Analiști

Nume Companie Poziție Companii acoperite Cel mai recent raport Ultima acțiune
https://www.investingromania.com/ro/analisti/railean-irina Railean Irina Banca Transilvania Analist
SNG
SNN
SNP
TEL
TGN
03/07/2018 03/07/2018
https://www.investingromania.com/ro/analisti/gratiana-ordean Gratiana Ordean Banca Transilvania CFA, Senior Financial Analyst
BRD
BVB
M
03/07/2018 03/07/2018
https://www.investingromania.com/ro/analisti/caruntu-mihai-iulian Caruntu Mihai Iulian BCR
BRD
EL
TEL
TGN
TLV
- -
https://www.investingromania.com/ro/analisti/carsten-hesse Carsten Hesse Berenberg EME Equity Strategist - 02/28/2017 04/10/2017
https://www.investingromania.com/ro/analisti/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/ro/analisti/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/ro/analisti/gaal-gellert Gaal Gellert Concorde Securities Ltd. Analist
TGN
02/16/2017 02/16/2017
https://www.investingromania.com/ro/analisti/tunkli-daniel Tunkli Daniel Concorde Securities Ltd. Analist
EL
11/16/2016 04/07/2017
https://www.investingromania.com/ro/analisti/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/ro/analisti/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/ro/analisti/ivana-cosmina Ivana Cosmina Swiss Capital Analist
SNN
TEL
TGN
02/27/2017 02/27/2017
https://www.investingromania.com/ro/analisti/dumitrescu-ovidiu-george Dumitrescu Ovidiu-George Tradeville Director General Adjunct - 06/09/2017 06/09/2017
https://www.investingromania.com/ro/analisti/raffaella-tenconi Raffaella Tenconi WOOD&cO
BRD
03/01/2017 09/04/2017
https://www.investingromania.com/ro/analisti/albulescu-lucian Albulescu Lucian WOOD&Co
BRD
BVB
EL
SIF1
SIF2
SIF3
SIF5
TEL
TGN
TLV
03/16/2017 04/05/2017
https://www.investingromania.com/ro/analisti/buring-bram Buring Bram WOOD&Co
M
02/15/2017 09/04/2017
https://www.investingromania.com/ro/analisti/wieprzowski-pawel Wieprzowski Pawel WOOD&Co - 02/23/2017 04/07/2017
https://www.investingromania.com/ro/analisti/boulougouris-alex Boulougouris Alex WOOD&Co Co-Heads of Research - 11/25/2016 09/04/2017
https://www.investingromania.com/ro/analisti/lamb-jonathan Lamb Jonathan WOOD&Co
SNG
SNP
04/14/2017 09/04/2017

Rapoarte analiști

  • Selectează compania
  • Selectează analist
  • Selectează industria

Prebet - capacitate de producție importantă

January 17, 2017 - Cifra de afaceri bugetată pentru întregul an 2016 a fost de 27 milioane de lei, iar 82,84% din această valoare a fost atinsă deja după primele 9 luni. Prebet are toate șansele să depășească cifra de afaceri bugetată, la publicarea rezultatelor anuale. Un aspect pozitiv este faptul că gradul de realizare al bugetului privind veniturile totale depășește gradul de realizare al cheltuielilor totale. Așadar, posibilitatea accentuării profitului în ultimul trimestru, există. Consider că Prebet poate surprinde pozitiv piața la publicarea rezultatelor anuale.

Romania vs. Hungary: the race to the bottom on taxes Raffaella Tenconi

January 10, 2017 - Romania and Hungary have recently announced another round of tax cuts and fiscal measures effective from this year. In the short term, these measures lift the prospects for consumption and the real estate market. Inflation risks are also rising, but not enough to trigger an increase in the policy rates in 2017, in our view, although the interbank rates may start converging to the policy rate in Romania. For the sovereign credit outlook, in our view, the Hungarian announcements should be positive on the margin as Hungary’s potential growth should benefit from the lower corporate tax rate. On the other hand, in Romania, we see a risk that its investment grade status may be called into question in the coming years due to weakening fiscal prudence and policy uncertainty surrounding the FX loans legacy.

Solid results

TLV - BANCA TRANSILVANIA S.A.

December 20, 2016 - According to the multi-criterial model for share evaluation, the final coefficient calculated as the weighted sum of five factors taken into account is set to 0.2, which corresponds to a maintenance recommendation. The intrinsic value for TLV shares calculated to a null final coefficient is 2.73 lei / share, which represents the share price target for the next 12 months for this shares.

Romanian elections: Social Democrats in the lead on promises of more fiscal stimulus

December 12, 2016 - As indicated previously by opinion polls and in line with the market’s expectations, the Social Democrats (PSD) are in the lead for forming a new government alone or in a coalition with ALDE (former Prime Minister Tariceanu’s party). In yesterday’s elections, they received close to 52% (PSD+ALDE) of the votes and could get additional votes from the redistribution from the parties that did not cross the 5% parliamentary threshold. We do not expect any major shifts from the policies implemented so far, but potentially more fiscal stimulus if the new government keeps some of the promises made during the campaign. According to the Social Democrat party’s official programme, the source of more fiscal relaxation should be extra revenues in the budget generated by continuous economic growth and the multiplier effect. Still, we also note the risks of the budget deficit slipping above 3%, cuts in investments spending or the raising of other taxes to compensate for the higher deficit.

Cheer up, at least on short-term.

SNN - S.N. NUCLEARELECTRICA S.A.

November 28, 2016 - Valuation We update our view on Nuclearelectrica with a BUY recommendation and a target price of RON 6.1 per share revealing an upside potential of 24%. As in our last report, we did not price in our model Units 1 & 2 refurbishment projects (EUR 2.8b) and Units 3 & 4 construction project (EUR 6.5b). We still believe these investment projects are impossible to be financed without a kind of power price support. We used a DCF model with a 22-year explicitly forecasted period (until 2037), as company’s management stated that the lifetime of the two reactors could be prolonged from 26 to 30 years. As such, Unit 1 and 2 would shut down at the end of 2026 and 2037, respectively. Our target price includes the NPV of Units 1&2 residual value that we computed by adding an 80% discount to the two Units refurbishment costs of EUR 2.8b.

EME Strategy 2017. Safer, but not headache-free

November 25, 2016 - Romania should remain the strongest growth performer in 2017, in our view, but Hungary is the one that could surprise on the upside the most, as the government recently approved an aggressive corporate and social security tax cut plan, plus the PAKS nuclear expansion may kick off. The outlook for Poland, on the contrary, may surprise to the downside, as uncertainty surrounding the true fiscal stance, on taxation in particular, of the PiS government may push the private sector to increase savings. Sluggish growth means that Poland is the only country in our space where inflationary pressures should remain virtually non-existent.

9M results are fine but Q3 wasn’t great

EL - SOCIETATEA ENERGETICA ELECTRICA S.A.

November 16, 2016 - Electrica reported its Q3 results yesterday after market. Generally, 9M results are increasing despite the poor Q3 earnings. Cumulated earnings increased in the first nine months by 9.7% y-o-y in case of EBITDA and 12% in case of the EBIT. Net profit of the group is around RON 357 million, or RON 1.03 per share. We see the RON 400 million after minority profit reachable thus the current DPS level is sustainable and might increase further. Furthermore, we assume that the company should pay out special dividend to the shareholders to reduce the cash level in the company, which is around RON 8 per share. The positive impact in the first 9M was mainly due to the reversal of the provision related to the compensatory indemnities in respect of Electrica Serv restructuring programme. In this quarter supply revenue decreased by 8.1% y-o-y, while the distribution revenue fell by 2.4%. EBITDA of the supply segment reached RON 30 million vs. RON 12 million in the past year, however distribution EBITDA decreased by 9.8% y-o-y to RON 240 million due to the negative price effect generated by the lower regulated distribution tariffs partly compensated by a positive volume effect. Net profit after minority was at RON 99 million down by 14% y-o-y in Q3. We hope Electrica and Fondul will reopen the negotiations after the election in December. In the current regulatory environment we see the transaction the main growth potential for Electrica. We maintain our target price and recommendation. Electrica will hold conference call on the 21th of November at 15:00 CET time.

BRD-GSG. Strong nine months warrant an upgrade

BRD - BRD - GROUPE SOCIETE GENERALE S.A.

November 16, 2016 - BRD-GSG reported a strong set of 9M16 results last week, confirming both our positive view on the bank, and also that our expectations of a decline in the cost of risk (COR) might materialise sooner than we anticipated. As a result, we have adjusted our COR estimates downwards, to 1.5% in 2016E (vs. 1.8% previously) and 1.3% in 2017E (from 1.6% previously), while the changes for 2018E have only been minor. Incorporating the gain on the VISA transaction for 2016E, our net profit estimates have increased by 33.4% to RON 780m for 2016E and by 17.6% to RON 719m for 2017E. As a consequence of the above changes, and adjusting for the time value, our price target (PT) increases by 17.4% to RON 13.62/share, implying 23.8% upside. We maintain our BUY rating.

Wait for the storm end

TEL - C.N.T.E.E. TRANSELECTRICA

November 15, 2016 - Transelectrica reported its Q3 results today before market and had its conference call afterwards. The earnings were much better than the very pessimistic consensus, however the y-o-y decline was also significant. Revenue declined by 30% y-o-y, mostly due to the pass-through segments, however the y-o-y decline in case of the transmission segment was almost 12%, as a result of lower transmission fees. EBITDA went down by 13.3% y-o-y to RON 505 million in the first 9M, while net profit declined by 24% to RON 213 million, which is roughly in line with our end of the year forecast. Transelectrica should earn an EPS around RON 4 of which the DPS should be around RON 2.5 giving a ca. 8.5% dividend yield calculated with the current price. Power consumption in Romania fell by 0.3% y-o-y in the first nine months, while the power production was lower by. 3.6% y-o-y around 44 TWh. Billed volume of Transelectrica increased by 0.7% partly offset the lower tariffs. The tariff cut was rough. Transmission tariff decreased 12% y-o-y in the first 9Ms to RON 20.11 RON/MWh, while the dispatching tariff declined by 9.5% to 1.12 RON/MWh. The CAPEX guidance was drastically increased compared to our targeted levels for the next 10 years. We increased our CAPEX forecasts, which had a negative impact to the price target. We reduce our end of the year target price to RON 29 per share and change our Overweight recommendation to Equal weight. We still believe that the company is a great dividend play on the Romanian market and the price should not decline drastically till the DPS keeps strong but we wait for a better momentum to get on the grid again. Last but not least we see the CAPEX increase negative, which might obstruct dividend flow.

BRD: strong 3Q16 results confirm positive trend

BRD - BRD - GROUPE SOCIETE GENERALE S.A.

November 07, 2016 - BRD has reported a strong set of 3Q16 results, outperforming both our and the market’s expectations on almost all lines. Total operating income was 7.4% above our expectations and provisions 30% lower than we expected. The 9M16 net profit stands at RON 601.1m, already close to the RON 645m FY16E Bloomberg consensus estimates. We thus see additional upside risk for our FY16E results and for the market consensus. The bank trades at a P/B of 1.16x on a 9M annualised ROE of 12%. We believe that the results confirm our positive view on the development of the sector and on the bank, and BRD remains one of the best plays on the Romanian macro story, in our view. Being a systemic bank, BRD is able to capture both the growth in the country’s internal demand via growth in retail loans, as well as the eventual growth of corporate and enterprise lending once it starts picking up pace.

BRD Q3: Still good, still good…

BRD - BRD - GROUPE SOCIETE GENERALE S.A.

November 03, 2016 - BRD 9m net profit came to RON 606 million (before minorities), implying a net profit of RON 225 million for the quarter. The development in earnings was a result of low risk cost and admin expenses. Net interest income was slightly down q-o-q (-0.8%) and up y-o-y by 2.5%. NIM was down by 12 bps in a competitive environment. Net F&C improved both q-o-q and y-o-y (5.5% and 8.2%, respectively) thanks to card and internet-based transaction fees. OPEX in the quarter was up q-o-q by 8.5% but came basically in line, and overall cost in the first 9m was under control. Risk cost dropped to RON 79 million or 1.0% of gross loans vs. 167 bps a quarter ago, though the Bank pre-provisioned itself to the tune of RON 90 million for the mortgage walkaway law. Adjusting for that, cost of risk increased q-o-q, though is still at a low level.

Banca Transilvania: reconversion of converted CHF loans creates risks of additional provisions

TLV - BANCA TRANSILVANIA S.A.

October 19, 2016 - The newly-passed law requiring the conversion of CHF loans into RON at historical rates could increase the pressure for Banca Transilvania (BT) to create additional provisions, especially given the amendment added just before the vote was taken, that conversion at historical rates might also be applied to the banks that have already converted the loans. Thus, we see risks to the downside as BT now trades close to our price target (PT) of RON 2.57 (implying just 8% upside) and at a P/B of 1.45x, which implies a premium of 20% vs. its local peers. However, we also see mitigating factors in that the bank still has unutilised general provisions, from when it acquired Volksbank (that can be used for covering at least part of the conversion), as the law still appears fraught with legal issues and the President can still send the law back to Parliament for re-examination.

Estimări analiști

  • Selectează compania
  • Selectează industria

Listă estimări analiști