Analyses
We are convinced that our clients deserve to receive tailored, professional market information from their investment service providers that is high quality not only in its content but also its form. To this end, we support our clients’ investment decisions with regular daily, general weekly, detailed monthly, and periodic corporate analyses.
- Strategic analyses A thorough macroeconomic overview that generally processes one specific topic, discussing it from all angles in special detail. The analyses also contain recommendations and provide an outlook on the medium and long terms instead of focusing on day-to-day trading.
- Weekly analyses: Every Monday, we prepare a summary of the most important events that took place the previous week, together with a forecast for the events of the coming week and a system of expectations.
- Daily foreign exchange: On the morning of each working day, we prepare a two-page specific analysis on certain cross-currencies (EURUSD; EURJPY; USDCHF; GBPUSD; EURHUF) and a different currency pair every morning. The emphasis is primarily on technical analyses, though fundamental events also play an important part.
- Daily summaries: On the morning of each working day, we prepare a two-page summary, primarily on the events of the previous day but also with a short discussion of the events that can be expected that day.
- News flashes: Whenever important macroeconomic events become public, we provide a brief commentary or a more detailed analysis on the given macroeconomic environment and the effects expected over the short-term.
- Specific share analyses: We continuous examine market opportunities, which includes the preparation of sector and share-specific analyses from time to time.
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We currently send our registered users the following types of analyses in the form of a newsletter:
- EQUILOR START- daily kick starter with special attention on Budapest stock exchange equities tarding
- EQUILOR NAPI FX - published on the morning of each business day, most important currencies with related news
- EQUILOR CHART- technical analyses of domestic and foreign equities
- EQUILOR SMART- occasional paper on important foreign and domestic economic & financial events, securities.
- EQUILOR PLUS- Our trading ideas
We are recurring guests at most leading Hungarian media outlets:
- we participate in the Portfolio.hu consensus regarding blue-chip stocks
- we make daily announcements on the Trend FM and Jazzy radio stations about events on the Hungarian market
- our analyses are regularly cited on the Tőzsdefórum, Privátbankár, and MFOR websites
- interviews conducted with and analyses provided by our employees are published by Világgazdaság, HVG, Forbes, napi.hu, and portfolio.hu, among others.
- our analyses are picked up by Bloomberg and other foreign service providers on a daily basis
- we regularly issue statements on Hungarian stocks and the situation of the domestic market to the Bloomberg and Reuters news agencies
We are devoted supporters of work aimed at deepening financial culture and knowledge in Hungary, as part of which the trainings we hold for Equilor employees not only help ensure that our customers receive the highest quality in services, but we also inform the representatives of the media on developments in Hungarian and international money market processes on multiple occasions every year.
Latest analyses
MBH Bank Nyrt. comprehensive analysis
- MBH Bank was formed in mid-2023 from the merger of three banks and became the second largest bank in Hungary, after OTP, in terms of balance sheet total. The bank's growth is reflected in the 11 percent increase in balance sheet total to HUF 12,281 billion in Q3 2025, compared to the base period at the end of 2023.
- Adjusted return on equity (ROE) was 18.1 percent in 9M 2025 (9M 2024: 23.1 percent), negatively impacted by integration development costs. However, in previous years, return on equity was 21.2 and 27.4 percent for fiscal years 2024 and 2023, respectively.
- The Bank decided to pay a dividend of HUF 36.9 billion in April 2025, of which HUF 22.9 billion in advance dividends were paid in October 2024. MBH Bank's dividend payment policy aims to pay a stable dividend per share, increasing it year on year if possible.
- Our 12-month target price is HUF 4,047. Considering the pricing for the sale of MBH Bank's own shares, our investment recommendation is BUY. Growth continues to be supported by the market growth of domestic housing loans and personal loans, which is partially limited by increased operating costs and increased taxes.
Granit Bank - Q3 2025 Flash Review
- Granit Bank’s group-level profit after tax came in above our expectation in the first nine months of 2025
- Total assets grew by 11% y/y to 1 702Bn at the end of the third quarter (3Q25), and by the end of 3Q25 the bank had already exceeded our 2025 balance sheet forecast by 8%
- Adjusted Return on Equity (ROE) decreased to 15.1%, primarily due to the increase in equity
- The growth trajectory continues to match our expectations, supporting the fundamental value we previously set. Given the positive outlook, we maintain our Buy recommendation with a target price of 18 306
OTP Bank - 3Q 2025 Earning Review
- OTP Bank posted +6% YTD gross loan and +4% YTD total asset increase in 9M25
- Adjusted pro-rata ROE was 22.7% in 9M25, remaining above 20%, similarly to the last two years
- We expect that OTP will continue to post strong earnings in the coming quarters, supported by the expansion of the loan portfolio and continued market gain in targeted markets, as well as continued solid cost management
- Our valuation model implies a 12-month forward target price of 36 443 by the end of September 2026, above the consensus target price of 34 945