reports
- Mate Somlai-Kiss
St rong year , attractive dividend – business as usual
Summary: ANY posted solid FY25 results . Revenue reached HUF 71.9bn, up 2% on the year. EBITDA and EPS both grew by 9% YoY, coming in at HUF 14.3bn and HUF 594, respectively. Q4 slightly weighed on the full -year results, as the monetization of the next milestone income s related to Angola did not occur before the end of the fiscal year. As a result, earnings came in marginally below our estimates. However, this does not raise any concerns, as ANY is expected to recognize these milestone re...
- Krisztian Karikas
Record profit in Q4, further growth ahead
DH Group posted record results today morning. Strong performance was seen across all markets. For the full year, cleaned core EBITDA amounted to HUF 7.52bn (+58% YoY) while cc. net profit reached HUF 4.46bn (+82% YoY) both are exceeding management guidance. After the great results management proposed HUF 2.5bn dividend payment for the AGM, equaling to a DPS of HUF 72.7 and a decent 5.1% dividend yield based on yesterday’s close price. 2026 guidance assumes cc. EBITDA to come in a range of H...
- Mihaly Gajda
Erste Q4 beat confirms conservative guidance; 2026 outlook broadly i
Regarding 2025 Q4 results Erste has beet market consensus on most important line items and on the bottom line as well, achieving EUR 944 mn net profit compared to EUR 824 mn of consensus and EUR 830 mn of Concorde’s estimate. Reported results were also supported by EUR 144 mn of one-off items within other results; however, even excluding these, pre-provision operating profit still came in above consensus. The whole 2026 year’s results was considerably above its guidance published at the beg...
- Mate Somlai-Kiss
Downbeat results, bumpy road ahead
Summary: We place our TP and rating Under Revision on AutoWallis as we are reassessing our investment case and estimates based on recent developments and the FY25 earnings. AutoWallis posted downbeat FY, and slightly more encouraging Q4 results today morning. Results are in line with what we saw in the first three quarters: Top-line growth remains great, driven by both organic and inorganic expansion, while profitability is still sluggish. FY revenues overachieved our expectations by 3% an...
- Krisztian Karikas
Massive payout drives valuation upwards
Magyar Telekom has reported solid results for the last quarter, and the full year results exceeded management guidance. The full year adjusted net profit came mostly in-line with guidance as net profit reached HUF 208.5bn. Management increased the payout ratio to 90% and proposed a total shareholder remuneration of HUF 186.4bn which exceeded our expectations. The initial guidance for 2026 assumes low single digit revenue and EBITDAaL growth YoY and mid-single digit adjusted net profit grow...
- Gabor Bukta
- Gabor Bukta
OTP - TP Lifted On Promising 2026 Guidance
Key message: OTP Group concluded 2025 with an outstanding performance, characterized by a consolidated profit after tax of HUF 1,146bn, translating to a robust 21.6% ROE (-1.8ppt YoY) driven by lower leverage. Consolidated adj. net profit reached HUF 297bn in Q4, representing a robust 20% increase YoY. While this growth is impressive, the result was 1% lower than the analyst consensus average of HUF 300bn. Core markets continued to perform well in Q4.
- Gabor Bukta
Wizz Air - TP Cut Driven By The Middle East Conflict
We cut our TP to 16 .5 GBP . We reiterate our cautious Buy recommendation on a long -term fundamental basis as we continue to see the stock ’s valua tion as depressing . That said, the Middle East tension created another wave of selling pressure as Wizz Air is one of the most exposed airlines to the conflict .
- Mihaly Gajda
MOL - Model Update – Controlled Phase Out Of Russian Oil Can Be Manage...
We set our ex-dividend 2026 year-end target price at HUF 3,660, implying an 8.2% total return including our estimated HUF 300 dividend to be paid after the 2025 financial year. Accordingly, we revise our recommendation from Accumulate to Neutral, reflecting current market conditions, as well as company-specific event risks. Russian crude availability remains the most influential factor in our view. Our previous base case assumed gradual normalization, with Russian oil remaining available. O...
- Krisztian Karikas
Shopper Park Plus - Encouraging Results In Q4, Looking Optimistic For ...
Shopper Park Plus has reported its Q4 and FY figures on Friday, AMC. Results came in strong, though somewhat below our expectations for the full year. The miss was mainly related to one-off expenses for the Hungarian portfolio which should disappear in Q1. The underlying developments are encouraging, showcased by the above CPI level growth in rental income and improved occupancy rates across the portfolio.
- Mihaly Gajda
MOL - MOL Beats On Clean CCS EBITDA, Supported By Waste Management Rec...
Clean CCS EBITDA of the company was strong at USD 877 mn in Q4, beating both market consensus (USD 820 mn) and our expectations (USD 851 mn) despite the challenging environment. Major drivers were a strongly improved circular economy segment, strong performance in consumer services, and favorable intersegment results. On an annual basis, the company achieved USD 3,369 mn, well above the guidance of USD 3,000 mn in a challenging year.
- Mihaly Gajda
Petrom - OMV Petrom In Line With Expectations; 5.8% Dividend Yield
Opinion: Overall, the quarterly results were positive and in line with expectations. The strategy update is a constructive step. The dividend remains defensive due to elevated CAPEX, but this high CAPEX is temporary. While some negative regulatory measures remain in place and new ones are emerging in the form of a higher royalty burden, which triggered the impairment . Initial commentary on the exploration well in Bulgaria sounded negative.
- Mihaly Gajda
OMV - OMV Is Delivering on consensus and pays EUR 4.40 Dividend
OMV reported Clean CCS EBIT of EUR 1,153 mn in Q4 2025, down 9% QoQ and 16% YoY. This was slightly below the analyst consensus of EUR 1,168 mn, but above Concorde’s estimate of EUR 1,127 mn. Clean CCS profit attributable to shareholders reached EUR 548 mn, in line with our expectations and above the consensus of EUR 491 mn, as many analysts appear to have overlooked the unusually low minority interest in the quarter. This reflects the fact that the largest impairment was booked in Romania,...
- Gabor Bukta
Halfway out of the turbulence
Summary We leave our TP at 20.0 GBP and reiterate our Buy recommendation, reflecting the ongoing restructuring story. Following the fiscal Q3/26 conference call held on 29 January, we repeatedly concluded that the fruitful strategic overhaul is under way. The management is building back confidence, so that’s good news for value investors. The problem is that they have to manage high-capacity growth (+24% seats and +30% ASK) during fiscal Q2/27. Key question remains how the market will be able ...
- Mihaly Gajda
Erste – reinitiation of coverage
We reinitiate the coverage of Erste Bank with a Neutral recommendation. Our 2026 year-end ex-dividend target price is EUR 107.0, which implies an upside potential of approximately 4.6%. For 2025, we forecast a dividend of EUR 0.76 per share, corresponding to a payout ratio of 10%. At current levels, the stock trades at 1.88× P/TBV, 13.7× 2025 P/E, and 11.5× 2026 P/E.
- Mihaly Gajda
Raiffeisen beats consensus on lower costs and impairments
Key message: Raiffeisen beat market consensus on ex-Russia profit, delivering EUR 416m versus EUR 325m consensus, driven mainly by lower operating costs, lower Polish FX-related expenses, and lower loan-loss impairments, partly offset by significantly weaker other operating income. The lower cost base and reduced impairments point to efficiency improvements and a healthier-than-expected credit environment, reflected in low default levels. Raiffeisen proposed a EUR 1.60 dividend, slightly a...
- Krisztian Karikas
Indirect exposure to the CEE retail segment
We initiate coverage on SPLUS with a TP of EUR 15.0 and a BUY recommendation. Our 2026-Dec ex-div TP implies 28% upside potential and 35% total return upside including a DPS estimate of EUR 0.86 for this year. Based on our forecast, SPLUS trades at 9.1x and 9.1x P/E ratio and a P/NAVps of 0.88x and 0.87x multiple for 2026 and 2027. End of last year, SPLUS acquired eight food-anchored retail parks in Poland in an amount of EUR 195mn. The acquisition was financed through an SPO and a bank l...
- Krisztian Karikas
Duna House - Strong Momentum Continues
Duna House posted strong third quarter results today morning. The Italian and Polish intermediary segment remained very solid while in Hungary the housing transactions accelerated given the Otthon Start Program. In the first nine month, DH delivered HUF 4.9bn cleaned core EBITDA and HUF 2.8bn cleaned core net profit which is already above full year results in last year. Given the strong momentum in DH’s core markets, mgmt. has lifted its full year 2025 guidance to a range of HUF 7.2-7.7bn i...
- Mihaly Gajda
Reinitiation Of Coverage
We reinitiate the coverage of Raiffeisen Bank International with a Buy recommendation. Our 2026 year-end ex-dividend target price is EUR 38.5, which implies an upside potential of approximately 21%. Our base case valuation excludes the Russian operation (zero P/BV). For 2025, we forecast a dividend of EUR 1.45 per share, corresponding to a payout ratio of roughly 30%. At current levels, the stock trades at 0.85× P/TBV, 6.9× 2025 ex-litigation P/E, and 7.0× 2026 ex-litigation P/E, underscoring th...
- Mate Somlai-Kiss
Autowallis - Transitionary Elevated Costs Weigh On Q3 Results
Summary: We leave our TP unchanged at HUF 200 and reiterate our buy Buy rating on AutoWallis. AutoWallis posted Q3/25 earnings today, BMO. Results are not surprising, as top-line and volume growth remains solid, supported by both organic and inorganic expansion, while profitability remains under immense pressure. In Q3/25, group revenues reached HUF 117.8bn (+22.6% YoY). EBITDA decreased on the year by 10.1% to HUF 4.5bn, while EBIT decreased by -29.1% YoY to HUF 2.4bn. EPS came in at HUF...
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