reports
- Research Team
WOOD Daily: HU Macro; MBK PW; ISCTR TI; RICHT HB; PETKM TI; INPST NA; ...
HEADLINES: • Hungary macro: a deep downturn in the making for next year • mBank: 3Q22 - massive loss, as expected, but underlying earnings stronger than expected at the peak POSITIVE • Isbank: 3Q22 highlights - no surprises, cost control still a problem • Richter: strong 3Q on OCs, Russia/CIS and FX revaluation POSITIVE • Petkim: 3Q22 results - EBITDA weaker than expected • InPost: DHL announces launching parcel machines in Poland NEGATIVE • Erste Bank: announces planned purchase of Sberbank'...
EBS ERSTE GROUP BANK AG
ISCTR TURKIYE IS BANKASI ANONIM SIRKETI CLASS C
WPL WIRTUALNA POLSKA HOLDING SA
COTE CONPET SA
TEL C.N.T.E.E. TRANSELECTRICA
ELSA SOCIETATEA ENERGETICA ELECTRICA
TGN SOCIETATEA NATIONALA DE TRANSPORT GAZE NATURALE TRANSGAZ S.A.
RICHT RICHTER
ELPE HELLENIC PETROLEUM
PTKHY PETKIM PETROKIMYA HOLDING AS
INPST INPOST S.A.
- Jonathan Lamb
- Ondrej Slama
European Oil and Gas Monthly: October 2022
Oil prices rose slightly in October, to USD 93.6/bbl, on reduced OPEC quotas, with the small movement indicative of the balancing worries about demand. Refining margins jumped again after three months of declines, with the WOOD benchmark reaching USD 22.1/bbl, the second highest this year. Diesel remains extremely expensive, with a crack of USD 49.9/bbl, but the improvement was due primarily to petrol. Petrochemicals margins remain weak, but there was no clear trend across product groups and som...
- Research Team
WOOD Daily: MIL PW; SNP RO; FP RO; INPST NA; BFT PW; EU Oil and Gas Mo...
HEADLINES: • Bank Millennium: sees PLN 447m of FX mortgage provision charges in 3Q22E NEUTRAL • OMV Petrom: 3Q22 trading statement • Fondul Proprietatea: Finance Ministry requests local listing of Hidroelectrica NEUTRAL • InPost: CEO expects 10-15% volume growth in Polish e-commerce market in FY22E POSITIVE • Benefit Systems: reviewing options for possible action regarding investment in Calypso Fitness NEUTRAL • European Oil and Gas Monthly: September 2022
- Jonathan Lamb
- Ondrej Slama
European Oil and Gas Monthly: September 2022
Oil prices continued to decline in September, reaching USD 90.6/bbl, from USD 97.7/bbl in August. Demand worries are once again the most significant factor, in our view. Supporting the hypothesis of weakening demand, the WOOD refining margin has fallen to USD 18.2/bbl, its lowest level since March 2022 but still USD 7.2/bbl better than the monthly average. Diesel cracks rose significantly but petrol cracks fell sharply and are now below average for the first time since January. Petrochemical mar...
- Research Team
WOOD Daily: ALPHA GA; EUROB GA; ETE GA; TPEIR GA; CEE Energy; CEZ CP; ...
HEADLINES: • Greek banks: enjoy the hawk ride (Alpha Bank, Eurobank, NBG and Piraeus Bank stay BUY) • CEE energy: EU to propose mandatory power demand cut and levy on energy companies' profits • CEZ: Czechs freeze retail power and gas tariffs as of November • Wirtualna Polska: key takeaways from call on Szallas Group acquisition NEUTRAL • CCC: PLN 0.5bn shares issued to Mr. Milek POSITIVE
MOL MOL NYRT
CEZ CEZ AS
OMV OMV AG
PKN POLSKI KONCERN NAFTOWY ORLEN S.A.
CCC CCC SA
TPEIR PIRAEUS BANK SA
OTOEL AUTOHELLAS S.A.
WPL WIRTUALNA POLSKA HOLDING SA
SNG SOCIETATEA NATIONALA DE GAZE NATURALE ROMGAZ SA
SNP PETROM S.A.
NBGGY NATIONAL BANK OF GREECE S.A. ADS
SNN SOCIETATEA NATIONALA NUCLEARELECTRICA SA
ALPHA ALPHA BANK
ELPE HELLENIC PETROLEUM
- Research Team
WOOD Daily: SAR GA; TEN PW; EU Energy; MTELEKOM HB; OPL PW; EU Oil and...
HEADLINES: • Sarantis Group: the advantage of pricing power (upgraded to BUY) • Ten Square Games: 2Q22 adjusted EBITDA broadly as we expected (18% consensus miss) NEUTRAL • European energy: Europe without Russian gas • Magyar Telekom: reaches agreement with trade unions, resulting in levered expenses NEGATIVE • Orange Polska: increases price for Orange Love convergent bundle by PLN 5/month effectively POSITIVE • European oil and gas monthly: August 2022 • STS Group: 2Q22E results - 15% yoy EB...
- Jonathan Lamb
- Ondrej Slama
European Oil and Gas Monthly: August 2022
Oil prices continued to decline in August, reaching USD 97.7/bbl, from USD 105/bbl in July. Demand worries are, once again, the most significant factor, in our view. Supporting the hypothesis of weakening demand, the WOOD refining margin has fallen to USD 18.5/bbl, the lowest level since March 2022, but still USD 7.5/bbl better than the monthly average. Diesel cracks are actually marginally better but, as the driving season winds down, petrol cracks are back to levels close to the average for th...
- Research Team
The Rear-View Mirror – EME markets: Turkish stocks outperform in Augus...
EME Equity Market – August 2022 Market performance – Turkey the biggest winner, in a predominantly bad month. The MSCI EM Europe Index declined 1.2% mom in EUR and 2.8% mom in USD terms. Turkey’s ISE index outperformed all other indices, adding 24.9% mom in EUR terms and 25.1% in local currency terms. Hungary’s benchmark, the BUX Index, added 1.1% mom and 0.2% mom in EUR and HUF terms, respectively. Greece’s ASE Index had a muted performance and added only 0.6% mom. All the other indices across ...
GARAN TURKIYE GARANTI BANKASI ANONIM SIRKETI
OPAP GREEK ORGANISATION OF FOOTBALL PROGNOSTICS SA
EXAE HELLENIC EXCHANGES SA
TCELL TURKCELL ILETISIM HIZMETLERI A.S.
MOL MOL NYRT
EBS ERSTE GROUP BANK AG
CEZ CEZ AS
PETG PETROL D.D.
ACP ASSECO POLAND SA
HTO HELLENIC TELECOMMUNICATIONS ORGANIZATION SA
RBI RAIFFEISEN BANK INTERNATIONAL AG
COG COGNOR HOLDING SA
ISCTR TURKIYE IS BANKASI ANONIM SIRKETI CLASS C
KOMB KOMERCNI BANKA A.S.
TITK TITAN CEMENT CO. SA
ALK ALKALOID AD SKOPJE
BHW BANK HANDLOWY W WARSZAWIE S.A.
BIMAS BIM BIRLESIK MAGAZALAR A.S.
WIZZ WIZZ AIR HOLDINGS PLC
PZU POWSZECHNY ZAKLAD UBEZPIECZEN SPOLKA AKCYJNA
DOAS DOGUS OTOMOTIV SERVIS VE TICARET A.S.
BSK ING BANK SLASKI S.A.
MTELEKOM MAGYAR TELEKOM TELECOMMUNICATIONS
CAI CA IMMOBILIEN ANLAGEN AG
PKN POLSKI KONCERN NAFTOWY ORLEN S.A.
MYTIL MYTILINEOS S.A.
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.
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.
AUG1L AGROWILL GROUP AB
TTKOM TURK TELEKOMUNIKASYON A.S.
ENA ENEA S.A.
BFT BENEFIT SYSTEMS S.A. ALLOTMENT
MGROS MIGROS TICARET A.S
PGE PGE POLSKA GRUPA ENERGETYCZNA S.A.
LVC LIVECHAT SOFTWARE SA
TBCB TBC BANK JOINT STOCK CO
TPEIR PIRAEUS BANK SA
PPC PUBLIC POWER CORPORATION S.A.
OTP OTP BANK NYRT
PPA PIRAEUS PORT AUTHORITY S.A.
AYGAZ AYGAZ A.S.
THYAO TURK HAVA YOLLARI A.O.
TUPRS TURKIYE PETROL RAFINERILERI A.S.
EUR EUROCASH S.A.
VAKBN TURKIYE VAKIFLAR BANKASI TURK ANONIM ORTAKLIGI
GSPARK GRAPHISOFT PARK SE
TKFEN TEKFEN HOLDING
CPS CYFROWY POLSAT SA
POSR POZAVAROVALNICA SAVA
GPW WARSAW STOCK EXCHANGE
11B 11 BIT STUDIOS S.A.
TPE TAURON POLSKA ENERGIA S.A.
DAT DATAWALK SA
ALR ALIOR BANK SA
OTOEL AUTOHELLAS S.A.
BANK OF CYPRUS PCL
WPL WIRTUALNA POLSKA HOLDING SA
SAB1L SIAULIU BANKAS
BRD BRD-GROUPE SOCIETE GENERALE
TLV BANCA TRANSILVANIA S.A.
MONET MONETA MONEY BANK AS
SNG SOCIETATEA NATIONALA DE GAZE NATURALE ROMGAZ SA
H4L1 HALYK SAVINGS BANK OF KAZAKHSTAN GDR
BNET BITTNET SYSTEMS
PBK PATRIA BANK SA
HMX1R HANSAMATRIX AS
DIGI DIGI COMMUNICATIONS NV
DNP DINO POLSKA S.A.
COTE CONPET SA
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.
19XX NEPI ROCKCASTLE PLC
ALPHA ALPHA BANK
M MED LIFE
ELPE HELLENIC PETROLEUM
PTKHY PETKIM PETROKIMYA HOLDING AS
IIA IMMOFINANZ AG
SOKM SOK MARKETLER TICARET AS
EAT AMREST HOLDINGS SE
ZB-R-A ZAGREBACKA BURZA DD
NLBR NLB GROUP
ENJSA ENERJISA ENERJI
SF3 STS GROUP AG
KAP NATIONAL ATOMIC COMPANY KAZATOMPROM
ADKO ADDIKO BANK
PEN PHOTON ENERGY NV
FINT MINING AND METALLURGICAL COMPANY NORILSK NICKEL (GDR)
ILRA-R-A FINTEL ENERGIJA
ALG ILIRIJA D.D.
DUNAHOUSE ALLEGRO.EU SA
TNB DUNA HOUSE
WINE NLB BANKA
4IG ALRO SLATINA
IGN1L PURCARI WINERIES PCL
ONE 4IG NYRT
KLKIM IGNITIS GRUPE
ONE UNITED PROPERTIES SA
KALEKIM KIMYEVI MADDELER SANAYI VE TICARET AS
- Research Team
WOOD Daily: ASELS TI; HTO GA; ELPE GA; LVC PW; TLV RO; M RO; OPAP GA; ...
HEADLINES: • Aselsan: no defence windfall here (downgraded to HOLD) • OTE: it's all about the yield now (stays HOLD) • Hellenic Petroleum: 2Q22 results - EBITDA well above expectations • LiveChat Software: 1Q22-23 results - EBITDA up 36% yoy, 13% above our estimate POSITIVE • Banca Transilvania: strong beat in 2Q22 • MedLife: 2Q22 earnings miss on post COVID-19 earnings mix normalisation NEGATIVE • OPAP: 2Q22E preview - solid quarter, expectations for interim DPS at EUR 0.20 (due on 29 Augu...
- Research Team
WOOD Daily: CEE Real Estate; WPL PW; 4IG HB; TLV RO; DAT PW; ELPE GA; ...
HEADLINES: • CEE real estate: a write-down handbook - rising yields to weigh on real estate values • Wirtualna Polska: strong 2Q22, with adjusted EBITDA up 21% yoy, 4% above our estimate NEUTRAL • 4iG: intends to buy Vodafone Hungary jointly with the Hungarian State POSITIVE • Banca Transilvania: issues new shares; new price target at RON 30 • DataWalk: issues 246,940 shares for PLN 155/share NEUTRAL • Hellenic Petroleum: 2Q22E results preview (due on 25 August) • Banca Transilvania: 2Q22E re...
CAI CA IMMOBILIEN ANLAGEN AG
SPI S IMMO AG
GTC GLOBE TRADE CENTRE S.A.
GSPARK GRAPHISOFT PARK SE
DAT DATAWALK SA
WPL WIRTUALNA POLSKA HOLDING SA
TLV BANCA TRANSILVANIA S.A.
19XX NEPI ROCKCASTLE PLC
ELPE HELLENIC PETROLEUM
IIA IMMOFINANZ AG
4IG 4IG NYRT
- Jonathan Lamb
- Ondrej Slama
European Oil and Gas Monthly: July 2022
Oil prices finally succumbed to gravity in July, falling to USD 105/bbl, from USD 117.5/bbl in June. We believe that the market consensus is that crude supplies are sufficient and demand will soften, due to a weak macroeconomic environment. The WOOD benchmark margin slumped from last month’s record levels, to USD 21.8/bbl, which is still the second-highest monthly average. Both diesel and petrol cracks were lower, whilst remaining very high, by historic standards. Petrochemicals prices fell more...
- Jonathan Lamb
- Ondrej Slama
European Oil and Gas Monthly: May 2022
Oil prices continue to expand, reaching USD 122.8 at the end of May and averaging USD 112/bbl during the month. Rising consumption and the loss of Russian barrels are the culprits, in our view. OPEC has agreed to increase production by more than planned previously, but this has been insufficient to make an impact. Refiners enjoyed record margins again this month, with the WOOD benchmark hitting USD 24.8/bbl, another USD 5.0/bbl increase. Until April, diesel was the driver of margins, but althoug...
- Research Team
WOOD Daily: Greek Oil & Gas (MOH GA, ELPE GA stay BUYs), PKN PW/LTS PW...
HEADLINES: • Greek Oil & Gas: a cracking good market (Motor Oil Hellas and Hellenic Petroleum stay BUYs) • PKN Orlen and Grupa Lotos agree on the merger price • Romania macro: 1% tax on turnover for companies with sales above EUR 100m again in discussions • OMV Petrom: the Energy Ministry is planning to sell 0.67% of the company to former Petrom employees • Romgaz: new wells put into operation, generating 230kcm/day, or 1.7% of 2021 production NEUTRAL • Kofola: 1Q22 conference call takeaway...
- Fani Tzioukalia
- Jonathan Lamb
Greek Oil & Gas: a cracking good market (Motor Oil Hellas and Hellenic...
We maintain our BUY ratings on Motor Oil Hellas (MOH) and Hellenic Petroleum (ELPE), with updated 12M price targets (PT) of EUR 21.3 (from EUR 17.8) and EUR 8.29 (from EUR 6.90), respectively. Surging refining margins are boosting the core businesses, while the Greek market recovery is adding to the reasons for cheer. Better cash flow should help to finance major investments in renewables, both acquired and greenfield, while regulatory changes and infrastructure investments boost the prospects f...
- Research Team
The Rear-View Mirror – EME markets: Hungarian equities down 13.6% in M...
EME Equity Market – May 2022 Market performance – markets down mostly, as MSCI EM Europe Index declines 3.6%. The MSCI EM Europe Index fell 3.6% mom and 2.0% mom in EUR and USD terms, respectively, in May. The best-performing index was the Russian MOEX, which added 6.3% mom in EUR terms, but declined 3.7% mom in local currency. However, we note that, with the CBR ban on short selling and restrictions on international investors, as well various sanctions, this performance is not fully comparable ...
EUROB EUROBANK ERGASIAS SERVICES & HOLDINGS SA
GARAN TURKIYE GARANTI BANKASI ANONIM SIRKETI
OPAP GREEK ORGANISATION OF FOOTBALL PROGNOSTICS SA
EXAE HELLENIC EXCHANGES SA
MOL MOL NYRT
CEZ CEZ AS
PETG PETROL D.D.
ACP ASSECO POLAND SA
HTO HELLENIC TELECOMMUNICATIONS ORGANIZATION SA
CDR CD PROJEKT S.A.
RBI RAIFFEISEN BANK INTERNATIONAL AG
YKBNK YAPI VE KREDI BANKASI A.S.
PGN POLSKIE GORNICTWO NAFTOWE I GAZOWNICTWO SA
COG COGNOR HOLDING 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.
BIMAS BIM BIRLESIK MAGAZALAR A.S.
PZU POWSZECHNY ZAKLAD UBEZPIECZEN SPOLKA AKCYJNA
DOAS DOGUS OTOMOTIV SERVIS VE TICARET A.S.
BSK ING BANK SLASKI S.A.
MTELEKOM MAGYAR TELEKOM TELECOMMUNICATIONS
KTY GRUPA KETY SA
TPS ORANGE POLSKA S.A.
CAI CA IMMOBILIEN ANLAGEN AG
MYTIL MYTILINEOS S.A.
LPP LPP S.A.
SPI S IMMO AG
AEFES ANADOLU EFES BIRACILIK VE MALT SANAYII A.S.
BRISA BRISA-BRIDGESTONE SABANCI LASTIK SANAYI VE TICARET A.S.
LOGO LOGO YAZILIM SANAYI VE TICARET A.S.
CCC CCC SA
CCOLA COCA-COLA ICECEK A.S.
CIE CIECH S.A.
GTC GLOBE TRADE CENTRE S.A.
EEG1T EKSPRESS GRUPP A.S.
AEGN AEGEAN AIRLINES SA
TENERGY TERNA ENERGY S.A.
AUG1L AGROWILL GROUP AB
ENA ENEA S.A.
BFT BENEFIT SYSTEMS S.A. ALLOTMENT
MGROS MIGROS TICARET A.S
PGE PGE POLSKA GRUPA ENERGETYCZNA S.A.
AFLT AEROFLOT RUSSIAN AIRLINES
LVC LIVECHAT SOFTWARE SA
TBCB TBC BANK JOINT STOCK CO
PPC PUBLIC POWER CORPORATION S.A.
OTP OTP BANK NYRT
CAR INTER CARS S.A.
ARCLK ARCELIK A.S.
AYGAZ AYGAZ A.S.
FROTO FORD OTOMOTIV SANAYI A.S.
SISE TURKIYE SISE VE CAM FABRIKALARI A.S.
ULKER ULKER BISKUVI SANAYI A.S.
EUR EUROCASH S.A.
ECH ECHO INVESTMENT
FMF FAMUR SA
GSPARK GRAPHISOFT PARK SE
CPS CYFROWY POLSAT SA
POSR POZAVAROVALNICA SAVA
GPW WARSAW STOCK EXCHANGE
TPE TAURON POLSKA ENERGIA S.A.
DAT DATAWALK SA
OTOEL AUTOHELLAS S.A.
BANK OF CYPRUS PCL
WPL WIRTUALNA POLSKA HOLDING SA
SKK SIRMA GROUP HOLDING JSC
ROSN ROSNEFT OIL CO. SPONSORED GDR REGS
BRD BRD-GROUPE SOCIETE GENERALE
TLV BANCA TRANSILVANIA S.A.
KMB KOMERCIJALNA BANKA AD SKOPJE
TRP TERAPLAST
MONET MONETA MONEY BANK AS
SNG SOCIETATEA NATIONALA DE GAZE NATURALE ROMGAZ SA
H4L1 HALYK SAVINGS BANK OF KAZAKHSTAN GDR
BNET BITTNET SYSTEMS
SNP PETROM S.A.
PBK PATRIA BANK SA
TOFAS TOFAS TURK OTOMOBIL FABRIKASI A.S.
HMX1R HANSAMATRIX AS
LKODN OIL COMPANY LUKOIL PJSC SPONSORED ADR
OGZD GAZPROM (GDR)
DIGI DIGI COMMUNICATIONS NV
DNP DINO POLSKA S.A.
COTE CONPET SA
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)
BVB S.C. BURSA DE VALORI BUCURESTI S.A.
GEB BANK OF GEORGIA
TGN SOCIETATEA NATIONALA DE TRANSPORT GAZE NATURALE TRANSGAZ S.A.
A4L ALLTERCO AD
19XX NEPI ROCKCASTLE PLC
ALPHA ALPHA BANK
ATAD TATNEFT (GDR)
M MED LIFE
ELPE HELLENIC PETROLEUM
CGEO GEORGIA CAPITAL
IIA IMMOFINANZ AG
SOKM SOK MARKETLER TICARET AS
EAT AMREST HOLDINGS SE
ZB-R-A ZAGREBACKA BURZA DD
SF3 STS GROUP AG
KAP NATIONAL ATOMIC COMPANY KAZATOMPROM
TEN TEN SQUARE GAMES
ADKO ADDIKO BANK
GR6 GRADUS
PEN PHOTON ENERGY NV
KOFOL KOFOLA CESKOSLOVENSKO A.S.
ALG ALLEGRO.EU SA
CZG CESKA ZBROJOVKA GROUP
INPST INPOST S.A.
PCF PCF GROUP SA
HUGE HUUUGE
ALR ALRO SLATINA
WINE PURCARI WINERIES PCL
4IG 4IG NYRT
IGN1L IGNITIS GRUPE
SHO SHOPER
KCEL KCELL JSC
ONE ONE UNITED PROPERTIES SA
- Research Team
WOOD Daily: EME Macro/Strategy; EAT PW; COTE RO; TITC GA; ELPE GA; TEL...
HEADLINES: • EME Macro/Strategy: housing affordability considerations • AmRest: 1Q22 strong, but below our expectations NEGATIVE • Conpet: generous net profit beat in 1Q22 POSITIVE • Titan Cement: 1Q22 results - solid start in volumes, but continued pressure on EBITDA margins • Hellenic Petroleum: 1Q22 results - net income boosted by inventory gains • Transelectrica: better-than-expected 1Q22 net result, on high interconnection revenues POSITIVE • MedLife: 1Q22 results in line, margins weake...
HTO HELLENIC TELECOMMUNICATIONS ORGANIZATION SA
TITK TITAN CEMENT CO. SA
KGH KGHM POLSKA MIEDZ S.A.
BFT BENEFIT SYSTEMS S.A. ALLOTMENT
LVC LIVECHAT SOFTWARE SA
CPS CYFROWY POLSAT SA
HMX1R HANSAMATRIX AS
COTE CONPET SA
SNN SOCIETATEA NATIONALA NUCLEARELECTRICA SA
TEL C.N.T.E.E. TRANSELECTRICA
FP. FONDUL PROPRIETATEA S.A. GDR (REG S)
ELPE HELLENIC PETROLEUM
EAT AMREST HOLDINGS SE
PCF PCF GROUP SA
ALR ALRO SLATINA
WINE PURCARI WINERIES PCL
- Research Team
WOOD Daily: TENERGY GA; POSR SV; MBK PW; DOAS TI; LOGO TI; GSPARK HB; ...
HEADLINES: • Terna Energy: strategically positioned (stays BUY) • Sava Re: slight discount, despite competitive ROE profile (stays HOLD) • mBank: big beat on bottom line, but operating profit simply solid and not as much of a surprise POSITIVE • Dogus Otomotiv: better-than-expected 1Q22 results POSITIVE • Logo Yazilim: 1Q22 results - small beat, bullish FY22E guidance reiterated POSITIVE • Graphisoft Park: stable 1Q22 results, valuation remains attractive NEUTRAL • InPost: 1Q22 beat on stronge...
PGN POLSKIE GORNICTWO NAFTOWE I GAZOWNICTWO SA
DOAS DOGUS OTOMOTIV SERVIS VE TICARET A.S.
LOGO LOGO YAZILIM SANAYI VE TICARET A.S.
TENERGY TERNA ENERGY S.A.
ENA ENEA S.A.
ULKER ULKER BISKUVI SANAYI A.S.
EUR EUROCASH S.A.
GSPARK GRAPHISOFT PARK SE
POSR POZAVAROVALNICA SAVA
TPE TAURON POLSKA ENERGIA S.A.
COTE CONPET SA
TEL C.N.T.E.E. TRANSELECTRICA
FP. FONDUL PROPRIETATEA S.A. GDR (REG S)
ELPE HELLENIC PETROLEUM
ADKO ADDIKO BANK
INPST INPOST S.A.
- Jonathan Lamb
- Ondrej Slama
European Oil and Gas Monthly: April 2022
In April, the gas market settled at a price of about EUR 105/MWh and showed much less volatility. The risk of cuts to Russian supply remains, but the market has absorbed this and is focusing on mitigation, in our view. Even Russia’s refusal to sell gas to Poland, was not enough to spark a big price increase. Inventory levels are helping to calm nerves, as April reached levels just 6% below the average for the month, after rising 9% in March. Demand for LNG in Asia is falling, as shown by lower J...
OMV OMV AG
PGN POLSKIE GORNICTWO NAFTOWE I GAZOWNICTWO SA
PKN POLSKI KONCERN NAFTOWY ORLEN S.A.
TUPRS TURKIYE PETROL RAFINERILERI A.S.
LTS GRUPA LOTOS S.A.
OTOEL AUTOHELLAS S.A.
SNG SOCIETATEA NATIONALA DE GAZE NATURALE ROMGAZ SA
SNP PETROM S.A.
ELPE HELLENIC PETROLEUM
PTKHY PETKIM PETROKIMYA HOLDING AS
- Jonathan Lamb
- Ondrej Slama
European Oil and Gas Monthly: February 2022
Just when the gas market appeared to have settled down, the invasion of Ukraine brought with it the risk that the flows of gas may cease between the world’s second-largest gas producer and its second-largest market. Although the daily data on gas flows from Gazprom have disappeared in the past two weeks, anecdotally, we hear that the gas is still flowing. Worries that gas may stop flowing was enough to push gas prices to EUR 100/MWh by the end of the month, and a reversal of the declines that we...
- Research Team
The Rear-View Mirror – EME markets: stocks bleed amid Russian invasion...
EME Equity Market – February 2022 Market performance – Russia’s equities bled in February due to the country’s invasion of Ukraine. The MSCI EME Europe Index declined by 38.7% in EUR terms and 38.8% in USD terms. Russian stocks, represented by the MOEX Index, lost the most in February, declining by 34.6% in EUR terms and 30.0% in RUB terms. The Hungarian BUX Index lost 21.8% in EUR terms and 18.2% in HUF terms; while the Polish WIG20 Index declined by 11.7% in EUR and 9.5% in PLN. In Prague, the...
GARAN TURKIYE GARANTI BANKASI ANONIM SIRKETI
PEO BANK POLSKA KASA OPIEKI SA
OPAP GREEK ORGANISATION OF FOOTBALL PROGNOSTICS SA
KRU KRUK S.A.
TCELL TURKCELL ILETISIM HIZMETLERI A.S.
MOL MOL NYRT
EBS ERSTE GROUP BANK AG
YNDX YANDEX NV CLASS A
ACP ASSECO POLAND SA
HTO HELLENIC TELECOMMUNICATIONS ORGANIZATION SA
CDR CD PROJEKT S.A.
RBI RAIFFEISEN BANK INTERNATIONAL AG
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.
DOAS DOGUS OTOMOTIV SERVIS VE TICARET A.S.
SPL SANTANDER BANK POLSKA SA
BSK ING BANK SLASKI S.A.
FOYRK FOURLIS HOLDINGS S.A.
MTELEKOM MAGYAR TELEKOM TELECOMMUNICATIONS
KTY GRUPA KETY SA
TPS ORANGE POLSKA S.A.
MYTIL MYTILINEOS S.A.
SAR GR. SARANTIS S.A.
AKBNK AKBANK TAS
AEFES ANADOLU EFES BIRACILIK VE MALT SANAYII A.S.
BRISA BRISA-BRIDGESTONE SABANCI LASTIK SANAYI VE TICARET A.S.
LOGO LOGO YAZILIM SANAYI VE TICARET A.S.
CCC CCC SA
CCOLA COCA-COLA ICECEK A.S.
CIE CIECH S.A.
VESBE VESTEL BEYAZ ESYA SANAYI VE TICARET
GTC GLOBE TRADE CENTRE S.A.
EEG1T EKSPRESS GRUPP A.S.
TTKOM TURK TELEKOMUNIKASYON A.S.
PGE PGE POLSKA GRUPA ENERGETYCZNA S.A.
LVC LIVECHAT SOFTWARE SA
TBCB TBC BANK JOINT STOCK CO
CAR INTER CARS S.A.
ARCLK ARCELIK A.S.
AYGAZ AYGAZ A.S.
FROTO FORD OTOMOTIV SANAYI A.S.
SISE TURKIYE SISE VE CAM FABRIKALARI A.S.
TUPRS TURKIYE PETROL RAFINERILERI A.S.
EUR EUROCASH S.A.
LTS GRUPA LOTOS S.A.
FMF FAMUR SA
GSPARK GRAPHISOFT PARK SE
CPS CYFROWY POLSAT SA
MAIL MAIL.RU GROUP LTD. SPONSORED GDR
GPW WARSAW STOCK EXCHANGE
ALRS ALROSA PJSC
BANK OF CYPRUS PCL
WPL WIRTUALNA POLSKA HOLDING SA
ROSN ROSNEFT OIL CO. SPONSORED GDR REGS
BELA JUMBO S.A.
SAB1L SIAULIU BANKAS
BRD BRD-GROUPE SOCIETE GENERALE
TLV BANCA TRANSILVANIA S.A.
NVTK NOVATEK JSC SPONSORED GDR REGS
TRP TERAPLAST
MONET MONETA MONEY BANK AS
ADPL-R-A AD PLASTIK D.D.
BNET BITTNET SYSTEMS
SNP PETROM S.A.
PBK PATRIA BANK SA
TOFAS TOFAS TURK OTOMOBIL FABRIKASI A.S.
5M71 MAGNIT PJSC SPONSORED GDR REGS
PLZL POLYUS (GDR)
HMX1R HANSAMATRIX AS
OGZD GAZPROM (GDR)
COTE CONPET SA
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.
A4L ALLTERCO AD
19XX NEPI ROCKCASTLE PLC
ALPHA ALPHA BANK
ELPE HELLENIC PETROLEUM
PTKHY PETKIM PETROKIMYA HOLDING AS
CGEO GEORGIA CAPITAL
SOKM SOK MARKETLER TICARET AS
EAT AMREST HOLDINGS SE
ZB-R-A ZAGREBACKA BURZA DD
NLBR NLB GROUP
ENJSA ENERJISA ENERJI
SF3 STS GROUP AG
TEN TEN SQUARE GAMES
GR6 GRADUS
ALG ALLEGRO.EU SA
KSPI KASPI KZ
OZON OZON HOLDINGS
HUGE HUUUGE
ALR ALRO SLATINA
WINE PURCARI WINERIES PCL
4IG 4IG NYRT
IGN1L IGNITIS GRUPE
SHO SHOPER
GDEV NEXTERS INC
PCO PEPCO GROUP NV
KCEL KCELL JSC
ONE ONE UNITED PROPERTIES SA
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