reports
- 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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