ODDO : Healthy operational outlook absorbs higher tax beyond 2026

We think that the robust outlook for Polish economic growth should offset mid-term uncertainty on fiscal policy and political risk. We have made a slight upward revision to our forecasts for pre-tax profit (by 1% to 4%) but lowered our EPS forecasts by 21% for 2026e and 4% for 2027e. After factoring in the full impact of the new tax bill, we have adjusted our target prices but remain cautiously positive on Polish banks. We favour mBank (upgrade to Outperform) for its upbeat long-term outlook and more generous dividends. We have downgraded Bank Pekao to Neutral due to slightly higher sensitivit...

Credit Morning 10/22/2025

Playtech falls after being identified as the author of a report against Evolution|Verisure: a new recapitalisation dividend for Hellman|Worldline: revenue decline slows in Q3. FY25 guidance is slightly revised downwards.|

ODDO BHF SECURITIES Small & MIDCAP MORNING NEWS – 10/22/2025