reports
DP Eurasia N.V: 1 director
A director at DP Eurasia N.V bought 442,831 shares at 95p and the significance rating of the trade was 66/100. 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 sho...
- Liberum Research Team
- Liberum Research Team
- Anubhav Malhotra
- Wayne Brown
LIBERUM: DP Eurasia* - A strong start to 2023
DP Eurasia has achieved a strong start to the year in Turkey with system sales LfL growth of +17.5% (on a post IAS 29 basis) in Jan-Apr’23, driven by strong consumer demand and successful pricing and product innovations introduced by the company in the last four months. COFFY brand continues to expand with 11 new stores opened in the period taking the total to 40 stores. Guidance for 2023E has been maintained for high-single digit system sales LfL growth, 35-40 net Domino’s openings and 50-60 ne...
- Liberum Research Team
- Liberum Research Team
- Wayne Brown
LIBERUM: CEO Video: Aslan Saranga, DP Eurasia*
Aslan Saranga, CEO of Domino’s Pizza Eurasia discusses key aspects of the recent FY’22 results, how the Turkish business has been able to grow market share against a backdrop of very high inflation and prospects for their new brand COFFY. A commitment to maintaining high rates of openings for both the pizza and coffee business remains the priority for capital allocation. The proposed divestment in Russia, even though it is currently treated as discontinued, is on the agenda for FY’23.
- Liberum Research Team
- Liberum Research Team
- Liberum Research Team
- Anubhav Malhotra
- Wayne Brown
LIBERUM: DP Eurasia* - Entering 2023 on a strong footing
DP Eurasia successfully navigated the hyperinflationary environment in Turkey in 2022, delivering 86% revenue growth and 93% adj. EBITDA growth (pre-IAS 29 basis) in 2022. Strong trading has been driven by the group’s strong focus on value through menu innovations like its $1 Pizzetta. Leverage has declined to 1.8x adj. net debt/adj. EBITDA from 1.9x in 2021, and liquidity remains strong with TRY360m in cash and TRY225m undrawn facility available. Current trading is strong with +11.5% LFL in Tur...
- Liberum Research Team
- Liberum Research Team
- Anubhav Malhotra
- Wayne Brown
LIBERUM: DP Eurasia* - Domino’s execution and COFFY prospects drive th...
DP Eurasia successfully navigated the hyperinflationary environment in Turkey in 2022, delivering LfL growth in line with inflation thanks to its focus on value through pricing and menu innovations like its $1 Pizzetta. S trong trading attracted franchisee interest with 48 net new Domino’s stores opened in Turkey in 2022. The exciting new coffee shop brand, COFFY, has expanded to 29 stores and is also generating significant franchisee interest, leading to “ambitious targets for 2023” for t...
- Research Team
WOOD Daily: STCK LN; PPC GA; MOEX RX; RICHT HB; MAIL LI; PL Macro; EU ...
HEADLINES: • Stock Spirits Group: 2H FY19/20 - deceleration on pandemic impact, but share gains in Poland POSITIVE • Public Power Corporation: takeaways from the Investor Day NEUTRAL • Moscow Exchange: November volumes very strong, migration of volumes continuing POSITIVE • Richter: acquires ex-US Janssen contraceptive patch assets for USD 264m NEUTRAL • Mail.ru: top mobile games revenue up 5%, downloads drop 18% in November vs. October • Poland macro: NBP's interest rate decision • European r...
MOL MOL NYRT
EBS ERSTE GROUP BANK AG
YNDX YANDEX NV CLASS A
QIWI QIWI PLC SPONSORED ADR CLASS B
STCK STOCK SPIRITS GROUP
KGH KGHM POLSKA MIEDZ S.A.
TPS ORANGE POLSKA S.A.
PKN POLSKI KONCERN NAFTOWY ORLEN S.A.
JSW JASTRZEBSKA SPOLKA WEGLOWA S.A.
LVC LIVECHAT SOFTWARE SA
PPC PUBLIC POWER CORPORATION S.A.
CPS CYFROWY POLSAT SA
POSR POZAVAROVALNICA SAVA
MAIL MAIL.RU GROUP LTD. SPONSORED GDR
11B 11 BIT STUDIOS S.A.
ADPL-R-A AD PLASTIK D.D.
TOFAS TOFAS TURK OTOMOBIL FABRIKASI A.S.
MOEX MOSCOW EXCHANGE MICEX-RTS PJSC
OGZD GAZPROM (GDR)
FP. FONDUL PROPRIETATEA S.A. GDR (REG S)
RICHT RICHTER
DPEU DP EURASIA
M MED LIFE
SFG SPHERA FRANCHISE GROUP SA
ELPE HELLENIC PETROLEUM
MPARK MLP SAGLIK HIZMETLERI AS
CGEO GEORGIA CAPITAL
WINE PURCARI WINERIES
KOFOL KOFOLA CESKOSLOVENSKO A.S.
- Research Team
The Rear-View Mirror – EME markets: Turkish ISE30 rebounds, advances 2...
EME Equity Market – September 2020 Market performance – most indices in the red in EUR terms, while ISE30 Index advanced 2.9%. In September, the MSCI EM Europe Index lost 5.8% in EUR terms and 7.5% in local currency terms. The ISE30 Index was the best performer, adding 2.9% in EUR terms and 6.0% in local currency terms. The Romanian BET Index lost 0.6% in USD terms, but remained largely flat (+0.1%) in RON term; while the Greek ASE Index lost 1.5% in EUR terms. The Russian MOEX Index declined 4....
EUROB EUROBANK ERGASIAS SERVICES & HOLDINGS SA
KER KERNEL HOLDING S.A.
OPAP GREEK ORGANISATION OF FOOTBALL PROGNOSTICS SA
ATRS ATRIUM EUROPEAN REAL ESTATE LIMITED
MOL MOL NYRT
YNDX YANDEX NV CLASS A
CEZ CEZ AS
CDR CD PROJEKT S.A.
OMV OMV AG
PGN POLSKIE GORNICTWO NAFTOWE I GAZOWNICTWO SA
PKO PKO BANK POLSKI S.A.
GWI GLOBALWORTH REAL ESTATE INVESTMENTS LIMITED
TITK TITAN CEMENT CO. SA
ALK ALKALOID AD SKOPJE
WIZZ WIZZ AIR HOLDINGS PLC
PZU POWSZECHNY ZAKLAD UBEZPIECZEN SPOLKA AKCYJNA
BSK ING BANK SLASKI S.A.
FOYRK FOURLIS HOLDINGS S.A.
MTELEKOM MAGYAR TELEKOM TELECOMMUNICATIONS
SBER SBERBANK RUSSIA PJSC
KTY GRUPA KETY SA
CAI CA IMMOBILIEN ANLAGEN AG
PKN POLSKI KONCERN NAFTOWY ORLEN S.A.
MYTIL MYTILINEOS S.A.
SAR GR. SARANTIS S.A.
LPP LPP S.A.
SPI S IMMO AG
CCC CCC SA
CCOLA COCA-COLA ICECEK A.S.
CIE CIECH S.A.
GTC GLOBE TRADE CENTRE S.A.
DOM DOM DEVELOPMENT SA
WXF WARIMPEX FINANZ UND BETEILIGUNG
AEGN AEGEAN AIRLINES SA
TENERGY TERNA ENERGY S.A.
ENA ENEA S.A.
PGE PGE POLSKA GRUPA ENERGETYCZNA S.A.
AFLT AEROFLOT RUSSIAN AIRLINES
JSW JASTRZEBSKA SPOLKA WEGLOWA S.A.
LVC LIVECHAT SOFTWARE SA
TPEIR PIRAEUS BANK SA
PPC PUBLIC POWER CORPORATION S.A.
OTP OTP BANK NYRT
PPA PIRAEUS PORT AUTHORITY S.A.
CAR INTER CARS S.A.
EUR EUROCASH S.A.
LTS GRUPA LOTOS S.A.
ECH ECHO INVESTMENT
GSPARK GRAPHISOFT PARK SE
CPS CYFROWY POLSAT SA
POSR POZAVAROVALNICA SAVA
MAIL MAIL.RU GROUP LTD. SPONSORED GDR
GPW WARSAW STOCK EXCHANGE
MTSS MOBILE TELESYSTEMS PJSC
2ET ETALON GROUP (GDR)
OTOEL AUTOHELLAS S.A.
TCS TCS GROUP HOLDING PLC SPONSORED GDR CLASS A REGS
HB HELLENIC BANK LTD.
BELA JUMBO S.A.
BRD BRD-GROUPE SOCIETE GENERALE
KMB KOMERCIJALNA BANKA AD SKOPJE
TRP TERAPLAST
MONET MONETA MONEY BANK AS
ADPL-R-A AD PLASTIK D.D.
5M71 MAGNIT PJSC SPONSORED GDR REGS
3LSA LSR GROUP (GDR)
MOEX MOSCOW EXCHANGE MICEX-RTS PJSC
PLY PLAY COMMUNICATIONS SA
TABAK PHILIP MORRIS CR AS
BVB S.C. BURSA DE VALORI BUCURESTI S.A.
19XX NEPI ROCKCASTLE PLC
MAVI MAVI GIYIM SANAYI VE TICARET A.S.
DPEU DP EURASIA
IIA IMMOFINANZ AG
EAT AMREST HOLDINGS SE
HHR HEADHUNTER
TEN TEN SQUARE GAMES
GR6 GRADUS
KOFOL KOFOLA CESKOSLOVENSKO A.S.
- Research Team
WOOD Daily: GR Macro; MGNT LI; DPEU LN; CIE PW; GR6 BU; PL Telecoms; C...
HEADLINES: • Greece macro: continuing COVID-19 really hurting • Magnit: sales dynamics ease in August; 3Q keeps lfl pace of 2Q POSITIVE • DP Eurasia: soft 1H20 due to Russian market NEGATIVE • Ciech: adjusted 2Q20 EBITDA 4% above the consensus POSITIVE • Gradus: invests in photovoltaic power plant POSITIVE • Polish telecoms: Huawei might be banned from Polish mobile networks NEGATIVE • Inter Cars: sales +5% yoy in August NEUTRAL • OPAP: 2Q20E preview - witnessing the effects of...
- Research Team
The Rear-View Mirror – EME markets: Equities back in the red in EUR ...
EME Equity Market – July 2020 Market performance – majority of indices in the red, with the ISE30 Index down 12.6%. Following its mediocre decline in June, the MSCI EM Europe Index declined 4.4% in EUR terms, but gained 0.4% in local currency terms in July. Following the rather large decline in the Turkish equities, the MOEX Index was also down, 3.5%, in July; while the Athens’ benchmark declined 3.3% and the Romanian BET Index fell 3.2%. Following its gain last month, the PX Index decline...
GARAN TURKIYE GARANTI BANKASI ANONIM SIRKETI
PEO BANK POLSKA KASA OPIEKI SA
KER KERNEL HOLDING S.A.
JMT JERONIMO MARTINS SGPS S.A.
OPAP GREEK ORGANISATION OF FOOTBALL PROGNOSTICS SA
EXAE HELLENIC EXCHANGES SA
ATRS ATRIUM EUROPEAN REAL ESTATE LIMITED
MOL MOL NYRT
EBS ERSTE GROUP BANK AG
YNDX YANDEX NV CLASS A
CEZ CEZ AS
PETG PETROL D.D.
KRKG KRKA D.D.
HTO HELLENIC TELECOMMUNICATIONS ORGANIZATION SA
CDR CD PROJEKT S.A.
YKBNK YAPI VE KREDI BANKASI A.S.
OMV OMV AG
PKO PKO BANK POLSKI S.A.
KOMB KOMERCNI BANKA A.S.
CETV CENTRAL EUROPEAN MEDIA ENTERPRISES LTD. CL A
GWI GLOBALWORTH REAL ESTATE INVESTMENTS LIMITED
TITK TITAN CEMENT CO. SA
BHW BANK HANDLOWY W WARSZAWIE S.A.
BIMAS BIM BIRLESIK MAGAZALAR A.S.
WIZZ WIZZ AIR HOLDINGS PLC
SPL SANTANDER BANK POLSKA SA
MIL BANK MILLENNIUM SA
BSK ING BANK SLASKI S.A.
SBER SBERBANK RUSSIA PJSC
KTY GRUPA KETY SA
KGH KGHM POLSKA MIEDZ S.A.
SFA SOPHARMA AD
TPS ORANGE POLSKA S.A.
PKN POLSKI KONCERN NAFTOWY ORLEN S.A.
LPP LPP S.A.
AKBNK AKBANK TAS
CIE CIECH S.A.
VESBE VESTEL BEYAZ ESYA SANAYI VE TICARET
GTC GLOBE TRADE CENTRE S.A.
DOM DOM DEVELOPMENT SA
AEGN AEGEAN AIRLINES SA
TENERGY TERNA ENERGY S.A.
ENA ENEA S.A.
BIZIM BIZIM TOPTAN SATIS MAGAZALARI AS
BFT BENEFIT SYSTEMS S.A. ALLOTMENT
PGE PGE POLSKA GRUPA ENERGETYCZNA S.A.
AFLT AEROFLOT RUSSIAN AIRLINES
JSW JASTRZEBSKA SPOLKA WEGLOWA S.A.
LVC LIVECHAT SOFTWARE SA
PPC PUBLIC POWER CORPORATION S.A.
CAR INTER CARS S.A.
ARCLK ARCELIK A.S.
FROTO FORD OTOMOTIV SANAYI A.S.
OTKAR OTOKAR OTOMOTIV VE SAVUNMA SANAYI A.S.
PJP X5 RETAIL GROUP N.V. SPONSORED GDR REGS
LTS GRUPA LOTOS S.A.
TKFEN TEKFEN HOLDING
CPS CYFROWY POLSAT SA
MAIL MAIL.RU GROUP LTD. SPONSORED GDR
GPW WARSAW STOCK EXCHANGE
RTKM ROSTELECOM PJSC
MTSS MOBILE TELESYSTEMS PJSC
11B 11 BIT STUDIOS S.A.
ALR ALIOR BANK SA
ICD ENERGA SA
HB HELLENIC BANK LTD.
BELA JUMBO S.A.
SAB1L SIAULIU BANKAS
BRD BRD-GROUPE SOCIETE GENERALE
NVTK NOVATEK JSC SPONSORED GDR REGS
TRP TERAPLAST
TELEC O2 CZECH REPUBLIC A.S.
MONET MONETA MONEY BANK AS
SNP PETROM S.A.
PBK PATRIA BANK SA
TOFAS TOFAS TURK OTOMOBIL FABRIKASI A.S.
5M71 MAGNIT PJSC SPONSORED GDR REGS
KCEL KCELL JOINT STOCK COMPANY
MOEX MOSCOW EXCHANGE MICEX-RTS PJSC
PLY PLAY COMMUNICATIONS SA
OGZD GAZPROM (GDR)
NIIS NAFTNA INDUSTRIJA SRBIJE NOVA SAD
DNP DINO POLSKA S.A.
ELSA SOCIETATEA ENERGETICA ELECTRICA
BVB S.C. BURSA DE VALORI BUCURESTI S.A.
19XX NEPI ROCKCASTLE PLC
KOFOL KOFOLA
DPEU DP EURASIA
CGEO GEORGIA CAPITAL
IIA IMMOFINANZ AG
EAT AMREST HOLDINGS SE
ENJSA ENERJISA ENERJI
ARNT-R-A ARENATURIST D.D.
TEN TEN SQUARE GAMES
GR6 GRADUS
FINT FINTEL ENERGIJA
- Research Team
WOOD Daily: DPEU LN; EME Macro/Strategy – EU; AEGN GA; OPL PW; MAIL ...
HEADLINES: • DP Eurasia: 1H20 trading update - affected by COVID-19, but still not that bad POSITIVE • EME Macro/Strategy: EU deal to benefit less well-off countries the most • Aegean Airlines: 40% of operations restored as of July, expects to reach 50% in August NEUTRAL • Orange Polska: announces management board changes NEGATIVE • Mail.ru: 2Q20E - strong results expected, but driven partly by temporary factors (due out tomorrow) • Eurocash: 2Q20E preview - 8% yoy EBITDA drop exp...
- Research Team
The Rear-View Mirror – EME markets: Equity returns mixed as rebound ...
EME Equity Market – June 2020 Market performance – in June, Turkish equities performed the best (+7.7%), while Hungary was the weakest (-2.2%). Following its rebound in the past couple of months, the MSCI EM Europe Index declined in June, losing 1.8% in EUR terms and 0.6% in local currency terms. Turkish equities were the best performers, with the ISE30 Index +7.7%, followed by Prague’s PX Index (+3.5%), and the WIG20 (+2.3%). After its good run in May, the Romanian BET lost 0.3% in June, ...
EUROB EUROBANK ERGASIAS SERVICES & HOLDINGS SA
GARAN TURKIYE GARANTI BANKASI ANONIM SIRKETI
PEO BANK POLSKA KASA OPIEKI SA
OPAP GREEK ORGANISATION OF FOOTBALL PROGNOSTICS SA
TCELL TURKCELL ILETISIM HIZMETLERI A.S.
ATRS ATRIUM EUROPEAN REAL ESTATE LIMITED
YNDX YANDEX NV CLASS A
QIWI QIWI PLC SPONSORED ADR CLASS B
CEZ CEZ AS
HTO HELLENIC TELECOMMUNICATIONS ORGANIZATION SA
CDR CD PROJEKT S.A.
YKBNK YAPI VE KREDI BANKASI A.S.
PGN POLSKIE GORNICTWO NAFTOWE I GAZOWNICTWO SA
PKO PKO BANK POLSKI S.A.
ISCTR TURKIYE IS BANKASI ANONIM SIRKETI CLASS C
KOMB KOMERCNI BANKA A.S.
TITK TITAN CEMENT CO. SA
BHW BANK HANDLOWY W WARSZAWIE S.A.
WIZZ WIZZ AIR HOLDINGS PLC
SPL SANTANDER BANK POLSKA SA
MIL BANK MILLENNIUM SA
BSK ING BANK SLASKI S.A.
KTY GRUPA KETY SA
TPS ORANGE POLSKA S.A.
PKN POLSKI KONCERN NAFTOWY ORLEN S.A.
LPP LPP S.A.
SPI S IMMO AG
AKBNK AKBANK TAS
AEFES ANADOLU EFES BIRACILIK VE MALT SANAYII A.S.
ASELS ASELSAN ELEKTRONIK SANAYI VE TICARET A.S. CLASS B
BRISA BRISA-BRIDGESTONE SABANCI LASTIK SANAYI VE TICARET A.S.
ENKAI ENKA INSAAT VE SANAYI A.S.
EREGL EREGLI DEMIR YE CELIK FABRIKALARI T.A.S.
CCC CCC SA
CCOLA COCA-COLA ICECEK A.S.
VESBE VESTEL BEYAZ ESYA SANAYI VE TICARET
GTC GLOBE TRADE CENTRE S.A.
AEGN AEGEAN AIRLINES SA
ENA ENEA S.A.
BFT BENEFIT SYSTEMS S.A. ALLOTMENT
AFLT AEROFLOT RUSSIAN AIRLINES
LVC LIVECHAT SOFTWARE SA
TPEIR PIRAEUS BANK SA
PPC PUBLIC POWER CORPORATION S.A.
OTP OTP BANK NYRT
CAR INTER CARS S.A.
ARCLK ARCELIK A.S.
FROTO FORD OTOMOTIV SANAYI A.S.
ULKER ULKER BISKUVI SANAYI A.S.
EUR EUROCASH S.A.
LTS GRUPA LOTOS S.A.
FMF FAMUR SA
CPS CYFROWY POLSAT SA
POSR POZAVAROVALNICA SAVA
MAIL MAIL.RU GROUP LTD. SPONSORED GDR
GPW WARSAW STOCK EXCHANGE
11B 11 BIT STUDIOS S.A.
ALRS ALROSA PJSC
ALR ALIOR BANK SA
OTOEL AUTOHELLAS S.A.
ICD ENERGA SA
HB HELLENIC BANK LTD.
BELA JUMBO S.A.
SAB1L SIAULIU BANKAS
TELEC O2 CZECH REPUBLIC A.S.
MONET MONETA MONEY BANK AS
SNP PETROM S.A.
TOFAS TOFAS TURK OTOMOBIL FABRIKASI A.S.
5M71 MAGNIT PJSC SPONSORED GDR REGS
KCEL KCELL JOINT STOCK COMPANY
MOEX MOSCOW EXCHANGE MICEX-RTS PJSC
PLY PLAY COMMUNICATIONS SA
PLZL POLYUS (GDR)
LKODN OIL COMPANY LUKOIL PJSC SPONSORED ADR
DIGI DIGI COMMUNICATIONS NV
DNP DINO POLSKA S.A.
NBGGY NATIONAL BANK OF GREECE S.A. ADS
ELSA SOCIETATEA ENERGETICA ELECTRICA
FP. FONDUL PROPRIETATEA S.A. GDR (REG S)
MAVI MAVI GIYIM SANAYI VE TICARET A.S.
DPEU DP EURASIA
ALPHA ALPHA BANK
ATAD TATNEFT (GDR)
IIA IMMOFINANZ AG
EAT AMREST HOLDINGS SE
TEN TEN SQUARE GAMES
GR6 GRADUS
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