEADLINES: • Aegean Airlines: stellar summer, but visibility limited on 2023E (downgraded to HOLD) • Cyfrowy Polsat: 3Q22 results review - soft numbers, but better than expectations POSITIVE • Purcari Wineries: 3Q22 net profit at RON 14.5m, 31% above our expectations • Fondul Proprietatea: Hidroelectrica's 3Q22 results - small miss, Petrom stake reduced marginally • Conpet: 17% beat on 3Q22 net profit from higher import volumes transported • DIGI Communications: 3Q22 results - pro-forma adj...
WIZZ WIZZ AIR HOLDINGS PLC
AEGN AEGEAN AIRLINES SA
BFT BENEFIT SYSTEMS S.A. ALLOTMENT
THYAO TURK HAVA YOLLARI A.O.
CPS CYFROWY POLSAT SA
SNG SOCIETATEA NATIONALA DE GAZE NATURALE ROMGAZ SA
HMX1R HANSAMATRIX AS
DIGI DIGI COMMUNICATIONS NV
COTE CONPET SA
TEL C.N.T.E.E. TRANSELECTRICA
FP. FONDUL PROPRIETATEA S.A. GDR (REG S)
RICHT RICHTER
SF3 STS GROUP AG
ALG ALLEGRO.EU SA
WINE PURCARI WINERIES PCL
- Research Team
The Rear-View Mirror – EME markets: all indices up, Turkey outperforms...
EME Equity Market – October 2022 Market performance – in a positive month across the board, Turkey outperforms yet again. The MSCI EM Europe Index advanced by 12.7% mom in EUR terms and 14.4% mom in USD. The ISE30 was, once again, the best-performing index in our coverage, adding 23.4% mom in EUR terms and 25.2% in local currency terms. All the other indices recorded positive performances as well, with the WIG (+14.8% EUR / 11.5% lcl), the BUX (+11.4% EUR / 8.5% lcl) and the ASE (+10.3% EUR) del...
PEO BANK POLSKA KASA OPIEKI SA
JMT JERONIMO MARTINS SGPS S.A.
KRU KRUK S.A.
CEZ CEZ AS
ACP ASSECO POLAND SA
KRKG KRKA D.D.
CDR CD PROJEKT S.A.
YKBNK YAPI VE KREDI BANKASI A.S.
OMV OMV AG
PGN POLSKIE GORNICTWO NAFTOWE I GAZOWNICTWO SA
COG COGNOR HOLDING SA
ISCTR TURKIYE IS BANKASI ANONIM SIRKETI CLASS C
KOMB KOMERCNI BANKA A.S.
GWI GLOBALWORTH REAL ESTATE INVESTMENTS LIMITED
ALK ALKALOID AD SKOPJE
BHW BANK HANDLOWY W WARSZAWIE S.A.
WIZZ WIZZ AIR HOLDINGS PLC
SPL SANTANDER BANK POLSKA SA
MIL BANK MILLENNIUM SA
BSK ING BANK SLASKI S.A.
FOYRK FOURLIS HOLDINGS S.A.
GEKTERNA GEK TERNA
TPS ORANGE POLSKA S.A.
PKN POLSKI KONCERN NAFTOWY ORLEN S.A.
MYTIL MYTILINEOS S.A.
LPP LPP S.A.
AKBNK AKBANK TAS
ASELS ASELSAN ELEKTRONIK SANAYI VE TICARET A.S. CLASS B
BRISA BRISA-BRIDGESTONE SABANCI LASTIK SANAYI VE TICARET A.S.
EREGL EREGLI DEMIR YE CELIK FABRIKALARI T.A.S.
CCC CCC SA
CCOLA COCA-COLA ICECEK A.S.
VESBE VESTEL BEYAZ ESYA SANAYI VE TICARET
DOM DOM DEVELOPMENT SA
BFT BENEFIT SYSTEMS S.A. ALLOTMENT
MGROS MIGROS TICARET A.S
LVC LIVECHAT SOFTWARE SA
CAR INTER CARS S.A.
ARCLK ARCELIK A.S.
FROTO FORD OTOMOTIV SANAYI A.S.
OTKAR OTOKAR OTOMOTIV VE SAVUNMA SANAYI A.S.
TKFEN TEKFEN HOLDING
CPS CYFROWY POLSAT SA
11B 11 BIT STUDIOS S.A.
TPE TAURON POLSKA ENERGIA S.A.
ALRS ALROSA PJSC
DAT DATAWALK SA
ALR ALIOR BANK SA
WPL WIRTUALNA POLSKA HOLDING SA
BELA JUMBO S.A.
SAB1L SIAULIU BANKAS
BRD BRD-GROUPE SOCIETE GENERALE
TLV BANCA TRANSILVANIA S.A.
TRP TERAPLAST
MONET MONETA MONEY BANK AS
SNG SOCIETATEA NATIONALA DE GAZE NATURALE ROMGAZ SA
SNP PETROM S.A.
TOFAS TOFAS TURK OTOMOBIL FABRIKASI A.S.
HMX1R HANSAMATRIX AS
COTE CONPET SA
TEL C.N.T.E.E. TRANSELECTRICA
ELSA SOCIETATEA ENERGETICA ELECTRICA
FP. FONDUL PROPRIETATEA S.A. GDR (REG S)
TGN SOCIETATEA NATIONALA DE TRANSPORT GAZE NATURALE TRANSGAZ S.A.
A4L ALLTERCO AD
RICHT RICHTER
CGEO GEORGIA CAPITAL
ZB-R-A ZAGREBACKA BURZA DD
SF3 STS GROUP AG
KAP NATIONAL ATOMIC COMPANY KAZATOMPROM
ARNT-R-A ARENATURIST D.D.
TEN TEN SQUARE GAMES
MINING AND METALLURGICAL COMPANY NORILSK NICKEL (GDR)
ALG ALLEGRO.EU SA
KSPI KASPI KZ
INPST INPOST S.A.
HUGE HUUUGE
WINE ALRO SLATINA
4IG PURCARI WINERIES PCL
PCO 4IG NYRT
GPP PEPCO GROUP NV
KLKIM GRUPA PRACUJ DA
KALEKIM KIMYEVI MADDELER SANAYI VE TICARET AS
- Shana Gavron
LHV Institutional 'Baltic Equity Companion'
* Up to date profiles of the leading Baltic equities. * Valuation charts, stock summaries and key numbers for companies we cover. Includes aggregated data of our coverage universe and company summary at the front of this publication, as well as key macro indicator forecasts. * Updated 'heat maps' to gauge the level of overall economic stress and development in each of the Baltic countries. This uses a variety of economic variables (confidence measures, equity market, foreign and domestic trade ...
TKM1T TALLINNA KAUBAMAJA A.S.
SFG1T SILVANO FASHION GROUP
HAE1T HARJU ELEKTER A.S.
AUG1L AGROWILL GROUP AB
MRK1T MERKO EHITUS (NEW)
KNF1L KLAIPEDOS NAFTA AB
TAL1T TALLINK GROUP
TVEAT AS TALLINNA VESI
NCN1T NORDECON INTERNATIONAL
LNA1L LINAS AGRO GROUP AB
SAB1L SIAULIU BANKAS
HMX1R HANSAMATRIX AS
NTU1L NOVATURAS AB
EFT1T EFTEN REAL ESTATE FUND III AS
TSM1T TALLINNA SADAM AS
MDARA MADARA COSMETICS
LINDA LINDA NEKTAR AS
CPA1T COOP PANK
HPR1T HEPSOR AS
VIRSI VIRSI-A AS
MAGIC TEXTMAGIC
DGR1R DELFINGROUP AS
- Shana Gavron
LHV Institutional Weekly Review
* Providing our research team's Q3 previews for our Baltic coverage universe * Tallinna Kaubamaja (TKM1T ET) Q3 2022 Review: Solid gross margin, but spiking energy and staff costs cut bottom line * TextMagic AS (MAGIC ET) A2P SMS platform Q3 and 9M 2022 Review: Revenue growth is partly driven by stronger USD * Key metrics for stocks covered.
TKM1T TALLINNA KAUBAMAJA A.S.
SFG1T SILVANO FASHION GROUP
HAE1T HARJU ELEKTER A.S.
AUG1L AGROWILL GROUP AB
MRK1T MERKO EHITUS (NEW)
KNF1L KLAIPEDOS NAFTA AB
TAL1T TALLINK GROUP
TVEAT AS TALLINNA VESI
NCN1T NORDECON INTERNATIONAL
SAB1L SIAULIU BANKAS
HMX1R HANSAMATRIX AS
NTU1L NOVATURAS AB
EFT1T EFTEN REAL ESTATE FUND III AS
TSM1T TALLINNA SADAM AS
CPA1T COOP PANK
HPR1T HEPSOR AS
MAGIC TEXTMAGIC
DGR1R DELFINGROUP AS
- Shana Gavron
TKM1T TALLINNA KAUBAMAJA A.S.
SFG1T SILVANO FASHION GROUP
HAE1T HARJU ELEKTER A.S.
AUG1L AGROWILL GROUP AB
MRK1T MERKO EHITUS (NEW)
KNF1L KLAIPEDOS NAFTA AB
TAL1T TALLINK GROUP
TVEAT AS TALLINNA VESI
NCN1T NORDECON INTERNATIONAL
SAB1L SIAULIU BANKAS
HMX1R HANSAMATRIX AS
NTU1L NOVATURAS AB
EFT1T EFTEN REAL ESTATE FUND III AS
TSM1T TALLINNA SADAM AS
CPA1T COOP PANK
HPR1T HEPSOR AS
DGR1R DELFINGROUP AS
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