reports
- Research Team
WOOD Daily: JMT PL; CAR PW; MBR PW; SHO PW; TL Macro; UZ Macro; PL Ban...
HEADLINES: • Jeronimo Martins: small beat in 1Q24 NEUTRAL • Inter Cars: 4Q23 net profit in line with prelims, a miss vs. our initial forecasts due to lower gross margin NEUTRAL • Mo-BRUK: 4Q23 earnings call takeaways – supportive 2024E outlook POSITIVE • Shoper: earnings call takeaways – strong April, optimistic on 2024E outlook POSITIVE • Türkiye macro: MPC takes a pause, but hiking cycle not over yet • Uzbekistan macro: CBU keeps rates on hold • Polish banks: Polish Supreme Court reconfirms th...
- Research Team
WOOD Daily: MONET CP; ALR PW; SHO PW; MBR PW; WIZZ LN; ASELS TI; OPL P...
HEADLINES: • MONETA Money Bank: strong 1Q24 delivery, on better-than- expected revenues POSITIVE • Alior Bank: books small beat on 1Q24 delivery, driven by low credit risk charges; robust 2024E outlook supported POSITIVE • Shoper: 1Q24 adjusted EBITDA 9% above our expectations; FY23 results in line with prelims POSITIVE • Mo-BRUK: 4% miss vs. our 4Q23 adjusted EBITDA forecast, weak cash flows NEGATIVE • Wizz Air: fiscal 2024 post-close trading update POSITIVE • Aselsan: CEO's comments on exports...
TPS ORANGE POLSKA S.A.
ASELS ASELSAN ELEKTRONIK SANAYI VE TICARET A.S. CLASS B
CCC CCC SA
11B 11 BIT STUDIOS S.A.
ALR ALIOR BANK SA
VGO VIGO SYSTEM SA
MONET MONETA MONEY BANK AS
EAT AMREST HOLDINGS SE
TEN TEN SQUARE GAMES
INPST INPOST S.A.
SHO SHOPER SA
BOROUGE BOROUGE
AIRA AIR ASTANA JSC
EQS-News: AMAG Austria Metall AG: Challenging environment influences q...
EQS-News: AMAG Austria Metall AG / Key word(s): Quarter Results AMAG Austria Metall AG: Challenging environment influences quarterly result 24.04.2024 / 07:20 CET/CEST The issuer is solely responsible for the content of this announcement. Ranshofen, April 24, 2024 AMAG Austria Metall AG: Challenging environment influences quarterly result Quarterly performance influenced by lower aluminium price and lower shipment volumes due to partly subdued incoming orders in Q4/2023 Revenue of EUR 335.8 million below the previous year's level due to price and volume factors (Q1/...
EQS-News: AMAG Austria Metall AG: Herausforderndes Umfeld beeinflusst ...
EQS-News: AMAG Austria Metall AG / Schlagwort(e): Quartalsergebnis AMAG Austria Metall AG: Herausforderndes Umfeld beeinflusst Quartalsergebnis 24.04.2024 / 07:20 CET/CEST Für den Inhalt der Mitteilung ist der Emittent / Herausgeber verantwortlich. Ranshofen, 24. April 2024 AMAG Austria Metall AG: Herausforderndes Umfeld beeinflusst Quartalsergebnis Quartalsentwicklung beeinflusst von niedrigerem Aluminiumpreis und geringerer Absatzmenge infolge der teils verhaltenen Auftragseingänge in Q4/2023 Umsatzerlöse mit 335,8 Mio. EUR preis- und mengenbedingt unter dem Vorja...
- Research Team
WOOD Daily: SOKM TI, CAR PW, PL telecoms, PL media, SNP RO
HEADLINES: • Sok Marketler: weak performance in the 4Q23 results • Inter Cars: targets 15-17% yoy revenue growth this year • Polish telecoms: telecommunications fee to grow from 0.05% of sales to 0.15% sales • Polish media: CPS audience share at 21.53%, WP TV at 0.61% in March 2024 • OMV Petrom: 1Q24E results preview (due out 30 April)
- Research Team
WOOD Daily: PGSUS TI, 11B PW, VGO PW, GPP PW, APR PW, CCC PW, KAP TI
• Pegasus Airlines: 1Q24 traffic - international ASK up 85% vs. 1Q19 • 11 bit studios: Frostpunk 2 Beta now available for seven days, first gameplay deep dive trailer released • VIGO Photonics: 1Q24 sales down 16% yoy to PLN 15.8m • Grupa Pracuj: new online job ads number down 19% yoy in March 2024 • Auto Partner: earnings call takeaways - solid FY24E outlook maintained, despite disappointing March sales • CCC: key takeaways from the recent site visit • Kazatomprom: awarded a licence for Rare Ea...
- Lukasz Wachelko
- CFA
WOOD Flash - CCC: key takeaways from the recent site visit
Last week (10-12 April) we attended a site visit at CCC’s HQ, which presented new collections and discussed new agreements with suppliers, including exclusive licences. After a long struggle with excess and outdated inventories, over 90% of its stock now comes from fresh collections. Moreover, new supply agreements, including licences with Reebok, Hunter, Nine West, Kappa and Mexx, and renegotiated deals with the remaining suppliers, coupled with the “circle” mechanism of co-financing the sell-d...
- Research Team
WOOD Daily: ADNOCDRI UH; ARABIAND AB; PPC GA; KRU PW; BDX PW; PL Utili...
HEADLINES: • Middle Eastern Oil Services: we’re going with what’s growing (ADNOC Drilling upgraded to BUY, Arabian Drilling downgraded to HOLD) • Public Power Corporation: 4Q23 earnings review NEUTRAL • Kruk: 1Q24 trading update shows strong recoveries POSITIVE • Budimex: 4Q23 figures in line with the preliminary guidance NEUTRAL • Budimex: management recommends PLN 35.69 DPS (5% dividend yield), above our expectations POSITIVE • Polish utilities: Industry Ministry plans to link mines to coal-fi...
- Research Team
WOOD Daily: SNP RO; OMV AV; MIL PW; PL Utilities; EME Macro/Strategy W...
HEADLINES: • OMV Petrom: 1Q24 trading statement POSITIVE • OMV: 1Q24 trading statement NEUTRAL • Bank Millennium: 1Q24E CHF mortgage saga provisions land at PLN 507m NEUTRAL • Polish gencos: IndMin floats notion of alternative solution to the NABE NEUTRAL • EME Macro/Strategy: macro all-in-one (1-7 April) • Halyk Savings Bank: pays off State aid fully POSITIVE • Orange Polska: key takeaways from the interview with the CTO NEUTRAL • Polish telecoms: mobile number portability in 1Q24 NEUTRAL • Pub...
- Research Team
WOOD Daily: BDX PW; CCC PW; PGE PW; HU Macro; PL Macro; BDX PW; PCF PW...
HEADLINES: • Budimex: stands out, but deserves a pause (downgraded to HOLD) • CCC: 4Q23 slightly below prelims; sales acceleration and gross margin widening in 1Q24E POSITIVE • PGE: takeaways from the 4Q23 earnings call NEUTRAL • Hungary macro: the rise of the “Peter Magyar” phenomenon • Poland macro: local elections and NBP decision show continuity • Budimex: UOHS cancels decision on choosing BDX's offer for the D11 highway NEGATIVE • Budimex: potential new contract in road construction (PLN 0...
- Research Team
WOOD Daily: EME Macro/Strategy – TL; PGE PW; THYAO TI; GPP PW; EU Oil ...
HEADLINES: • EME Macro/Strategy: Türkiye – unprecedented CHP victory in local elections • PGE: 4Q23 fully in line with prelims NEUTRAL • Turkish Airlines: 4Q24 conference call takeaways POSITIVE • Grupa Pracuj: key takeaways from the 4Q23 earnings call NEUTRAL • European oil and gas monthly: March 2024 – winter was survived, as expected • Poland macro: MPC keeps rates on hold, as expected • Romania macro: rates on hold, with a word of caution • Arabian Drilling: may have three offshore contracts...
- Research Team
The Rear-View Mirror – EME markets: mixed market performances in March
EME Equity Market – March 2024 Market performance – mixed performances in March, with the Romanian BET outperforming. The MSCI EM Europe Index declined by 0.3% mom in EUR terms and 0.4% mom in USD in March. The Romanian BET reported the strongest performance, adding 7.1% mom in EUR terms, followed by the Czech PX and the Polish WIG20 (+4.1% and 1.0% mom, in EUR terms, respectively). Greece saw a relatively muted performance (-0.2% mom in EUR terms), while Hungary (-1.1% mom in EUR terms) and Tür...
EUROB EUROBANK ERGASIAS SERVICES & HOLDINGS SA
PEO BANK POLSKA KASA OPIEKI SA
JMT JERONIMO MARTINS SGPS S.A.
OPAP GREEK ORGANISATION OF FOOTBALL PROGNOSTICS SA
KRU KRUK S.A.
EXAE HELLENIC EXCHANGES SA
MOL MOL NYRT
CEZ CEZ AS
ACP ASSECO POLAND SA
HTO HELLENIC TELECOMMUNICATIONS ORGANIZATION SA
CDR CD PROJEKT S.A.
OMV OMV AG
PKO PKO BANK POLSKI S.A.
ALK ALKALOID AD SKOPJE
BHW BANK HANDLOWY W WARSZAWIE S.A.
PZU POWSZECHNY ZAKLAD UBEZPIECZEN SPOLKA AKCYJNA
VER VERBUND AG CLASS A
SPL SANTANDER BANK POLSKA SA
MIL BANK MILLENNIUM SA
BSK ING BANK SLASKI S.A.
BDX BUDIMEX S.A.
TPS ORANGE POLSKA S.A.
CAI CA IMMOBILIEN ANLAGEN AG
SAR GR. SARANTIS S.A.
LPP LPP S.A.
AKCNS AKCANSA CIMENTO
ASELS ASELSAN ELEKTRONIK SANAYI VE TICARET A.S. CLASS B
BRISA BRISA-BRIDGESTONE SABANCI LASTIK SANAYI VE TICARET A.S.
CIMSA CIMENTO SANYAI VE TICARET A.S.
LOGO LOGO YAZILIM SANAYI VE TICARET A.S.
CCC CCC SA
CCOLA COCA-COLA ICECEK A.S.
2310 SAHARA INTERNATIONAL PETROCHEMICAL COMPANY
DOM DOM DEVELOPMENT SA
AEGN AEGEAN AIRLINES SA
ENA ENEA S.A.
BFT BENEFIT SYSTEMS S.A. ALLOTMENT
MGROS MIGROS TICARET A.S
PGE PGE POLSKA GRUPA ENERGETYCZNA S.A.
TKNSA TEKNOSA IC VE DIS TICARET AS
PGSUS.E PEGASUS HAVA TASIMACILIGI AS
LVC LIVECHAT SOFTWARE SA
TBCB TBC BANK JOINT STOCK CO
OTP OTP BANK NYRT
CAR INTER CARS S.A.
ARCLK ARCELIK A.S.
FROTO FORD OTOMOTIV SANAYI A.S.
OTKAR OTOKAR OTOMOTIV VE SAVUNMA SANAYI A.S.
TUPRS TURKIYE PETROL RAFINERILERI A.S.
ECH ECHO INVESTMENT
11B 11 BIT STUDIOS S.A.
TPE TAURON POLSKA ENERGIA S.A.
ALR ALIOR BANK SA
WPL WIRTUALNA POLSKA HOLDING SA
BRD BRD-GROUPE SOCIETE GENERALE
TLV BANCA TRANSILVANIA S.A.
ETEL TELECOM EGYPT
SNG SOCIETATEA NATIONALA DE GAZE NATURALE ROMGAZ SA
H4L1 HALYK SAVINGS BANK OF KAZAKHSTAN GDR
SNP PETROM S.A.
TOFAS TOFAS TURK OTOMOBIL FABRIKASI A.S.
DIGI DIGI COMMUNICATIONS NV
DNP DINO POLSKA S.A.
NBGGY NATIONAL BANK OF GREECE S.A. ADS
SNN SOCIETATEA NATIONALA NUCLEARELECTRICA SA
TEL C.N.T.E.E. TRANSELECTRICA
ELSA SOCIETATEA ENERGETICA ELECTRICA
FP. FONDUL PROPRIETATEA S.A. GDR (REG S)
GEB BANK OF GEORGIA
TGN SOCIETATEA NATIONALA DE TRANSPORT GAZE NATURALE TRANSGAZ S.A.
RICHT RICHTER
ALPHA ALPHA BANK
SFG SPHERA FRANCHISE GROUP SA
ADNOCDIST ADNOC DISTRIBUTION PJSC
KAP NATIONAL ATOMIC COMPANY KAZATOMPROM
TEN TEN SQUARE GAMES
ALG ALLEGRO.EU SA
CZG CESKA ZBROJOVKA GROUP
INPST INPOST S.A.
PCF PCF GROUP SA
HUGE HUUUGE
WINE PURCARI WINERIES PCL
CTPNV KAZMUNAYGAS NC JSC
ONE CTP NV
GPP ONE UNITED PROPERTIES SA
AROBS GRUPA PRACUJ DA
2381 AROBS TRANSILVANIA SOFTWARE SA
9526 ARABIAN DRILLING CO.
4071 JAHEZ INTERNATIONAL CO
H2O ARABIAN CONTRACTING SERVICES CO
7203 HIDROELECTRICA S.A.
AQ ELM CO
AIRA AQUILA PART PROD COM
AIR ASTANA JSC
- Research Team
WOOD Daily: INPST NA; ACP PW; ECH PW; EXAE GA; LPP PW; KRU PW; PZU PW;...
HEADLINES: • InPost: 4Q23 strong, as expected; neutral FY24E guidance; volume acceleration in 1Q24 NEUTRAL • Asseco Poland: 4Q23 review – net profit up 10% yoy, in line with preliminaries; strong 2024 backlog recorded POSITIVE • Echo Investment: 4Q23 – residential good, offices bad NEUTRAL • Athens Exchange Group: 4Q23 results NEUTRAL • LPP: key takeaways from the conference call on the exit from Russia, 2.0 POSITIVE • Kruk: 2023 net profit DPS proposal of PLN 18, in line with our expectations N...
EXAE HELLENIC EXCHANGES SA
CEZ CEZ AS
ACP ASSECO POLAND SA
PZU POWSZECHNY ZAKLAD UBEZPIECZEN SPOLKA AKCYJNA
LPP LPP S.A.
CCC CCC SA
ECH ECHO INVESTMENT
TEL C.N.T.E.E. TRANSELECTRICA
ADNOCDIST ADNOC DISTRIBUTION PJSC
INPST INPOST S.A.
4071 ARABIAN CONTRACTING SERVICES CO
H2O HIDROELECTRICA S.A.
- Research Team
WOOD Daily: TR macro, HU macro, ASELS TI, DNP PW, BFT PW, 11B PW, CEZ ...
HEADLINES: • Türkiye macro: MPC surprises with a 500bp hike • Hungary macro: Hungary ends the cap on bank deposits • Aselsan: new USD 0.6bn contract • Dino: 8-10% EBITDA miss in 4Q23 - qoq sales erosion • Benefit Systems: conference call takeaways - solid 2024E outlook, Türkiye promising, churn-related risks from the Czech Republic should not materialise in Poland • 11 bit studios: Indika release date set for 8 May • CEZ: takeaways from the 4Q23 earnings call • Jahez: conference call takeaways •...
- Research Team
WOOD Daily: BGEO LN, HSBK LI, ARABIAND AB, EME Macro/Strategy, RO Ener...
• Bank of Georgia: 4Q23 highlights and notes from the conference call • Halyk Bank: 4Q23 highlights • Arabian Drilling 4Q23 results and dividend announcement • EME Macro/Strategy: macro all-in-one (11-17 March) • Romanian Energy: Energy Ministry draft publication of changes to current regulations • Huuuge Games: USD 6m investment in a minority stake in Bananaz Studios, with a call option for a larger investment • Huuuge Games: earnings call takeaways - solid 2024E outlook, broadly in line with o...
- Research Team
WOOD Daily: ASELS TI; GE Macro; CEZ CP; ALE PW; VER AV; CCOLA TI; OPAP...
HEADLINES: • Aselsan: quo vadis? New contracts, new products and upcoming transition to inflation accounting POSITIVE • Georgia macro: NBG cuts policy rate by 75bps • CEZ: press reports CEZ has won tender for 55% of GasNet, could weigh on the 2023 dividend payout NEGATIVE • Allegro: 4Q23 results above expectations; guidance for a strong 1Q24E POSITIVE • Verbund: 4Q23 results in line with guidance NEUTRAL • Coca-Cola Icecek: 4Q23 results – in line operationally NEUTRAL • OPAP: 4Q23 results and FY...
- Research Team
WOOD Daily: PKO PW; PL Macro; CTPNV NA; JMT PL; EL RO; PGE PW; DAT PW;...
HEADLINES: • PKO BP: posts solid 4Q23/2023 results NEUTRAL • Poland macro: NBP on hold, with a cautious bias • CTP: 4Q23 – yet another quarter with a strong, positive revaluation gain POSITIVE • Jeronimo Martins: 4Q23 in line with expectations; FY24E guidance for possibly deeper margins erosion NEGATIVE • Electrica: rather disappointing 2024E budget NEGATIVE • Electrica: proposes RON 0.1178 DPS and looking to issue green bonds NEUTRAL • PGE: weaker qoq EBITDA in 4Q23, but expected NEUTRAL • Data...
- Research Team
The Rear-View Mirror – EME markets: February mostly green, despite det...
EME Equity Market – February 2024 Market performance – a positive February, with the Polish WIG20 outperforming. The MSCI EM Europe Index added 4.2% mom in EUR terms and 3.7% mom in USD in February. The Polish WIG20 saw the strongest performance, adding 6.4% mom in EUR terms, followed by the Greek ASE (+4.2% mom), the Turkish ISE30 (+4.0% mom) and the Romanian BET (+2.6% mom) (all in EUR terms). There was a relatively muted performance in Hungary (+0.6% mom in EUR terms) and a decline in the Cze...
PEO BANK POLSKA KASA OPIEKI SA
JMT JERONIMO MARTINS SGPS S.A.
KRU KRUK S.A.
MOL MOL NYRT
EBS ERSTE GROUP BANK AG
CEZ CEZ AS
HTO HELLENIC TELECOMMUNICATIONS ORGANIZATION SA
YKBNK YAPI VE KREDI BANKASI A.S.
OMV OMV AG
PKO PKO BANK POLSKI S.A.
ISCTR TURKIYE IS BANKASI ANONIM SIRKETI CLASS C
KOMB KOMERCNI BANKA A.S.
BHW BANK HANDLOWY W WARSZAWIE S.A.
PZU POWSZECHNY ZAKLAD UBEZPIECZEN SPOLKA AKCYJNA
VER VERBUND AG CLASS A
SPL SANTANDER BANK POLSKA SA
BSK ING BANK SLASKI S.A.
BDX BUDIMEX S.A.
MTELEKOM MAGYAR TELEKOM TELECOMMUNICATIONS
TPS ORANGE POLSKA S.A.
PKN POLSKI KONCERN NAFTOWY ORLEN S.A.
LPP LPP S.A.
AKBNK AKBANK TAS
AKCNS AKCANSA CIMENTO
CIMSA CIMENTO SANYAI VE TICARET A.S.
LOGO LOGO YAZILIM SANAYI VE TICARET A.S.
CCC CCC SA
CCOLA COCA-COLA ICECEK A.S.
AUG1L AGROWILL GROUP AB
MGROS MIGROS TICARET A.S
APR AUTO PARTNER SA
LVC LIVECHAT SOFTWARE SA
TBCB TBC BANK JOINT STOCK CO
TPEIR PIRAEUS BANK SA
PPC PUBLIC POWER CORPORATION S.A.
CAR INTER CARS S.A.
ARCLK ARCELIK A.S.
EUR EUROCASH S.A.
GSPARK GRAPHISOFT PARK SE
GPW WARSAW STOCK EXCHANGE
11B 11 BIT STUDIOS S.A.
ALR ALIOR BANK SA
VGO VIGO SYSTEM SA
BANK OF CYPRUS PCL
WPL WIRTUALNA POLSKA HOLDING SA
BRD BRD-GROUPE SOCIETE GENERALE
TLV BANCA TRANSILVANIA S.A.
MONET MONETA MONEY BANK AS
SNG SOCIETATEA NATIONALA DE GAZE NATURALE ROMGAZ SA
SNP PETROM S.A.
PBK PATRIA BANK SA
TOFAS TOFAS TURK OTOMOBIL FABRIKASI A.S.
DIGI DIGI COMMUNICATIONS NV
SNN SOCIETATEA NATIONALA NUCLEARELECTRICA SA
TEL C.N.T.E.E. TRANSELECTRICA
ELSA SOCIETATEA ENERGETICA ELECTRICA
FP. FONDUL PROPRIETATEA S.A. GDR (REG S)
BVB S.C. BURSA DE VALORI BUCURESTI S.A.
GEB BANK OF GEORGIA
TGN SOCIETATEA NATIONALA DE TRANSPORT GAZE NATURALE TRANSGAZ S.A.
RICHT RICHTER
19XX NEPI ROCKCASTLE PLC
M MED LIFE
SFG SPHERA FRANCHISE GROUP SA
ADNOCDIST ADNOC DISTRIBUTION PJSC
EAT AMREST HOLDINGS SE
NLBR NLB GROUP
KAP NATIONAL ATOMIC COMPANY KAZATOMPROM
TEN TEN SQUARE GAMES
KSPI KASPI KZ
HUGE HUUUGE
4IG 4IG NYRT
IGN1L IGNITIS GRUPE
WPS W.A.G PAYMENT SOLUTIONS PLC
PCO PEPCO GROUP NV
ONE KAZMUNAYGAS NC JSC
KLKIM ONE UNITED PROPERTIES SA
ADNOCDRILL KALEKIM KIMYEVI MADDELER SANAYI VE TICARET AS
AROBS ADNOC DRILLING CO
7202 AROBS TRANSILVANIA SOFTWARE SA
ELPE ARABIAN INTERNET & COMMUNICATIONS SERVICES CO
SHO HELLENIQ ENERGY
4071 SHOPER SA
BOROUGE ARABIAN CONTRACTING SERVICES CO
H2O BOROUGE
AQ HIDROELECTRICA S.A.
AQUILA PART PROD COM
- Research Team
WOOD Daily: BDX PW; VGO PW; PL Banks; PZU PW; SNP RO; FP RO; WINE RO; ...
HEADLINES: • Budimex: 4Q23 preliminary results in line with the January guidance, strong gross margin of 14.4% NEUTRAL • VIGO Photonics: HyperPIC selected for PLN 453.6m co-financing under the European Funds for a Modern Economy 2021-2027 POSITIVE • Polish banks: PLN 1,563m of sector contributions to resolution fund in 2024E, guarantee fund contributions still suspended • PZU: most of the Management Board dismissed, but CFO stays • OMV Petrom: signs financing agreement through recovery plan for ...
- Research Team
WOOD Daily: CCC PW; PEO PW; PKN PW; SOLUTION AB; ALR PW; PKO PW; PL Ba...
HEADLINES: • CCC: the boys are back in town (stays BUY) • Bank Pekao: solid 2023 profits, generous PLN 19.2/share dividend, market waiting for AGM date POSITIVE • Orlen: 4Q23 results – CCS EBITDA in line NEUTRAL • Solutions by STC: key takeaways from the 4Q23 conference call NEUTRAL • Alior Bank: potential to pay out up to 50% of its 2023 net profit as a dividend NEUTRAL • PKO BP: PFSA guides for maximum dividend payout • Polish banks: mBank, ING BSK and Santander BP receive dividend letters fro...
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