HEADLINES: • Santander Bank Polska: 1Q24 results – 19%+ headline ROE affected only slightly by FX mortgage saga costs • Bank Pekao: 1Q24 results in line with market's expectations NEUTRAL • PCF Group: 4Q23 headlines hit heavily by write-offs, but a more limited EBITDA loss than we had expected NEUTRAL • Erste Bank: 1Q24 results NEUTRAL • OMV: 1Q24 results – chemicals stronger than expected NEUTRAL • Borouge: 1Q24 results – better than expected POSITIVE • OMV Petrom: 1Q24 results NEUTRAL • Garan...
Yandex N.V. Yandex N.V. Announces First Quarter 2024 Financial Results 26-Apr-2024 / 12:00 MSK The issuer is solely responsible for the content of this announcement. Yandex N.V. Announces First Quarter 2024 Financial Results AMSTERDAM, the Netherlands, April 26, 2024 -- Yandex N.V. (NASDAQ: YNDX), a Dutch public limited company, today announced its unaudited financial results for the first quarter ended March 31, 2024. Q1 2024 Financial and Operational Highlights1,2 On February 5, 2024, we announced our binding agreement with a purchaser consortium to sell all of the ...
HEADLINES: • MONETA Money Bank: strong 1Q24 delivery, on better-than- expected revenues POSITIVE • Alior Bank: books small beat on 1Q24 delivery, driven by low credit risk charges; robust 2024E outlook supported POSITIVE • Shoper: 1Q24 adjusted EBITDA 9% above our expectations; FY23 results in line with prelims POSITIVE • Mo-BRUK: 4% miss vs. our 4Q23 adjusted EBITDA forecast, weak cash flows NEGATIVE • Wizz Air: fiscal 2024 post-close trading update POSITIVE • Aselsan: CEO's comments on exports...
In 2023, GTC launched – and eventually walked away from – an attempt to take over Ultima. Under new leadership, the company entered 2024 with an LTV of 49%, having made EUR 65m in FFO in 2023 (EUR 71m, if adjusted for non-recurring cost items). The key task ahead is the refinancing of the 2026E EUR 500m green bond. GTC plans to exit the Ireland data-centre development project, which could help it to repay part of the bonds. Importantly, it has secured permission to expand the technological campu...
HEADLINES: • Orange Polska: 1Q24 results – EBITDAaL up 5% yoy, 4% above the consensus POSITIVE • VIGO Photonics: strong miss on EBITDA and bottom line NEGATIVE • GTC: 4Q23 – no material revaluation result, focus remains on refinancing ahead NEUTRAL • Poland macro: retail sales stay brisk in March • Hungary macro: MNB slows down pace of rate cuts • Kruk: 1Q24E preview (due on 8 May, after the close) • Bank Handlowy: 1Q24E preview (due on 9 May) • Eurocash: 1Q24E results preview – 16% yoy EBITDA ...
• LPP: the glass is half full (stays BUY) • Eurocash: 4Q23 beat on costs, profit warning for 1Q24E • 11 bit studios: 4Q23 adjusted EBITDA beats expectations on a solid top line • Polish banks: 2024 contributions to the BFG • MOL: oil production starts on a new platform at ACG field • Ford Otosan: completes the Eurobond book-building process • Kalekim: 2023 IAS 29 results - strong operating results • Lamda: 4Q23 results - a significant step-up in Ellinikon revenues, revaluation gain on existing m...
We maintain our BUY rating for LPP, with a new 12M price target (PT) of PLN 20,842/share. Its image of superior corporate governance has been challenged with accusations of continued operations in Russia. In our view, while the management has proven the discontinuation of legal or personal links to its former operations, the damage has been done, especially in transparency. Despite declarations that all direct sales to Russia were suspended in 2Q22, LPP maintains indirect supplies to ReTrading. ...
HEADLINES: • Lamda: 4Q23 results - significant step-up in Ellinikon revenues, revaluation gain on existing malls • Electrica: proposed changes to the regulatory framework • Bank Pekao: AGM chooses new Supervisory Board members, approves PLN 19.2 DPS • 11 bit studios: release date of INDIKA moved to 2 May • Nuclearelectrica: shareholders abstain from voting on the items from yesterday’s GMS • EMEA airlines: 1Q24 traffic - a good start to the year • Budimex: 1Q24E flat yoy - profitability improvem...
HEADLINES: • Sok Marketler: weak performance in the 4Q23 results • Inter Cars: targets 15-17% yoy revenue growth this year • Polish telecoms: telecommunications fee to grow from 0.05% of sales to 0.15% sales • Polish media: CPS audience share at 21.53%, WP TV at 0.61% in March 2024 • OMV Petrom: 1Q24E results preview (due out 30 April)
HEADLINES: • OMV Petrom: 1Q24 trading statement POSITIVE • OMV: 1Q24 trading statement NEUTRAL • Bank Millennium: 1Q24E CHF mortgage saga provisions land at PLN 507m NEUTRAL • Polish gencos: IndMin floats notion of alternative solution to the NABE NEUTRAL • EME Macro/Strategy: macro all-in-one (1-7 April) • Halyk Savings Bank: pays off State aid fully POSITIVE • Orange Polska: key takeaways from the interview with the CTO NEUTRAL • Polish telecoms: mobile number portability in 1Q24 NEUTRAL • Pub...
HEADLINES: • Budimex: stands out, but deserves a pause (downgraded to HOLD) • CCC: 4Q23 slightly below prelims; sales acceleration and gross margin widening in 1Q24E POSITIVE • PGE: takeaways from the 4Q23 earnings call NEUTRAL • Hungary macro: the rise of the “Peter Magyar” phenomenon • Poland macro: local elections and NBP decision show continuity • Budimex: UOHS cancels decision on choosing BDX's offer for the D11 highway NEGATIVE • Budimex: potential new contract in road construction (PLN 0...
HEADLINES: • EME Macro/Strategy: Türkiye – unprecedented CHP victory in local elections • PGE: 4Q23 fully in line with prelims NEUTRAL • Turkish Airlines: 4Q24 conference call takeaways POSITIVE • Grupa Pracuj: key takeaways from the 4Q23 earnings call NEUTRAL • European oil and gas monthly: March 2024 – winter was survived, as expected • Poland macro: MPC keeps rates on hold, as expected • Romania macro: rates on hold, with a word of caution • Arabian Drilling: may have three offshore contracts...
HEADLINES: • GEVORKYAN: the power of powder (BUY - initiation of coverage) • Turkish Airlines: 4Q24 – ending a very good year on a strong note POSITIVE • Grupa Pracuj: 4Q23 results – adjusted EBITDA up 18% yoy, 8% above the market consensus POSITIVE • Motor Oil Hellas: 4Q23 results NEUTRAL • Enea: preliminary 4Q23 results POSITIVE • Text: key takeaways from the 4Q23-24 preliminary earnings call NEUTRAL • Bank of Georgia: finalises Ameria acquisition POSITIVE • Aegean Airlines: 1Q24 traffic – goo...
EME Equity Market – March 2024 Market performance – mixed performances in March, with the Romanian BET outperforming. The MSCI EM Europe Index declined by 0.3% mom in EUR terms and 0.4% mom in USD in March. The Romanian BET reported the strongest performance, adding 7.1% mom in EUR terms, followed by the Czech PX and the Polish WIG20 (+4.1% and 1.0% mom, in EUR terms, respectively). Greece saw a relatively muted performance (-0.2% mom in EUR terms), while Hungary (-1.1% mom in EUR terms) and Tür...
Yandex N.V. Yandex N.V. provides an update on the divestment of its Russia-based businesses 28-March-2024 / 19:30 MSK The issuer is solely responsible for the content of this announcement. Yandex N.V. provides an update on the divestment of its Russia-based businesses Amsterdam, the Netherlands, March 28, 2024 — As announced on February 5, 2024, Yandex N.V., the Dutch parent company of the Yandex group (“YNV”), has entered into a definitive agreement with a purchaser consortium (the “Purchaser”) to sell all of the group's businesses in Russia and certain international markets fo...
HEADLINES: • InPost: 4Q23 strong, as expected; neutral FY24E guidance; volume acceleration in 1Q24 NEUTRAL • Asseco Poland: 4Q23 review – net profit up 10% yoy, in line with preliminaries; strong 2024 backlog recorded POSITIVE • Echo Investment: 4Q23 – residential good, offices bad NEUTRAL • Athens Exchange Group: 4Q23 results NEUTRAL • LPP: key takeaways from the conference call on the exit from Russia, 2.0 POSITIVE • Kruk: 2023 net profit DPS proposal of PLN 18, in line with our expectations N...
HEADLINES: • Tofas: fortune favours the bold (stays BUY) • LPP: 4Q23 in line with prelims; FY24E guidance maintained; stellar rollout plans NEUTRAL • Aselsan: strong pre-IAS29 4Q23 results, bullish FY24E guidance POSITIVE • Hungary macro: MNB turns cautious, with a slower pace of rate cuts • Logo Yazilim: weak 4Q23 results, but the details matter NEGATIVE • Eurowag: takeaways from the 2H23 earnings call NEUTRAL • Wirtualna Polska: key takeaways from the 4Q23 earnings call POSITIVE • Ten Square G...
HEADLINES: • Ten Square Games: 4Q23 adjusted EBITDA 8% above our forecast, but trading update disappoints NEUTRAL • Wirtualna Polska: 4Q23 results review – adjusted EBITDA up 3% yoy, in line with the consensus POSITIVE • Colt CZ Group SE: weak 4Q23 results, but bullish FY24E guidance NEGATIVE • Fondul Proprietatea: proposes RON 0.06 DPS (11.8% dividend yield) POSITIVE • PKO BP: new acting CEO and two new board members appointed; more to come; but CRO Mazur stays • CEZ: starts divestment of Polis...
HEADLINES: • Türkiye macro: MPC surprises with a 500bp hike • Hungary macro: Hungary ends the cap on bank deposits • Aselsan: new USD 0.6bn contract • Dino: 8-10% EBITDA miss in 4Q23 - qoq sales erosion • Benefit Systems: conference call takeaways - solid 2024E outlook, Türkiye promising, churn-related risks from the Czech Republic should not materialise in Poland • 11 bit studios: Indika release date set for 8 May • CEZ: takeaways from the 4Q23 earnings call • Jahez: conference call takeaways •...
HEADLINES: • Air Astana Group: a cash-accretive airline from the heart of Eurasia (BUY - initiation of coverage) • Elm: still a digital champion (stays HOLD) • PZU: reports solid 4Q23; high DPS potential POSITIVE • CEZ: misses on 4Q23 net profit, tepid 2024E guidance NEGATIVE • Benefit Systems: strong 4Q23 beats expectations, but company trims 2024E guidance for card additions abroad NEUTRAL • Teknosa: mixed results in 4Q23 NEGATIVE • CA Immo: 4Q23 – all about the disposals POSITIVE • Brisa: 4Q2...
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