reports
- Mate Somlai-Kiss
Unbelievable year, and many more to come
ANY Security Printing Co. posted FY/24 results today AMC. The company reported a stellar set of results yet again, that well exceeded our previous forecasts. Revenues came in at HUF 70.5 bn, up +27% YoY, while net profit reached HUF 7.9 bn (+86% YoY), resulting in an EPS of HUF 552. ANY plans to distribute dividends of HUF 464/share (excluding treasury shares), resulting in a DivY of 9.1%. FY/24 results convince us about longer-term elevated profitability, therefore, after reviewing ou...
- Gabor Bukta
The Art of Deal: OMV secures an advantageous merger deal with ADNOC
We have revised our target price for OMV, after the successful merger with ADNOC regarding the combination of Borealis and Borouge. The agreed terms are highly favourable for OMV. Accordingly, we raise our 2025 year-end ex-dividend target price from EUR 42.6 to EUR 50.0, implying an upside potential of 25.0%. The merger will result in the deconsolidation of Borealis from OMV's financial statements, with its stake in the newly formed entity will be reported as an equity-accounted investment. At ...
- Gabor Bukta
Q4 fully in-line, ’25 guidance is a big surprise
OTP’s reported net income came to HUF 250bn in Q4, which was fully in line both with our and consensus estimate. OTP may propose a DPS of HUF 964, which broadly matches our forecast of HUF 962, while the management intends to continue the SBB program. More importantly, 2025 guidance will surprise the market to the upside, and we expect a net profit of HUF 1,167bn. As a result, we raise our Dec-25 TP by 7% to HUF 30,175, implying a 22% upside including the dividends.
- Krisztian Karikas
Solid performance in Q4, new markets are on track
DIGI posted its key numbers today morning, however detailed report hasn’t been published yet. Revenues increased by 14% YoY and came in at EUR 1.925bn which was boosted by additional EUR 407mn from the sale of its Spanish FTTH network in Q3, hence total revenues were EUR 2.33bn, 37% higher YoY.
- Krisztian Karikas
Above guidance results in ‘24, strong mid-term growth strategy announ...
Duna House posted strong results for Q4 and cleaned core net results came in higher than the management guidance. Revenues increased by 20% YoY in 2024, reported EBITDA came in 67% higher YoY, while cleaned core EBITDA reached HUF 4.8bn, up by 80% YoY. Net profit came in 18% lower YoY, due to lower financial income on cash deposits and higher tax expenses. Cleaned core net income reached HUF 2.4bn (+35% YoY), above the higher range of HUF 2.3bn guidance. The BoD proposed HUF 43.6 DPS ...
- Szabolcs Pal
Unsurprising Q4 results and stable outlook but nothing special
We have cut down our recommendation to Neutral from the previous BUY because we believe the stock is fairly priced and the current 9.1x P/E is well above its market peers. We roll over and raise our 2025-YE ex-div target price to EUR 64.2 from EUR 61.1, implying a 3.6% TR upside potential including a DPS of EUR 3 over the TP period.
- Mate Somlai-Kiss
Market weakness weighs on profitability, outlook raises our TP
AutoWallis posted FY/24 results this morning. Revenues came perfectly in line with our estimates at HUF 398.5 bn, increasing 8.8% YoY. Profitability shrunk significantly last year, as the European automotive industry struggled with weak demand globally. Despite this, earnings came ahead of our estimates, as EBITDA reached HUF 20.2 bn (vs. Concorde: HUF 18,7 bn), while EPS resulted in HUF 12,8 (vs. Concorde: HUF 12,2). The difference is mainly due to the stronger Q4 results, which m...
- Gabor Bukta
2025 guidance matches our estimates
In brief, Richter posted a better-than-expected net income for Q4 and 2024 today morning as it reported PAT of 64bn. Positive one-offs affected EBIT, but we are very disappointed due to the surge in OPEX, especially in the WHC and GM segments, which may leave some room for further improvements this year. 2025 guidance matches our forecasts in EUR terms.
- Mihaly Gajda
MOL heavily miss pre-tax profit and profit consensus due to one-off it...
MOL slightly missed Clean CCS-based EBITDA consensus, reporting USD 682 mn vs. USD 704 mn. However, pre-tax profit and net profit fell significantly short due to one-off factors, including a larger-than-expected CCS effect in Downstream, a year-end impairment in Upstream, and a substantial FX loss from HUF depreciation—partially offset by a much lower-than-expected extra tax in Slovakia. Annual operating cash flow is up 4% YoY, and 2025 guidance is 10% above Bloomberg consensus, support...
- Krisztian Karikas
Looking forward to 2026
Magyar Telekom has reported a strong set of results for 2024 on Tuesday as the adjusted net profit came in at HUF 162.6bn. The BoD proposed a POR of 80%, including a DPS of 100 and a SBB program of up to HUF 39.1bn, totalling 142 HUF/sh. More importantly, the BoD upgraded its dividend policy, allowing a POR of 100% from 2025. Following MTEL’s conference call, we update our earnings forecast for 2025. We raise our 12-m ex-div TP to HUF 2,029 and our recommendation from Accumulate to Buy...
- Krisztian Karikas
Model update and Q4 preview – another strong year
We have revised our full year earnings expectations for 2024 before the earnings release on 25th of February. Our 12-month, ex-dividend target price is set at HUF 1,556, implying a 11% upside potential, while including next year dividend payment it results in a 20% total return upside potential. However, given the limited upside potential, we downgrade our recommendation to Accumulate from Buy. Currently, MTelekom trades at 7.0x P/E and 3.9x EV/EBITDA multiples based on 2025 estimates. The ...
- Gabor Bukta
Model update – EPS surprise on the horizon for ‘25
TP is rolled over to Dec-25 and raised to 28,245 HUF/sh before 2024 earnings, scheduled for 7 March, implying a 18% TR upside potential incl. a DPS of HUF 960. This reflects that NII and NF&C growth may surprise to the upside in 2025. However, given the limited upside potential, we downgrade our recommendation to Accumulate from Buy. We assume that OTP will pay out 25% of 2024 profit this year, offering a DivY of 3.9% at Friday’s closing price. OTP is currently running its 3rd HUF 60bn SBB ...
- Gabor Bukta
A strong Buy-rating on the inflection point
We raise our Dec-25 ex-div TP to HUF 14,050. This implies an upside potential of 41% including a gross DPS of HUF 533. Richter is on our conviction list as the stock, we think, offers the best R/R among the regional blue chips we cover. The de-escalation of the RU-UKR war or peace talks between the two assisted by the US and the EU should work as a tailwind while concerns over lower Vraylar sales is priced in, in our view. The higher TP reflects a decrease in our fair value estimate for ...
- Szabolcs Pal
Model update – Dark clouds for RBI but the Russian sentiment could eas...
We reiterate our Buy recommendation and update our Dec-2025 target price to EUR 24.9, implying a 32% upside potential including a DPS of 1 EUR. Despite the worsening macro outlooks, as well as the continuation of the recent rate cuts in the region which float as dark clouds above RBI, the decrease of cost of equity on the long term affect the TP positively. The Russian sentiment still affect investors – notwithstanding that all the TPs are ex-Russia – a ceasefire with Ukraine could positively af...
- Gabor Bukta
Model update - RASK improves, but the FX distorts
Wizz Air will report its fiscal Q3/25 earnings on the 30th of January BMO. We expect the PAT to come in at EUR -206mn, driven by a significant FX revaluation loss of EUR 200mn on the back of USD appreciation. EBIT may come in at EUR 4mn in fiscal Q3, up by EUR 184mn compared to a year ago, resulting from a mix of RASK improvement and fuel cost savings. We roll-over our TP to Mar-26 and set it at GBP 22.1 a share, implying an upside potential of 59%
- Mihaly Gajda
Challenging economic environment and rising tax burden: headwinds for ...
We have updated our financial model to reflect recent macroeconomic developments, setting a 2025 year-end ex-dividend target price of 2,950 HUF, representing a 21.43% upside including the anticipated HUF 275 dividend following the 2024 fiscal year. Consequently, we maintain our Accumulate recommendation for MOL.
- Mihaly Gajda
CIG Pannonia achieved solid growth in 2024 Q1-Q3 period
Key Message In 2024 Q3 gross written premium reached HUF 13,647 mn, representing a 5.9% QoQ decline and 32.2% YoY improvement. In 2024 Q1-Q3 gross written premium reached HUF 40,274 mn, representing a 27% increase YoY. Net profit, excluding extra taxes, was HUF 3,706 mn for 2024 Q1-Q3, an 27% YoY improvement, driven by substantial growth in premium income across multiple insurance segments due to effective sales strategies, portfolio expansion, and successful new product introductions....
- Krisztian Karikas
Solid results in Q3, guidance reiterated
Duna House continued its solid performance in the third quarter of this year as well. Revenues increased by 37% YoY, cleaned core EBITDA was up by 38% YoY and cleaned core net profit came 11% lower YoY given the strong loan intermediation while the Forest Hill apartment sales also contributed to the results.
- Mate Somlai-Kiss
Record profit exceeds our FY estimates, raises our TP
ANY posted Q3/24 results yesterday, AMC. The company reported results that exceeded our full-year forecasts, with revenues of HUF 18 bn, up +1% YoY, while net profit reached HUF 2 bn (+3% YoY). This translates into a quarterly EPS of HUF 144. 9M/24 EPS of HUF 409 (excluding treasury shares) exceeded our FY/24 forecast of HUF 399. Considering the results of the first three quarters, after reviewing our model we made changes to our estimates. Despite the exceptional performance of the company...
- 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 ...
Unfortunately, this report is not available for the investor type or country you selected.
Report is subscription only.
Thank you, your report is ready.
Thank you, your report is ready.