Report
Research Team

WOOD Daily: PKO PW; CBF PW; VRC PW; SHO PW; RICHT HB; CTPNV NA; FROTO TI; SOKM TI; KLKIM TI; TITC GA; MTLN GA; MCOVB SS; EU Oil and Gas Monthly; PL Macro; EME Strategy – MSCI; NLBR SV; CEZ CP; OPTIMA GA; ACAG GA

HEADLINES:
• PKO BP: posts solid 3Q25 results NEUTRAL
• cyber_Folks: 3Q25 results review – 55% yoy EBITDA growth, 3% above the consensus POSITIVE
• Vercom: 3Q25 results review – 10% yoy EBITDA growth, 2% above the consensus POSITIVE
• Shoper: 3Q25 results review – EBITDA up 28% yoy, to PLN 18.4m, in line with the consensus NEUTRAL
• Richter: weak 3Q25 across all segments NEGATIVE
• CTP: 3Q25 – in line, FY targets reiterated NEUTRAL
• Ford Otosan: 3Q25 results in line operationally NEUTRAL
• Sok Marketler Ticaret: 3Q25 results – recovery in operating results overshadowed by bottom-line miss NEUTRAL
• Kalekim: 3Q25 results – resilient operating performance overshadowed by bottom-line miss NEUTRAL
• Titan Cement: Titan America 3Q25 financial results review – strong quarter, but FY25E revenue guidance revised
• Metlen Energy & Metals: 9M25 sales +22% yoy, broadly in line NEUTRAL
• Medicover: takeaways from the 3Q25 earnings call NEUTRAL
• European oil and gas monthly: October 2025 – gas markets serene
• Poland macro: NBP cuts by 25bps
• EME Strategy: MSCI – November 2025 review
• NLB Group: DPS EUR 6.43 proposed NEUTRAL
• CEZ: 3Q25E results preview (due on 11 November)
• Optima Bank SA: 3Q25E results preview (due on 11 November)
• Austriacard: 3Q25E results preview (due on 13 November)
Underlyings
AUSTRIACARD HOLDINGS AG

CEZ as

CEZ Group is a dynamic, integrated electricity conglomerate based in the Czech Republic and with operations in a number of countries of Central and Southeastern Europe and Turkey. Co. is an international group consisting of nearly 120 companies, Czech and foreign. Co.'s primary activities involve the production and transmission of electricity through nuclear, coal-fired and hydro power stations; production and distribution of heat and processing of secondary products generated during the production of electricity and heat as well as coal mining. Co. has operating companies in Poland, Bulgaria, Romania, the Netherlands, Ireland, Germany, Hungary, Albania, Turkey, Serbia, and Slovakia.

Ford Otomotiv Sanayi A.S.

Ford Otomotiv Sanayi is an automobile manufacturing company based in Turkey. Co. operates as a joint venture between Ford Motor Company and the Koc Group of Companies. Co. is engaged in manufacturing, assembling and selling motor vehicles, primarily commercial vehicles, imports and sells passenger cars and manufactures and imports and sells spare parts of those vehicles. Co. has two plants located in Kocaeli and Eskisehir, has a spare part distribution warehouse in Kartal, Istanbul and a branch in Tubitak Marmara Research Centre, Gebze Campus Technological Free Zone (TEKSEB).

KALEKIM KIMYEVI MADDELER SANAYI VE TICARET AS

Medicover AB

Medicover AB is a Sweden-based healthcare and diagnostic services provider. It offers a broad range of healthcare services and hub-and-spoke diagnostic laboratory network, supported by proprietary software and information systems infrastructure. The Company offers its services through two divisions: Healthcare Services and Diagnostic Services. The Healthcare Services division offers services ranging from primary care to specialist outpatient and inpatient care. The care is delivered mainly through Medicover's own network of clinics and medical facilities. The Diagnostic Services division offers a broad range of diagnostic laboratory testing for humans and some veterinary services across all main clinical pathology specialties. The Company focuses primarily on such markets, as Poland, Germany, Romania, Ukraine.

MYTILINEOS S.A.

Mytilineos Holdings is an industrial group engaged in the sectors of Metallurgy, EPC, Energy, and Defence. Co. and its subsidiaries are engaged in three main operating business segments: Metallurgy, Constructions and Energy. Co. and its subsidiaries monitor its performance on Metallurgy and Mining Sector through the subsidiaries Aluminium S.A. (Alumina-Aluminium) and Sometra S.A. (Zinc-Lead). Co., through its subsidiary, METKA S.A., is an EPC Constructor in Greece.

OPTIMA BANK S.A.

PKO Bank Polski S.A.

PKO Bank Polski is a universal commercial bank offering services to both domestic and foreign retail, corporate and other clients. Co. is licensed to hold foreign exchange and currencies and sell/buy them, as well as perform a full range of foreign exchange services; open and hold bank accounts abroad and to deposit foreign exchange in these accounts. In addition, Co. conducts activities relating to leasing, factoring, electronic settlements via payment cards, as well as renders other financial services. As of Dec 31 2009, Co. had total assets of Zl156,478,685,000 and total deposit of Zl124,628,562,000. Co. operates in the Republic of Poland, Ukraine and Sweden.

R22
R22

R22 Sa. R22 SA is a Poland-based holding of technology companies offering: hosting services and domain sales. The Company provides internet services and operating in promising areas of the e-economy. The Company gathers the other companies hosting services, internet domain registration worldwide and services related to the security of transmitted data-SSL certificates. The Company has three operating segments: Domains and hosting, Omnichannel communication services automating electronic communication with recipients and Telecommunication services provided by the Oxylion Group.

SHOPER SA

Sok Marketler Ticaret AS

Sok Marketler Ticaret AS. Sok Marketler Ticaret AS, located in Istanbul, Turkey, owns and operates grocery stores. It sells Amigo, Crown, Deren, Evin, Karmen, Lio, Peki, Piyale and Tempo brands. The Company was founded in 1995.

Titan Cement Co. SA

Titan Cement Co. and, its subsidiaries (collectively, the Group) are engaged in the production, trade and distribution of a range of construction materials, including cement, concrete, aggregates, cement blocks, dry mortars and fly ash. The Group operates primarily in Greece, the Balkans, Egypt, Turkey and the U.S. The Group operates in 14 countries in Europe, North America and the Eastern Mediterranean and is organized in the following four operating (geographic) segments: Greece and Western Europe, North America, South East Europe, and Eastern Mediterranean.

VERCOM SA

Provider
Wood and Company
Wood and Company

WOOD & Company is the leading investment bank in Emerging Europe. Founded in 1991 and head-quartered in Prague, our footprint spans the region and touches investors around the globe.

A pioneer in Emerging Europe, WOOD executed many of the first CEE equity trades and landmark investment banking transactions. Our electronic trading platform was the first in the region, and remains the best. We are continually expanding our relevance and reach in these ever-evolving markets.

Our equity market share reflects our stature: 7% in Warsaw, 20% in Bucharest, 16% in Hungary, 40% in Prague and 5% in Vienna. Our distribution is unparalleled, with the largest salesforce in the region, servicing a uniquely diverse investor base.

We couple local expertise with a truly international perspective. With offices on the ground in the region, and in key financial hubs such as London and Milano, we are never far from our clients and we remain at the forefront of what’s afoot in the CEE emerging and frontier landscape.

Analysts
Research Team

Other Reports on these Companies
Other Reports from Wood and Company

ResearchPool Subscriptions

Get the most out of your insights

Get in touch