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 (14 February)
HEADLINES: * PGNiG: 4Q17 results - EBITDA below expectations on weak trading NEGATIVE * Tauron: preliminary 4Q17 results NEUTRAL * Vakifbank: 4Q17 wrap-up - nothing unexpected, but positive bias on forward-looking assumptions POSITIVE * Bank Handlowy: 4Q17 in line; declaration of ability to pay DPS (no hard numbers given) NEUTRAL * Coca-Cola HBC: 2H17 results - in line across the board NEUTRAL * Bucharest Stock Exchange: 4Q17 boosted by acquisition gain NEUTRAL * Polish bank...
BHW BANK HANDLOWY W WARSZAWIE S.A.
VAKBN TURKIYE VAKIFLAR BANKASI TURK ANONIM ORTAKLIGI
ECH ECHO INVESTMENT
TPE TAURON POLSKA ENERGIA S.A.
MDG MEDICALGORITHMICS SA
TLV BANCA TRANSILVANIA S.A.
PFL PFLEIDERER GROUP SA
HTO GA OTE
BVB S.C. BURSA DE VALORI BUCURESTI S.A.
CCH COCA-COLA HBC
- Research Team
WOOD Morning (22 January)
HEADLINES: * OTE: unveils new shareholder remuneration policy, will pay total EUR 260m (4.5% yield) this year POSITIVE * OTE: Vodafone named preferred bidder for Cyta Hellas NEGATIVE * Turkey politics: Turkey launches military operation in Afrin in Northern Syria NEGATIVE * PGNiG: announces impairment losses NEGATIVE * Transgaz: approves association with Spanish entity for acquiring a 66% stake in DESFA NEUTRAL * Pfleiderer: sets PLN 38.7m of provisions for Polish Antitrust Authority fine ...
- Bram Buring
WOOD Flash – OTE: unveils new shareholder remuneration policy, will ...
OTE’s announcement of a (long-awaited) shareholder remuneration policy is certainly positive for the stock, and this year’s total expected yield of 4.5% – of which 2.9% from a cash dividend and the balance in share buybacks – puts it right in line both with the average 4.5% yield expected for our EMEA peer group and the 4.4% for its developed peers. That said, going forward, the new policy leaves management with a wide latitude on both its projected current year FCF and with expected spe...
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