Makro i sektorske analize koje vam pomažu u pametnom i utemeljenom donošenju odluka.
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Carbon emissions - Long (and expensive) way to net zero
In this report, we focus on the EU system, known as the EU ETS (EU Emissions Trading System), which is the largest global system in terms of market value, accounting for approximately 87% of all traded carbon allowances in 2023. While Climate ETFs are already at 550 USDbn (30% of ESG ETFs), the current market value of carbon ETFs is around 1 USDbn (given the recent drop in carbon permits prices).
11.04.2024.
Cable production industry: Cashing in on connectivity – cable producers plug into solid sales growth and sound profitability
This report takes a deep dive into the regional cable industry. Our peer group can be broadly divided into two segments: automotive players and general-purpose cable producers which serve a multitude of industries like construction, energy distribution, etc.). In any case, both subgroups managed to retain steadfast sales growth (beating input cost inflation) and defend solid profitability.
04.04.2024.
Banking industry - 2023 profitability rise unlikely to repeat soon
Industry-wise, European bank stocks were amongst the best performers since end-2022. This is not surprising since, in 2023, large cap banks in Europe delivered the highest net interest margins (median of 1.9%) in at least 20 years, the highest returns on equity (median of 14%) since 2007 and the highest dividend payout ratios (median of 45%) since 2018.
27.03.2024.
Adria Region Macro Quarterly 2Q 2024 - Solid growth rates labour dependant
In general, the Adria region countries showed resilience during current global recessionary wave. Even though the external demand posed an impediment to more vivid growth, firm domestic factors have predominated and kept the region on the growth path. Aside from solid domestic demand, investments are contributing positively due to solid infrastructure projects within the region and growth in building construction activity.
22.03.2024.
Coffee industry: Challenges persist, but the worst is behind
The objective of this report is to analyze the coffee industry through the lens of coffee processors. The report will examine the historical financial performance of significant regional players in coffee processing. It will offer insights for raw coffee prices
15.03.2024.
Special commodity report - Will sweetness turn to bitterness?
The prices of most commodities have returned to 2019/2020 period levels, but certain commodities are experiencing significant price hikes. The primary factor behind this growth are adverse weather conditions (in important regions for production) and different diseases. Since the start of 2019, the prices of cocoa, orange juice, sugar and coffee have risen by 140% on average. The orange juice stands out, which price surged by 200% followed by cocoa at 160%, which price particularly accelerated in 2024.
08.03.2024.
Labour market - Productivity struggling to converge to EU
In 2023, gross wages continued to grow, supported by high (albeit declining) inflation rates and a lack of labour. The growth rate in both the Adria region and the CEE4 in nominal terms was over 13.5% on average. Except for Czechia and Slovenia, gross wage growth recorded double-digit numbers. In real terms, the situation is better for the Adria region, where the average real wage growth was 4.8% yoy, suggesting better purchasing power, while that was not the case for CEE4 (-0.6% yoy).
01.03.2024.
Electrical appliances industry: Reheating yesterday’s lukewarm margins and leftover sales growth
This report hones in on the regional Electrical appliance industry. We look at how different target markets, business models and products ultimately define intra-regional differences in financial performance. We evaluate the financial strengths and weaknesses of the largest regional players and offer our outlook regarding the industry at large.
22.02.2024.
