reports
- 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...
- Bram Buring
WOOD Flash – Richter: little clarity on Esmya, but no new negatives ...
Richter’s management was unable to give new insight into the EMA’s next steps regarding Esmya, following Friday’s (9 February) recommendation that, for now, no new patients should be started on Esmya and no patients who have completed a course of treatment should start another, but maintains that, following the final ruling in May, the product will remain on the market. Until now, we have valued the entire Esmya franchise (both Europe and the US) at c.HUF 1,280/share – about the same as ...
- Research Team
WOOD Morning (12 February)
HEADLINES: * JSW: strategy presentation - little new news (stays HOLD) * Richter: 4Q net profit misses on deferred taxes, undisclosed milestones boost EBIT NEGATIVE * Richter: EMA PRAC recommends that no patients start/continue on Esmya NEGATIVE * Ulker: asks Turkish banks to restructure USD 6-7bn debt load NEGATIVE * Atrium: exits Hungary POSITIVE * Romania macro: NBR ups inflation forecasts * Inter Cars: January sales up 16% yoy NEUTRAL * Aygaz: 4Q17E preview (due on ...
- Research Team
WOOD Morning (7 February)
HEADLINES: * OPAP: tailwinds continuing (stays BUY) * Moneta Money Bank: solid 4Q17 results and 2018-20E guidance; 27% total dividend yield in three years POSITIVE * Raiffeisen Int.: 4Q17 - preliminary 2017E in line with expectations NEUTRAL * MMK: 4Q17 financial results EBITDA and net income beat consensus, but FCF weaker than expected * Romgaz/OMV Petrom: Romania - Hungary gas deal POSITIVE * Czech Republic macro: new Czech bond yield forecasts * EME Strategy: MSCI Feb...
- 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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