HEADLINES: • Mo-BRUK: 4Q24 results miss expectations, on jumping SG&A costs NEGATIVE • Orange Polska: 1Q25 results – EBITDAaL up 3% yoy, in line with the consensus; 2025E guidance reiterated NEUTRAL • Kety: 1Q25 results and new strategy presentation call takeaways NEUTRAL • EMEA airlines: 1Q25 traffic; demand concerns vs. cheaper USD and oil • CEZ: ANO promising privatisation and lower fees NEGATIVE • Metlen Energy & Metals: sells Chilean RES for USD 815m (EUR 710m) POSITIVE • Polish banks: Trea...
Exposed to the strength of consumer demand and with high operating leverage, European airlines have been under pressure lately (albeit less so than their US peers), on concerns about the economy, in the face of the escalating trade conflict. While, at c.4%, the 2025E market capacity growth is muted, around half of last year’s pace, it could still prove too fast, if the Eurozone GDP remains stagnant this year. Within the next 1-2M, we should start to get better visibility on the crucial summer RA...
HEADLINES: • Huuuge Games: post-4Q24 earnings call takeaways – supportive 2025E outlook, exploring new markets NEUTRAL • Pepco Group: Alteri PE ready to buy Poundland, according to Sky News POSITIVE • Tofas: Competition Authority approves acquisition of Stellantis Otomotiv Pazarlama POSITIVE • Elm: announces completion of procedures to acquire Thiqah POSITIVE • Erste Bank: 1Q25E preview (due on 30 April) • Bank Handlowy: 1Q25E preview (due on 8 May) • ING BSK: 1Q25E preview (due on 8 May) • CCC:...
HEADLINES: • Bank of Cyprus: income on tap, with rerating potential (stays BUY) • Bank Pekao: 2025-27E strategic targets • Auto Partner: final 4Q24 results slightly above the prelims NEUTRAL • Pegasus Airlines: 1Q25 traffic – a strong start to the year POSITIVE • Greece macro: improvements in 1Q • Hungary macro: duality in the economy continues • Wirtualna Polska: Warner Bros. Discovery keeps TVN POSITIVE • DataWalk: issues 750,000 shares at PLN 77.76/share POSITIVE • Alior Bank: 1Q25E preview (...
HEADLINES: • OTP Bank: agrees to limit retail fees NEUTRAL • Benefit Systems: EGM approves capital increase, via issuance of up to 280k new shares NEUTRAL • Santander Bank Polska: may face change of strategic investor NEUTRAL • Inter Cars: March sales growth accelerates to 13% yoy NEUTRAL • Huuuge Games: preliminary 1Q25 bookings at USD 62m, almost flat qoq NEUTRAL
EME Equity Market – March 2025 Türkiye hammered, once again. The MSCI EM Europe Index advanced 0.5% in EUR terms and 4.5% mom in USD terms in March. The Czech PX Index was the best performer (+7.0% mom in EUR terms), followed by the Greek ASE (+4.8% mom), Polish WIG (+3.7% mom) and Hungarian BUX(+1.3% mom) indices (all in EUR terms). There was a muted performance from the Romanian BET Index (-0.1% mom in EUR terms). The Turkish ISE30 finished in the red again, declining 9.5% mom in EUR terms.
HEADLINES: • Athens Exchange Group: bottom-line miss in 4Q24, on higher costs, but proposed DPS in line with expectations NEUTRAL • AROBS Transilvania Software: publishes its 2025 budget POSITIVE • MedLife: publishes its 2025 budget NEGATIVE • CCC: new financing agreement, extending factoring line POSITIVE • DataWalk: sale to Coöperatieve Rabobank; total contract value reaches PLN 66.1m POSITIVE • Orlen: 2024 consolidated results to be affected by one-offs NEUTRAL • Poland macro: preliminary Mar...
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