Hellenic Exchanges SA

The Hellenic Exchanges is engaged in the following business sectors: trading, clearing, settlement, data feed, IT, exchange services, depository services, clearinghouse services, and other.
  • TickerEXAE
  • ISINGRS395363005
  • SectorFinancial Services
  • CountryGreece

Analysts

1 director sold

A director at Hellenic Exchanges Holdings sold 25,690 shares at 4.576EUR and the significance rating of the trade was 59/100. Is that information sufficient for you to make an investment decision? This report gives details of those trades and adds context and analysis to them such that you can judge whether these trading decisions are ones worth following. Included in the report is a detailed share price chart which plots discretionary trades by all the company's directors over the last two years clearly showing Close periods where trading activity is restricted under listing rules. The na...

Research Team

The Rear-View Mirror – EME markets: Another strong month for ASE index, up 7.4% mom

EME Equity Market – May 2019 Market performance – ASE index the best performer, up 7.4% mom in May. In May, the MSCI EME improved by 0.9% mom. The ASE index rose by 7.4% in May, following a mom rise of 7.2% in April; while Moscow’s index gained 4.1%; and Bucharest’s BET index was up 0.6% mom. On the other hand, the worst performer was Turkey’s ISE30, down 4.8% mom; while the WIG20 index saw mom losses of 4.1%; the BUX index fell 3.8% in May; and Prague’s PX index dropped 2.3% mom.

HELLENIC EXS.HDG.SA sees an upgrade to Slightly Positive due to a better fundamental star rating

The general evaluation of HELLENIC EXS.HDG.SA (GR), a company active in the Investment Services industry, has been upgraded by the independent financial analyst theScreener with the addition of a star. Its fundamental valuation now shows 4 out of 4 possible stars while its market behaviour can be considered as moderately risky. theScreener believes that the additional star(s) merits the upgrade of its general evaluation to Slightly Positive. As of the analysis date May 28, 2019, the closing price was EUR 4.40 and its potential was estimated at EUR 4.88.

Research Team

Focus: keeping our BUY on Sberbank, with higher PTs (RUB 277/commons / RUB 235/prefs); Nostrum Oil & Gas’ 1Q19 results in line with preliminary numbers; Inter Cars – 1Q19 beat vs. expectations on other operating income

HEADLINES: • Sberbank: no thrill, but inexpensive (stays BUY) • Nostrum Oil & Gas: 1Q19 results in line with preliminary numbers NEUTRAL • Inter Cars: 1Q19 beat vs. expectations on other operating income, adjusted in line NEUTRAL • Coca-Cola HBC: CCBA franchising process comes to an end • Famur: management proposes PLN 0.36 DPS (a 7.7% dividend yield) POSITIVE • PGNiG: announces dividend proposal of PLN 0.18 • Athens Exchange Group: 1Q19 results review NEUTRAL • Wirtualna Polska: key takeaways from 1Q19 earnings call POSITIVE • EME Strategy: Eurobank added to MSCI Greece from 22 May close...

Research Team

Focus: transferring coverage of OPAP with a BUY and a new EUR 12.2 PT; keeping our BUY on Mytilineos, with lower EUR 12.5 PT; Polish retail sector – retail tax saga – season 2; National Bank – feedback from investor day

HEADLINES: • OPAP: the odds are good (BUY - transfer of coverage) • Mytilineos: plant(ing) the seed (stays BUY) • Polish retail sector: retail tax saga - season 2 • National Bank: feedback from investor day • Rostelecom: recommends RUB 2.5 DPS from 2018 NI NEUTRAL • Petrol Group: 1Q19 review - strong quarter, 13% EBITDA beat POSITIVE • JSW: 1Q19 financial results - above consensus on better cost performance POSITIVE • 11 bit studios: 1Q19 results in line with our expectations, below the market consensus NEUTRAL • Energa: 1Q19 preliminary results - 12% EBITDA miss, due to weak sales resul...

Research Team

The Rear-View Mirror – EME markets: Another strong month for ASE index, up 7.4% mom

EME Equity Market – May 2019 Market performance – ASE index the best performer, up 7.4% mom in May. In May, the MSCI EME improved by 0.9% mom. The ASE index rose by 7.4% in May, following a mom rise of 7.2% in April; while Moscow’s index gained 4.1%; and Bucharest’s BET index was up 0.6% mom. On the other hand, the worst performer was Turkey’s ISE30, down 4.8% mom; while the WIG20 index saw mom losses of 4.1%; the BUX index fell 3.8% in May; and Prague’s PX index dropped 2.3% mom.

Dimitris Birbos

ATHEX GROUP - 1Q19 results preview: Mediocre performance on soft trading activity

Research Team

The Rear-View Mirror – EME markets: Turkish ISE30 plummets in March

EME Equity Market – March 2019 Market performance – Turkish ISE index down 13.9% in March. In March, the MSCI EME remained flat, following February’s 1.6% mom contraction. Bucharest’s BET index was the best performer in March, +4.2% mom; followed by the MOEX index (2.1% mom); the ASE index (+2.0% mom); and Budapest’s BUX (+1.5% mom). In negative territory, the worst performer was the Turkish ISE30, -13.9% mom; while the WIG20 and the Czech PX lost 0.9% mom and 0.5% mom, respectively.

Dimitris Birbos

ATHEX GROUP - The first sun rays behind the clouds have appeared!

Dimitris Birbos

ATHEX GROUP - 4Q18 results preview: Thin trading activity to weigh on P&L performance for another quarter

1 director sold

A director at Hellenic Exchanges Holdings sold 25,690 shares at 4.576EUR and the significance rating of the trade was 59/100. Is that information sufficient for you to make an investment decision? This report gives details of those trades and adds context and analysis to them such that you can judge whether these trading decisions are ones worth following. Included in the report is a detailed share price chart which plots discretionary trades by all the company's directors over the last two years clearly showing Close periods where trading activity is restricted under listing rules. The na...

1 director sold

A director at Hellenic Exchanges Holdings sold 3,900 shares at 4.606EUR and the significance rating of the trade was 51/100. Is that information sufficient for you to make an investment decision? This report gives details of those trades and adds context and analysis to them such that you can judge whether these trading decisions are ones worth following. Included in the report is a detailed share price chart which plots discretionary trades by all the company's directors over the last two years clearly showing Close periods where trading activity is restricted under listing rules. The nam...

Research Team

Focus: keeping our BUY on Sberbank, with higher PTs (RUB 277/commons / RUB 235/prefs); Nostrum Oil & Gas’ 1Q19 results in line with preliminary numbers; Inter Cars – 1Q19 beat vs. expectations on other operating income

HEADLINES: • Sberbank: no thrill, but inexpensive (stays BUY) • Nostrum Oil & Gas: 1Q19 results in line with preliminary numbers NEUTRAL • Inter Cars: 1Q19 beat vs. expectations on other operating income, adjusted in line NEUTRAL • Coca-Cola HBC: CCBA franchising process comes to an end • Famur: management proposes PLN 0.36 DPS (a 7.7% dividend yield) POSITIVE • PGNiG: announces dividend proposal of PLN 0.18 • Athens Exchange Group: 1Q19 results review NEUTRAL • Wirtualna Polska: key takeaways from 1Q19 earnings call POSITIVE • EME Strategy: Eurobank added to MSCI Greece from 22 May close...

Research Team

Focus: transferring coverage of OPAP with a BUY and a new EUR 12.2 PT; keeping our BUY on Mytilineos, with lower EUR 12.5 PT; Polish retail sector – retail tax saga – season 2; National Bank – feedback from investor day

HEADLINES: • OPAP: the odds are good (BUY - transfer of coverage) • Mytilineos: plant(ing) the seed (stays BUY) • Polish retail sector: retail tax saga - season 2 • National Bank: feedback from investor day • Rostelecom: recommends RUB 2.5 DPS from 2018 NI NEUTRAL • Petrol Group: 1Q19 review - strong quarter, 13% EBITDA beat POSITIVE • JSW: 1Q19 financial results - above consensus on better cost performance POSITIVE • 11 bit studios: 1Q19 results in line with our expectations, below the market consensus NEUTRAL • Energa: 1Q19 preliminary results - 12% EBITDA miss, due to weak sales resul...

Research Team

Focus: keeping our HOLD on Athens Exchange Group, with lower EUR 4.20 PT; GTC’s 2018 results – So Good, So Right; PKP Cargo’s 4Q18 in line with preliminary figures, dividend recommended, strong 2019E EBITDA forecast; Cyfrowy Polsat’s 4Q18

HEADLINES: • Athens Exchange Group: too fast, too soon (stays HOLD) • GTC: 2018 results - So Good, So Right POSITIVE • PKP Cargo: 4Q18 in line with prelims, dividend recommended, strong 2019E EBITDA forecast POSITIVE • Cyfrowy Polsat: 4Q18 results - 2% beat vs. consensus EBITDA, strong top line and KPIs NEUTRAL • Echo Investment: 2018 results - net profit in line, with revaluations the key driver NEUTRAL • Enea: 4Q18 results in line with prelims NEUTRAL • Ciech: sees risk of 20% reduction of soda ash production at Romanian plant NEGATIVE • Turkish automotive: temporary SCT/VAT tax cut extend...

Research Team

Focus: keeping our HOLD on OTP Bank, with a higher HUF 13,330 PT; Motor Oil Hellas’ 4Q18 results, strong adjusted net income; CEZ – 4Q18 EBITDA a 10% miss, net profit misses by c.60%, but solid FY19E guidance; Athens Exchange Group’s 4Q18

HEADLINES: • OTP Bank: dance until the music stops (stays HOLD) • Motor Oil Hellas: 4Q18 results, strong adjusted net income • CEZ: 4Q18 EBITDA a 10% miss, net profit misses by c.60%, but solid FY19E guidance • Athens Exchange Group: 4Q18 - no surprises in the P&L trends, better dividend • Inter Cars: preliminary 2018 results NEUTRAL • Kruk: additional takeaways on Wonga.pl acquisition NEUTRAL • Wirtualna Polska: Emitel and TVP to launch joint marketing campaign for MUX-8 today POSITIVE • Globalworth: York Capital Management sells 8.9m GWI shares at EUR 9.1/share (EUR 81m) NEUTRAL • mBank...

Research Team

Focus: Romanian politics – rumoured changes to the bank tax; KGHM’s 4Q18 financial results – close to consensus on EBITDA, but large increase in FCF; JSW’s 4Q18 financial results – more cost inflation qoq; Dino’s 4Q18 – strong, as expected

HEADLINES: • Romanian politics: rumoured changes to the bank tax POSITIVE • KGHM: 4Q18 financial results - close to consensus on EBITDA, but large increase in FCF POSITIVE • JSW: 4Q18 financial results - more cost inflation qoq NEGATIVE • Dino: 4Q18 - strong, as expected • S Immo: preliminary 2018 figures beat our forecasts on every line POSITIVE • PKP Cargo: 4Q18 preliminary EBITDA 9% above consensus POSITIVE • OMV Petrom: supervisory board approves dividend proposal of RON 0.027 • MOL: proposes total dividend of HUF 142.5/share • Rostelecom: to use treasury shares in Tele2 acquisition; R...

HELLENIC EXS.HDG.SA sees an upgrade to Slightly Positive due to a better fundamental star rating

The general evaluation of HELLENIC EXS.HDG.SA (GR), a company active in the Investment Services industry, has been upgraded by the independent financial analyst theScreener with the addition of a star. Its fundamental valuation now shows 4 out of 4 possible stars while its market behaviour can be considered as moderately risky. theScreener believes that the additional star(s) merits the upgrade of its general evaluation to Slightly Positive. As of the analysis date May 28, 2019, the closing price was EUR 4.40 and its potential was estimated at EUR 4.88.

Ford Equity International Rating and Forecast Report

Ford Equity International Research Reports cover 60 countries with over 30,000 stocks traded on international exchanges. A proprietary quantitative system compares each company to its peers on proven measures of business value, growth characteristics, and investor behavior. Ford's three recommendation ratings buy, hold and sell, represent each stock’s return potential relative to its own country market.. The rating reports which are generated each week, include the fundamental details behind each recommendation and reflect the fundamental and price data as of the last trading day of the week...

Dave Nicoski ...
  • Ross LaDuke

Vermilion Int'l Compass: Global Equity Strategy

EU and UK Financials remain actionable Our outlook on global equities (both the MSCI ACWI and ACWI ex-US) remains positive and we continue to expect higher equity prices going forward. Below we highlight several new developments which give us additional confidence in our outlook, including but not limited to continued price and RS improvements for UK/European Financials. • Actionable Sector: Financials. Today's stock recommendations go beyond UK and European Financials, however these regions are the primary focus due to a plethora of attractive setups. In today's report we reiterate our 3/21...

Dave Nicoski ...
  • Ross LaDuke

Vermilion Int'l Compass: Global Equity Strategy

Europe & the UK remain in focus The MSCI ACWI ex-U.S. is breaking topside its nearly 14-month downtrend and above key resistance. The move is being fueled by improvements throughout most of Europe and the UK, along with strength in China over the past 2-3 months. We believe these positive developments are supportive of higher equity prices moving forward. As a result of these and several other observations highlighted below, our outlook on global equities is positive. • Europe & the UK. As has been the case over the last several weeks, a major focus of ours within global equities (ex-U.S.) h...

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