HEADLINES: • BIM: weak results in 1Q25 NEGATIVE • MOL: 1Q25 results – strong EBITDA, big net income beat POSITIVE • OTP Bank: neutral 1Q25 results, but supported strongly by Russian operations NEUTRAL • AmRest: 1Q25 below expectations, due to EUR 5m negative one-off NEUTRAL • NLB Group: small bottom-line miss in 1Q25, but guidance maintained NEUTRAL • National Bank of Greece: 1Q25 highlights POSITIVE • Eurobank Ergasias Services: 1Q25 highlights NEUTRAL • Alpha Services and Holdings: 1Q25 highli...
HEADLINES: • ING BSK: 1Q25 results in line with expectations and our annual 2025E expectations NEUTRAL • Jeronimo Martins: beat in 1Q25; Biedronka margin stabilised, despite adverse calendar effect; FY25E guidance maintained POSITIVE • Bank Handlowy: dull 1Q25 results; dividend recommendation due later in May; uncertainty over impact of sale of retail operations persisting NEUTRAL • Budimex: 1Q25 EBITDA misses forecast slightly, backlog down marginally qoq, but rising amount of pending contracts...
HEADLINES: • Coca-Cola Icecek: 1Q25 misses expectations NEGATIVE • Kalekim: 1Q25 results – in line NEUTRAL • Isbank: 1Q25 highlights – better-than-expected NI, due to tax credit NEUTRAL • Piraeus Financial Holdings: 1Q25 highlights – NI in line; upside to guidance on fees NEUTRAL • VIGO Photonics: key takeaways from the 4Q24 earnings call POSITIVE • CEZ: court grants EDF review of nuclear tender NEUTRAL • PZU: recommends a DPS of PLN 4.47 from the 2024 net profit NEUTRAL • Gentoo Media: 1Q25E fi...
FY24 as resilient as could be given multiple headwinds… – 2024 left us with mixed feelings, with Jumbo delivering just 4% adj. EBITDA and c3% adj. EPS growth on 6.3% sales growth, due to mild gross margin compression and cost deleveraging from new capacity (c0.7pps increase in opex/sales). That said, the actual performance eclipsed the overly cautious message echoed by mgt last summer (flat net income), validating the resilience of the business model. FCF was weaker than our expectation due to ...
HEADLINES: • Romania: first round of presidential election signals tough times ahead • EME Macro/Strategy: macro all-in-one (28 April-4 May) • Al Arabia: signs Riyadh train and buses contract POSITIVE • Al Arabia: Faden Media signs a contract with the Jeddah Municipality POSITIVE • Huuuge Games: April bookings estimate down 10% mom, to USD 9m NEGATIVE • Ten Square Games: April bookings estimate down 3% mom, deeper declines in core titles NEGATIVE • Gentoo Media: delisting from the Oslo Børs to b...
FY24 as resilient as could be given multiple headwinds… – 2024 left us with mixed feelings, with Jumbo delivering just 4% adj. EBITDA and c3% adj. EPS growth on 6.3% sales growth, due to mild gross margin compression and cost deleveraging from new capacity (c0.7pps increase in opex/sales). That said, the actual performance eclipsed the overly cautious message echoed by mgt last summer (flat net income), validating the resilience of the business model. FCF was weaker than our expectation due to ...
HEADLINES: • Brisa: reports weak 1Q25 numbers, as expected NEGATIVE • Air Astana Group: 1Q25 – first take broadly in line • VIGO Photonics: full 4Q24 results – miss on adjusted EBITDA, slight beat on net profit NEUTRAL • Doosan Skoda Power: 2024 P&L numbers fully in line with the preliminaries NEUTRAL • PCF Group: post-4Q24 earnings call takeaways NEUTRAL • Cimsa: 1Q25 conference call takeaways • Akcansa: 1Q25 conference call takeaways • Solutions by STC: 1Q25 conference call takeaways • CEZ: to...
HEADLINES: • Theon International: 1Q25 trading update – strong execution, rich options POSITIVE • Kruk: 1Q25 results, beat driven by Wonga, debt purchased segment in line, but slowing growth dynamics NEUTRAL • Siauliu Bankas: rather weak 1Q25, but maintained outlook should provide some support NEGATIVE • Medicover: 1Q25 beat on admin costs and other financial income POSITIVE • Otokar: 1Q25 results – continuing losses on the operating and bottom lines • Tofas: weak set of results in 1Q25, as anti...
HEADLINES: • Arcelik: weak set of results in 1Q25 NEGATIVE • Akbank: 1Q25 highlights – management cautious on margin, but positive on fees • Yapi Kredi: 1Q25 highlights, before the call – beat on NII and fees (evolved better than the guidance) • Solutions by STC: weak 1Q25 financial results, disappointing revenue growth NEGATIVE • Poland macro: April data paint an encouraging picture • PCF Group: PLN 173m write-offs to hit the 2024 results, related mostly to Bifrost NEGATIVE • Richter: positive ...
EME Equity Market – March 2025 Türkiye hammered, once again. The MSCI EM Europe Index advanced 0.5% in EUR terms and 4.5% mom in USD terms in March. The Czech PX Index was the best performer (+7.0% mom in EUR terms), followed by the Greek ASE (+4.8% mom), Polish WIG (+3.7% mom) and Hungarian BUX(+1.3% mom) indices (all in EUR terms). There was a muted performance from the Romanian BET Index (-0.1% mom in EUR terms). The Turkish ISE30 finished in the red again, declining 9.5% mom in EUR terms.
Nebius Group Nebius to Offer NVIDIA Blackwell Ultra-Powered Instances 18-March-2025 / 21:01 CET/CEST The issuer is solely responsible for the content of this announcement. Nebius to Offer NVIDIA Blackwell Ultra-Powered Instances Nebius will be an early adopter cloud provider of the NVIDIA Blackwell Ultra platform, offering NVIDIA GB300 NVL72-powered instances Announces general availability of NVIDIA Blackwell GPU capacity at U.S. data centers beginning in Q2 Also named as ecosystem partner for new NVIDIA Dynamo Inference Engine Amsterdam, March 18, 2025 — Nebius (NASDAQ:...
HEADLINES: • CEZ: 4Q24 results a strong beat, FY25E guidance also positive POSITIVE • PKO BP: posts solid 4Q24, and sets solid base for 2025E delivery NEUTRAL • Sarantis: FY24 slightly above guidance; minor guidance upgrade for 2025E POSITIVE • Allegro: 4Q24 EBITDA beat, solid FY25E guidance, PLN 1.4bn buyback POSITIVE • Inter Cars: preliminary 4Q24 net profit rises 41% yoy, but a slight miss vs. expectations NEUTRAL • Shoper: 4Q24 preliminary adjusted EBITDA up 32% yoy, sound 12% beat vs. our f...
Nebius Group Nebius Academy and Stevens Institute of Technology launch lab to explore how AI can advance math research and education 12-March-2025 / 14:01 CET/CEST The issuer is solely responsible for the content of this announcement. Nebius Academy and Stevens Institute of Technology launch lab to explore how AI can advance math research and education Opening March 12, the lab will explore applications for AI and related technologies to advance teaching and learning in mathematics Hoboken, N.J., March 12, 2025 – Stevens Institute of Technology is collaborating with , the le...
Nebius Group Nebius accelerates US expansion, adding up to 300 MW capacity at new data center in New Jersey 05-March-2025 / 13:01 CET/CEST The issuer is solely responsible for the content of this announcement. Nebius accelerates US expansion, adding up to 300 MW capacity at new data center in New Jersey New build-to-suit facility in New Jersey will have design capacity of up to 300 MW; Incremental capacity also being added at existing facility in Kansas City and new site in Iceland. Amsterdam, March 5, 2025 — Nebius Group N.V. (“Nebius Group” or the “Company”; NASDAQ: NBIS), a ...
EME Equity Market – February 2025 Poland outperforms, again; Türkiye declines. The MSCI EM Europe Index advanced by 3.1% in EUR terms and 2.9% mom in USD terms in February. The Polish WIG20 was, once again, the best performer, adding 7.3% mom in February; followed by the Czech PX Index (+6.1% mom); while Greece (+3.8% mom), Hungary (+3.5% mom) and Romania (+3.0% mom) all reported rather similar performances. The Turkish ISE30 was the worst performer, declining 4.5% mom.
HEADLINES: • Kruk: detailed 4Q24 results, revealing headwinds in Spain NEGATIVE • Erste Bank: small miss on 4Q24 results, but promises strong ROTE outlook for 2025E and adds another round of share buyback potential NEUTRAL • Richter: soft 4Q24 operating results NEGATIVE • Sphera Group: 4Q24 soft, as expected NEGATIVE • Aquila Part Prod Com S.A.: earnings a small beat, bottom line boosted by negative goodwill and low tax rate POSITIVE • Romgaz: 4Q24 results NEUTRAL • DIGI Communications: 4Q24 pre...
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