Citi
May 20, 2026
The Point for CEEMEA
Daily UpdateEquitiesCommoditiesMacro Economic IndicatorsUtilitiesMaterials
Citi provides a daily digest of CEEMEA market shifts, highlighting a Sell rating on Hidroelectrica due to power price assumptions and TP cuts for Alba amid Middle East operational disruptions.
Key Takeaways
- 1.Hidroelectrica is rated Sell as its current valuation discounts a long-term power price of EUR100/MWh, significantly above the gas-based equilibrium of EUR75/MWh.
- 2.Aluminium Bahrain (Alba) faces significantly reduced FY26 EBITDA estimates due to capacity utilization dropping to 50% following Middle East conflict-related operational issues.
- 3.A proposed windfall profit tax in Poland is expected to impact Orlen's 2026 EBITDA by approximately ZL2.2bn.
Table of Contents
- Top Call
- MENA
- Must Read
- South Africa
- Emerging Europe
- Sector
- Strategy & Economics
- Commodities
- CEEMEA – Forthcoming Corporate Access
- Key Rating and Target Price Changes
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Authors
Piotr DzieciolowskiShashi Shekhar
Securities
ROH2O.BXALBH.BHDHER.DEPKN.WA
Themes
Middle East Geopolitical RiskWindfall Taxation in Emerging Europe
Regions
Middle EastEuropeAfricaRomaniaBahrainPoland