Latest comment from financial markets

CZGB Auction Preview,Fixed Income: Additional auction to offer another CZK10.0bn

11/29/2022 2:36 PM

Issuance activity: Tomorrow, MinFin is scheduled to auction CZK3.0bn of 8y bonds, CZK6.0bn of 10y bonds and CZK1.0bn of 13y bonds. Whereas only one primary auction (9 Nov) was indicated this month initially, tomorrow’s auction was added to the schedule last week. In December, one primary auction is scheduled so far (14 Dec) with a total amount of CZK10.0bn. This is surprisingly low, given that MinFin indicated a total issuance volume of up to CZK100bn in 4Q, but only issued CZK44.2bn in total in Oct-Nov until now (and plans to issue additional CZK20.0bn until the end-2022). The risk of an additional auction in December therefore prevails, in our view.

Autor: Jaromír Gec Show more

Latest comment from the equity market

Comment on financial results: Kofola: Solid sales growth, margin decline, full-year guidance adjustment

11/25/2022 9:02 AM

Kofola ČeskoSlovensko reported third-quarter results yesterday after the market closed, marking the strongest quarter seasonally. Revenues grew at a decent pace across all sectors. However, high inflation caused margins to decline. EBITDA were down 10.5% yoy to CZK462m. The numbers are 3.4% above consensus when comparing EBITDA but missed the market estimate on net profit by 2.5%. For the full year, Kofola should reach the lower end of the original guidance. It emerged that, in addition to the high prices of materials, the company is beginning to experience problems with cooling demand. Thus, meeting the target may prove to be a challenge.

Autor: Bohumil Trampota Show more