The Point for CEEMEA

This report provides research updates on CEEMEA markets, including stock-specific outlooks for Foschini Group and Sibanye Stillwater, alongside macroeconomic developments in Europe and Hungary.

Key Takeaways

• 1.Foschini Group rating maintained at Sell with a lower target price of R61.30 due to margin compression risks and weak demand.
• 2.European auto sales outlook upgraded to +2% for FY26E as consumer BEV adoption offsets earlier concerns.
• 3.The National Bank of Hungary cut the policy rate by 25bps to 6%, with expectations of further easing during the summer.

Table of Contents

• Top Call
• South Africa
• Emerging Europe
• Must Read
• Metlen Energy & Metals (MTLN.L) - Share buyback announced; capital allocation likely unchanged
• European Auto Manufacturers - Thoughts on European car sales trends YTD
• European Auto Manufacturers - EU car sales +4% in May and +5% YTD, we lift our EU sales forecast
• Hungary Economics - More rate cuts are coming
• European Economics - Eurozone PMIs: the Stag-flationary Shock Starts to Reverse

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