reports
- Research Team
WOOD Morning (20 February)
HEADLINES: * Romania chartbook: mildly tougher times * MOL: 4Q17 results - no surprises NEUTRAL * GPW: start of negotiations of the boundary conditions of a sale of Aquis NEUTRAL * Forte: interview with the CEO * CEZ: nuclear regulator says there is pressure to decommission Dukovany 10 years early NEUTRAL * Ford Otosan: TRY 800m of gross dividends POSITIVE * Poland strategy: Polish mutual fund flows - inflows into Polish S/M funds accelerate * Novatek: 4Q17E earnings p...
- Research Team
WOOD Morning (13 February)
HEADLINES: * Ford Otosan: 4Q17 review - miss on EBITDA, but ahead on net income NEGATIVE * MedLife: wage growth key factor for FY18E profitability * PGE: preliminary recurring EBITDA in line, net profit misses * Medicalgorithmics: January tests data NEUTRAL * Richter: little clarity on Esmya, but no new negatives during conference call NEGATIVE * BRD-GSG: 4Q17 results conference call takeaways NEUTRAL * EME Strategy: MSCI February QIR - no changes in the EME universe, in l...
- Ondrej Slama
- Oytun Altasli
WOOD Flash – Ford Otosan: 4Q17 review – miss on EBITDA, but ahead ...
All-in-all, we believe that the market may react negatively to Ford Otosan's 4Q17 results, given the higher EBITDA expectations of the consensus and the stock's stellar share price performance in the LTM (74% and 33% in absolute terms and relative to the BIST100, respectively). Otherwise, the results are respectable: the consensus 4Q EBITDA forecast was well ahead of what was implied by the Bloomberg 2017E EBITDA, so it is unlikely to trigger earnings downgrades for the 2018E numbers, in our vie...
- Research Team
WOOD Morning (5 February)
HEADLINES: * Coca-Cola Icecek: might be a little flat this year (downgraded to HOLD) * Otokar: 4Q17 - strong NI beat, but operating numbers in line POSITIVE * Transgaz: FY17 results in line with expectations, 2018E budget points to decline NEGATIVE * Isbank: 4Q17 wrap up * Transelectrica: budget points to rate of return cut, decline in profit NEGATIVE * Severstal: 4Q - EBITDA & FCF ahead of estimates, but higher capex a risk for dividend outlook POSITIVE * DIGI/Magyar Tel...
WIZZ WIZZ AIR HOLDINGS PLC
DOAS DOGUS OTOMOTIV SERVIS VE TICARET A.S.
MIL BANK MILLENNIUM SA
CCOLA COCA-COLA ICECEK A.S.
TOFAS TOFAS TURK OTOMOBIL FABRIKASI A.S.
MMK MAGNITOGORSK IRON & STEEL WORKS (GDR)
MOEX MOSCOW EXCHANGE MICEX-RTS PJSC
DIGI DIGI COMMUNICATIONS NV
MTELEKOM HB MAGYAR TELEKOM
OTKAR TI OTOKAR
BRD RO BRD
FROTO TI FORD OTOSAN
TEL C.N.T.E.E. TRANSELECTRICA
TGN RO TRANSGAZ
- Oytun Altasli
- Research Team
Turkey: Non-Financials 4Q17E Previews – year-on-year growth momentum...
Turkish companies kicked off their 4Q17 earnings season this week. After 11.1% real GDP growth in 3Q, the momentum should have eased in 4Q, in our view, while the quarter was dented by currency volatility. Still, we expect the yoy growth to have remained robust – for the non-financials under our coverage, we calculate 31% and 9% median EBITDA growth yoy and qoq, respectively. On adjusted earnings, we see 16% and flat qoq net income yoy growth.
DOAS DOGUS OTOMOTIV SERVIS VE TICARET A.S.
ENKAI ENKA INSAAT VE SANAYI A.S.
CCOLA COCA-COLA ICECEK A.S.
BIZIM BIZIM TOPTAN SATIS MAGAZALARI AS
MGROS MIGROS TICARET A.S
EKGYO EMLAK KONUT GAYRIMENKUL YATIRIM ORTAKLIGI A.G.
AYGAZ AYGAZ A.S.
THYAO TURK HAVA YOLLARI A.O.
TUPRS TURKIYE PETROL RAFINERILERI A.S.
SAHOL HACI OMER SABANCI HOLDING A.S.
TKFEN TEKFEN HOLDING
TOFAS TOFAS TURK OTOMOBIL FABRIKASI A.S.
ASELS TI ASELSAN
AEFES TI ANADOLU EFES
DPEU LN DP EURASIA
EREGL TI ERDEMIR
PGSUS TI PEGASUS AIRLINES
OTKAR TI OTOKAR
FROTO TI FORD OTOSAN
PETKM TI PETKIM
GUBRF TI GUBRETAS
DOC AV DO&CO
- Research Team
The Rear-View Mirror – CEE markets: New Polish Prime Minister appoin...
Market performance –Turkish index the regional top performer in December. The MSCI EME gained +3.7% mom in EUR terms in December. The largest rate of return for December was realised by the Turkish ISE30 (+13.9% mom), followed by the Athens Stock Exchange index (+8.4% mom), the Polish WIG20 (+2.9%), the Hungarian BUX (+2.6%), the Czech PX index (+1.6% mom) and the Russian MIXEX (+0.8% mom), while the Romanian BET index lost 1%. Only utilities in negative territory for December. Industrials wa...
PEO BANK POLSKA KASA OPIEKI SA
KRU KRUK S.A.
CEZ CEZ AS
OMV OMV AG
PGN POLSKIE GORNICTWO NAFTOWE I GAZOWNICTWO SA
PKO PKO BANK POLSKI S.A.
CETV CENTRAL EUROPEAN MEDIA ENTERPRISES LTD. CL A
FFGRP FOLLI FOLLIE S.A.
PETG SV PETROL GROUP
WIZZ WIZZ AIR HOLDINGS PLC
PZU POWSZECHNY ZAKLAD UBEZPIECZEN SPOLKA AKCYJNA
DOAS DOGUS OTOMOTIV SERVIS VE TICARET A.S.
SPL SANTANDER BANK POLSKA SA
MIL BANK MILLENNIUM SA
BSK ING BANK SLASKI S.A.
KGH KGHM POLSKA MIEDZ S.A.
TPS ORANGE POLSKA S.A.
PKN POLSKI KONCERN NAFTOWY ORLEN S.A.
CCC CCC SA
CCOLA COCA-COLA ICECEK A.S.
CIE CIECH S.A.
EUPRO GRIVALIA PROPERTIES REIC
LWB LUBELSKI WEGIEL BOGDANKA S.A.
AFLT AEROFLOT RUSSIAN AIRLINES
GNB GETIN NOBLE BANK SA
LVC LIVECHAT SOFTWARE SA
PPC PUBLIC POWER CORPORATION S.A.
OTP OTP BANK NYRT
CAR INTER CARS S.A.
CPS CYFROWY POLSAT SA
GPW WARSAW STOCK EXCHANGE
PKP PKP CARGO
ICD ENERGA SA
HB HELLENIC BANK LTD.
WPL WIRTUALNA POLSKA HOLDING SA
TOFAS TOFAS TURK OTOMOBIL FABRIKASI A.S.
ROSN LI ROSNEFT
MOEX MOSCOW EXCHANGE MICEX-RTS PJSC
DIGI DIGI COMMUNICATIONS NV
NIIS NAFTNA INDUSTRIJA SRBIJE NOVA SAD
MONET CP MONETA MONEY BANK
SBER03 RX SBERBANK
ASELS TI ASELSAN
BFTPLN LN BENEFIT SYSTEMS
TELEC LN O2 CZECH REPUBLIC
DPEU LN DP EURASIA
ALPHA GA ALPHA BANK
NBGGY NATIONAL BANK OF GREECE S.A. ADS
TPEIR GA PIRAEUS BANK
PLY PW PLAY COMMUNICATIONS
OTKAR TI OTOKAR
FROTO TI FORD OTOSAN
TGN RO TRANSGAZ
KAZ LN KAZAKHMYS
JSW PW JSW
UNIP CP UNIPETROL AS
ANY HB ANY SECURITY PRINTING COMPANY
ALR PW ALIOR BANK
BOCH LN BANK OF CYPRUS
ELSA SOCIETATEA ENERGETICA ELECTRICA
ENA PW ENEA
OGZD LI GAZPROM
RICHT HB RICHTER
GSPARK HB GRAPHISOFT PARK
MOL HB MOL
MDG PW MEDICALGORITHMICS
NVTK LI NOVATEK
PGE PW PGE
PETKM TI PETKIM
SNG RO ROMGAZ
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