reports
- Research Team
WOOD Morning (16 May)
HEADLINES: * PZU: 1Q18 - 4% beat vs. expectations; strong performance in claims and admin costs; weak equities POSITIVE * Dino: very strong 1Q on lfl of 20% POSITIVE * Pfleiderer: 1Q18 results review - operating beat on successful price adjustments POSITIVE * KGHM: 1Q18 financial results - weak, but in line with our and consensus estimates NEUTRAL * PGE: reported 1Q18 figures largely in line with preliminaries NEUTRAL * Electrica: 1Q18 results in line with expectations NEUTRAL ...
PZU POWSZECHNY ZAKLAD UBEZPIECZEN SPOLKA AKCYJNA
KGH KGHM POLSKA MIEDZ S.A.
PGE PGE POLSKA GRUPA ENERGETYCZNA S.A.
PJP X5 RETAIL GROUP N.V. SPONSORED GDR REGS
PLY PLAY COMMUNICATIONS SA
PFL PFLEIDERER GROUP SA
DIGI DIGI COMMUNICATIONS NV
DNP DINO POLSKA S.A.
TEL C.N.T.E.E. TRANSELECTRICA
ELSA SOCIETATEA ENERGETICA ELECTRICA
M RO MEDLIFE
JSW JSW
PETG PETROL GROUP
KOFOL KOFOLA
- Research Team
WOOD Morning (27 April)
HEADLINES: * Greece: keep calm, this time it is real! (AEGN, ALPHA, BELA, CCH, ELPE, ETE, EUROB, EXAE, FOYRK, GRIV, HTO, MOH, MYTIL, OPAP, PPA, PPC, SAR, TITK, TPEIR) * Gazprom: 4Q17 results - weaker than expected NEGATIVE * Ford Otosan: 1Q18 review - a strong set of results POSITIVE * Tekfen: 1Q18 review - strong quarter, as expected NEUTRAL * Tofas: 1Q18 review - revenues and EBITDA in line, beat on net income NEUTRAL * Kruk: 1Q18 - 8-13% beat on net income; 30% yoy growth i...
OPAP GREEK ORGANISATION OF FOOTBALL PROGNOSTICS SA
KRU KRUK S.A.
EXAE HELLENIC EXCHANGES SA
OGZD GAZPROM
ELPE HELLENIC PETROLEUM SA
FFGRP FOLLI FOLLIE S.A.
TITK TITAN CEMENT CO. SA
BHW BANK HANDLOWY W WARSZAWIE S.A.
FOYRK FOURLIS HOLDINGS S.A.
MYTIL MYTILINEOS S.A.
SAR GR. SARANTIS S.A.
CIE CIECH S.A.
EUPRO GRIVALIA PROPERTIES REIC
AEGN AEGEAN AIRLINES SA
ETE NATIONAL BANK OF GREECE S.A.
PPC PUBLIC POWER CORPORATION S.A.
OTP OTP BANK NYRT
PPA PIRAEUS PORT AUTHORITY S.A.
FROTO FORD OTOMOTIV SANAYI A.S.
PJP X5 RETAIL GROUP N.V. SPONSORED GDR REGS
LTS GRUPA LOTOS S.A.
TKFEN TEKFEN HOLDING
GPW WARSAW STOCK EXCHANGE
OTOEL AUTOHELLAS S.A.
PKP PKP CARGO
TLV BANCA TRANSILVANIA S.A.
NVTK NOVATEK JSC SPONSORED GDR REGS
TELEC O2 CZECH REPUBLIC A.S.
MONET MONETA MONEY BANK AS
TOFAS TOFAS TURK OTOMOBIL FABRIKASI A.S.
EREGL ERDEMIR
TPEIR PIRAEUS FINANCIAL HOLDINGS S.A.
MNOD NORILSK NICKEL
DNP DINO POLSKA S.A.
ELSA SOCIETATEA ENERGETICA ELECTRICA
KAZ LN KAZ MINERALS
HTO OTE
ARGRRA ATLANTIC GROUP
BELA JUMBO
PETG PETROL GROUP
EVR EVRAZ
ALPHA ALPHA BANK
WIZZ WIZZ AIR
- Research Team
WOOD Morning (8 March)
HEADLINES: * CD Projekt: what the "beep"? (downgraded to HOLD) * Waberer's International: 4Q17 - 7% beat on EBITDA & strong net profit beat on tax asset recognition POSITIVE * Alior Bank: 4Q17 results - in line with expectations NEUTRAL * BIM: 4Q17 results - largely in line, margins down slightly due to price investments NEUTRAL * Electrica: good 4Q17 results, conservative 2018E budget, stable dividends both this and next year NEUTRAL * Stock Spirits: 2H17 results - two booke...
- Research Team
WOOD Morning (6 March)
HEADLINES: * Jumbo: 1H17/18 results - broadly in line, gross margin affected by higher transportation costs NEUTRAL * Turkish Airlines: higher yields, but also higher costs, EBITDA in line NEUTRAL * Pegasus Airlines: 4Q17 results - EBITDA in line, bottom-line beat due only to aircraft sales NEUTRAL * Cyfrowy Polsat: 4Q17 net profit reduced by PLN 144m increase in tax liability NEGATIVE * ANY PLC: 4Q17 results review - higher card production sales mitigated by higher tax and minori...
- Jonathan Lamb
- Ondrej Slama
Petrol Group: Ready, steady… steady (BUY - initiation of coverage)
We initiate coverage of Petrol, a Slovenian fuel retailer, with a BUY recommendation and a EUR 386 price target (PT), offering 22% upside potential. We like Petrol due to: 1) its decent and foreseeable dividend (yield of 4%); 2) its slow but predictable growth (EBITDA CAGR of 4.6% for 2016E-20E); 3) additional upside potential for our valuation if management’s targets are achieved (EBITDA CAGR of 7.7% for 2016-20E); 4) the improving market environment and growth potential in the Western Balkan...
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