reports
- Miguel Dias
WOOD Flash – XTB S.A.: 4Q25 net profit materially ahead of expectation...
XTB reported its 4Q25 preliminary results yesterday (29 January), with net profit of PLN 181m, 23% ahead of our estimate for the quarter and 9% ahead of the consensus. The beat was driven mostly by the higher CFD volumes traded, even if the profitability was lower than we expected and the opex higher.
- Research Team
WOOD Daily: PL Macro; MUR PW; PCO PW; XTB PW; PZU PW; CTPNV NA; WIZZ L...
HEADLINES: • Poland macro: rates unchanged, and some positive news • Murapol: sells 767 and hands over 1,286 units in 4Q25 NEGATIVE • Pepco Group: 1Q26 revenues growth eases to 4% yoy; FY26E guidance maintained NEGATIVE • XTB S.A.: over 250k new clients in 4Q25 in sight NEUTRAL • PZU/Bank Pekao: merger uncertain even by end-4Q27E, according to the Minister of State Assets NEUTRAL • CTP: prices EUR 500m 4Y bond at 3.4%; leases space in Amsterdam to Crisp POSITIVE • Wizz Air: may grow capacity by ...
- Miguel Dias
WOOD Flash – XTB S.A.: over 250k new clients in 4Q25 in sight
KDPW has reported the number of securities accounts held at domestic brokerage institutions for the month of December 2025. In 4Q25, XTB continued to vastly outpace the rest of the market and added c.164k new accounts in Poland, capturing c.72% of the total number of net accounts created during the quarter. As such, we view our target of c.267k total new client additions for 4Q25E as largely in reach, as the number of non-Polish new accounts required to meet the target seems to be in line with t...
- Research Team
The Rear-View Mirror – EME markets: Czech PX in the lead in December
EME Equity Market – December 2025 Czech PX the best performer in December; no market in the red. The MSCI EM Europe Index added 3.4% mom in EUR terms and 4.6% mom in USD terms in December. The Czech PX was the top performer, adding 7.6% mom; followed by the Romanian BET (+7.1% mom); the Polish WIG 20 (+6.4% mom); the Greek ASE (+1.8% mom), the Turkish ISE 30 (+0.4% mom) and the Hungarian BUX (+0.2% mom; all in EUR terms).
PEO BANK POLSKA KASA OPIEKI SA
JMT JERONIMO MARTINS SGPS S.A.
OPAP GREEK ORGANISATION OF FOOTBALL PROGNOSTICS SA
MOL MOL NYRT
CEZ CEZ AS
ACP ASSECO POLAND SA
CDR CD PROJEKT S.A.
TITK TITAN CEMENT CO. SA
BHW BANK HANDLOWY W WARSZAWIE S.A.
SPL SANTANDER BANK POLSKA SA
MIL BANK MILLENNIUM SA
BDX BUDIMEX S.A.
LAMDA LAMDA DEVELOPMENT S.A.
GEKTERNA GEK TERNA
MTELEKOM MAGYAR TELEKOM TELECOMMUNICATIONS
KTY GRUPA KETY SA
TPS ORANGE POLSKA S.A.
PKN POLSKI KONCERN NAFTOWY ORLEN S.A.
LPP LPP S.A.
ASELS ASELSAN ELEKTRONIK SANAYI VE TICARET A.S. CLASS B
CCC CCC SA
RBW RAINBOW TOURS S.A.
ENA ENEA S.A.
PGE PGE POLSKA GRUPA ENERGETYCZNA S.A.
PGSUS.E PEGASUS HAVA TASIMACILIGI AS
APR AUTO PARTNER SA
TBCB TBC BANK JOINT STOCK CO
CAR INTER CARS S.A.
EUR EUROCASH S.A.
CPS CYFROWY POLSAT SA
MBR MO-BRUK S.A.
11B 11 BIT STUDIOS S.A.
TPE TAURON POLSKA ENERGIA S.A.
DAT DATAWALK SA
ALR ALIOR BANK SA
WPL WIRTUALNA POLSKA HOLDING SA
BELA JUMBO S.A.
SNP PETROM S.A.
RICHT RICHTER
MAVI MAVI GIYIM SANAYI VE TICARET A.S.
R22 R22
ESLT ELBIT SYSTEMS LTD
TEN TEN SQUARE GAMES
XTB X-TRADE BROKERS DOM MAKLERSKI SA
ALG ALLEGRO.EU SA
HUGE HUUUGE
4IG 4IG NYRT
PCO PEPCO GROUP NV
CTPNV CTP NV
BCG BALTIC CLASSIFIEDS GROUP PLC
7203 ELM CO
OPTIMAr OPTIMA BANK S.A.
THEON THEON INTERNATIONAL PLC
PRIUA PRIMOCO UAV SE
BOCHGR BANK OF CYPRUS
DSPW DOOSAN SKODA POWER A.S.
PE RO PREMIER ENERGY
- Research Team
WOOD Morning (10 December 2025)
HEADLINES: • XTB S.A.: morphing into a Pan-European super app (BUY - initiation of coverage) • Eurocash: new strategy aiming at 2027E EBIT of PLN 600m POSITIVE • Rainbow Tours: winter season pre-sales growth accelerates to 8.2% yoy POSITIVE • Budimex: PLN 276m bid from BDX consortium scores highest in tender for district heat network construction NEUTRAL • 4iG: signs strategic partnership agreements in Türkiye POSITIVE • 4iG: sells 4iG Broadcast Infrastructure NEUTRAL • Short News (4iG)
- Marta Jezewska-Wasilewska
- Miguel Dias
XTB S.A.: morphing into a Pan-European super app (BUY - initiation of ...
We initiate coverage of XTB S.A. (XTB), with a BUY and a 12M price target (PT) of PLN 81.7 (c.18% upside, c.22% total shareholder return). XTB is a pan-European retail broker, which has evolved from a pure Contract For Difference (CFD) house into a scaled, multi-asset investing app in largely under-penetrated European markets. We see the company using its highly-profitable CFD engine to fund a land grab in CEE and selected Western European markets, delivering a >30% ROE on our base case, with th...
XTB S.A: 1 director
A director at XTB S.A sold 9,405,540 shares at 78.000PLN and the significance rating of the trade was 73/100. Is that information sufficient for you to make an investment decision? This report gives details of those trades and adds context and analysis to them such that you can judge whether these trading decisions are ones worth following. Included in the report is a detailed share price chart which plots discretionary trades by all the company's directors over the last two years clearly show...
XTB - BUY - What does not kill you... - Coverage Initiation IPOPEMA 18...
What does not kill you……makes you stronger. We initiate coverage of XTB with a BUY recommendation anda fair value of PLN 9.30 per share, which implies 62% upside potential.ESMA regulations to affect short-term profits, may speed up M&A in the futureThe European Securities and Markets Authority recently published measures to beadopted towards contracts for difference (CFDs). We assume this will lead to atemporary decline in clients’ traded volumes and therefore expect the new measuresto affect pr...
Ford Equity International Rating and Forecast Report
Ford Equity International Research Reports cover 60 countries with over 30,000 stocks traded on international exchanges. A proprietary quantitative system compares each company to its peers on proven measures of business value, growth characteristics, and investor behavior. Ford's three recommendation ratings buy, hold and sell, represent each stock’s return potential relative to its own country market.. The rating reports which are generated each week, include the fundamental details behind...
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