reports
Detskiy Mir Company News - Sales increased by 13.5% yoy, adjusted EBIT...
Today, Detskiy Mir reported its 3Q 20 trading update, which we consider to be positive due to expected improvement in adjusted EBITDA margin profitability. The revenue growth of 13.5% yoy was in line with our expectations as LFL sales of Detskiy Mir stores in Russia and Kazakhstan increased by 3.9% yoy since LFL ticket growth (+6.0%) more than offset LFL traffic decline (-2.1%). At the same time, the company commented that it expects its 3Q 20 adjusted EBITDA to increase by at least 20% yoy, imp...
Austrian, CEE & Russian Favourite Stock List October 2020
AUSTRIA: - CA Immo, Buy, TP EUR 36.50 - OMV, Buy, TP EUR 37.00 - Telekom Austria, Buy, TP EUR 7.50 - Wienerberger, Buy, TP EUR 25.00 CEE: - MOL, Buy, TP HUF 2,500 - Digi Communications, Buy, TP RON 42.00 RUSSIA: - ALROSA, Buy, TP RUB 128.0 - Detskiy Mir, Buy, TP RUB 158.0 - Mail.Ru Group, Buy, TP USD 46.50
Raiffeisen Centrobank Equity Daily 23.09.2020
AT: Atrium - 42% of shareholders choose scrip dividend for 3Q (neutral) AT: OMV/Verbund - OMV accepted Verbund's EUR 271 mn offer for 51% stake in TSO Gas Connect (neutral/positive) PL: PGNiG - Stalowa Wola lost the PLN 334 mn legal case against its former general contractor (negative) RO: Romania - Parliament voted for the 40% increase in pensions, but the law has to pass the control of the Constitutional Court and be promulgated by the president (neutral) RU: Detskiy Mir - AGM app...
Detskiy Mir confirmed at BUY, TP RUB 158 - Double-digit sales growth a...
We confirm our BUY recommendation for Detskiy Mir shares with a target price of RUB 158, an increase from RUB 129 previously. We became more positive on the companys growth prospects following the presentation of its new strategy emphasising the development of an omni-channel business model and new store formats, despite us becoming more conservative in our consumer spending forecasts for 2020e-2022e.
Raiffeisen Centrobank Equity Daily 03.09.2020
 ATX indices review - FFF changes in IMMOFINANZ, EVN; ATX five: add: Wienerberger; del BAWAG Group  PL: Cyfrowy Polsat - Company expresses interest in expanding into radio (neutral)  RU: Detskiy Mir, Sistema - Sistema and RCIF sold their entire stakes in Detskiy Mir (neutral)  RU: Lenta - Vladimir Sorokin replaces Herman Tinga as CEO (neutral)  RU: Russian O&G statistics - Daily oil and condensate output up by 5.1% mom in August due to OPEC+ limits' easing (neutral)  RU: Russia...
WIE WIENERBERGER AG
TATN TATNEFT PJSC
LKOH OIL COMPANY LUKOIL PJSC
AFKS SISTEMA PJSFC
LNTA LENTA INTERNATIONAL PJSC
CPS CYFROWY POLSAT SA
NVTK NOVATEK JSC
SIBN GAZPROM NEFT PJSC
GAZP GAZPROM PJSC
ROSN ROSNEFT OIL CO.
SNGS SURGUTNEFTEGAS PJSC
DSKY DETSKY MIR
BG BAWAG GROUP AG
RNFT RUSSNEFT
IIA IMMOFINANZ AG
Detskiy Mir Company News - Key highlights from the strategy update
Yesterday, Detskiy Mir presented its strategy. The company highlighted its plans regarding omnichannel development, initiatives to improve Detskiy Mir stores and plans for its marketplace, Detmir pick-up-points (PUPs) and pet supplies stores, Zoozavr.
Detskiy Mir Company News - EBITDA margin increased thanks to efficienc...
Today, Detskiy Mir released mixed 2Q 20 IFRS results. While the EBITDA margin improved yoy and was slightly ahead of our expectations, the net profit margin deteriorated yoy and was worse than expected. However, we would not overemphasise the net profit miss as it was mostly driven by one-off factors such as higher net interest expenses, FX loss and an elevated effective tax rate.
Equity Weekly 200820
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...
BHW BANK HANDLOWY W WARSZAWIE S.A.
POS PORR AG
CAI CA IMMOBILIEN ANLAGEN AG
SPI S IMMO AG
UBS UBM DEVELOPMENT AG
WXF WARIMPEX FINANZ UND BETEILIGUNG
TATN TATNEFT PJSC
LKOH OIL COMPANY LUKOIL PJSC
EUR EUROCASH S.A.
VIG VIENNA INSURANCE GROUP AG WIENER VERSICHERUNG GRUPPE
HYDR FEDERAL HYDRO-GENERATING COMPANY - RUSHYDRO PJSC
SNGS SURGUTNEFTEGAS PJSC
MOEX MOSCOW EXCHANGE MICEX-RTS PJSC
DSKY DETSKY MIR
DNP DINO POLSKA S.A.
RNFT RUSSNEFT
IIA IMMOFINANZ AG
AFP ALUFLEXPACK
Raiffeisen Centrobank Equity Daily 18.08.2020
 AT: AMAG - Takeover of 70% stake in Aircraft Philipp Gruppe (neutral)  AT: Flughafen Wien - Negative results somewhat less dramatic (positive)  AT: Frequentis - 1H 20: better order intake and operating results than expected, Commerzialbank deposit fully impaired, guidance confirmed (positive)  PL: Asseco Poland - Preliminary net profit a.m. of PLN 176.7 mn in 1H 20 (neutral)  RO: Banca Transilvania - Decision on additional taxes due for the acquisition of Volksbank Romania might ...
Detskiy Mir Company News - 2Q 20 sales increased yoy, adjusted EBITDA ...
Today, Detskiy Mir reported its 2Q 20 trading update, reporting revenue increasing by 2.9% yoy. Detskiy Mir stores LFL sales increased by 0.8% yoy as LFL ticket growth (+13.7%) more than offset LFL traffic decline (-11.3%). The company commented that it expects its 2Q 20 adjusted EBITDA to be higher yoy. We consider the trading update to be slightly positive as while the revenue growth was slightly below our expectations, July sales so far are strong (+24% yoy in the first 12 days of the month) ...
Raiffeisen Centrobank Equity Daily 03.07.2020
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...
UNIQA INSURANCE GROUP AG
SPL SANTANDER BANK POLSKA SA
POG PETROPAVLOVSK PLC
TATN TATNEFT PJSC
LKOH OIL COMPANY LUKOIL PJSC
CPS CYFROWY POLSAT SA
NVTK NOVATEK JSC
SIBN GAZPROM NEFT PJSC
GAZP GAZPROM PJSC
ROSN ROSNEFT OIL CO.
SNGS SURGUTNEFTEGAS PJSC
DSKY DETSKY MIR
RNFT RUSSNEFT
Austrian, CEE & Russian Favourite Stock List July 2020
AUSTRIA: - CA Immo, Buy, TP EUR 39.0 - Frequentis, Buy, TP EUR 22.0 - OMV, Buy, TP EUR 37.0 - Telekom Austria, Buy, TP EUR 7.50 CEE: - Lotos, Buy, TP PLN 75.0 - Digi Communications, Buy, TP RON 47.0 RUSSIA: - Detskiy Mir, Buy, TP RUB 129.0 - Moscow Exchange, Buy, TP USD 131.0
Raiffeisen Centrobank Equity Daily 18.06.2020
 AT: Addiko Bank - Brandes management partners increases the stake by 0.27%p to 4.26% (neutral)  AT: Atrium - Atrium refinancing part of EUR 500 mn 2022 bond by issuing EUR 100 mn or more 2025 notes (neutral)  PL: Banks - Consumer loan sales improving mom but falling 44% yoy (neutral)  PL: Retail - Salling Group purchases Tesco Poland (neutral)  PL: Tauron - CEO comments on future investments (neutral)  RU: Alrosa - USD 500 mn eurobond placed with a 3.1% interest rate (positive...
BCS Equity Daily: EVRAZ, Qiwi, Detsky Mir, Aeroflot
Resurgent growth angst Ahead: Mixed play. The successful trial of a potential COVID-19 treatment is again likely to take a backseat to signs that a 2nd wave of the COVID-19 pandemic has resurfaced (e.g., in China, US). In turn, the threat of new lockdowns and a consequent drag on an economic recovery will weigh on sentiment. Against this backdrop, players will be cautious ahead of the US jobless claims report – a 2nd wave of COVID is expected to have kept the print elevated, pointing to a pr...
- Dmitriy Skryabin
- Maria Lukina
BCS Trade Idea Opened: Long Detsky Mir – Overhang risk passes; SPO s...
We open a Long DSKY Trade Idea, seeing 15% return vs the RTS by Sept. An SPO was closed overnight, with only a 4% discount to the market and 5x oversubscription – solid demand. Overhang risk now passed; S-T catalyst – DPS record date – is ahead. – SPO closed overnight – solid 5x oversubscription, discount of only 4% o 16% share placement upped FF to 75%; Sistema, RCIF keep 25% + 1 share o 90-day lock-up for remaining shares – removes overhang risk in M-T o Weight increas...
Raiffeisen Centrobank Equity Daily 17.06.2020
 AT: Banks - Financial Market Stability Board recommends unchanged combined buffer for Erste, RBI and BAWAG (positive)  AT: IMMOFINANZ - Appointments of COO Reindl and CFO Schöner extended to 2026 (neutral)  AT: Oesterreichische Post - Increase in stake in Turkish Aras Cargo to 80% (neutral)  AT: Palfinger - Management expects slightly positive EBIT in 2Q and gives FY revenue guidance (neutral)  AT: Verbund - Michael Strugl to become CEO as of January 1, 2021 (neutral)  PL: ...
RBI RAIFFEISEN BANK INTERNATIONAL AG
PGN POLSKIE GORNICTWO NAFTOWE I GAZOWNICTWO SA
PKO PKO BANK POLSKI S.A.
VER VERBUND AG CLASS A
MIL BANK MILLENNIUM SA
PAL PALFINGER AG
POST OSTERREICHISCHE POST AG
ALRS ALROSA PJSC
SNG SOCIETATEA NATIONALA DE GAZE NATURALE ROMGAZ SA
DSKY DETSKY MIR
BG BAWAG GROUP AG
IIA IMMOFINANZ AG
BCS Equity Daily: Economics, Norilsk Nickel, UC Rusal, Alrosa, Detsky ...
Recovery bets v 2nd wave Ahead: Cautious optimism. The optimism stems from signals that the worst may be over for the world’s largest economy (record surge in US retail sales – +17% m/m in May, plans for a new $1tn stimulus injection) and hence a boost to global growth and demand, and yet another positive trial of a potential COVID-19 treatment. However, recovery optimism will be tested by the resurgence of new COVID infections in Beijing and US, both of which had increasingly re-opened ...
Raiffeisen Centrobank Equity Daily 16.06.2020
 AT: Atrium - Scrip dividend option approved at EGM (neutral)  AT: IMMOFINANZ - Considering capital increase and/or issuance of mandatory convertible bonds (negative)  AT: Kapsch TrafficCom - FY 19/20 results as bad as preliminaries suggested, 2020/21 EBIT seen clearly positive, though challenging, low-visibility 1H ahead (neutral)  AT: OMV/Verbund - Verbund submits binding offer to buy Gas Connect Austria from OMV (neutral)  AT: UBM - Forward sale of Munich residential project (p...
ATRS ATRIUM EUROPEAN REAL ESTATE LIMITED
OMV OMV AG
PGN POLSKIE GORNICTWO NAFTOWE I GAZOWNICTWO SA
VER VERBUND AG CLASS A
KTCG KAPSCH TRAFFICCOM
EUR EUROCASH S.A.
LTS GRUPA LOTOS S.A.
ALRS ALROSA PJSC
DSKY DETSKY MIR
DNP DINO POLSKA S.A.
IIA IMMOFINANZ AG
NLBR NOVA LJUBLJANSKA BANKA DD LJUBLJANA
BCS Equity Daily: Gazprom, Ferrexpo, Detsky Mir, X5 Retail
Central Banks vs mounting threats Ahead: Red day spooks the Fed. Predictably, the potential for a second day in the red for US markets spooked the Fed, who then announced further market stimuli – this time, purchasing individual corporate bonds. The Central Banks have battened down the hatches and stand pat against the grim reality at the door (second wave of COVID manifest in Beijing’s ‘war footing’) – to hell with the long-term consequences, for now the markets look green (excluding...
Special Focus Covid-19: Initial assessment of lessons learned
The emergence of Covid-19 and the subsequent development into a worldwide pandemic has triggered a sudden, unprecedented and far-reaching economic shock. The imposition of lockdown measures to prevent the spread of the virus has caused deep scars in the macroeconomic environment and many countries are introducing economic and fiscal support programmes or will do so. As it appears that the virus spread is increasingly contained in many countries and with lockdowns having been increasingly eased o...
PEO BANK POLSKA KASA OPIEKI SA
ATRS ATRIUM EUROPEAN REAL ESTATE LIMITED
EBS ERSTE GROUP BANK AG
YNDX YANDEX NV CLASS A
OMV OMV AG
PKO PKO BANK POLSKI S.A.
KOMB KOMERCNI BANKA A.S.
BHW BANK HANDLOWY W WARSZAWIE S.A.
PZU POWSZECHNY ZAKLAD UBEZPIECZEN SPOLKA AKCYJNA
SPL SANTANDER BANK POLSKA SA
MIL BANK MILLENNIUM SA
CAI CA IMMOBILIEN ANLAGEN AG
ATS AT & S AUSTRIA TECHNOLOGIE & SYSTEMTECHNIK AKTIENGESELLSCHAFT
PKN POLSKI KONCERN NAFTOWY ORLEN S.A.
LPP LPP S.A.
SPI S IMMO AG
CCC CCC SA
WXF WARIMPEX FINANZ UND BETEILIGUNG
GNB GETIN NOBLE BANK SA
LNTA LENTA INTERNATIONAL PJSC
LTS GRUPA LOTOS S.A.
POST OSTERREICHISCHE POST AG
MAIL MAIL.RU GROUP LTD. SPONSORED GDR
SIBN GAZPROM NEFT PJSC
ROSN ROSNEFT OIL CO.
ALR ALIOR BANK SA
BRD BRD-GROUPE SOCIETE GENERALE
TLV BANCA TRANSILVANIA S.A.
RIVP-R-A RIVIERA POREC D.D.
SNP PETROM S.A.
5M71 MAGNIT PJSC SPONSORED GDR REGS
DSKY DETSKY MIR
MOL MOL HUNGARIAN OIL & GAS PLC CLASS A
BG BAWAG GROUP AG
SANT S&T AG
NLBR NOVA LJUBLJANSKA BANKA DD LJUBLJANA
ADKO ADDIKO BANK
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