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

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Wait and hope that FP will be bought out sooner rather than latter.

EL - SOCIETATEA ENERGETICA ELECTRICA S.A.

October 07, 2016 - Valuation We update our view on Electrica with a NEUTRAL recommendation and a target price of RON 13.97 per share revealing an upside potential of 2.7% against last close. We used a DCF model with a 5-year explicitly forecasted period after which a terminal free cash flow with a perpetual growth of 1.5% is employed. We raised our target price from RON 11.66 previously mainly because we reduced the distribution CAPEX from what has been planned by the company (that included Non - RAB CAPEX) to the levels regulated by ANRE. We also increased our net profit estimates as Electrica’s expenses are declining more than expected and because the supply business is performing better-than-budgeted. We continue to not see any reason to discount the cash that includes the IPO proceeds of RON 1.9b as for the 3rd regulatory period, the company’s approved RAB-CAPEX stands at RON 3,126m and the price offered for buying out Fondul Proprietatea (FP) that holds 22% in Electrica’s distribution and supply subsidiaries stands at RON 790m.

OMV Petrom: announces minimum 30% dividend payout from 2016E earnings, cash flow permitting

SNP - OMV PETROM S.A.

September 20, 2016 - On 19 September, OMV Petrom made a disclosure concerning its dividend policy. The addition to its policy is as follows: “OMV Petrom currently targets, subject to adverse developments in the external market, a proposed dividend from the 2016 net earnings of a minimum of 30% in the case it is fully covered by the Company's free cash flows before dividends." We do not believe this is a change in policy on behalf of management, but is rather a clarification in response to an erroneous belief on the part of certain market participants. Petrom has a history of paying out 40-50% of its earnings in dividends. However, no dividend was paid out from the 2015 earnings. This led some to question whether there had been a change in policy, and whether shareholders could expect to receive dividends in the future.

Raised net on public offers.

BVB - BURSA DE VALORI BUCUREȘTI SA

August 24, 2016 - Valuation We update our view on Bursa de Valori Bucuresti (BVB) with a BUY recommendation and a target price of RON 30.15 per share revealing an upside potential of 16%. We used a DCF model with a 5-year explicitly forecasted period after which a terminal free cash flow with a perpetual growth of 2.5% is employed.

Foreclosure provisioning offset by Visa deal gain.

TLV - BANCA TRANSILVANIA S.A.

August 18, 2016 - Valuation We update our view on Banca Transilvania with a BUY recommendation and a target price of RON 2.80 per share revealing an upside potential of 18% against last close. We used a two-stage DDM with a 4-year explicitly forecasted period. The 1st stage up to 2020 is explicitly forecasted. In the 2nd stage, we modeled in a gradual ROE transition to 10.4%, the estimated long-term cost of equity, and a long-term growth rate of 2.6%.

Macro outlook: 2Q GDP brings good news

August 15, 2016 - Romania On a seasonally-adjusted basis, real GDP rose by 1.5% qoq, in line with the 1Q print, and was up on a yoy basis by 5.9% in 2Q. Household consumption growth is likely to have hit double digits, in our view, given that real wage growth reached 18%yoy in May, easing modestly to 15% in June. We expect investment to have continued to expand – at a modest pace compared with consumption, but nonetheless supported by strong EU funds absorption and strengthening balance sheets. Net exports are likely to continue to detract from GDP, on the back of strong imports, but we note that industrial surveys continue to suggest robust external and domestic demand ahead.

Still kicking. Despite all, the net is resilient above RON 1b

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

August 14, 2016 - Valuation We update our view on Romgaz with a BUY recommendation and a target price of RON 27.06 per share revealing an upside potential of 18% against last close. We used a DCF model with a 5-year explicitly forecasted period after which a terminal free cash flow with a perpetual growth of -1% was employed. We reduced our previous target price (RON 30.09/share) mainly on lower-thaninitially estimated sales volumes and on increased CAPEX over 2017-2019 period to contain the development of the new thermal power plant, a project estimated at a cost of EUR 280m. We decreased our FY’16 net estimate from RON 1,275m to RON 1,070m

Revised oil prices assumptions.

SNP - OMV PETROM S.A.

August 10, 2016 - Valuation We update our view on OMV Petrom with a BUY recommendation and a target price of RON 0.313 per share revealing an upside potential of 18% against last close. We used a DCF model with a 5-year explicitly forecasted period after which a terminal free cash flow with a perpetual growth of -1% has been employed.

Plus,plus,plus

BRD - BRD - GROUPE SOCIETE GENERALE S.A.

August 05, 2016 - Valuation: We update our view on BRD RO with a NEUTRAL recommendation and a target price of RON 11.14 per share revealing an upside potential of 14% against last close. We raised our FY’16 net profit estimate from RON 241m previously to RON 670m to count in for the postponement of AQR with extra provisioning of RON 225m (EUR50m) moved forward in 2017, for the Visa deal gain of RON 103m and for foreclosure impact below initial expectations.

Macroeconomic Overview

July 01, 2016 - Opiniile referitoare la evoluția economiei mondiale în perioada următoare sunt foarte împărțite. Unii analiști au făcut previziuni sumbre pentru evoluția imediat următoare, aceștia considerând că a doua parte a anului va aduce corecții importante pentru majoritatea piețelor. Efectul declanșator ar putea fi regăsit tot în piața bursieră, care prin contagiune ar putea declanșa din nou o criză de mare amploare care să afecteze toate sectoarele. Conform teoriei ciclurilor economice, putem identifica cicluri de afaceri într-un interval de 5-10 ani în ceea ce privește evoluțiile marilor procese economice.Evenimentele ultimilor 50 ani ne arată însă că pot fi identificate cu ușurință cicluri de afaceri odata la 7ani: în 1973/1974 primul șoc petrolier, 1979/1980 al doilea șoc petrolier, 1987 crah bursier, 1994 crah bursier-bonduri, 2001 atentatele din NewYork urmate de un picaj pe majoritatea piețelor, 2008 falimentul LehmanBrothers urmat de criza financiară. Dacă urmăm această logică, anul 2016 ar trebui să aducă corecții importante la nivelul economiei mondiale. În contextul celor mai recente evenimente referitoare la votul de ieșire al Marii Britanii din Uniunea Europeană, acest lucru creează deja premisele unei volatilități însemnate în piață.

Romanian Banks. Banking on the macro story

BRD - BRD - GROUPE SOCIETE GENERALE S.A.

May 31, 2016 - We remain positive on the outlook for the banking sector in Romania and believe that it still offers one of the best growth/risk profiles in the region. While we acknowledge the negative impact that pre-election political decisions might have on the banking system, we believe these are exaggerated, and that they are already incorporated in the stock prices. In our view, the fundamentals for the potential growth of the system are still in place: strong macroeconomic conditions that should eventually lead to loan growth, and a recovery in net interest margins (NIM) as interest rates have stabilised and the banks are improving their asset allocation profiles. Cost of risk (COR) should also remain on a downward path, although we believe the pace of decline is likely to slow, especially given the potential additional provisions related to the mortgage walkaway law.

CEE macro: 1Q GDP surprises add to case for rate cuts Raffaella Tenconi

May 16, 2016 - Romania: flash GDP confirms strong momentum The first estimate of real GDP, seasonally adjusted, rose by 1.6% qoq and 4.1%yoy – better than the 1.1% qoq/3.8% yoy recorded in 4Q15. This pace is in line with our expectations and consistent with our growth estimate of 4.5% for this year.

Macro forecasts update: desperately trying to overheat

May 06, 2016 - It is time to assess our year-ahead projections! In our report “Stay dovish, be mindful of politics” (published on 30 November 2016), we stressed that the emerging signs of buoyant growth in most countries were not enough to turn the central banks hawkish, even though inflation is on a very slow upward trajectory. Labour markets are improving and unemployment rates are approaching historical lows in more than one country but the wage growth associated with this is still very low. Regardless of commodities price swing, most countries operate with a negative output gap, which makes it difficult to push inflation anywhere near the central banks’ targets. Put simply: the central banks need to overheat the economy in order to be credibly on track to meet their targets. We maintain this view and accentuate our dovish bias in Hungary, Romania and Poland, and on the ECB.

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