Analysts

Name Company Position Companies Covered Last report Last Activity
https://www.investingromania.com/en/analysts/railean-irina Railean Irina Banca Transilvania Analist
SNG
SNN
SNP
TEL
TGN
03/07/2018 03/07/2018
https://www.investingromania.com/en/analysts/gratiana-ordean Gratiana Ordean Banca Transilvania CFA, Senior Financial Analyst
BRD
BVB
M
03/07/2018 03/07/2018
https://www.investingromania.com/en/analysts/caruntu-mihai-iulian Caruntu Mihai Iulian BCR
BRD
EL
TEL
TGN
TLV
- -
https://www.investingromania.com/en/analysts/carsten-hesse Carsten Hesse Berenberg EME Equity Strategist - 02/28/2017 04/10/2017
https://www.investingromania.com/en/analysts/sechel-ioana-cristina Sechel Ioana Cristina BRK Financial Group Analist
BRD
SIF1
SIF2
SIF3
SIF5
TLV
04/06/2017 04/06/2017
https://www.investingromania.com/en/analysts/le-phuong-hai-thanh Le Phuong Hai Thanh Concorde Securities Ltd. Analist
BRD
SIF1
SIF2
SIF3
SIF5
SNG
TLV
03/28/2017 04/07/2017
https://www.investingromania.com/en/analysts/gaal-gellert Gaal Gellert Concorde Securities Ltd. Analist
TGN
02/16/2017 02/16/2017
https://www.investingromania.com/en/analysts/tunkli-daniel Tunkli Daniel Concorde Securities Ltd. Analist
EL
11/16/2016 04/07/2017
https://www.investingromania.com/en/analysts/pandele-marius Pandele Marius Prime Transaction Analist
BRD
EL
SIF1
SIF2
SIF3
SIF5
SNG
SNN
SNP
TEL
TGN
TLV
05/31/2017 05/31/2017
https://www.investingromania.com/en/analysts/mandru-daniela Mandru Daniela Swiss Capital Sef Departament Analiză
BRD
BVB
EL
SNG
SNP
TLV
10/07/2016 04/10/2017
https://www.investingromania.com/en/analysts/ivana-cosmina Ivana Cosmina Swiss Capital Analist
SNN
TEL
TGN
02/27/2017 02/27/2017
https://www.investingromania.com/en/analysts/dumitrescu-ovidiu-george Dumitrescu Ovidiu-George Tradeville Director General Adjunct - 06/09/2017 06/09/2017
https://www.investingromania.com/en/analysts/raffaella-tenconi Raffaella Tenconi WOOD&cO
BRD
03/01/2017 09/04/2017
https://www.investingromania.com/en/analysts/albulescu-lucian Albulescu Lucian WOOD&Co
BRD
BVB
EL
SIF1
SIF2
SIF3
SIF5
TEL
TGN
TLV
03/16/2017 04/04/2017
https://www.investingromania.com/en/analysts/buring-bram Buring Bram WOOD&Co
M
02/15/2017 09/04/2017
https://www.investingromania.com/en/analysts/wieprzowski-pawel Wieprzowski Pawel WOOD&Co - 02/23/2017 04/07/2017
https://www.investingromania.com/en/analysts/boulougouris-alex Boulougouris Alex WOOD&Co Co-Heads of Research - 11/25/2016 09/04/2017
https://www.investingromania.com/en/analysts/lamb-jonathan Lamb Jonathan WOOD&Co
SNG
SNP
04/14/2017 09/04/2017

Analysts reports

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What dividends can the companies distribute after Government Ordinance No 29/2017

EL - SOCIETATEA ENERGETICA ELECTRICA S.A.

May 31, 2017 - Government Ordinance 29/2017 created a new possibility for the State-owned companies listed on Bucharest Stock Exchange. They can now distribute dividends from the profit accumulated in previous years. Conpet wanted to do this a year ago, but for all the others this is uncharted territory.

Analysis report - financial reports for Q1 2017

BRD - BRD - GROUPE SOCIETE GENERALE S.A.

May 22, 2017 - 2017 started well for most of the companies listed on BSE, and in some cases we've seen major profit increases.

Romanian Oil and Gas

SNG - S.N.G.N. ROMGAZ S.A.

April 14, 2017 - In this report, we reiterate our bullish view on Romgaz and Petrom, increasing our price targets (PTs) for Petrom (to RON 0.361 from RON 0.302) and Romgaz (to RON 36.6 from RON 36.4). The natural gas price recovery since October 2016 should rescue the Romanian market and players from the asymmetric risks associated from being an import-only market, in our view. In the near team, we see a recovery in volumes, as well as prices, a renewal of the taxation and royalty system, and investments in infrastructure and new development projects from both companies as driving sentiment, production volumes and earnings. Of the two companies, we prefer Romgaz slightly, which we see as a bigger beneficiary of the recovery, and able to capitalise faster on new markets when the infrastructure is completed. On the other hand, we like Petrom’s management, its lower risk diversified business model, and its long term prospects. However, the company is not as well-positioned to take advantage of the market changes, in our view. Nonetheless, although Petrom’s share price performance since the SPO in October 2016 has reduced the level of potential upside, the company is still undervalued, in our view.

The biggest dividends of the BSE companies

EL - SOCIETATEA ENERGETICA ELECTRICA S.A.

April 11, 2017 - The biggest dividends of this year come from the energy companies, following a decision by the Government to increase the payout ratio to 90% for all the State-owned companies.

SIF3 incotro?

SIF3 - SIF TRANSILVANIA S.A.

April 06, 2017 - Calitatea portofoliului SIF3 nu este sub nici o formă punctul forte al acesteia. Discount-ul la care se tranzacționează acțiunile sale în piață, poate fi considerat însă un aspect pozitiv pentru investitori. În cazul acțiunilor SIF3 am identificat un posibil declin al acestora cu 4,54% față de prețul de închidere din data de 5 aprilie 2017. Aceasta în condițiile în care discountul la care se tranzacționează acțiunile SIF3 în piață este de aproximativ 41%.

Disappointing 2017 profit target

SNG - S.N.G.N. ROMGAZ S.A.

March 28, 2017 - Romgaz pays dividend of RON 2.49 a share from its distributable profits including retained earnings from previous years as well. The total amount of dividend represents 93.7% of net income achieved in 2016 (vs. a pay-out ratio of 87% in 2015) and implies a DIVY of 8.7% based on the current share prices. Romgaz has published its 2017 budget including net income of RON 1.07 bn, 17% lower than our previous estimate. As revenue guidance has remained broadly in line with our expectation of RON 3.7 bn, the difference between the company’s 2017 profit target and our estimate comes from higher-than-expected costs budgeted for 2017. In fact, Romgaz aims to increase wages more rapidly than we had projected, justifying it by the lack of wage increases in the previous years. Also importantly, Romgaz intends to invest RON 1.14 bn in 2017 (vs RON 369 mn in 2016), focusing on exploration projects aimed at compensating for the natural decline in production, compared to our earlier estimate of RON 1 bn.

BT Coverage Initiation - Transgaz - Stop dawdling & Start building - 20/03/2017

TGN - S.N.T.G.N. TRANSGAZ S.A.

March 20, 2017 - Coverage initiation report

SIF 2menține încrederea investitorilor

SIF2 - SIF MOLDOVA S.A.

March 17, 2017 - Portofoliul SIF 2 îl apreciez ca fiind unul de calitate, deoarece ponderea acțiunilor listate este de 74% în activele totale ale acestuia. Se observă o concentrare a portofoliului SIF 2 pe acțiunile Băncii Transilvania, lucru care consider că poate aduce un grad de risc pe termen lung, chiar dacă pâna acum TLV a înregistrat performanțe superioare mediei pieței de capital. Prețul target pentru acțiunile SIF 2 este de 1,024 lei/acțiune, cu recomandare de cumpărare în acest moment.

Romanian SIFs. Not for the faint-hearted

SIF1 - SIF BANAT-CRIȘANA S.A.

March 16, 2017 - Our valuation of the SIFs is based on the NAVs reported as of December 2015, to which we apply a fair discount, which we have set at 50%, in line with the historical past five-year average. Our valuations result in HOLD recommendations for all five SIFs. In our valuations, we use the official NAV as reported by each SIF. Given that a large part of the SIFs’ portfolios is invested in Tier-1 companies listed on the stock exchange, the official valuation (last 90 days trading average price) should be a good reflection of the market valuation. For the unlisted part of the portfolios, we use the companies’ equity from their official valuations and, given the lack of detailed data and the large number of small companies in this group, we believe that the valuation based on equity is as good as we can get.

Stress testing Romania’s growth story

March 01, 2017 - Drivers of current cyclical growth boom: • Historical shift towards lower borrowing costs in LEU • Very tight labourmarket, with wage boost supported by electoral cycle • Aggressive tax cuts • Past FDI is beginning to deliver higher capacity & profits • House price recovery ahead • Improved EU funds absorption

Romania: watch out for the eastern European tiger

February 28, 2017 - Romania has the fastest-growing European economy (4.4% for 2017/2018), it’s a pro EU country with a friendly environment for investors. Romania will receive up to EUR 30bn over the next 6 years. With poor wages it provides a very good education, wages are 1/5 of EU average, but despite this it provides with a large IT work force. It has high dividends and potential upgrade to EM.

Analysts estimates

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List of analysts estimates