reports
- Research Team
WOOD Daily: EME Macro/Strategy – EU Elections; LAMDA GA; BIMAS TI; LPP...
HEADLINES: • EME Macro/Strategy: how big should the political risk premium in Europe be? • Lamda Development: 1Q24 – with the wind in its sails • BIM: strong set of results in 1Q24 POSITIVE • LPP: 1Q24 strong, as expected; FY24E guidance maintained POSITIVE • CCC: 1Q24 results in line with prelims; positive trends maintained in 2Q24 NEUTRAL • US macro: Fed pushes back on rate cuts • Jahez: announces SAR 150m real estate purchase NEUTRAL • Text: 4Q23-24E preview – 1% yoy EBITDA drop expected (due...
- Research Team
WOOD Daily: FROTO TI; CZ Macro; HU Macro; RICHT HB; BELA GA; SNP RO
HEADLINES: • Ford Otosan: getting ready to fire on all cylinders (upgraded to BUY) • Czech Republic macro: May inflation moderates, to hit the low point soon • Hungary macro: May inflation up, but in line with expectations • Richter: acquires Mithra assets for an EV of EUR 175m NEUTRAL • Jumbo: turnover +10%/+8% in May/5M24 POSITIVE • OMV Petrom: to invest EUR 750m in renewable fuels at Petrobrasi refinery NEUTRAL • Short News (ALR, PKO)
- Research Team
WOOD Daily: EBS AV; NLBR SV; WPL PW; ADNOCDRI UH; RICHT HB; OMV AV; LP...
HEADLINES: • Erste Bank: strong capital position, strong returns (stays BUY) • NLB Group: presentation of offer to Addiko shareholders – takeaways NEUTRAL • Wirtualna Polska: concludes conditional agreement to acquire Romanian travel e-commerce business POSITIVE • ADNOC Drilling JV increases its stake in Gordon Technologies POSITIVE • Richter: Mithra declares bankruptcy, Richter talks continue NEUTRAL • OMV: starts up co-processing biofuels plant at Schwechat refinery NEUTRAL • LPP: 1Q24E result...
- Marta Jezewska-Wasilewska
- Miguel Dias
Erste Bank: strong capital position, strong returns (stays BUY)
We remain BUYers of Erste Bank and increase our 12M price target (PT) to EUR 57.0/share (from EUR 49.5/share), or 27% upside. We continue to consider Erste Bank a well-capitalised bank, which should offer attractive dividend/buyback returns to shareholders and keep its optionality to deliver business growth, in our view. The bank’s double-digit ROEs imply capital generation that can fund solid single-digit growth and solid dividends at the same time, with no weakening of the very strong capital ...
- Krisztian Karikas
The growth continues
Due to the transfer of coverage and the recent developments, we revisited our estimatesfor DIGI. We reiterate our Buy recommendation with a 12-m ex-div TP of RON 84, implyinga 26% upside potential. DIGI trades at P/E of 15.0x and EV/EBITDA of 4.8x, based on ourestimates, implying that the stock is valued at a premium compared to its peers.DIGI aims to provide superior communication services to a large customer base at the mostaffordable prices, offering ‘Pay TV’, ‘Fixed Telephony’, ‘Mobile Telep...
- Research Team
WOOD Daily: EU Macro; GR Macro; CAR PW; OMV AV; SNP RO
HEADLINES: • Europe macro: European parliamentary elections – broadly as expected • Greece macro: 1Q GDP flash estimate shows improvement • Inter Cars: May sales up by a mere 2% yoy NEGATIVE • OMV: New Zealand to lift ban on oil exploration, which may benefit the company POSITIVE • OMV Petrom: to acquire PV projects with 130 MW capacity, with partner Renovatio NEUTRAL • Short News (BHW, HUG)
SMG Technology Acceleration SE: 1 director
A director at SMG Technology Acceleration SE sold 13,116,323 shares at 0.130EUR and the significance rating of the trade was 100/100. 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 las...
- Research Team
WOOD Daily: EU Macro; ETE GA; NLBR SV; EU Oil and Gas Monthly; CGEO LN...
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...
- Jonathan Lamb
European Oil and Gas Monthly: May 2024 – gas prices’ surprising comeba...
Benchmark refining margins retreated again in May, by USD 1.0/bbl, to USD 11.4/bbl, remaining about USD 2.5/bbl higher than usual for the season. Both petrol cracks and diesel cracks were a little weaker than the previous month, while fuel oil was a little better. The petrochemicals market looks more balanced, but the very weak ethylene margins continue.
- Research Team
WOOD Daily: NLBR SV; GR Banks; PL Macro; TPEIR GA; APR PW; Global Airl...
HEADLINES: • NLB Group: a tale of growth and expansion (BUY - transfer of coverage) • Greek banks: SSM greenlights banks' dividend distributions POSITIVE • Poland macro: NBP extends the pause • Piraeus Financial Holdings: revises 2024E guidance up POSITIVE • Auto Partner: May sales up by a limited 7% yoy NEGATIVE • Global airlines: French ATC strikes prompt Ryanair to call on EU to take action to protect freedom of movement NEGATIVE • mBank: announces path for succession in Management Board NEUT...
- Carole Braudeau
- Carole Braudeau
- Research Team
The Rear-View Mirror – EME markets: Turkish equities in the lead
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,...
EUROB EUROBANK ERGASIAS SERVICES & HOLDINGS SA
PEO BANK POLSKA KASA OPIEKI SA
OPAP GREEK ORGANISATION OF FOOTBALL PROGNOSTICS SA
KRU KRUK S.A.
EXAE HELLENIC EXCHANGES SA
CEZ CEZ AS
ACP ASSECO POLAND SA
KRKG KRKA D.D.
HTO HELLENIC TELECOMMUNICATIONS ORGANIZATION SA
CDR CD PROJEKT S.A.
RBI RAIFFEISEN BANK INTERNATIONAL AG
OMV OMV AG
PKO PKO BANK POLSKI S.A.
KOMB KOMERCNI BANKA A.S.
BHW BANK HANDLOWY W WARSZAWIE S.A.
BIMAS BIM BIRLESIK MAGAZALAR A.S.
WIZZ WIZZ AIR HOLDINGS PLC
PZU POWSZECHNY ZAKLAD UBEZPIECZEN SPOLKA AKCYJNA
MIL BANK MILLENNIUM SA
BSK ING BANK SLASKI S.A.
BDX BUDIMEX S.A.
GEKTERNA GEK TERNA
MTELEKOM MAGYAR TELEKOM TELECOMMUNICATIONS
CAI CA IMMOBILIEN ANLAGEN AG
PKN POLSKI KONCERN NAFTOWY ORLEN S.A.
LPP LPP S.A.
ASELS ASELSAN ELEKTRONIK SANAYI VE TICARET A.S. CLASS B
BRISA BRISA-BRIDGESTONE SABANCI LASTIK SANAYI VE TICARET A.S.
CIMSA CIMENTO SANYAI VE TICARET A.S.
LOGO LOGO YAZILIM SANAYI VE TICARET A.S.
CCC CCC SA
CCOLA COCA-COLA ICECEK A.S.
GTC GLOBE TRADE CENTRE S.A.
TENERGY TERNA ENERGY S.A.
BFT BENEFIT SYSTEMS S.A. ALLOTMENT
MGROS MIGROS TICARET A.S
PGE PGE POLSKA GRUPA ENERGETYCZNA S.A.
PGSUS.E PEGASUS HAVA TASIMACILIGI AS
APR AUTO PARTNER SA
TBCB TBC BANK JOINT STOCK CO
TPEIR PIRAEUS BANK SA
ALPHA ALPHA BANK AE
PPC PUBLIC POWER CORPORATION S.A.
OTP OTP BANK NYRT
CAR INTER CARS S.A.
FROTO FORD OTOMOTIV SANAYI A.S.
OTKAR OTOKAR OTOMOTIV VE SAVUNMA SANAYI A.S.
THYAO TURK HAVA YOLLARI A.O.
EUR EUROCASH S.A.
ECH ECHO INVESTMENT
GSPARK GRAPHISOFT PARK SE
CPS CYFROWY POLSAT SA
MBR MO-BRUK S.A.
GPW WARSAW STOCK EXCHANGE
11B 11 BIT STUDIOS S.A.
TPE TAURON POLSKA ENERGIA S.A.
ALR ALIOR BANK SA
OTOEL AUTOHELLAS S.A.
VGO VIGO SYSTEM SA
BANK OF CYPRUS PCL
WPL WIRTUALNA POLSKA HOLDING SA
BRD BRD-GROUPE SOCIETE GENERALE
TLV BANCA TRANSILVANIA S.A.
ETEL TELECOM EGYPT
H4L1 HALYK SAVINGS BANK OF KAZAKHSTAN GDR
SNP PETROM S.A.
PBK PATRIA BANK SA
DIGI DIGI COMMUNICATIONS NV
DNP DINO POLSKA S.A.
NBGGY NATIONAL BANK OF GREECE S.A. ADS
BVB S.C. BURSA DE VALORI BUCURESTI S.A.
GEB BANK OF GEORGIA
RICHT RICHTER
M MED LIFE
SFG SPHERA FRANCHISE GROUP SA
ADNOCDIST ADNOC DISTRIBUTION PJSC
CGEO GEORGIA CAPITAL
SOKM SOK MARKETLER TICARET AS
EAT AMREST HOLDINGS SE
ESLT ELBIT SYSTEMS LTD
KAP NATIONAL ATOMIC COMPANY KAZATOMPROM
TEN TEN SQUARE GAMES
ILRA-R-A ILIRIJA D.D.
ALG ALLEGRO.EU SA
CZG CESKA ZBROJOVKA GROUP
DUNAHOUSE DUNA HOUSE
PCF PCF GROUP SA
HUGE HUUUGE
4IG 4IG NYRT
IGN1L IGNITIS GRUPE
PCO PEPCO GROUP NV
CTPNV KAZMUNAYGAS NC JSC
GPP CTP NV
ADNOCDRILL GRUPA PRACUJ DA
AROBS ADNOC DRILLING CO
2381 AROBS TRANSILVANIA SOFTWARE SA
7202 ARABIAN DRILLING CO.
9526 ARABIAN INTERNET & COMMUNICATIONS SERVICES CO
ELPE JAHEZ INTERNATIONAL CO
4071 HELLENIQ ENERGY
7203 ARABIAN CONTRACTING SERVICES CO
AQ ELM CO
GEV AQUILA PART PROD COM
GEVORKYAN A.S.
- Research Team
WOOD Daily: EMEA airlines; AKCNS TI; 4IG HB
• EMEA airlines: margin descent commencing? (Wizz Air stays BUY; Aegean Airlines, Pegasus Airlines and Turkish Airlines stay HOLDs); • Akcansa: 1Q24 financial results review; • 4iG: 1Q24 review – solid operating results, with 31% yoy pro-forma EBITDA growth; net loss reported due to FX and interest
- Jakub Caithaml
- Peter Palovic
EMEA airlines: margin descent commencing? (Wizz Air stays BUY; Aegean ...
The past two years have been a very profitable period for a number of airlines globally. The demand for travel rebounded sharply as the pandemic receded. This pulled the fare levels up, ushering in an era of record-high margins. Carriers able to ramp-up capacity quickly, while keeping costs in check, benefitted particularly. The ticket prices are still above the pre-pandemic levels. However, some airlines (Pegasus, Turkish Airlines) are seeing some softening of fares already, from the high base ...
- Research Team
WOOD Daily: VGO PW; CDR PW; HUG PW; MOH GA; TKNSA TI; KAP LI; ESLT IT;...
HEADLINES: • VIGO Photonics: 1Q24 – miss on adjusted EBITDA and bottom line NEGATIVE • CD Projekt: 1Q24 EBITDA 5-7% above our and the market's expectations, no major surprises from the earnings call NEUTRAL • Huuuge Games: 1Q24 adjusted EBITDA in line with both our and the market's expectations NEUTRAL • Motor Oil Hellas: 1Q24 results – CCS EBITDA in line with the consensus NEUTRAL • Teknosa: higher financing costs weighed on the bottom line in 1Q24 NEGATIVE • Kazatomprom: 1Q24 results – lower E...
CDR CD PROJEKT S.A.
CIMSA CIMENTO SANYAI VE TICARET A.S.
PGE PGE POLSKA GRUPA ENERGETYCZNA S.A.
TKNSA TEKNOSA IC VE DIS TICARET AS
CAR INTER CARS S.A.
EUR EUROCASH S.A.
OTOEL AUTOHELLAS S.A.
VGO VIGO SYSTEM SA
ESLT ELBIT SYSTEMS LTD
KAP NATIONAL ATOMIC COMPANY KAZATOMPROM
TEN TEN SQUARE GAMES
PCF PCF GROUP SA
HUGE HUUUGE
- Gabor Bukta
Fare environment softens, but not at Wizz this year
We revisited our model after Wizz Air reported its FY24 earnings on 23 Mayand gave more colour on the current trading environment and operationalchallenges during the conference call. Our TP remains unchanged at 33GBP/sh, while we reiterate our BUY recommendation. It reflects the higherthan-expected FY24 earnings and the outstanding profit guidance for FY25of EUR 500-600mn, which came broadly in-line with our forecast, but wellahead of the consensus (EUR 515mn).
- Research Team
WOOD Daily: SFG RO; PCF PW; ACP PW; TEN PW; ECH PW; GTC PW; PGE PW; CI...
HEADLINES: • Sphera Group: out of the shadows (stays BUY) • PCF Group: 1Q24 EBITDA above our and the market's expectations, driven by self-publishing POSITIVE • Asseco Poland: 1Q24 review – net profit up 16% yoy, 10% the above consensus POSITIVE • Ten Square Games: 1Q24 adjusted EBITDA as expected NEUTRAL • Echo Investment: 1Q24 – benign margin environment continuing for Polish homebuilders NEUTRAL • GTC: 1Q24 in line, management recommends PLN 0.22 DPS NEGATIVE • PGE: 1Q24 earnings in line with...
ACP ASSECO POLAND SA
HTO HELLENIC TELECOMMUNICATIONS ORGANIZATION SA
CIMSA CIMENTO SANYAI VE TICARET A.S.
GTC GLOBE TRADE CENTRE S.A.
BFT BENEFIT SYSTEMS S.A. ALLOTMENT
PGE PGE POLSKA GRUPA ENERGETYCZNA S.A.
ECH ECHO INVESTMENT
11B 11 BIT STUDIOS S.A.
DIGI DIGI COMMUNICATIONS NV
SFG SPHERA FRANCHISE GROUP SA
TEN TEN SQUARE GAMES
PCF PCF GROUP SA
Sphera Franchise Group: 1 director
A director at Sphera Franchise Group sold 9,628 shares at 35.561RON and the significance rating of the trade was 55/100. 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 c...
- Lukasz Wachelko
- CFA
- Maria Mickiewicz
Sphera Group: out of the shadows (stays BUY)
We reiterate our BUY rating on Sphera Group (Sphera), with our 12M price target (PT) upped to RON 41.4/share (from RON 26.9/share). For the first time since its IPO in 2017, Sphera has moved out of the shadows and is trading at our 2024E EV/EBITDA of 7x, at a c.30% premium to its closest local peer, AmRest (BUY, PT PLN 28.1). We see this premium as fully justified. First, while AmRest has diluted its CEE exposure with expansion into the continuously troubled markets of Western Europe and China, ...
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