FTSE Index March review - AllCap (SML) add: MedLife, Russneft; del: Eurocash; TotalCap (Micro+SML) add: Conpet, Purcari Wineries, Sphera Franchise Group; L->M: MOL, Moscow Exchange AT: Atrium - Merger with Gazit completed (neutral) AT: OMV - OMV will not reportedly invest in Achimov IV/V gas field in Russia (neutral) CZ: CEZ - Czech government to launch tender for the new nuclear power plant in the coming weeks (neutral) PL: Bank Pekao - Iincrease of FX mortgage related legal risk prov...
STOXX Europe 600 Index review - No changes of index constituents in our Coverage Universe AT: BAWAG Group - Completion of Hello Bank acquisition (neutral) AT: UNIQA - Preliminary results of bond tender offer (neutral) PL: mBank - Interview with the CEO for Parkiet (neutral) PL: PGNiG - Downward revision of mid-term domestic gas production guidance (negative) RO: Digi Communications - Digi sells its Hungarian subsidiaries for EUR 625 mn (positive) RU: Russian O&G statistics - Daily...
WIG20/WIG30 indices review - No change in constituents AT: CA Immo - Sale of Budapest office property 28% above book value (positive) PL: Banks - Supreme Court once again failed to reach verdict on CHF loans (neutral) RU: Moscow Exchange - Trading in August grew 6% yoy (neutral) RU: RusHydro - Considers constructing 4 new HPPs, CSA guaranteed returns as an option (neutral) RU: Russian O&G statistics - Daily oil and condensate output slightly declined in August despite increase in qu...
Full Article at IIR has reaffirmed its Recommended rating for PIA after undertaking a review post the appointment of a new Portfolio Manager, Harding Loevner. The full report can be found on the IIR website. On 26 July 2021, Pengana International Equities Limited (PIA) announced a fully franked dividend of 1.35 cents per share for the June quarter. This represents an 8% increase on the March quarter dividend and takes the total dividends declared for FY21 of 5.1 cents per share, fully franked....
We keep our SELL recommendation for ordinaries unchanged, with our DCF TP down to RUB 220/share (from RUB 360/share) on the back of a far worse sensitivity to the oil price fall than expected, a lower share of tax reliefs based on 1H 20 results and lower production (-10% yoy in 20e). Russneft is negotiating the restructuring of its debt (> USD 1.1 bn with a bullet in 26e of almost USD 700 mn), transferred by VTB to Qatar bank CQUR, and has reportedly managed to get a grace period for 2020e after...
AT: Austria - Terror attacks in Vienna AT: AT&S - 2Q 20/21 results above expectations on better product mix, good FY guidance: sales up 15%, EBITDA margin of 20-22% (positive) HU: MOL - October model refining margins stronger, while petchem margins somewhat weaker mom (neutral) HU: Wizz Air - October capacity 57.5% lower yoy with a load factor of 66% (negative) PL: Alior Bank - PZU grants credit protection for three years period (positive) PL: LPP - Prelim 3Q sales rise by 5% yoy whi...
ATX indices review - FFF changes in IMMOFINANZ, EVN; ATX five: add: Wienerberger; del BAWAG Group CECE index review - Add: BIF, Graphisoft Park, Play Communications; Del: Appeninn, PGE FTSE Index Sept review - AllWorld (ML) add: Banca Transilvania; del: mBank, Russneft; AllCap (SML) add: Mayr-Melnhof, Petropavlovsk; del: Kapsch TrafficCom; TotalCap (Micro+SML) add: Marinomed, Getin Noble Bank; M->L: InterRAO; L->M: OMV, Erste Group; STOXX Europe 600 Index review - Dino to be added WIG20/WIG30 in...
ï‚§ ATX indices review - FFF changes in IMMOFINANZ, EVN; ATX five: add: Wienerberger; del BAWAG Group ï‚§ PL: Cyfrowy Polsat - Company expresses interest in expanding into radio (neutral) ï‚§ RU: Detskiy Mir, Sistema - Sistema and RCIF sold their entire stakes in Detskiy Mir (neutral) ï‚§ RU: Lenta - Vladimir Sorokin replaces Herman Tinga as CEO (neutral) ï‚§ RU: Russian O&G statistics - Daily oil and condensate output up by 5.1% mom in August due to OPEC+ limits' easing (neutral) ï‚§ RU: Russia...
Russneft has reported its 1H 20 IFRS results which were extremely negative from top to bottom driven by lower oil prices by 46% yoy in USD, higher than expected SG&A and MET. The companys EBITDA drop yoy (-85%) far surpassed the benchmark netback drop (net of MET) of 36% yoy. The company has been granted a delay in MET payment (>RUB 8 bn or around USD 110 mn) for Feb-May 2020 until June 2020e but even including that positive effect and extra capex cuts (-43% yoy), 1H 20e FCF amounted to only USD...
ï‚§ MSCI August Index Review - Standard indices changes: ADD: Yandex ï‚§ AT: STRABAG - 1H results live up to our expectations, FY 20 output target raised (positive) ï‚§ AT: Warimpex - Management will propose a EUR 0.03 dividend per share to the AGM (positive) ï‚§ PL: LPP - German restructuring completed (positive) ï‚§ RU: LUKoil - Gas export to China from Uzbekistan projects halted, but with limited impact on financials (neutral) ï‚§ RU: Petropavlovsk - Corporate conflict directly involves CEO a...
ï‚§ FTSE Index Sept review - AllWorld (ML) add: Banca Transilvania; del: mBank, Russneft; AllCap (SML) add: Mayr-Melnhof, Petropavlovsk; del: Kapsch TrafficCom; TotalCap (Micro+SML) add: Marinomed, Getin Noble Bank; M->L: InterRAO; L->M: OMV, Erste Group; ï‚§ AT: voestalpine - Restart of small BF at Linz plant in early September (neutral) ï‚§ CH: Aluflexpack - 1H results live up to RCBe, FY 20 guidance of sales of EUR 220-230 mn and adj. EBITDA of EUR 32-35 mn confirmed (neutral) ï‚§ PL: Lotos -...
Company Events: (* preview included in the Equity Weekly) Friday, 21/08/2020 PL: Dino, 2Q Earnings Release* RU: Moscow Exchange, 2Q Earnings Release* Monday, 24/08/2020 CH: Aluflexpack, 1H Earnings Release* AT: CA Immo, 2Q Earnings Release* Tuesday, 25/08/2020 AT: CA Immo, AGM RU: Detskiy Mir, 2Q Earnings Release* PL: Eurocash, 2Q Earnings Release* AT: S IMMO, 2Q Earnings Release* PL: Bank Handlowy, 2Q Earnings Release* Wednesday, 26/08/2020 AT: IMMOFINANZ, 2Q Earnings Release* AT: Vienn...
ï‚§ AT: AT&S - 1Q 20/21 sales and EBITDA above expectations due to FX, net below, 2Q outlook: sales flat, EBITDA in 20-25% range (neutral) ï‚§ CZ: Komercni Banka - Conference call take-aways (neutral) ï‚§ HU: Gedeon Richter - Richter received marketing authorization for a new product in the UK (neutral) ï‚§ HU: MOL - July model refining margins turned positive, while petchem margins stayed under pressure (neutral) ï‚§ HU: Wizz Air - July capacity utilization at 74% and 61% load factor (neutral) ...
AT: Atrium - 38.9% of shareholders chose to receive 2Q dividend as scrip dividend (neutral) â—¾AT: UNIQA - Placement of senior notes of EUR 600 mn and subordinated notes of EUR 200 mn concluded (neutral) â—¾PL: Cyfrowy Polsat - UOKiK gives the go ahead for Interia purchase (neutral) â—¾PL: Santander Bank Polska - Securitisation agreement concluded with EIB (neutral) â—¾RU: Detskiy Mir - AGM approved dividends of RUB 3 per share (neutral) â—¾RU: Petropavlovsk - Temporary boards' mandate challenge...
ï‚§ ATX indices review - No changes at all ï‚§ AT: voestalpine - FY 19/20 earnings ahead of latest guidance and estimates, good cash generation, FY 20/21 EBITDA range of EUR 0.6-1.0 bn vs. RCBe of EUR 0.86 bn (positive) ï‚§ AT: Wienerberger - Placement of EUR 400 mn bond with tenor of 5 years and coupon of 2.75% (neutral) ï‚§ HU: Wizz Air - Net profit marginally above estimates, no profit guidance but expects decrease in ASK in FY 20/21 (neutral) ï‚§ PL: PGNiG - Gazprom is challenging the court'...
ï‚§ AT: Frequentis - Employee participation programme oversubsribed, 80k new shares to be issued (neutral) ï‚§ CH: Aluflexpack - 10% top line growth in 1Q, FY 20 guidance of sales of EUR 220-230 mn and EBITDA of EUR 32-35 mn confirmed (neutral) ï‚§ CZ: Moneta Money Bank - 1Q ahead of expectations despite higher COR on bond sales and NII (positive) ï‚§ HU: Wizz Air - April capacity utilization at 3%, load factor 75% (neutral) ï‚§ PL: Alior Bank - KNF approves the bond programe worth PLN 1.5 bn (n...
We stick to our SELL recommendation for Russnefts ordinaries given piling problems: high sensitivity to the oil price fall, pending debt and preferred dividend payments not covered by FCF, vague loans to affiliated companies (ca. EUR 200 mn in 2019), guarantees to third parties (EUR 267 mn) and a preferreds buyback at a high price (in the form of a new forward contract with VTB). This pending buyback of a third of the preferreds from VTB in 2026e implies a 40% premium to the current ordinary sha...
ï‚§ AT: Austria - Third covid package could bring more clarity on AGM and dividends today (neutral) ï‚§ AT: BAWAG Group - Management voluntarily waived bonuses for 2019 and 2020 (neutral) ï‚§ AT: OMV - OMV issued EUR 1.75 bn senior bonds (neutral) ï‚§ AT: Rosenbauer - Guidance suspension should not come as a surprise, but higher than assumed net debt of EUR 342 mn was, FY 19 EPS of EUR 3.74 ahead of RCB, DPS cut to EUR 0.80 (neutral) ï‚§ AT: Wienerberger - Virtual AGM to take place on May 5, DPS...
Yesterday, the company reported 2H and FY 19 results, which, although better on EBITDA (on more moderate opex growth) and FCF (on capex cuts) than expected, are overshadowed by the current oil price environment, vague loans to affiliated companies (RUB 16 bn, which basically wipes out all of the one-off trade paybables hike in 2019), guarantees provided to third parties and the forward contract on own shares with VTB. Thus, we remain negative on Russnefts ordinaries.
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