reports
- Research Team
The Rear-View Mirror – EME markets: Hungarian BUX in the lead in Octob...
EME Equity Market – October 2025 Hungarian BUX leads in October, Türkiye and Greece lag. The MSCI EM Europe Index added 3.5% mom in EUR terms and 1.8% mom in USD terms in October. The Hungarian BUX was the top performer, adding 9.1% mom in EUR terms; followed by the Polish WIG20 (+5.9% mom) and the Romanian BET (+5.4% mom) (in EUR terms). The Czech PX was also in the green (+2.8% mom in EUR terms). The Greek ASE and the Turkish ISE30 (-1.9% mom and -1.1% mom, in EUR terms, respectively) both los...
EUROB EUROBANK ERGASIAS SERVICES & HOLDINGS SA
GARAN TURKIYE GARANTI BANKASI ANONIM SIRKETI
PEO BANK POLSKA KASA OPIEKI SA
JMT JERONIMO MARTINS SGPS S.A.
OPAP GREEK ORGANISATION OF FOOTBALL PROGNOSTICS SA
KRU KRUK S.A.
EXAE HELLENIC EXCHANGES SA
MOL MOL NYRT
EBS ERSTE GROUP BANK AG
CEZ CEZ AS
ACP ASSECO POLAND SA
HTO HELLENIC TELECOMMUNICATIONS ORGANIZATION SA
RBI RAIFFEISEN BANK INTERNATIONAL AG
YKBNK YAPI VE KREDI BANKASI A.S.
OMV OMV AG
KOMB KOMERCNI BANKA A.S.
TITK TITAN CEMENT CO. SA
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.
KTY GRUPA KETY SA
TPS ORANGE POLSKA S.A.
PKN POLSKI KONCERN NAFTOWY ORLEN S.A.
MYTIL MYTILINEOS S.A.
SAR GR. SARANTIS S.A.
AKBNK AKBANK TAS
AKCNS AKCANSA CIMENTO
BRISA BRISA-BRIDGESTONE SABANCI LASTIK SANAYI VE TICARET A.S.
CIMSA CIMENTO SANYAI VE TICARET A.S.
CCC CCC SA
GTC GLOBE TRADE CENTRE S.A.
DOM DOM DEVELOPMENT SA
RBW RAINBOW TOURS S.A.
ENA ENEA S.A.
PGE PGE POLSKA GRUPA ENERGETYCZNA S.A.
TKNSA TEKNOSA IC VE DIS TICARET AS
PGSUS.E PEGASUS HAVA TASIMACILIGI AS
LVC LIVECHAT SOFTWARE SA
TPEIR PIRAEUS BANK SA
CAR INTER CARS S.A.
ARCLK ARCELIK A.S.
THYAO TURK HAVA YOLLARI A.O.
TUPRS TURKIYE PETROL RAFINERILERI A.S.
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
OTOEL AUTOHELLAS S.A.
VGO VIGO SYSTEM SA
SAB1L SIAULIU BANKAS
BRD BRD-GROUPE SOCIETE GENERALE
TLV BANCA TRANSILVANIA S.A.
MONET MONETA MONEY BANK AS
SNP PETROM S.A.
TOFAS TOFAS TURK OTOMOBIL FABRIKASI A.S.
DIGI DIGI COMMUNICATIONS NV
SFG SPHERA FRANCHISE GROUP SA
ADNOCDIST ADNOC DISTRIBUTION PJSC
CGEO GEORGIA CAPITAL
ESLT ELBIT SYSTEMS LTD
KAP NATIONAL ATOMIC COMPANY KAZATOMPROM
TEN TEN SQUARE GAMES
DUNAHOUSE DUNA HOUSE
HUGE HUUUGE
4IG 4IG NYRT
WPS W.A.G PAYMENT SOLUTIONS PLC
CTPNV KAZMUNAYGAS NC JSC
ADNOCDRILL CTP NV
2381 ADNOC DRILLING CO
7202 ARABIAN DRILLING CO.
9526 ARABIAN INTERNET & COMMUNICATIONS SERVICES CO
ELPE JAHEZ INTERNATIONAL CO
BOROUGE HELLENIQ ENERGY
H2O BOROUGE
AQ HIDROELECTRICA S.A.
THEON AQUILA PART PROD COM
AIRA THEON INTERNATIONAL PLC
GEV AIR ASTANA JSC
NOVAL GEVORKYAN A.S.
ZAB NOVAL PROPERTY
DSPW ZABKA GROUP
DIAG DOOSAN SKODA POWER A.S.
DIAGNOSTYKA SA
- Benoit Valleaux
- Steven Gould
- Thomas Zlowodzki
CS AXA
LHA DEUTSCHE LUFTHANSA AKTIENGESELLSCHAFT
FP TOTAL SE
SGO COMPAGNIE DE SAINT-GOBAIN SA
JMT JERONIMO MARTINS SGPS S.A.
SU SCHNEIDER ELECTRIC SE
PUM PUMA SE
EBS ERSTE GROUP BANK AG
GLE SOCIETE GENERALE S.A. CLASS A
WPP WPP PLC
REP REPSOL SA
KGX KION GROUP AG
SPIE SPIE SA
ARGX ARGEN-X SE
BBVA BANCO BILBAO VIZCAYA ARGENTARIA S.A.
SIGN SIG COMBIBLOC GROUP LTD
KBX KNORR-BREMSE AG
STLA STELLANTIS N.V.
UMG UNIVERSAL MUSIC GROUP NV
STMN STRAUMANN HOLDING AG
TEN TENARIS S.A.
PUIG PUIG BRANDS
- Benoit Valleaux
- Steven Gould
- Thomas Zlowodzki
CS AXA
LHA DEUTSCHE LUFTHANSA AKTIENGESELLSCHAFT
FP TOTAL SE
SGO COMPAGNIE DE SAINT-GOBAIN SA
JMT JERONIMO MARTINS SGPS S.A.
SU SCHNEIDER ELECTRIC SE
PUM PUMA SE
EBS ERSTE GROUP BANK AG
GLE SOCIETE GENERALE S.A. CLASS A
WPP WPP PLC
REP REPSOL SA
KGX KION GROUP AG
SPIE SPIE SA
ARGX ARGEN-X SE
BBVA BANCO BILBAO VIZCAYA ARGENTARIA S.A.
SIGN SIG COMBIBLOC GROUP LTD
KBX KNORR-BREMSE AG
STLA STELLANTIS N.V.
UMG UNIVERSAL MUSIC GROUP NV
STMN STRAUMANN HOLDING AG
TEN TENARIS S.A.
PUIG PUIG BRANDS
- Research Team
WOOD Daily: EBS AV; BRISA TI; AKCNS TI; TKNSA TI; YKBNK TI; ADNOCDIS U...
HEADLINES: • Erste Bank: 3Q25 beat, mostly on one-off, but core result also stronger; current valuation levels justified, while waiting for finalisation of acquisition in Poland POSITIVE • Brisa: delivers 3Q25 earnings turnaround POSITIVE • Akcansa: 3Q25 financial results review – mixed NEGATIVE • Teknosa: 3Q25 results – operating recovery overshadowed by bottom-line losses NEUTRAL • Yapi Kredi: 3Q25 – first look • ADNOC Distribution: 3Q25 results POSITIVE • Eurobank Ergasias Services: 3Q25 high...
GARAN TURKIYE GARANTI BANKASI ANONIM SIRKETI
EBS ERSTE GROUP BANK AG
CEZ CEZ AS
YKBNK YAPI VE KREDI BANKASI A.S.
AKCNS AKCANSA CIMENTO
BRISA BRISA-BRIDGESTONE SABANCI LASTIK SANAYI VE TICARET A.S.
ENA ENEA S.A.
PGE PGE POLSKA GRUPA ENERGETYCZNA S.A.
TKNSA TEKNOSA IC VE DIS TICARET AS
TUPRS TURKIYE PETROL RAFINERILERI A.S.
TPE TAURON POLSKA ENERGIA S.A.
RICHT RICHTER
ADNOCDIST ADNOC DISTRIBUTION PJSC
NLBR NLB GROUP
2381 ARABIAN DRILLING CO.
- Juan Ros-Padilla
- Louis Boujard
- CFA
- Philippe Ourpatian
- Roy Külter
LHA DEUTSCHE LUFTHANSA AKTIENGESELLSCHAFT
FP TOTAL SE
EDEN EDENRED SA
PEO BANK POLSKA KASA OPIEKI SA
EQNR EQUINOR ASA
MT ARCELORMITTAL SA
JMT JERONIMO MARTINS SGPS S.A.
BEKB BEKAERT SA
SU SCHNEIDER ELECTRIC SE
KNEBV KONE OYJ CLASS B
ADS ADIDAS AG
APAML APERAM SA
PUM PUMA SE
OUT1V OUTOKUMPU OYJ
SSAB A SSAB AB CLASS A
DAI DAIMLER AG
SZG SALZGITTER AG
WHA WERELDHAVE N.V.
KOMB KOMERCNI BANKA A.S.
VOE VOESTALPINE AG
ACX ACERINOX SA
REE RED ELECTRICA CORP. SA
ELE ENDESA S.A.
XIOR XIOR STUDENT HOUSING N.V.
CARL B CARLSBERG A/S CLASS B
AIR AIRBUS SE
VOW3 VOLKSWAGEN AG PREF
ERA ERAMET SA
AMP AMPLIFON S.P.A.
REP REPSOL SA
COFB COFINIMMO SA
NDA AURUBIS AG
ANA ACCIONA SA
GAS NATURGY ENERGY GROUP S.A.
ARCAD ARCADIS NV
VASTB VASTNED RETAIL BELGIUM NV
MONT MONTEA SCA
AED AEDIFICA SA
AMG AMG ADVANCED METALLURGICAL GROUP N.V.
KGX KION GROUP AG
CPINV CARE PROPERTY INVEST SA
PRY PRYSMIAN S.P.A.
ANDR ANDRITZ AG
VGP VGP NV
CFR COMPAGNIE FINANCIERE RICHEMONT SA
INGA ING GROEP NV
SAN BANCO SANTANDER S.A.
ABI ANHEUSER-BUSCH INBEV SA/NV
RIO RIO TINTO PLC
BHP BHP GROUP LTD
ARGX ARGEN-X SE
AMAG AMAG AUSTRIA METALL AG
DWS DWS GROUP GMBH & CO. KGAA
CCEP COCA-COLA EUROPEAN PARTNERS PLC
NSI NSI N.V.
ADYEN ADYEN NV
SIGN SIG COMBIBLOC GROUP LTD
KBX KNORR-BREMSE AG
8TRA TRATON SE
CPR DAVIDE CAMPARI-MILANO N.V.
WDP WAREHOUSES DE PAUW SCA
VUL VULCAN ENERGY RESOURCES
STLA STELLANTIS N.V.
ANE CORPORACION ACCIONA ENERGIAS RENOVABLES SA
ECMPA EUROCOMMERCIAL PROPERTIES NV
CTPNV CTP NV
SHEL SHELL PLC
GSK GSK PLC
DSFIR KONINKLIJKE DSM N.V.
H2O HIDROELECTRICA S.A.
TEN TENARIS S.A.
AAL ANGLO AMERICAN PLC
- Louis Boujard
- CFA
- Philippe Ourpatian
- Roy Külter
LHA DEUTSCHE LUFTHANSA AKTIENGESELLSCHAFT
FP TOTAL SE
EDEN EDENRED SA
PEO BANK POLSKA KASA OPIEKI SA
EQNR EQUINOR ASA
MT ARCELORMITTAL SA
JMT JERONIMO MARTINS SGPS S.A.
BEKB BEKAERT SA
SU SCHNEIDER ELECTRIC SE
KNEBV KONE OYJ CLASS B
ADS ADIDAS AG
APAML APERAM SA
PUM PUMA SE
OUT1V OUTOKUMPU OYJ
SSAB A SSAB AB CLASS A
DAI DAIMLER AG
SZG SALZGITTER AG
WHA WERELDHAVE N.V.
KOMB KOMERCNI BANKA A.S.
VOE VOESTALPINE AG
ACX ACERINOX SA
REE RED ELECTRICA CORP. SA
ELE ENDESA S.A.
XIOR XIOR STUDENT HOUSING N.V.
CARL B CARLSBERG A/S CLASS B
AIR AIRBUS SE
VOW3 VOLKSWAGEN AG PREF
ERA ERAMET SA
AMP AMPLIFON S.P.A.
REP REPSOL SA
COFB COFINIMMO SA
NDA AURUBIS AG
ANA ACCIONA SA
GAS NATURGY ENERGY GROUP S.A.
ARCAD ARCADIS NV
VASTB VASTNED RETAIL BELGIUM NV
MONT MONTEA SCA
AED AEDIFICA SA
AMG AMG ADVANCED METALLURGICAL GROUP N.V.
KGX KION GROUP AG
CPINV CARE PROPERTY INVEST SA
PRY PRYSMIAN S.P.A.
ANDR ANDRITZ AG
VGP VGP NV
CFR COMPAGNIE FINANCIERE RICHEMONT SA
INGA ING GROEP NV
SAN BANCO SANTANDER S.A.
ABI ANHEUSER-BUSCH INBEV SA/NV
RIO RIO TINTO PLC
BHP BHP GROUP LTD
ARGX ARGEN-X SE
AMAG AMAG AUSTRIA METALL AG
DWS DWS GROUP GMBH & CO. KGAA
CCEP COCA-COLA EUROPEAN PARTNERS PLC
NSI NSI N.V.
ADYEN ADYEN NV
SIGN SIG COMBIBLOC GROUP LTD
KBX KNORR-BREMSE AG
8TRA TRATON SE
CPR DAVIDE CAMPARI-MILANO N.V.
WDP WAREHOUSES DE PAUW SCA
VUL VULCAN ENERGY RESOURCES
STLA STELLANTIS N.V.
ANE CORPORACION ACCIONA ENERGIAS RENOVABLES SA
ECMPA EUROCOMMERCIAL PROPERTIES NV
CTPNV CTP NV
SHEL SHELL PLC
GSK GSK PLC
DSFIR KONINKLIJKE DSM N.V.
H2O HIDROELECTRICA S.A.
TEN TENARIS S.A.
AAL ANGLO AMERICAN PLC
- Research Team
WOOD Daily: PEO PW; KOMB CP; ING PW; MBK PW; KRU PW; JMT PL; RBI AV; B...
HEADLINES: • Bank Pekao: 3Q25 very solid; 20%+ ROE delivery; key catalyst will be M&A decisions NEUTRAL • Komercni Banka: 3Q25 beat driven purely by positive LLPs balance, still no breakthrough in NII performance NEUTRAL • ING BSK: posts solid 3Q25 results NEUTRAL • mBank: 3Q25 bottom line misses estimates, but purely on higher tax and FX mortgage saga provisions NEUTRAL • Kruk: 3Q25 results a mixed bag – recoveries strong, revenues down, no breakthrough in Spain NEUTRAL • Jeronimo Martins: beat...
EUROB EUROBANK ERGASIAS SERVICES & HOLDINGS SA
KRU KRUK S.A.
RBI RAIFFEISEN BANK INTERNATIONAL AG
KOMB KOMERCNI BANKA A.S.
BSK ING BANK SLASKI S.A.
DOC DO & CO AKTIENGESELLSCHAFT
BFT BENEFIT SYSTEMS S.A. ALLOTMENT
LVC LIVECHAT SOFTWARE SA
TPEIR PIRAEUS BANK SA
CAR INTER CARS S.A.
OTOEL AUTOHELLAS S.A.
SAB1L SIAULIU BANKAS
BRD BRD-GROUPE SOCIETE GENERALE
DIGI DIGI COMMUNICATIONS NV
NBGGY NATIONAL BANK OF GREECE S.A. ADS
ALPHA ALPHA BANK
9526 JAHEZ INTERNATIONAL CO
H2O HIDROELECTRICA S.A.
- Juan Ros-Padilla
- Stamatios Draziotis CFA
OPAP | A broader game in play; scale meets complexity
Shifting narrative, rotation in progress – OPAP shares fell c15% peak to trough, after the announcement of the deal with Allwyn, before recovering partly as investors continue to digest the story (with the €19.04 cash exit also offering technical support). The pullback has been driven by a rotation in the shareholder base (as the investment case pivots from yield to growth) alongside corporate governance concerns (mostly around the preferred shares granting KKCG 85% of voting rights) & valuation...
- Stamatios Draziotis CFA
OPAP | A broader game in play; scale meets complexity
Shifting narrative, rotation in progress – OPAP shares fell c15% peak to trough, after the announcement of the deal with Allwyn, before recovering partly as investors continue to digest the story (with the €19.04 cash exit also offering technical support). The pullback has been driven by a rotation in the shareholder base (as the investment case pivots from yield to growth) alongside corporate governance concerns (mostly around the preferred shares granting KKCG 85% of voting rights) & valuation...
- Research Team
WOOD Morning (29 October 2025)
HEADLINES: • Santander Bank Polska: solid 3Q25 bottom line, but waiting for a change of strategic investor NEUTRAL • Alior Bank: 3Q25 results do not bring much to the table NEUTRAL • Zabka: 3Q25 a notch above the consensus POSITIVE • DataWalk: preliminary 3Q25 results – sales up 59% yoy, to PLN 7.34m POSITIVE • OMV: 3Q25 results – CCS EBITDA above estimates POSITIVE • OMV Petrom: 3Q25 results – net income beat NEUTRAL • Borouge: 3Q25 results – broadly in line NEUTRAL • Solutions by STC: 3Q25 fin...
OMV OMV AG
SPL SANTANDER BANK POLSKA SA
BDX BUDIMEX S.A.
GTC GLOBE TRADE CENTRE S.A.
EUR EUROCASH S.A.
DAT DATAWALK SA
ALR ALIOR BANK SA
TLV BANCA TRANSILVANIA S.A.
SNP PETROM S.A.
MCOV B MEDICOVER AB
VRC VERCOM SA
KLKIM KALEKIM KIMYEVI MADDELER SANAYI VE TICARET AS
7202 ARABIAN INTERNET & COMMUNICATIONS SERVICES CO
BOROUGE BOROUGE
GEV GEVORKYAN A.S.
ZAB ZABKA GROUP
- Research Team
WOOD Morning (28 October 2025)
HEADLINES: • KazMunayGas: crude headwinds (downgraded to HOLD) • Budimex: 3Q25 EBITDA flat yoy, as expected NEUTRAL • ADNOC Drilling: 3Q25 results – in line with expectations NEUTRAL • WOOD Flash – Georgia Capital: solid 3Q25 financial results – positive view maintained, discount to NAV remains attractive POSITIVE • Georgia Capital: 3Q25 conference call takeaways • OTE: increases prices by 2.6% from December 2025 POSITIVE • Borouge: 3Q25E results preview (due out tomorrow) NEUTRAL • OMV: 3Q25E r...
OMV OMV AG
BIMAS BIM BIRLESIK MAGAZALAR A.S.
BDX BUDIMEX S.A.
MGROS MIGROS TICARET A.S
TKNSA TEKNOSA IC VE DIS TICARET AS
OTP OTP BANK NYRT
BRD BRD-GROUPE SOCIETE GENERALE
SNP PETROM S.A.
R22 R22
CGEO GEORGIA CAPITAL
SOKM SOK MARKETLER TICARET AS
ADNOCDRILL KAZMUNAYGAS NC JSC
ELPE ADNOC DRILLING CO
BOROUGE HELLENIQ ENERGY
BOROUGE
- Research Team
WOOD Daily: ARCLK TI; EME Macro/Strategy Weekly; DIGI RO; TITC GA; ELP...
HEADLINES: • Arcelik: 3Q25 – operating recovery overshadowed by loss on bottom line, full-year guidance lowered NEGATIVE • EME Macro/Strategy: macro all-in-one (20-26 October) • DIGI Communications: chooses banks to list its Spanish unit POSITIVE • Titan: Fitch improves outlook to Positive, citing strong financial profile POSITIVE • HELLENiQ Energy: consortium with Chevron wins tender for four new Greek offshore E&P blocks, as expected NEUTRAL • Diagnostyka: CFO steps down NEUTRAL • Mo-BRUK: ann...
CDR CD PROJEKT S.A.
TITK TITAN CEMENT CO. SA
ARCLK ARCELIK A.S.
MBR MO-BRUK S.A.
11B 11 BIT STUDIOS S.A.
VGO VIGO SYSTEM SA
DIGI DIGI COMMUNICATIONS NV
EAT AMREST HOLDINGS SE
TEN TEN SQUARE GAMES
HUGE HUUUGE
ADNOCDRILL ADNOC DRILLING CO
7202 ARABIAN INTERNET & COMMUNICATIONS SERVICES CO
9526 JAHEZ INTERNATIONAL CO
ELPE HELLENIQ ENERGY
SHO SHOPER SA
DIAG DIAGNOSTYKA SA
- Research Team
WOOD Daily: PL Utilities; MIL PW; AKBNK TI; KTY PW; OPL PW; PKN PW; TL...
HEADLINES: • Polish utilities: a flash in the pan (Enea and Tauron stay HOLD, PGE stays SELL) • Bank Millennium: posts solid 3Q25, all priced in NEUTRAL • Akbank: 3Q25 highlights – no major surprises, but NIM recovery remains slow and 2026E COR guidance appears cautious NEUTRAL • Kety: 3Q25 conference call highlights NEUTRAL • Orange Polska: key takeaways from the 3Q25 earnings call NEUTRAL • Orlen: wins USD 146m from Gazprom POSITIVE • Türkiye macro: CBT delivers 100bps cut, in line with the co...
MIL BANK MILLENNIUM SA
KTY GRUPA KETY SA
TPS ORANGE POLSKA S.A.
PKN POLSKI KONCERN NAFTOWY ORLEN S.A.
MYTIL MYTILINEOS S.A.
AKBNK AKBANK TAS
BRISA BRISA-BRIDGESTONE SABANCI LASTIK SANAYI VE TICARET A.S.
ENA ENEA S.A.
PGE PGE POLSKA GRUPA ENERGETYCZNA S.A.
TPE TAURON POLSKA ENERGIA S.A.
ALG ALLEGRO.EU SA
- Bram Buring
- CFA
- Jakub Bronicki
Polish Utilities: a flash in the pan (Enea and Tauron stay HOLD, PGE s...
We have updated our forecasts for the Polish utilities, following the companies’ new strategies, and the strong results in 1H25, which are likely to deteriorate in 2H25E and 2026E. All three are planning record-high capex until 2035E (PGE PLN 235bn; Enea PLN 107.5bn; Tauron PLN 100bn), mitigated partly by the favourable regulated returns and the new support for conventional generation, plus the low-cost National Recovery Plan financing (0.5% interest). This supports the ambitious investment plan...
- Emira Sagaama
- Emmanuel Matot
IPS IPSOS
FP TOTAL SE
PEO BANK POLSKA KASA OPIEKI SA
EQNR EQUINOR ASA
GALP GALP ENERGIA SGPS SA CLASS B
ORA ORANGE SA
SSAB A SSAB AB CLASS A
EN BOUYGUES SA
CEN GROUPE CRIT SA
IDL ID LOGISTICS GROUP
SDG SYNERGIE SA
ITP INTERPARFUMS
BLC BASTIDE LE CONFORT MEDICAL SA
PKO PKO BANK POLSKI S.A.
LPE LAURENT-PERRIER SA
GOE GROUPE GORGE SA
FNAC FNAC DARTY SA
ENI ENI S.P.A.
NEX NEXANS SA
ICAD ICADE SA
SPL SANTANDER BANK POLSKA SA
REP REPSOL SA
MIL BANK MILLENNIUM SA
VRNL VERNEUIL PARTICIPATIONS
ERG ERG S.P.A.
CTAC CTAC N.V.
TPS ORANGE POLSKA S.A.
AOF ATOSS SOFTWARE AG
RIEN RIETER HOLDING AG
SESL SES-IMAGOTAG SA
CIE CIE AUTOMOTIVE S.A.
AALB AALBERTS N.V.
CON CONZZETA AG
NVG NAVIGATOR COMPANY SA
INSD VERIMATRIX SA
ALR ALIOR BANK SA
VLTSA VOLTALIA
ECONT ECONOCOM GROUP SE CLASS D
BP. BP P.L.C.
GALE GALENICA AG
VRLA VERALLIA SAS
AZE AZELIS GROUP NV
SHEL SHELL PLC
SPM SAIPEM S.P.A.
4X0 STEYR MOTORS AG
- Bojan Djurickovic
- Research Team
WOOD Daily: H2O RO; MONET CP; OPL PW; KTY PW; SAR GA; MOL HB; GPW PW; ...
HEADLINES: • Hidroelectrica: water should yield more (SELL - transfer of coverage) • MONETA Money Bank: posts solid 3Q25 results NEUTRAL • Orange Polska: 3Q25 results – EBITDAaL up 4% yoy, 2% above the consensus; 2025E guidance reiterated POSITIVE • Kety: full 3Q25 results fully in line with the preliminaries NEUTRAL • Sarantis: 3Q trading update slightly below expectations; FY25E guidance maintained NEGATIVE • MOL: to become a holding company NEUTRAL • Warsaw Stock Exchange: CEO favours Poland ...
MOL MOL NYRT
YKBNK YAPI VE KREDI BANKASI A.S.
ISCTR TURKIYE IS BANKASI ANONIM SIRKETI CLASS C
BHW BANK HANDLOWY W WARSZAWIE S.A.
SPL SANTANDER BANK POLSKA SA
BDX BUDIMEX S.A.
KTY GRUPA KETY SA
TPS ORANGE POLSKA S.A.
SAR GR. SARANTIS S.A.
AKBNK AKBANK TAS
APR AUTO PARTNER SA
FROTO FORD OTOMOTIV SANAYI A.S.
CPS CYFROWY POLSAT SA
GPW WARSAW STOCK EXCHANGE
MONET MONETA MONEY BANK AS
TOFAS TOFAS TURK OTOMOBIL FABRIKASI A.S.
GPP GRUPA PRACUJ DA
H2O HIDROELECTRICA S.A.
- Research Team
WOOD Daily: EWG LN; HU Macro; AKCNS TI; ARCLK TI; CIMSA TI; CCOLA TI; ...
HEADLINES: • WAG Payment Solutions (Eurowag): progressing towards unification (stays BUY) • Hungary macro: MNB on hold; no surprises • Akcansa: 3Q25E financial results preview (date TBC) • Arcelik: 3Q25E earnings preview (due on 24 October) • Cimsa: 3Q25E financial results preview (due on 31 October) • Coca-Cola Icecek: 3Q25E earnings preview (due on 4 November) • InPost: 3Q25E preview – 18% yoy adjusted EBITDA growth expected (due on 7 November) NEUTRAL • Short News (PCF)
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