Report
Research Team

WOOD Daily: SNT PW; EEMEA Macro; CPS PW; WPL PW; PRIUA CP; RICHT HB; TLV RO; PE RO; OPTIMA GA; OPAP GA; MGROS TI; BIMAS TI; KSPI US; ELM AB; The Rear-View Mirror

HEADLINES:
• Synektik: healthcare play, with multiple tailwinds (BUY - initiation of coverage)
• EEMEA macro: early takes on the Iran conflict
• Cyfrowy Polsat/Wirtualna Polska: CPS audience share at 21.21%, while WP TV at 0.51% in February 2026 NEUTRAL
• Primoco UAV: EUR 4m order for Spanish Guardia Civil POSITIVE
• Richter: acquires WHC discovery portfolio of Celmatix NEUTRAL
• Banca Transilvania: 2026E guidance NEUTRAL
• Premier Energy: acquisition of six minority stakes and sale of stake in Alive Capital POSITIVE
• Optima Bank: strong 4Q25 delivery, beats expectations; 2026E guidance ahead of the consensus POSITIVE
• OPAP: 4Q25 earnings below expectations NEUTRAL
• Migros: 4Q25E earnings preview (due out tomorrow)
• BIM: 4Q25E earnings preview (due on 10 March)
• Kaspi.kz: 4Q25 financial results highlights and conference call takeaways
• Elm: 4Q25 conference call takeaways
• The Rear-View Mirror – EME markets: Turkish ISE back in the lead
• Short News (BHW, ING, PKO, PEO)
Underlyings
Banca Transilvania S.A.

BIM Birlesik Magazalar A.S.

Bim Birlesik Magazalar is engaged in operating retail stores through its retail shops throughout Turkey, which sell an assortment of approx. 600 items, including a number of private labels. Co.'s object is to offer consumers basic food items and consumer goods at discount prices with quality. Co.'s private labels provides its consumers with quality tasting sausage, salami and similar meat products while at the same time being suitable to the consumers family budget. Products include meat products, breakfast and dairy products, beverages, legumes and bakery, snacks and sweets, fruits and vegetables, frozen foods, and non-food items - cleaning supplies.

Cyfrowy Polsat SA

Greek Organisation of Football Prognostics SA

OPAP is engaged in the operating and management of numerical lottery and sports betting games as well as lottery games. Co. holds concession to operate and manage new sports betting games in Greece as well as a right of first refusal to operate and manage any new lottery games permitted by the Hellenic Republic. Co. operates six numerical lottery games, including Joker, Lotto, Proto, Extra 5, Super 3, and Kino; and three sports betting games consisting of Stihima, Propo, and Propo-goal. Co. is also engaged in designing new lottery games, including Bingo and Super 4. Co. distributes its games through an extensive on-line network of agents.

Kaspi kz

Migros Ticaret A.S

Migros Ticaret is a retailing group based in Turkey. Co. offers spacious stores in a wide range of formats and locations whose vast selection of stationery, glass and kitchenware, appliance, book, clothing, and other items along with groceries and other necessities. Co. maintains a store network of 1,004 national and international locations with a national presence in 70 provinces in Turkey's seven geographical regions. Store brand names include M, MM, MMM, 5M, MigroJet, Tansas, Macrocenter and Ramstores. Co. also provides customers alternatives such as internet, call centers, kiosks, catalogues, and mobile shopping networks.

OPTIMA BANK S.A.

PRIMOCO UAV SE

Synektik

Synektik SA is a Poland-based company active in the medical sector. It produces PACS software which allows running a diagnostic imaging laboratory. It runs a research laboratory which performs acceptance and specialist tests of X-ray equipment. The Company sells medical equipment and operates a services center for imaging equipment. Synektik SA is a partner of Siemens. On November 28, 2013, the Company raised its stake in Miedzynarodowe Centra Medyczne Inwestycje Sp z o o to 100%.

Wirtualna Polska Holding SA

Wirtualna Polska Holding SA is a Poland-based holding company. The Company owns entities that are engaged in the Internet publishing and broadcasting content, including operating business, technology, sports and entertainment portals, as well as electronic mail (e-mail) and electronic commerce (e-commerce). It also offers a range of advertising products, including display ads. The Company operates through such Internet portals as Wirtualna Polska, o2.pl, Money.pl, WP SportoweFakty, Dobreprogramy.pl, WP Parenting, Domodi and Homebook, among others. The Company operates domestically.

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

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