EME Equity Market – October 2024 A red October for the EME indices, only Czechia in positive territory. The MSCI EM Europe Index declined by 6.0% in EUR terms and 8.4% in USD terms in October. The Czech PX index was the only one spared, adding 1.3% mom in EUR terms. Türkiye was battered the most, with the Turkish ISE30 declining by 7.3% mom in EUR terms, followed closely by the Polish WIG20 (-6.7% mom in EUR terms). Greece fell 4.8% mom in EUR terms, while the Hungarian BUX index lost 2.7% mom i...
HEADLINES: • Asseco Poland: profitability rebound slower than expected (downgraded to HOLD) • EME Macro/Strategy: macro all-in-one (21-27 October) • Georgia macro: early takes following the parliamentary election • Arcelik: weak set of results in 3Q24 NEGATIVE • Solutions by STC: 3Q24 results NEGATIVE • Budimex: 3Q24 EBIT marginally above our and the market's expectations NEUTRAL • Cimsa: 3Q24 conference call takeaways • PKO BP: three of four largest minority shareholders act jointly to call EGM...
Edison Investment Research Limited Edison issues report on Georgia Capital (CGEO) 03-Sep-2024 / 11:34 GMT/BST The issuer is solely responsible for the content of this announcement. London, UK, 3 September 2024 Edison issues report on Georgia Capital (CGEO) Edison issues report on Georgia Capital (LSE: CGEO). Georgia Capital’s (GCAP’s) net asset value (NAV) per share decreased by 12.8% quarter-on-quarter in Q224 in Georgian lari (down 16.5% in sterling terms). This was mostly due to the widening of bond yields and credit spreads amid the latest political turmoil in Georgi...
Georgia Capital’s (GCAP’s) net asset value (NAV) per share decreased by 12.8% quarter-on-quarter in Q224 in Georgian lari (down 16.5% in sterling terms). This was mostly due to the widening of bond yields and credit spreads amid the latest political turmoil in Georgia. The de-rating of Bank of Georgia’s (BoG’s) shares had a 7.1pp impact on GCAP’s NAV, while higher discount rates applied to value the private portfolio companies contributed a further 7.5pp drag. Meanwhile, portfolio companies cont...
HEADLINES: • Graphisoft Park: 2Q24 – steady results, guidance reviewed slightly upwards • DIGI Communications: 2Q24 results – adjusted EBITDA up 16% yoy, 1% above our estimate POSITIVE • Telecom Egypt: 2Q24 results review – EBITDA up 40% yoy, 7% above our estimate POSITIVE • Romgaz: 2Q24 results NEUTRAL • Pegasus Airlines: 2Q24 – RASK (up 4% yoy) ahead of our and the consensus estimates POSITIVE • Pegasus Airlines: erratum • Georgia Capital: takeaways from the 2Q24 earnings call NEUTRAL • DataWa...
EME Equity Market – June 2024 Another positive month for most of the EME indices, with the Hungarian BUX Index outperforming. The MSCI EM Europe Index rose by 1.0% in EUR terms, but declined -0.2% in USD terms in June. The Hungarian BUX index reported the strongest performance, adding 4.8% in EUR terms, followed by the Romanian BET and the Polish WIG20 (+3.7% and 2.1%, in EUR terms, respectively), and the Turkish ISE30 (+0.9% in EUR terms). Greece and the Czech Republic were in negative territor...
HEADLINES: • Europe macro: ECB delivers cautious introductory cut • National Bank of Greece: declares EUR 0.36/share dividend, following SSM approval POSITIVE • NLB Group: publishes takeover offer to acquire Addiko Bank NEUTRAL • European oil and gas monthly: May 2024 – gas prices’ surprising comeback • Georgia Capital: in civil dispute over education investment NEGATIVE • Auto Partner: Investor Day takeaways NEUTRAL • CCC: 5.8m shares admitted to trading NEUTRAL • Romgaz: share split; new price...
EME Equity Market – May 2024 Turkish equities lead, in the mostly green month of May. The MSCI EM Europe Index rose by 0.7% mom in EUR terms and 1.8% mom in LCU terms in May. The Turkish ISE30 index reported the strongest performance, adding 3.6% mom in EUR terms, followed by the Romanian BET and the Czech PX (+2.7% and 2.1% mom in EUR terms, respectively). The Hungarian BUX index and the Polish WIG20 remained broadly flat (+0.4% and +0.2% mom in EUR terms, respectively); although, in LCU terms,...
HEADLINES: • Georgia Capital: announces two new buyback programmes POSITIVE • HELLENiQ Energy: 1Q24 results – mildly above expectations POSITIVE • Warsaw Stock Exchange: bottom-line miss and further margin compression in the 1Q24 results NEGATIVE • Bank of Cyprus: 1Q24 highlights POSITIVE • Alpha Services and Holdings: 1Q24 highlights – trading-related beat, but NIM and fees evolve better than expected • Eurobank Ergasias Services: 1Q24 highlights – helped by trading income, but good quarter ove...
Edison Investment Research Limited Edison issues update on Georgia Capital (CGEO): FY23 NAV TR of 20% in sterling terms 23-Feb-2024 / 15:57 GMT/BST The issuer is solely responsible for the content of this announcement. London, UK, 23 Februar 2024 Edison issues update on Georgia Capital (CGEO): FY23 NAV TR of 20% in sterling terms Georgia Capital (GCAP) reported a Q423 NAV total return (TR) of 7.7% in Georgian lari (GEL) terms (3.4% in sterling terms), bringing the FY23 NAV TR to a strong 26.5% (20.4% in sterling terms). The considerable increase in the sterling share pric...
Georgia Capital (GCAP) reported a Q423 NAV total return (TR) of 7.7% in Georgian lari (GEL) terms (3.4% in sterling terms), bringing the FY23 NAV TR to a strong 26.5% (20.4% in sterling terms). The considerable increase in the sterling share price of Bank of Georgia (BoG) was the main contributor, adding c 5.1% and 19.5% to GCAP’s opening NAV in Q423 and FY23, respectively. This was further assisted by positive revaluation of all large and investment-stage private holdings, except for the hospit...
HEADLINES: • Public Power Corporation: shifting into high gear (stays BUY) • Turkey macro: CBRT extends the cautious pause • Magyar Telekom: 4Q23 results review – EBITDA up 16% yoy, in line with the consensus; strong 2024E guidance POSITIVE • NLB Group: strong 4Q23 results and massive increase in 2023 dividends POSITIVE • Kruk: announces PLN 1,012m of 2023E net profit NEUTRAL • OTE: 4Q23 results review – solid quarter, with 2% yoy adjusted EBITDA growth; EUR 450m shareholders' payout guidance PO...
HEADLINES: • Poland macro: NBP extends wait-and-see stance • Greece macro: GDP underperforms in 3Q • WOOD's Winter Wonderland EME Conference 2023: postcards from Prague • Georgia Capital: postcard from Prague • Mytilineos: postcard from Prague • Sarantis: postcard from Prague • Richter: postcard from Prague • 11 bit studios: postcard from Prague • Asseco Poland: postcard from Prague • Benefit Systems: postcard from Prague • Orange Polska: postcard from Prague • Shoper: postcard from Pr...
EME Equity Market – October 2023 Market performance – election results prompt stellar market reaction in Poland; sell-off in Turkey. The MSCI EM Europe Index added 1.7% mom in EUR terms and 2.0% mom in USD in October. Poland staged a massive rebound, post the elections, with the WIG20 advancing 16.4% mom in EUR terms. Apart from Turkey, where October was a sell-off, with the ISE30 declining 13.7% mom in EUR terms, there were relatively muted performances everywhere else (BUX +2.1% / PX +0.4% / B...
HEADLINES: • Aselsan: 3Q23 results - backlog hits historical peak of USD 11bn, execution on track POSITIVE • Coca-Cola Icecek: strong beat in 3Q23 financials POSITIVE • Logo Yazilim: 3Q23 results - in line NEUTRAL • Siauliu Bankas: 3Q23 results highlights • OMV Petrom: takeaways from the 3Q23 earnings call NEUTRAL • Czech Republic macro: GDP disappoints in 3Q • OMV: joint venture to build Europe's largest plastics sorting facility • Jahez: announces lapse of period to fulfil the SPA condition...
Georgia Capital (GCAP): Successful bond refinancing improves risk profile 03-Oct-2023 / 07:15 GMT/BST The issuer is solely responsible for the content of this announcement. London, UK, 3 October 2023 Georgia Capital (GCAP): Successful bond refinancing improves risk profile Georgia Capital delivered positive newsflow during August, including the successful pricing of its new sustainability-linked bond (with proceeds used to redeem the 2024 Eurobond), as well as its Q223 results release, with a robust 8.2% NAV total return in GEL terms posted during the quarter. We believ...
Georgia Capital (GCAP) delivered positive newsflow during August, including the successful pricing of its new sustainability-linked bond (with proceeds used to redeem the 2024 Eurobond), as well as its Q223 results release, with a robust 8.2% NAV total return (TR) in GEL terms posted during the quarter. We believe that the successful bond refinancing, coupled with continued deleveraging at holding level (net capital commitment ratio of 17.4% at end-June 2023) further reduces GCAP’s risk profile....
EME Equity Market – August 2023 Market performance – Turkey the top performer in August, once again. The MSCI EM Europe Index lost 0.7% mom in EUR terms and 2.2% mom in USD in August. Turkey, yet again, outperformed its peers, with the ISE30 gaining 9.4% mom in EUR terms. The Hungarian BUX index saw a solid performance in August, adding 6.1% mom in EUR terms, while the Romanian BET had a lacklustre month, barely making any gains (0.1% mom in EUR terms). Elsewhere, the index performances were neg...
HEADLINES: • AROBS Transilvania Software: rolling up IT development in Romania (BUY - initiation of coverage) • Elbit Systems: 2Q23 results - top-down beat, as revenue growth accelerates POSITIVE • Transelectrica: 2Q23 results broadly in line with expectations NEUTRAL • Pegasus Airlines: 2Q23 call takeaways NEUTRAL • Georgia Capital: NAV up 8% qoq, deleveraging continues apace NEUTRAL • Hidroelectrica: jump in volumes to lift profit in 2Q23E (due out today, after the close) • PZU: 2Q23E resu...
EME Equity Market – July 2023 Market performance – gains keep on rolling in all geographies, with special mention of Turkey’s stellar performance. The MSCI EM Europe Index gained 8.6% mom in EUR terms and 9.5% mom in USD in July. Turkey clearly outperformed its peers, gaining 18.6% mom in EUR terms. Most other geographies performed more or less at similar levels, with the Polish WIG20 in the upper part of the range, advancing 7.3% mom in EUR terms, followed by the Romanian BET and Czech PX indic...
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