reports
- Research Team
The Rear-View Mirror – EME markets: Türkiye in the red, again
EME Equity Market – March 2025 Türkiye hammered, once again. The MSCI EM Europe Index advanced 0.5% in EUR terms and 4.5% mom in USD terms in March. The Czech PX Index was the best performer (+7.0% mom in EUR terms), followed by the Greek ASE (+4.8% mom), Polish WIG (+3.7% mom) and Hungarian BUX(+1.3% mom) indices (all in EUR terms). There was a muted performance from the Romanian BET Index (-0.1% mom in EUR terms). The Turkish ISE30 finished in the red again, declining 9.5% mom in EUR terms.
PEO BANK POLSKA KASA OPIEKI SA
JMT JERONIMO MARTINS SGPS S.A.
OPAP GREEK ORGANISATION OF FOOTBALL PROGNOSTICS SA
EXAE HELLENIC EXCHANGES SA
MOL MOL NYRT
CEZ CEZ AS
ACP ASSECO POLAND SA
CDR CD PROJEKT S.A.
OMV OMV AG
PKO PKO BANK POLSKI S.A.
BHW BANK HANDLOWY W WARSZAWIE S.A.
BIMAS BIM BIRLESIK MAGAZALAR A.S.
WIZZ WIZZ AIR HOLDINGS PLC
PZU POWSZECHNY ZAKLAD UBEZPIECZEN SPOLKA AKCYJNA
SPL SANTANDER BANK POLSKA SA
MIL BANK MILLENNIUM SA
BSK ING BANK SLASKI S.A.
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.
CAI CA IMMOBILIEN ANLAGEN AG
SAR GR. SARANTIS S.A.
LPP LPP S.A.
CIMSA CIMENTO SANYAI VE TICARET A.S.
CCOLA COCA-COLA ICECEK A.S.
GTC GLOBE TRADE CENTRE S.A.
2310 SAHARA INTERNATIONAL PETROCHEMICAL COMPANY
DOM DOM DEVELOPMENT SA
AEGN AEGEAN AIRLINES SA
ENA ENEA S.A.
BFT BENEFIT SYSTEMS S.A. ALLOTMENT
MGROS MIGROS TICARET A.S
PGE PGE POLSKA GRUPA ENERGETYCZNA S.A.
TKNSA TEKNOSA IC VE DIS TICARET AS
PGSUS.E PEGASUS HAVA TASIMACILIGI AS
APR AUTO PARTNER SA
TPEIR PIRAEUS BANK SA
ALPHA ALPHA BANK AE
PPC PUBLIC POWER CORPORATION S.A.
OTP OTP BANK NYRT
CAR INTER CARS S.A.
FROTO FORD OTOMOTIV SANAYI A.S.
THYAO TURK HAVA YOLLARI A.O.
ECH ECHO INVESTMENT
CPS CYFROWY POLSAT SA
MBR MO-BRUK S.A.
GPW WARSAW STOCK EXCHANGE
11B 11 BIT STUDIOS S.A.
TPE TAURON POLSKA ENERGIA S.A.
ALR ALIOR BANK SA
VGO VIGO SYSTEM SA
WPL WIRTUALNA POLSKA HOLDING SA
TLV BANCA TRANSILVANIA S.A.
H4L1 HALYK SAVINGS BANK OF KAZAKHSTAN GDR
SNP PETROM S.A.
TOFAS TOFAS TURK OTOMOBIL FABRIKASI A.S.
NBGGY NATIONAL BANK OF GREECE S.A. ADS
BVB S.C. BURSA DE VALORI BUCURESTI S.A.
RICHT RICHTER
M MED LIFE
R22 R22
SOKM SOK MARKETLER TICARET AS
ESLT ELBIT SYSTEMS LTD
KAP NATIONAL ATOMIC COMPANY KAZATOMPROM
TEN TEN SQUARE GAMES
ALG ALLEGRO.EU SA
CZG CESKA ZBROJOVKA GROUP
KSPI KASPI KZ
INPST INPOST S.A.
PCF PCF GROUP SA
4IG 4IG NYRT
IGN1L IGNITIS GRUPE
WPS W.A.G PAYMENT SOLUTIONS PLC
PCO PEPCO GROUP NV
CTPNV KAZMUNAYGAS NC JSC
VRC CTP NV
GPP VERCOM SA
BCG GRUPA PRACUJ DA
KLKIM BALTIC CLASSIFIEDS GROUP PLC
GIG KALEKIM KIMYEVI MADDELER SANAYI VE TICARET AS
AROBS GAMING INNOVATION GROUP
9526 AROBS TRANSILVANIA SOFTWARE SA
SHO JAHEZ INTERNATIONAL CO
7203 SHOPER SA
AQ ELM CO
AIRA AQUILA PART PROD COM
GEV AIR ASTANA JSC
BOCHGR GEVORKYAN A.S.
DSPW BANK OF CYPRUS
DIAG DOOSAN SKODA POWER A.S.
DIAGNOSTYKA SA
- Research Team
WOOD Daily: PL Banks; ACP PW; INPST NA; KTY PW; HSBK LI; TITC GA; GPP ...
HEADLINES: • Polish banks: pricing and believing (PKO BP, Bank Pekao, Santander BP, mBank, ING BSK, Bank Millennium, Alior Bank, Bank Handlowy) • Asseco Poland: 4Q24 review – net profit up 9% yoy, 9% above the consensus POSITIVE • InPost: 4Q24 in line with expectations; FY25E EBITDA growth guidance in the mid-20%s, but a slow start to the year POSITIVE • Kety: solid full 4Q24 results, with EBITDA 12% above preliminaries POSITIVE • Halyk Bank: 4Q24 review and 2025E guidance highlights • Titan Cem...
PEO BANK POLSKA KASA OPIEKI SA
ACP ASSECO POLAND SA
PKO PKO BANK POLSKI S.A.
BHW BANK HANDLOWY W WARSZAWIE S.A.
SPL SANTANDER BANK POLSKA SA
MIL BANK MILLENNIUM SA
BSK ING BANK SLASKI S.A.
CIMSA CIMENTO SANYAI VE TICARET A.S.
BFT BENEFIT SYSTEMS S.A. ALLOTMENT
ALR ALIOR BANK SA
H4L1 HALYK SAVINGS BANK OF KAZAKHSTAN GDR
KSPI KASPI KZ
INPST INPOST S.A.
GPP GRUPA PRACUJ DA
- Marta Jezewska-Wasilewska
- Miguel Dias
Polish Banks: pricing and believing (PKO BP, Bank Pekao, Santander BP,...
The Polish banks have rallied 35% ytd, but the median total return for the LTM has arrived at 18%+ for the Polish banks under our coverage. We feel that the market is currently in a similar place to exactly a year ago. The banks have performed well since the end of last year, but valuations remain attractive, with our 2025-26E median P/Es of 9.0-8.2x, at discounts to the long-term valuation levels and with solid single-digit dividend yields in 1H25E. Our upgraded forecasts imply a 10% median EPS...
- Research Team
WOOD Daily: OPL PW; IGN1L LH; PZU PW; GPP PW; CZG CP; PPC GA; LAMDA GA...
HEADLINES: • Orange Polska: strategy focused on growth (stays BUY) • Ignitis Group: making headway (BUY - transfer of coverage) • PZU: 4Q24 well ahead of expectations, holding structure to be created within PZU group POSITIVE • Grupa Pracuj: 4Q24 results – EBITDA up 9% yoy, 9% above our forecast and 1% above the consensus POSITIVE • Colt CZ Group SE: FY24 results review NEUTRAL • Public Power Corporation: 4Q24 earnings, and preview of a potential mega data centre NEUTRAL • Lamda Development: 4Q2...
BHW BANK HANDLOWY W WARSZAWIE S.A.
PZU POWSZECHNY ZAKLAD UBEZPIECZEN SPOLKA AKCYJNA
LAMDA LAMDA DEVELOPMENT S.A.
TPS ORANGE POLSKA S.A.
CAI CA IMMOBILIEN ANLAGEN AG
ENA ENEA S.A.
PPC PUBLIC POWER CORPORATION S.A.
ECH ECHO INVESTMENT
MBR MO-BRUK S.A.
CZG CESKA ZBROJOVKA GROUP
IGN1L IGNITIS GRUPE
GPP GRUPA PRACUJ DA
Uniqa Insurance Group AG: 1 director
A director at Uniqa Insurance Group AG bought 2,368 shares at 9.500EUR and the significance rating of the trade was 52/100. 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 year...
- Ahmed Ben Salem
TKA THYSSENKRUPP AG
EQNR EQUINOR ASA
MT ARCELORMITTAL SA
GALP GALP ENERGIA SGPS SA CLASS B
BEKB BEKAERT SA
AAL ANGLO AMERICAN PLC
APAML APERAM SA
OUT1V OUTOKUMPU OYJ
BFIT BASIC-FIT NV
SSAB A SSAB AB CLASS A
IDL ID LOGISTICS GROUP
UNIQA INSURANCE GROUP AG
SZG SALZGITTER AG
ITP INTERPARFUMS
SRP SRP GROUPE SA
VIRP VIRBAC SA
MRN MERSEN SA
VOE VOESTALPINE AG
BOSS HUGO BOSS AG
ACX ACERINOX SA
ENI ENI S.P.A.
ERA ERAMET SA
REP REPSOL SA
LNZ LENZING AG
NDA AURUBIS AG
RIEN ROYAL VOPAK NV
AMG RIETER HOLDING AG
WBD AMG ADVANCED METALLURGICAL GROUP N.V.
VIG WEBUILD S.P.A.
LTA VIENNA INSURANCE GROUP AG WIENER VERSICHERUNG GRUPPE
INSD ALTAMIR ACT PORTEUR
VLTSA VERIMATRIX SA
RIO VOLTALIA
BHP RIO TINTO PLC
RUI BHP GROUP LTD
BP. RUBIS SCA
DMP BP P.L.C.
AMAG DERMAPHARM HOLDING SE
SHEL AMAG AUSTRIA METALL AG
SHELL PLC
- Ahmed Ben Salem
TKA THYSSENKRUPP AG
EQNR EQUINOR ASA
MT ARCELORMITTAL SA
GALP GALP ENERGIA SGPS SA CLASS B
BEKB BEKAERT SA
AAL ANGLO AMERICAN PLC
APAML APERAM SA
OUT1V OUTOKUMPU OYJ
BFIT BASIC-FIT NV
SSAB A SSAB AB CLASS A
IDL ID LOGISTICS GROUP
STF STEF
UNIQA INSURANCE GROUP AG
SZG SALZGITTER AG
ITP INTERPARFUMS
SRP SRP GROUPE SA
VIRP VIRBAC SA
MRN MERSEN SA
VOE VOESTALPINE AG
BOSS HUGO BOSS AG
ACX ACERINOX SA
ENI ENI S.P.A.
ERA ERAMET SA
REP REPSOL SA
LNZ LENZING AG
MBWS MARIE BRIZARD WINE & SPIRITS SA
NDA AURUBIS AG
RIEN ROYAL VOPAK NV
AMG RIETER HOLDING AG
WBD AMG ADVANCED METALLURGICAL GROUP N.V.
VIG WEBUILD S.P.A.
LTA VIENNA INSURANCE GROUP AG WIENER VERSICHERUNG GRUPPE
INSD ALTAMIR ACT PORTEUR
VLTSA VERIMATRIX SA
RIO VOLTALIA
BHP RIO TINTO PLC
RUI BHP GROUP LTD
BP. RUBIS SCA
DMP BP P.L.C.
AMAG DERMAPHARM HOLDING SE
SHEL AMAG AUSTRIA METALL AG
SHELL PLC
- Rok Stibric
- Philip Hettich
- Julian Dobrovolschi
TKA THYSSENKRUPP AG
ENGI ENGIE SA.
EDP EDP-ENERGIAS DE PORTUGAL SA
MT ARCELORMITTAL SA
BEKB BEKAERT SA
AAL ANGLO AMERICAN PLC
APAML APERAM SA
DBK DEUTSCHE BANK AG
OUT1V OUTOKUMPU OYJ
ACN ACCENTURE PLC CLASS A
SSAB A SSAB AB CLASS A
FORTUM FORTUM OYJ
CEZ CEZ AS
AGS AGEAS SA/NV
SZG SALZGITTER AG
PKO PKO BANK POLSKI S.A.
VOE VOESTALPINE AG
ACX ACERINOX SA
ELE ENDESA S.A.
RWE RWE AG
SAN SANOFI
VER VERBUND AG CLASS A
ERA ERAMET SA
ENEL ENEL SPA
NDA AURUBIS AG
GAS NATURGY ENERGY GROUP S.A.
AMG AMG ADVANCED METALLURGICAL GROUP N.V.
EDW EDP RENOVAVEIS SA
MONC MONCLER SPA
IBE IBERDROLA SA
RIO RIO TINTO PLC
BHP BHP GROUP LTD
AMAG AMAG AUSTRIA METALL AG
ALG ALLEGRO.EU SA
ACLN ACCELLERON INDUSTRIES LTD
P911 DR. ING. H.C. F. PORSCHE AKTIENGESELLSCHAFT
UN0 UNIPER SE
- Julian Dobrovolschi
TKA THYSSENKRUPP AG
ENGI ENGIE SA.
EDP EDP-ENERGIAS DE PORTUGAL SA
MT ARCELORMITTAL SA
BEKB BEKAERT SA
AAL ANGLO AMERICAN PLC
APAML APERAM SA
DBK DEUTSCHE BANK AG
OUT1V OUTOKUMPU OYJ
ACN ACCENTURE PLC CLASS A
SSAB A SSAB AB CLASS A
FORTUM FORTUM OYJ
CEZ CEZ AS
AGS AGEAS SA/NV
SZG SALZGITTER AG
PKO PKO BANK POLSKI S.A.
VOE VOESTALPINE AG
ACX ACERINOX SA
ELE ENDESA S.A.
RWE RWE AG
SAN SANOFI
VER VERBUND AG CLASS A
ERA ERAMET SA
ENEL ENEL SPA
NDA AURUBIS AG
GAS NATURGY ENERGY GROUP S.A.
AMG AMG ADVANCED METALLURGICAL GROUP N.V.
EDW EDP RENOVAVEIS SA
MONC MONCLER SPA
IBE IBERDROLA SA
RIO RIO TINTO PLC
BHP BHP GROUP LTD
AMAG AMAG AUSTRIA METALL AG
ALG ALLEGRO.EU SA
ACLN ACCELLERON INDUSTRIES LTD
P911 DR. ING. H.C. F. PORSCHE AKTIENGESELLSCHAFT
UN0 UNIPER SE
- Jovan Sikimic
- Research Team
WOOD Daily: CEZ CP; PKO PW; SAR GA; ALE PW; CAR PW; SHO PW; SHO PW; GE...
HEADLINES: • CEZ: 4Q24 results a strong beat, FY25E guidance also positive POSITIVE • PKO BP: posts solid 4Q24, and sets solid base for 2025E delivery NEUTRAL • Sarantis: FY24 slightly above guidance; minor guidance upgrade for 2025E POSITIVE • Allegro: 4Q24 EBITDA beat, solid FY25E guidance, PLN 1.4bn buyback POSITIVE • Inter Cars: preliminary 4Q24 net profit rises 41% yoy, but a slight miss vs. expectations NEUTRAL • Shoper: 4Q24 preliminary adjusted EBITDA up 32% yoy, sound 12% beat vs. our f...
- Bruno Cavalier
- Emmanuel Matot
- Louis Boujard
- CFA
- Marc Lavaud
- Roy Külter
MC LVMH MOET HENNESSY LOUIS VUITTON SE
LI KLEPIERRE SA
COV COVIVIO SA
EO FAURECIA SA
GFC GECINA SA
NXI NEXITY SA CLASS A
UHR SWATCH GROUP LTD. BEARER
RMS HERMES INTERNATIONAL SCA
FLY SOCIETE FONCIERE LYONNAISE SA
GYC GRAND CITY PROPERTIES SA
MERY MERCIALYS SA
ITP INTERPARFUMS
EL ESSILORLUXOTTICA SA
WHA WERELDHAVE N.V.
INTO INTERVEST OFFICES & WAREHOUSES SA
BLND BRITISH LAND COMPANY PLC
BRBY BURBERRY GROUP PLC
KOF KAUFMAN & BROAD SA
KER KERING SA
ALTA ALTAREA SCA
VNA VONOVIA SE
ACX ACERINOX SA
XIOR XIOR STUDENT HOUSING N.V.
G24 SCOUT24 AG
DEQ DEUTSCHE EUROSHOP AG
ICAD ICADE SA
01913 PRADA S.P.A.
FAE FAES FARMA S.A.
BYG BIG YELLOW GROUP PLC
COFB COFINIMMO SA
CAI CA IMMOBILIEN ANLAGEN AG
VLK VAN LANSCHOT KEMPEN NV CERT. OF SHS
TEG TAG IMMOBILIEN AG
VASTB VASTNED RETAIL BELGIUM NV
LPP LPP S.A.
PSPN PSP SWISS PROPERTY AG
UBS UBM DEVELOPMENT AG
SPSN SWISS PRIME SITE AG
PAT PATRIZIA AG
MONT MONTEA SCA
AED AEDIFICA SA
CARM CARMILA SAS
LEG LEG IMMOBILIEN AG
MONC MONCLER SPA
CPINV CARE PROPERTY INVEST SA
SAFE SAFESTORE HOLDINGS PLC
ARG ARGAN SA
VGP VGP NV
BC BRUNELLO CUCINELLI S.P.A.
CFR COMPAGNIE FINANCIERE RICHEMONT SA
COL INMOBILIARIA COLONIAL SOCIMI SA
DIC DIC ASSET AG
FLU FLUGHAFEN WIEN AG
MERLIN MERLIN PROPERTIES SOCIMI S.A.
TLGO TALGO SA
DKG DEUTSCHE KONSUM REIT-AG
TRE TECNICAS REUNIDAS SA
IBG IBERPAPEL GESTION S.A.
PSG PROSEGUR COMPANIA DE SEGURIDAD SA
HOME NEINOR HOMES SA
AT1 AROUNDTOWN SA
IMP IMPACT DEVELOPER & CONTRACTOR S.A.
LAND LAND SECURITIES GROUP PLC
MVC METROVACESA SA
NSI NSI N.V.
ULA UNIBAIL-RODAMCO-WESTFIELD SE STAPLED SECS CONS OF 1 SH UNIBAIL RODAMCO + 1 SH WFD UNIB ROD
INS INSTONE REAL ESTATE GROUP AG
AEDAS AEDAS HOMES SA
THEP THERMADOR HOLDING SA
ZEL PHARMA MAR SA
WDP WAREHOUSES DE PAUW SCA
ECMPA EUROCOMMERCIAL PROPERTIES NV
CTPNV CTP NV
ONE ONE UNITED PROPERTIES SA
SHUR SHURGARD SELF STORAGE LIMITED
EXENS EXOSENS
CO CASINO GUICHARD-PERRACHON
LANV PRIMAVERA CAP ACQUISITION CORP
- Philip Hettich
EQS-News: Bilanz 2024: Flughafen Wien AG erzielt deutliches Plus bei G...
EQS-News: Flughafen Wien AG / Schlagwort(e): Vorläufiges Ergebnis Bilanz 2024: Flughafen Wien AG erzielt deutliches Plus bei Geschäftsergebnis – erstmals mehr als eine Milliarde Umsatz – Ausbauoffensive gestartet – aber auch Dividende steigt 03.03.2025 / 07:30 CET/CEST Für den Inhalt der Mitteilung ist der Emittent / Herausgeber verantwortlich. Bilanz 2024: Flughafen Wien AG erzielt deutliches Plus bei Geschäftsergebnis – erstmals mehr als eine Milliarde Umsatz – Ausbauoffensive gestartet – aber auch Dividende steigt Finanzkennzahlen 2024: Umsatzplus von 13,0% auf € ...
EQS-News: Business Results for 2024: Flughafen Wien AG generates a sig...
EQS-News: Flughafen Wien AG / Key word(s): Preliminary Results Business Results for 2024: Flughafen Wien AG generates a significant increase in earnings and surpasses € 1 billion in revenue for the first time – Launch of an expansion drive – Dividend also rises 03.03.2025 / 07:30 CET/CEST The issuer is solely responsible for the content of this announcement. Business Results for 2024: Flughafen Wien AG generates a significant increase in earnings and surpasses € 1 billion in revenue for the first time – Launch of an expansion drive – Dividend also rises Financial perf...
- Sinan Doganli
- Sinan Doganli
- Philip Hettich
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