reports
Raiffeisen Research Institutional Equity Daily 02.12.2022
• Austrian banks asking for the review of new mortgage loan limits • OMV introduces new corporate structure • AGRANA informs about product innovations • CCC Q3 net loss of PLN 65 mn but November trading update upbeat • VIG's A+ rating with stable outlook confirmed by S&P
Raiffeisen Research Institutional Equity Daily 01.12.2022
AT: Mayr-Melnhof - EGM to be convened EGM on December 22 (neutral) AT: Telekom Austria - Baa1 rating affirmed by Moody's (neutral) CZ: CEZ - CEZ received three bids for new nuclear power plant in Dukovany (neutral) HU: MOL - Closing the purchase of Lotos filling stations (neutral) PL: PKN - Finalizing the acquisition of Lotos (neutral) PL: PKO - Rising risk costs in 2023 (neutral)
Raiffeisen Research Institutional Equity Daily 30.11.2022
MSCI November Index Review - Standard indices (STD) changes: DEL: Orange Polska; SmallCap indices (SC) changes: DEL: FACC, Telekom Austria; AT: Andritz - Andritz to supply equipment to Sappi in Austria (neutral) AT: OMV - Market rumors about Carlyle's interest in OMV's upstream assets (neutral) AT: Vienna Insurance Group - Hartwig Löger confirmed to become CEO (neutral) PL: LPP - CEO states company has prepared for weaker sales in coming months (negative) PL: Santander Bank Polska ...
Rosenbauer confirmed at HOLD, TP EUR 38 - Model update: Cutting FY 22 ...
We maintain the HOLD recommendation but tweak the target price to EUR 38 from EUR 39 We project break-even EBIT (guidance: positive EBIT) and a net loss for FY 22e. We think a dividend omission is well possible Given several guidance revisions in the last two years, a track record needs to be restored. We think there is reason to believe that next year could mark a turning point Apart from a certain relief from retreated material costs and less strained supply chains as well as the non-recurrenc...
Raiffeisen Research Institutional Equity Daily 29.11.2022
AT: AGRANA - Defining sustainability targets (neutral) AT: Andritz - Andritz received a follow-up tissue machine order from Xuan Mai paper in Vietnam (neutral) AT: Telekom Austira - No agreements treached in wage negotiations (neutral) DE: Encavis - Encavis acquired a 55 MW solar park in Spain (neutral) PL: PKN - Solid earnings despite a less supportive macro environment (positive)
PORR Q3 22 - FY 22 outlook fine-tuned to the upside, now in line with ...
Q3 results shaped by 7% output growth and essentially flat EBITDA Order intake stable, backlog stands at comfortable level of EUR 7.86 bn FY 22 objectives fine-tuned the targets to the upside, now living up to our forecasts Output target of about EUR 6 bn vs. RBIe EUR 6.1 bn and EBT of > EUR 100 mn vs. RBIe EUR 108 mn Despite the positive notion of higher full-year targets, given that we have considered the guidance as conservative for some time, we still have a more neutral view
Raiffeisen Research Institutional Equity Daily 28.11.2022
AT: IMMOFINANZ - Reaches agreement with former COO Dietmar Reindl on the use of affordable housing concept (neutral) AT: PORR - FY 22 outlook fine-tuned to the upside, now in line with RBIe (neutral) AT: S IMMO - Mandate of Herwig Teufelsdorfer extended until December 2025 (neutral) AT: S IMMO - Q3 earnings ahead of estimates (positive) DE: Encavis - Encavis acquired a 69 MW wind park in Lithuania (neutral) PL: PKN - Domestic gas producer to be compensated for gas price difference (n...
SBO confirmed at BUY, TP EUR 75.0 - Consistently good
-Q3 results proved again that SBO is in a position to take full advantage of the supportive market environment -Bright outlook for 2023 supported by an expected double-digit growth of global E&P spending and new orders which are being already moved into Q3 23 -We see a good chance for a hike of the 2022e DPS to EUR 1.50
Raiffeisen Research Institutional Equity Daily 25.11.2022
CZ: CEZ - CEZ closed the acquisition of nuclear service and engineering company Skoda JS (neutral) HU: Banks - MNB presents the Financial Stability Report for the H1 2022 (neutral) RO: BRD-GSG, Banca Transilvania - Decrease for the lending activity in October, 0.3% mom (neutral)
Raiffeisen Research Institutional Equity Daily 24.11.2022
AT: CA Immo - Higher Opex impact Q3, guidance confirmed, strategy overview (neutral) AT: IMMOFINANZ - Strong Q3 result as trigger for raised FY 22 guidance (positive) AT: SBO - Q3 results in line with RBIe, bookings at all-time high, bright 2023 sector outlook (positive) AT: UBM Development - Quarter reflects current challenges, break-even EBT (negative) CZ: Komercni Banka - Shareholders approve CZK 55.50 special dividend per share (neutral) DE: Encavis - Encavis acquired 14 MW subsi...
UBM Development Q3 22 - Quarter reflects current challenges, break-eve...
Q3 reflects slowdown of transaction activity with break-even EBT Cash position slightly up in the quarter to EUR 358 mn Guidance confirmed, but dependent on Baubergerstraße building permit Correction of 2020 result following OePR review results in EUR 27 mn impact on equity Overall, we see the release as neutral to slightly negative
Raiffeisen Research Institutional Equity Daily 23.11.2022
AT: CA Immo - Sale of Romanian portfolio 3% below book value (neutral) AT: STRABAG - STRABAG to join the ATX index instead of S IMMO (neutral) AT: Verbund, OMV - Verbund and Borealis to build 4.7 MWp solar park in Schwechat (neutral) RO: Electrica - The court rejected Electrica's appeal (negative)
Sphera Franchise Group raised to BUY, TP RON 17.1 - Navigating high co...
We upgrade Sphera Franchise Group from HOLD to BUY even if we revise downwards our DCF-derived 12-month cum-dividend TP to RON 17.1 per share (vs. the previous 12-month cum-dividend TP of RON 18.6). In the light of strong Q3 results and our confidence in the Spheras pricing power, we revise upwards our short/medium-term revenues projections (by 8-9% vs our previous model). At the same time, we estimate lower new net openings and a lower adj EBITDA margin as we expect a more challenging macroecon...
Raiffeisen Research Institutional Equity Daily 22.11.2022
AT: IMMOFINANZ, S IMMO - IMMOFINANZ to buy S IMMO stake from CPI Property Group (negative, positive) AT: S IMMO - CPI Property Group holds 88.37% stake following additional acceptance period (neutral) HU: OTP - Government caps interest rates on banks' deposits from financial institutions and retail clients (neutral) SI: NLB Group - Issued EUR 225 mn Tier 2 subordinated bonds at 10-75% coupon (neutral)
Semperit confirmed at BUY, TP EUR 26 - In need of a coup
Captured between the substantially worse trading conditions in the gloves business and the cyclical downturn impacting industrial operations, Semperit is in need of a coup, in our view Management comments suggest that the divestment of Sempermed has become more of a priority Given that the market appears to assign no value to the glove operations and given the scope of returns to remain below the cost of capital, we regard a disposal as the pre-condition for the shares to re-rate Leaving the M&A...
Dino raised to BUY, TP PLN 420 - Growth model proves its resilience
We raise our recommendation to BUY from HOLD for Poland's fastest growing proximity supermarket chain while lifting our 12m TP to PLN 420 from PLN 400 Q3 22 impressed with a top line growth of 54% propelled by LFL sales growth of 33% We reckon with only a modest EBITDA margin contraction by 25 bps in FY 22e and expect the EBITDA margin to return to a growth trajectory in FY 23-24e Dynamic revenue expansion, increasing negotiation power vs. suppliers, operating efficiency improvement and delever...
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