The Rear-View Mirror – EME markets: Poland – worst performer in August

EME Equity Market – August 2025 Corrections in Poland and the broader MSCI EM Europe. The MSCI EM Europe Index declined by 2.3% mom in EUR terms and was flat (0.0%) in USD terms in August. The Hungarian BUX was the top performer, adding 2.2% mom in EUR terms, followed by the Romanian BET (+1.9% mom), the Czech PX (+1.7% mom) and the Greek ASE (+1.4% mom) (all in EUR terms); while there was a muted performance from the Turkish ISE 30 (+0.4% mom in EUR terms). The biggest loser was the Polish WIG 20, which declined 5.1% mom in EUR terms.

WOOD Daily: ALE PW; HU Macro; PBK RO; PE RO; 4IG HB; CAI AV; M RO; SFG RO; 11B PW; CTPNV NA; PL Macro; PKN PW; PKN PW; INPST NA; LAMDA GA

HEADLINES: • Allegro: August is harvest time (downgraded to HOLD) • Hungary macro: challenging conditions keeping fiscal pressure high • Patria Bank: solid delivery in 2Q25 POSITIVE • Premier Energy: 2Q25 normalised EBITDA in line with our expectations NEUTRAL • 4iG: 2Q25 results review – 11% yoy increase in reported EBITDA, 3% above our estimate NEUTRAL • CA Immo: 2Q25 – continued progress with disposals; cancels treasury shares, launches new buyback • MedLife: takeaways from the 2Q25 earnings call NEUTRAL • Sphera Group: 2Q25 webcast - key takeaways NEGATIVE • 11 bit studios: 2Q25 earnings c...

Ermenegildo Zegna N.V. : High-end clothing specialist with undervalued earnings growth

The Zegna group, which specialises in luxury Italian clothing, is set to post earnings growth above 15% p.a. in 2026-2028, well above the average for the luxury goods sector. But the share is trading at a discount of almost 30% to this average. We are initiating coverage with an Outperform rating and a target price of $ 11.5.

Ermenegildo Zegna N.V. : Un spécialiste de l’habillement haut de gamme qui dispose d’un potentiel d’expansion des résultats insuffisamment valorisé

Le groupe Zegna, spécialiste de l’habillement italien de haut de gamme, est en mesure d’enregistrer une croissance des résultats au-delà de 15% par an sur 2026-2028 nettement supérieure à la moyenne du secteur du luxe. Pour autant, le titre affiche une décote de près de 30% sur cette même moyenne. Nous initions sa couverture avec une opinion Surperformance et un OC de 11.5 $.

GTT : Pending new orders