reports
- Mate Somlai-Kiss
Encouraging top line with weak profitability, while Mobility outperfor...
AutoWallis posted mixed Q3/24 results this morning. Quarterly revenues increased by 9% on the year to HUF 96 bn, while 9M revenues are up 3.4% YoY. EBITDA came in at HUF 5 bn, while EBIT reached HUF 3.4 bn. Results are in line with the dynamics seen in H1, however, below EBIT level they are missing our current estimates (Concorde FY24 estimated EPS: HUF 16.5 vs. 9M actual EPS: HUF 8.7). Depressed profitability is partly due to the weaker performance of the Retail BU, where PBT came in at ...
- Krisztian Karikas
Consistent growth in Q3, net profit boosted by Spanish network sale
DIGI has reported its Q3 2024 earnings today morning. Revenues increased by 14.2% YoY, mainly driven by the Spanish segment where the revenue increased by 22.1% YoY. While the OPEX and DD&A both increased YoY, the EBIT came in ten times higher at EUR 447mn driven by an EUR 390mn other income coming from the partial sale of its Spanish FTTH network. EBITDA arrived at 565.4 in Q3, up by 276% YoY and Net profit rose to EUR 342.8mn from last year’s EUR 13mn.
- Krisztian Karikas
- Gabor Bukta
Guidance maintained after a strong Q3 despite Polish Link weighing on ...
Key message: Waberer’s reported Q3 consolidated EBIT of EUR 10.1mn, which translates into a 26% increase compared to the same period last year. The company maintained fullyear EBIT guidance of EUR 40mn+ while clarified its revenue guidance at EUR 770-780 mn. ITS became unprofitable again on EBIT level (EUR -1.9mn) due to the unfavourable tax policy changes affecting the segment’s polish subsidiary (LINK). As a result, the company decided to implement a strategic change in LINK’s operations, ...
- Gabor Bukta
Guidance unchanged, clean EBIT beat estimates
Summary: Richter posted its Q3/24 results today morning. The Company matched the consensus for revenues at HUF 217bn, while the clean EBIT beat estimates by 3% as it came in at HUF 75bn. However, normal EBIT of HUF 64bn and net profit of HUF 37bn fell short of even our depressed expectation as an inventory impairment (HUF 9bn), provision (HUF 5bn) and an unrealized FX loss (HUF 20.8bn) dragged down earnings. The management fully reiterated its 2024 guidance. They continue to guide revenues ...
- Mihaly Gajda
MOL exceeds market expectation in Q3 2024 at the level of Clean CCS-ba...
Key Message The company’s Clean CCS EBITDA reached USD 847 mn in Q3 2024, representing a 3% increase QoQ and a 13% decrease YoY, with the prior year impacted by additional taxes. Positive contributions stemmed from seasonal strength in consumer services, higher refined product sales, and slight improvements in waste management and upstream production, while normalizing refining margins, a turnaround-intensive period in downstream, and weak petrochemicals performance impacted the results...
- Gabor Bukta
Medium quality beat despite a record adj. quarter
OTP beat analysts’ expectations this morning when it reported Q3/24 earnings. Net profit came in at HUF 318.5bn, up 13% and 19% QoQ, a beat of 10% vs. the consensus, driven by higherthan-expected NII (+1% vs. cons) and net other incomes (+29% YoY), which also exceeded the market expectations by 29%. As we flagged out yesterday morning, this line is the less predictable and we believed that we might have significantly underestimated the power of other revenue streams, e.g. revaluation gains. ...
- Gabor Bukta
Revenue trends uphold strong profitability
We have revised our financial model to incorporate the most recent management updates, which may likely lead to further consensus upgrades. We roll over and raise our 2025-YE ex-div target price to EUR 61.1 from EUR 55.3, implying a 26% TR upside potential including a DPS of EUR 3 over the TP period.
- Mihaly Gajda
Oil & gas macroeconomic environment shifts from tailwind to headwind f...
We have updated our financial model to reflect recent macroeconomic developments, setting a 2025 year-end ex-dividend target price of 42.6 EUR, representing a 23.1% upside including the anticipated EUR 4.00 dividend following the 2024 fiscal year. Consequently, we maintain our Buy recommendation for OMV.
- Mihaly Gajda
Delivering strong results despite worsening macro environment – Model ...
We have updated our financial model to reflect recent macroeconomic developments, setting a 2025 year-end ex-dividend target price of 0.803 RON, representing a 17% upside including the anticipated 0.06 RON dividend following the 2024 fiscal year. Consequently, we change our recommendation to Accumulate from Buy for OMV Petrom.
- Mihaly Gajda
Petrom exceeded expectations in Q3 2024
Key Message The company reported a clean CCS operating profit of RON 1,626 mn, marking a 36% decline YoY and a 18% increase QoQ. The strong decline on an annual basis is attributable to significantly decreased refining margins, lower oil price and much lower gas and power margins in gas and power segment, slightly offset by higher gas prices. Quarterly improvement was driven by better retail performance, lower gas storage obligations and slightly better gas prices.
- Krisztian Karikas
Just cannot wait for the dividend - Model update and Q3 preview
We have revised our financial model to incorporate the latest developments in Magyar Telekom's operations and the unexpectedly strong results reported by the company in recent quarters. Our 12-month, ex-dividend target price is set at HUF 1,513, implying a 40% upside potential, while including next year dividend payment it results in a 51% total return upside potential.
- Gabor Bukta
Model update – No fracture in trends in Q3
We raise our June-25 TP to 24,800 HUF/sh from 23,000 HUF/sh and remain Buy rated on the stock, implying 36% TR upside potential including dividends. OTP is seen to pay out 25% of 2024 profit next year, translating into a DPS of 927 HUF/sh (DivY of 4.9%). Besides this, OTP has been running its 2nd tranche of HUF 60 bn SBB program this year, which will likely support the further appreciation of the stock into year-end.
- Krisztian Karikas
Growth from Italy resulted in solid Q2 results
Duna House continued the strong performance in the second quarter of this year. Revenues increased by 34% YoY, cleaned core EBITDA was up by 47% YoY and cleaned core net profit came 17% higher YoY mainly supported by the continued growth in loan intermediation thanks to the awakening Italian market and the solid growth in the Hungarian segment.
- Mihaly Gajda
CIG Pannonia continued its strong growth trajectory in Q2 2024.
Key Message In 2024 Q2 gross written premium reached HUF 14,508 mn, representing a 19.7% QoQ improvement and 34.8% YoY. In 2024 H1 gross written premium reached HUF 26,627 mn, representing a 24.7% increase YoY. Net profit, excluding extra taxes, was HUF 2,505 mn for H1 2024, an 84% year-on-year increase, driven by substantial growth in premium income across multiple insurance segments due to effective sales strategies, portfolio expansion, and successful new product introductions. T...
- Mate Somlai-Kiss
Changing to the fast lane
Following the H1/24 results and the announced acquisitions during the first half of the year, we have reviewed and updated our model and forecasts. We continue to believe, that AutoWallis will be able to achieve a stupendous growth trajectory amidst the rapid changes and considerable uncertainty coming from the European auto industry. We maintain our BUY rating and set our 12-m TP at HUF 230 per share, implying a 64% upside potential from the current share price. Based on our forecasts, w...
- Mate Somlai-Kiss
Record quarterly revenues, normalizing margins
AutoWallis posted H1/24 results this morning, mainly in line with our estimates. Revenues reached HUF 195 bn (+0.8% vs. H1/23) while no. of vehicles sold decreased by -0.8% YoY to 25,438 vehicles. Revenues came in flat due to the best-ever quarterly revenues of the company at HUF 106 bn in Q2 following a somewhat weaker Q1. EBITDA came in at HUF 9 bn, with a margin of 4.6%, and EBIT amounted to HUF 6.5 bn. The profit attributable to shareholders reached HUF 3.3 bn, with realized and unrea...
- Mate Somlai-Kiss
H1/24 profit exceeds Q1-Q3/23
ANY posted H1/24 results yesterday, AMC. The company reported impressive half yearly revenues of HUF 34.8 bn, up +32.8% YoY. Net profit came in at HUF 3.8 bn, which exceeds the profit of the first three quarters of 2023 (HUF 1.5 H1/23 and HUF 3.5 bn Q1-Q3/23). EPS for the first half of ’24 came in at of HUF 265, matching the amount of the DPS paid after 2023 (HUF 261). Export revenues were boosted by strong Q1 while Q2 was weaker due to the lack of milestone incomes for the quarter. HU muni...
- Mihaly Gajda
Romgaz reported a decline in earnings in its Q2 2024 financial results
The EBITDA in Q2 2024 was RON 770 million, representing a 40% y/y decrease, with an EBITDA margin of 47.4%. The net profit also decreased by 17.3% y/y, totaling RON 592 million, with a net profit margin of 36.4%. Romgaz faced financial pressures in Q2 2024 due to lower gas prices, while it maintained strong operational performance and continued to invest in key strategic projects.
- Krisztian Karikas
Life at 3,500 MHz – Q2 Earnings review
DIGI has reported its Q2 2024 earnings and beat consensus estimate by 1.3% on the top line and by 3% on the EBITDA front. Revenues increased by 14.1% YoY, mainly driven by the Spanish segment where the revenue increased by 22.5% YoY. While the OPEX and DD&A both increased YoY, the EBITDA grew by 16.4% YoY. EBIT increased 29.6% YoY and Net profit came 80% higher YoY, beating the market consensus by 23%. Key messages: The key markets, Romania and Spain have maintained a strong performance....
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