reports
- Andrzej Rembelski
- Research Team
WOOD Morning (13 March)
HEADLINES: * Norilsk Nickel: don't beliEVe the hype (HOLD - reinitiation of coverage) * CCC: 4Q soft, as expected NEGATIVE * Motor Oil Hellas: 4Q17 results, great performance despite market conditions POSITIVE * National Bank: impact of IFRS 9 implementation * JSW: 4Q financial results - 29% miss vs. consensus EBITDA on higher costs, despite improved pricing NEGATIVE * Gubretas: 4Q17 review - beats both consensus and our expectations POSITIVE * Eurobank: 4Q17 - reassurin...
KRU KRUK S.A.
GUBRF GUBRE FABRIKALARI T.A.S.
CCC CCC SA
ETE NATIONAL BANK OF GREECE S.A.
MDG MEDICALGORITHMICS SA
ALR ALIOR BANK SA
OTOEL AUTOHELLAS S.A.
MOL MOL HUNGARIAN OIL & GAS PLC CLASS A
MNOD NORILSK NICKEL
JSW JSW
STCK STOCK SPIRITS
BFTPLN BENEFIT SYSTEMS
- 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...
- Jakub Mician
WOOD Flash – Stock Spirits Group: 2H17 results - two booked one-offs...
This morning (7 March), Stock Spirits Group reported its 2H17 results, before the market opened. On the top line, the company reported EUR 155m, up 6.8% yoy and beating consensus by 5%. The adjusted EBITDA came in at EUR 34.3m, up 1.9% yoy, with 1ppt respective margin erosion. Stock Spirits booked EUR 19.6m of exceptional items in the period: a EUR 14.9m impairment related to its Italian operations; and a EUR 4.7m deferred tax asset on its Polish brands. Stripping out the one-offs, adjusted net ...
- Research Team
WOOD Morning (7 March)
HEADLINES: * Lotos: 4Q17 review - EBITDA in line with expectations NEUTRAL * Stock Spirits Group: 2H17 results - affected by EUR 19.6m of one-offs NEGATIVE * Kruk: announces 2017 DPS of PLN 5; aiming to consolidate Polish debt collection market POSITIVE * ING BSK: 2017 net profit DPS proposal at PLN 3.2 (implied yield at c.1.6%) NEUTRAL * PGE: guiding for weaker FY18E Heat earnings, moderate growth in Distribution NEUTRAL * Warsaw Stock Exchange: confirms submission of offer to...
- 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...
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