BUX Index Strengthened This Week on Falling Turnover

The stock index of the Budapest Stock Exchange (BSE) strengthened this week amid falling turnover, closing at 66,527.41 points on Friday, up 1,142.81 points, or 1.75%, from a week earlier, MTI reported Sunday morning, along a brief analysis of the week’s trading.

Turnover on the stock market was HUF 35.18 billion, up from HUF 39.49 billion the previous week, with leading shares gaining.

In its weekly summary sent to MTI, Equilor Investment Ltd. highlighted that OPUS has published its 2023 results and its strategy until 2029, and may pay a dividend. The company posted consolidated EBITDA of HUF 88.2 billion and after-tax profit of HUF 44.9 billion last year, according to consolidated figures, an increase of almost 19% and more than 100%, respectively. According to the published strategy, the company intends to remain in a consolidation phase until the end of 2026, after which it may start further acquisitions; by 2029, it aims to generate an additional EBITDA of around HUF 20 billion above the performance of its existing businesses, thanks to the acquisition of a new business. The Board of Directors has proposed to the AGM a total dividend payment of more than HUF 6.7 billion, payable from June 17, which would amount to HUF 10 per share.

Mol's proposal to the general meeting has been published, the dividend proposal is HUF 150 + 100 per share, and the general meeting will be held on 25 April, Equilor said. It also pointed out that Mol has received a target price increase. Raiffeisen Bank raised its 12-month target price from HUF 2,700 to HUF 3,200, and improved its recommendation from sell to hold. Of the 11 analysts covering the company, 8 currently recommend a ‘buy’, 2 a ‘hold’ and 1 a ‘sell’, with a median target price of HUF 3,465.

OTP continued to buy treasury shares last week, buying 26,000 shares on Tuesday, 28,266 on Wednesday and 9,406 on Thursday, Equilor said.

The biggest increase in the week was achieved by Mol shares, which gained 3.04%, closing the week at HUF 3,050, with a weekly turnover of HUF 6.34 billion.
Richter gained 1.73% this week, ending Friday's trading at HUF 9,420, with a weekly turnover of HUF 6.65 billion.
OTP was up 1.34%, ending the week at HUF 17,025, with a turnover of HUF 17.14 billion.
Magyar Telekom also gained 1.34%, ending Friday's trading at HUF 909, with weekly turnover of HUF 1.73 billion.

The BUMIX index of small and medium-sized shares closed the week at 6,165.58 points, up 61.54 points or 1.01% on the previous week.