reports
- Ahmed Ben Salem
- Ahmed Ben Salem
- Patrick Steiner
Andritz : In Pole Position
Andritz is well positioned to win upcoming major pulp mill projects (42% Pulp & Paper sales share in 2024), which should raise sales to the targeted level of € 9-10bn for 2027e and trigger a revaluation of the share. The group’s high-margin service business should continue to grow and support an increase in the comparable EBITA margin to over 9% by 2027e (vs 8.9% in 2024). The higher group order intake in Q4 2024 (+27% vs css) confirms the improved business sentiment in all segments. With its as...
- 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
- Andreas Riemann
- Jean Danjou
- Marc Lavaud
- Youssef Besbes
ZIL2 ELRINGKLINGER AG
A1XEH4 CROSSJECT SA
TNG TRANSGENE SA
CGM CEGEDIM SA
BOSS HUGO BOSS AG
NANO NANOBIOTIX SA
SESL SES-IMAGOTAG SA
XIL XILAM ANIMATION SA
ALR ALIOR BANK SA
JUN3 JUNGHEINRICH AG PREF
DMP DERMAPHARM HOLDING SE
TGN SOCIETATEA NATIONALA DE TRANSPORT GAZE NATURALE TRANSGAZ S.A.
VOS VOSSLOH AG
2CRSI 2CRSI SA
GRE GRENERGY RENOVABLES
CLA CLARANOVA SE
SFQ SAF-HOLLAND SE
MRX MISTER SPEX SE
ENER GRUPO ECOENER S.A.
LOUP SOCIETE L.D.C.
- Andreas Riemann
- Jean Danjou
- Marc Lavaud
- Youssef Besbes
ZIL2 ELRINGKLINGER AG
A1XEH4 CROSSJECT SA
TNG TRANSGENE SA
HCO HIGHCO SA
CGM CEGEDIM SA
BOSS HUGO BOSS AG
NANO NANOBIOTIX SA
SESL SES-IMAGOTAG SA
XIL XILAM ANIMATION SA
ALR ALIOR BANK SA
JUN3 JUNGHEINRICH AG PREF
DMP DERMAPHARM HOLDING SE
TGN SOCIETATEA NATIONALA DE TRANSPORT GAZE NATURALE TRANSGAZ S.A.
VOS VOSSLOH AG
2CRSI 2CRSI SA
GRE GRENERGY RENOVABLES
CLA CLARANOVA SE
SFQ SAF-HOLLAND SE
MRX MISTER SPEX SE
ENER GRUPO ECOENER S.A.
LOUP SOCIETE L.D.C.
- 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
- Jovan Sikimic
- 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: WPL PW; ALR PW; TEN PW; WPS LN; PL Retail; CEZ CP; PL Macr...
HEADLINES: • Wirtualna Polska: 4Q24 results review – adjusted EBITDA up 17% yoy, 8% above the consensus POSITIVE • Alior Bank: 2027E targets – PLN 2.6bn of net profit; ROE above 18%; payout ratio above 50% POSITIVE • Ten Square Games: mixed newsflow – solid 4Q24 adjusted EBITDA, strong dividend recommendation, but disappointing trading update POSITIVE • Eurowag: 2H24 operating results in line, special dividend announced NEUTRAL • Polish retail: Zabka's 4Q24 below the consensus NEGATIVE • CEZ: up...
- Research Team
WOOD Daily: PL Banks; DAT PW; TL Macro; EME Macro/Strategy Weekly; GTC...
HEADLINES: • Polish banks: Financial Stability Committee mentions sanction of free credit risk for consumer loans portfolio NEGATIVE • DataWalk: preliminary 4Q24 results – sales up 19% yoy, to PLN 9.09m POSITIVE • Türkiye macro: putting the CBRT’s emergency rate hike into context • EME Macro/Strategy: macro all-in-one (17-23 March) • GTC: solvency of controlling investor in question, after State Audit Office of Hungary's report • Banca Transilvania: dividend proposal from the 2024 profits NEUTRA...
- Research Team
WOOD Daily: PL Banks; SIPCHEM AB; TL Macro; KAP LI; JMT PL; ALR PW; PC...
HEADLINES: • Polish banks: first politician to suggest additional military tax for the banks NEGATIVE • Sipchem: preliminary 4Q24 results, net profit down, on maintenance NEGATIVE • Türkiye macro: CBRT tightens policy with surprise corridor hike • Kazatomprom: 4Q24 results – well above the market’s estimates POSITIVE • Jeronimo Martins: key takeaways from the 4Q24 call NEGATIVE • Alior Bank: CEO Żabski’s interview with Puls Biznesu, ahead of strategic update (due on 25 March) • Sipchem: to mothb...
MBank S.A.: 1 director
A director at MBank S.A. sold 1,609 shares at 795.600PLN 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...
- Research Team
WOOD Daily: DSPW CP; ESLT IT; CBF PW; KAP LI; VRC PW; OPL PW; PEO PW; ...
HEADLINES: • Doosan Škoda Power: steaming ahead (BUY - initiation of coverage) • Elbit Systems: 4Q24 – strong results, record FCF generation POSITIVE • cyber_Folks: 4Q24 results review – 27% yoy EBITDA growth, in line with our estimates and the consensus POSITIVE • Kazatomprom: 4Q24 results POSITIVE • Vercom: key takeaways from the 4Q24 earnings call NEUTRAL • Orange Polska: 2025-28E strategy announcement – at least PLN 1.2bn FCF in 2028E POSITIVE • Bank Pekao: recommends DPS of PLN 12.6 and des...
- 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...
- Ahmed Ben Salem
- Baptiste Lebacq
SCHP SECHE ENVIRONNEMENT
BMW BAYERISCHE MOTOREN WERKE AKTIENGESELLSCHAFT
TKA THYSSENKRUPP AG
MT ARCELORMITTAL SA
BEKB BEKAERT SA
AAL ANGLO AMERICAN PLC
RNO RENAULT SA
APAML APERAM SA
OUT1V OUTOKUMPU OYJ
EO FAURECIA SA
SSAB A SSAB AB CLASS A
DAI DAIMLER AG
POM PLASTIC OMNIUM SE
SCR SCOR SE
SZG SALZGITTER AG
TYRES NOKIAN RENKAAT OYJ
EKI EKINOPS SA
MTU MANITOU BF SA
GLO GL EVENTS SA
VOE VOESTALPINE AG
ACX ACERINOX SA
FR VALEO SE
BON BONDUELLE SCA
SOLB SOLVAY SA
VOW3 VOLKSWAGEN AG PREF
ERA ERAMET SA
ELIS ELIS SA
TUB TUBACEX S.A.
NDA AURUBIS AG
PAL PALFINGER AG
CIE CIE AUTOMOTIVE S.A.
AMG AMG ADVANCED METALLURGICAL GROUP N.V.
CPINV CARE PROPERTY INVEST SA
WAF SILTRONIC AG
ZAG ZUMTOBEL GROUP AG
ALR ALIOR BANK SA
SPIE SPIE SA
RACE FERRARI NV
COPN COSMO PHARMACEUTICALS NV
RIO RIO TINTO PLC
MAU ETABLISSEMENTS MAUREL & PROM SA
BHP BHP GROUP LTD
DUE DURR AG
PIRC PIRELLI & C. S.P.A.
AMAG AMAG AUSTRIA METALL AG
GEST GESTAMP AUTOMOCION S.A.
FQT FREQUENTIS AG WIENER
GRP GREENCOAT RENEWABLES
COP COMPUGROUP MEDICAL SE & CO. KGAA
AML ASTON MARTIN LAGONDA GLOBAL HOLDINGS
STLA STELLANTIS N.V.
FUR FUGRO NV
EAPI EUROAPI
ML COMPAGNIE GENERALE DES ETABLISSEMENTS MICHELIN
P911 DR. ING. H.C. F. PORSCHE AKTIENGESELLSCHAFT
AF AIR FRANCE - KLM
ALIV SDB AUTOLIV INC.
BRE BREMBO S.P.A.
HAVAS HAVAS N.V
- Ahmed Ben Salem
- Baptiste Lebacq
SCHP SECHE ENVIRONNEMENT
BMW BAYERISCHE MOTOREN WERKE AKTIENGESELLSCHAFT
TKA THYSSENKRUPP AG
MT ARCELORMITTAL SA
BEKB BEKAERT SA
AAL ANGLO AMERICAN PLC
RNO RENAULT SA
APAML APERAM SA
OUT1V OUTOKUMPU OYJ
EO FAURECIA SA
SSAB A SSAB AB CLASS A
DAI DAIMLER AG
POM PLASTIC OMNIUM SE
SCR SCOR SE
SZG SALZGITTER AG
TYRES NOKIAN RENKAAT OYJ
EKI EKINOPS SA
MTU MANITOU BF SA
GLO GL EVENTS SA
VOE VOESTALPINE AG
ACX ACERINOX SA
FR VALEO SE
BON BONDUELLE SCA
SOLB SOLVAY SA
VOW3 VOLKSWAGEN AG PREF
ERA ERAMET SA
ELIS ELIS SA
TUB TUBACEX S.A.
NDA AURUBIS AG
PAL PALFINGER AG
CIE CIE AUTOMOTIVE S.A.
AMG AMG ADVANCED METALLURGICAL GROUP N.V.
CPINV CARE PROPERTY INVEST SA
WAF SILTRONIC AG
ZAG ZUMTOBEL GROUP AG
ALR ALIOR BANK SA
SPIE SPIE SA
RACE FERRARI NV
COPN COSMO PHARMACEUTICALS NV
RIO RIO TINTO PLC
MAU ETABLISSEMENTS MAUREL & PROM SA
BHP BHP GROUP LTD
DUE DURR AG
PIRC PIRELLI & C. S.P.A.
AMAG AMAG AUSTRIA METALL AG
GEST GESTAMP AUTOMOCION S.A.
FQT FREQUENTIS AG WIENER
GRP GREENCOAT RENEWABLES
COP COMPUGROUP MEDICAL SE & CO. KGAA
AML ASTON MARTIN LAGONDA GLOBAL HOLDINGS
STLA STELLANTIS N.V.
FUR FUGRO NV
EAPI EUROAPI
ML COMPAGNIE GENERALE DES ETABLISSEMENTS MICHELIN
P911 DR. ING. H.C. F. PORSCHE AKTIENGESELLSCHAFT
AF AIR FRANCE - KLM
ALIV SDB AUTOLIV INC.
BRE BREMBO S.P.A.
HAVAS HAVAS N.V
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