WOOD Daily: UA Macro; VGO PW; MBR PW; CDR PW; SIPCHEM AB; BDX PW; TUPRS TI; SPL PW; OMV AV; SNP RO; BFT PW; TEN PW; SHO PW; HUG PW

HEADLINES: • Ukraine macro: notes on the economy and the reconstruction process • VIGO Photonics: 2Q25 sales down 11% yoy, to PLN 20.3m NEGATIVE • Mo-BRUK: refund of interest on the overpayment related to the 2017 waste disposal decision NEUTRAL • CD Projekt: Cyberpunk to be released for Apple Macs tomorrow NEUTRAL • Sipchem: 2Q25E results preview (due on 21 July) NEUTRAL • Budimex: 2Q25E preview – EBIT up slightly, by 5% yoy (prelims due on 28 July) • Tupras: 2Q25E results preview (due on 29 July) NEUTRAL • Santander Bank Polska: 2Q25E preview (due on 30 July) • OMV: 2Q25E results preview (du...

ODDO BHF SECURITIES LARGE CAPS MORNING NEWS 07/08/2025

Santander : The Cantabrian 'bison' is making a strong comeback!

We think that the current discount of almost 20% on Santander vs the sector (P/BV, P/E) should continue to narrow given the improvement in fundamentals and the outlook for profitability (+4 pts on ROE for 2025-2027e vs 2022 )/shareholder returns (payout ratio >60% for 2025-2027e vs 40% in 2022). We expect a further re-rating (+11%) and reiterate our Outperform rating with our target price raised to € 8.4, including the recent operations.

Santander : Le retour en force du ‘bison’ de Cantabrie se confirme !

L’actuelle décote de près de 20% du titre Santander vs secteur (P/BV, P/E) devrait continuer à se réduire compte tenu de l’amélioration des fondamentaux et des perspectives de rentabilité (+4 pt sur le ROE 2025-27e vs 2022) ainsi que du retour à l’actionnaire (P/O >60% sur 2025-27e vs 40% en 2022). Nous tablons sur une poursuite du rerating (+11%) et réitérons notre opinion Surperformance avec un OC porté à 8.4 € intégrant les opérations récentes.

Credit Morning 07/28/2025

15% tariffs on EU: exposure of the high-yield names in the luxury goods, retail and consumer sectors|Forvia: solid operating results in H1 and further savings to come|