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...
HEADLINES: • Halyk Bank: efficient frontier (stays BUY) • Diagnostyka: 4Q24 prelims and DPS proposal ahead of expectations POSITIVE • Kety: 1Q25 results in line with the preliminaries, PLN 48.78 DPS proposed NEUTRAL • Kety: new strategy assumes PLN 1.35bn in EBITDA in 2029E, close to our forecast NEUTRAL • CEZ: said to be nearing sale of nuclear SPV to the State POSITIVE • Poland macro: mixed results in March • Greece macro: 2024 budget surplus triggers one-off fiscal easing this year • Kazatomp...
HEADLINES: • Titan Cement: cementing its leadership (BUY - transfer of coverage) • 11 bit studios: 4Q24 adjusted EBITDA above our expectations, headlines hit by substantial write-offs POSITIVE • PGE: full 4Q24 results in line with the preliminaries NEUTRAL • Tauron: full 4Q24 results in line with the preliminaries NEUTRAL • VIGO Photonics: 1Q25 sales up 39% yoy, to PLN 22.1m POSITIVE • OPAP: Greek gaming market up by a strong 15% yoy in 2M25 POSITIVE • Kazatomprom: signs supply agreement with CE...
HEADLINES: • Dino Polska: 4Q24 results spot on prelims NEUTRAL • EME Macro/Strategy: macro all-in-one (7-13 April) • Bank of Cyprus: to acquire Ethniki Insurance Cyprus POSITIVE • Banca Transilvania: to acquire Microinvest in Moldova NEUTRAL
HEADLINES: • Wirtualna Polska: shifting up a gear for e-commerce growth (stays BUY) • OMV: making chemical bonds (stays BUY) • Budimex: final 4Q24 results confirm prelims fully NEUTRAL • Budimex: recommends PLN 25.43 DPS from the 2024 earnings, 4.5% dividend yield NEUTRAL • Cyfrowy Polsat: key takeaways from the 4Q24 earnings call NEUTRAL • Enea: key takeaways from the 4Q24 conference NEUTRAL • 11 bit studios: release date of The Alters set as 13 June NEUTRAL
HEADLINES: • Enea: full 4Q24 results in line with preliminaries; PLN 7.9bn capex planned in 2025E NEGATIVE • Cyfrowy Polsat: 4Q24 results review – adjusted EBITDA up 15% yoy, in line with the consensus NEUTRAL • Kruk: issues 1Q25 trading statement NEUTRAL • Aegean Airlines: 1Q25 traffic – a strong start to the year POSITIVE • Turkish Airlines: 1Q25 traffic – 4% ASK growth yoy NEUTRAL • Auto Partner: March sales growth recovers to 13% yoy, but still well below our FY expectations NEUTRAL • Bank M...
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
HEADLINES: • EME Macro/Strategy: tariff impact – a preliminary assessment • VIGO Photonics: signs framework agreement with PCO on infrared arrays; minimum 2026-31 contract value of PLN 191.9m POSITIVE • Benefit Systems: confirms 4Q24 preliminary EBITDA of PLN 261m NEUTRAL • Benefit Systems: Medicover gets conditional approval to acquire CityFit gyms NEUTRAL • OMV: 1Q25 trading statement NEUTRAL • OMV Petrom: 1Q25 trading statement NEUTRAL • CEZ: ANO wants to nationalise CEZ • Richter: proposes D...
HEADLINES: • Magyar Telekom: regulatory risk outweighs the growth story (downgraded to HOLD) • DataWalk: actual 4Q24 figures in line with the prelims; strong hikes in sales funnel and value of acquired contracts in 1Q25 POSITIVE • LPP: key takeaways from 4Q24 and the strategy update presentation POSITIVE • Text: key takeaways from the 4Q24-25 preliminary earnings call NEUTRAL • Colt CZ Group SE: management's initial comment on US tariffs NEGATIVE • European oil and gas monthly: March 2025 – refi...
We have downgraded our rating on Magyar Telekom (MTELEKOM) to HOLD (from Buy) and raised our price target (PT) to HUF 1,635/share (from HUF 1,432), implying 4% upside potential. After keeping our Buy for four years (with a 289% share price rally in that time), we close our call. We continue to appreciate MTELEKOM’s growth outlook (a 7.0% 2024-27E EBITDA CAGR) and generous investor remuneration (a c.10% dividend yield in 2025-26E), but see the current discount on its valuation vs. its peers as ju...
HEADLINES: • LPP: mediocre 4Q24 – EBIT 4-5% below expectations, but decent start to the year; FY25E guidance broadly maintained, and FY26-27E guidance of stable margins, despite major sales growth acceleration POSITIVE • EEMEA macro: US reciprocal tariff effects • Trade Estates: strong 2024 results POSITIVE • Motor Oil Hellas: 4Q24 results – CCS EBITDA in line with the consensus, but net income weak NEUTRAL • Eurocash: 4Q24 in line with the prelims NEUTRAL • Text: 4Q24-25 (calendar 1Q25) prelimi...
HEADLINES: • Mavi: a mispriced story with solid fundamentals (BUY - reinitiation of coverage) • Turkish banks: weather vs. climate (reinitiating on Akbank, Garanti, Isbank and Yapi Kredi with HOLDs) • Warsaw Stock Exchange: just move on up (stays BUY) • Benefit Systems: March sports cards addition surprises positively, mostly in Poland POSITIVE • MOL: announces dividend proposal of HUF 275/share NEUTRAL • EU macro: cohesion funds can be deployed for defence, housing and energy investments • Dino...
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.
We maintain our BUY on Warsaw Stock Exchange (GPW), with a slightly higher price target (PT) of PLN 56.5/share (from PLN 55.4), implying 24.6% upside from the current share price. Despite the significant ytd rally, we believe that Polish equities are still attractively valued and offer exposure to one of the fastest-growing economies in Europe, creating a compelling argument for a strong stock market performance in the years ahead. Equity turnover is set to be quite strong this year, which could...
A director at CEZ sold 5,000 shares at 1,128.684CZK and the significance rating of the trade was 67/100. Is that information sufficient for you to make an investment decision? This report gives details of those trades and adds context and analysis to them such that you can judge whether these trading decisions are ones worth following. Included in the report is a detailed share price chart which plots discretionary trades by all the company's directors over the last two years clearly showing C...
HEADLINES: • Polish banks: pricing and believing (PKO BP, Bank Pekao, Santander BP, mBank, ING BSK, Bank Millennium, Alior Bank, Bank Handlowy) • Asseco Poland: 4Q24 review – net profit up 9% yoy, 9% above the consensus POSITIVE • InPost: 4Q24 in line with expectations; FY25E EBITDA growth guidance in the mid-20%s, but a slow start to the year POSITIVE • Kety: solid full 4Q24 results, with EBITDA 12% above preliminaries POSITIVE • Halyk Bank: 4Q24 review and 2025E guidance highlights • Titan Cem...
Unfortunately, this report is not available for the investor type or country you selected.
Report is subscription only.
Thank you, your report is ready.
Thank you, your report is ready.