reports
- Research Team
The Rear-View Mirror – EME markets: Turkish ISE 30 in the red in Novem...
EME Equity Market – November 2025 Czech PX leads in November, Türkiye the only loser. The MSCI EM Europe Index added 1.5% mom in EUR terms and 2.1% mom in USD terms in November. The Czech PX was the top performer, adding 4.7% mom in EUR terms, followed by the Greek ASE and the Hungarian BUX (+4.4% and +3.7% mom, respectively, in EUR terms). The Romanian BET and Polish WIG 20 were also in the green (+1.3% and +1.0% mom in EUR terms). The only loser was the Turkish ISE 30 (-2.0% mom in EUR terms).
EXAE HELLENIC EXCHANGES SA
MOL MOL NYRT
CEZ CEZ AS
KRKG KRKA D.D.
HTO HELLENIC TELECOMMUNICATIONS ORGANIZATION SA
CDR CD PROJEKT S.A.
OMV OMV AG
PKO PKO BANK POLSKI S.A.
ISCTR TURKIYE IS BANKASI ANONIM SIRKETI CLASS C
TITK TITAN CEMENT CO. SA
BHW BANK HANDLOWY W WARSZAWIE S.A.
BIMAS BIM BIRLESIK MAGAZALAR A.S.
WIZZ WIZZ AIR HOLDINGS PLC
PZU POWSZECHNY ZAKLAD UBEZPIECZEN SPOLKA AKCYJNA
BSK ING BANK SLASKI S.A.
BDX BUDIMEX S.A.
GEKTERNA GEK TERNA
MTELEKOM MAGYAR TELEKOM TELECOMMUNICATIONS
DOC DO & CO AKTIENGESELLSCHAFT
TPS ORANGE POLSKA S.A.
CAI CA IMMOBILIEN ANLAGEN AG
PKN POLSKI KONCERN NAFTOWY ORLEN S.A.
MYTIL MYTILINEOS S.A.
LPP LPP S.A.
ASELS ASELSAN ELEKTRONIK SANAYI VE TICARET A.S. CLASS B
LOGO LOGO YAZILIM SANAYI VE TICARET A.S.
CCC CCC SA
CCOLA COCA-COLA ICECEK A.S.
DOM DOM DEVELOPMENT SA
AEGN AEGEAN AIRLINES SA
RBW RAINBOW TOURS S.A.
ENA ENEA S.A.
BFT BENEFIT SYSTEMS S.A. ALLOTMENT
MGROS MIGROS TICARET A.S
PGE PGE POLSKA GRUPA ENERGETYCZNA S.A.
APR AUTO PARTNER SA
LVC LIVECHAT SOFTWARE SA
TBCB TBC BANK JOINT STOCK CO
PPC PUBLIC POWER CORPORATION S.A.
OTP OTP BANK NYRT
CAR INTER CARS S.A.
ARCLK ARCELIK A.S.
FROTO FORD OTOMOTIV SANAYI A.S.
OTKAR OTOKAR OTOMOTIV VE SAVUNMA SANAYI A.S.
THYAO TURK HAVA YOLLARI A.O.
EUR EUROCASH S.A.
GSPARK GRAPHISOFT PARK SE
DVL DEVELIA SA
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.
DAT DATAWALK SA
OTOEL AUTOHELLAS S.A.
VGO VIGO SYSTEM SA
WPL WIRTUALNA POLSKA HOLDING SA
BELA JUMBO S.A.
SAB1L SIAULIU BANKAS
TLV BANCA TRANSILVANIA S.A.
SNG SOCIETATEA NATIONALA DE GAZE NATURALE ROMGAZ SA
H4L1 HALYK SAVINGS BANK OF KAZAKHSTAN GDR
SNP PETROM S.A.
PBK PATRIA BANK SA
TOFAS TOFAS TURK OTOMOBIL FABRIKASI A.S.
DIGI DIGI COMMUNICATIONS NV
DNP DINO POLSKA S.A.
NBGGY NATIONAL BANK OF GREECE S.A. ADS
BVB S.C. BURSA DE VALORI BUCURESTI S.A.
GEB BANK OF GEORGIA
RICHT RICHTER
19XX NEPI ROCKCASTLE PLC
ALPHA ALPHA BANK
M MED LIFE
SFG SPHERA FRANCHISE GROUP SA
R22 R22
MCOV B MEDICOVER AB
CGEO GEORGIA CAPITAL
EAT AMREST HOLDINGS SE
NLBR NLB GROUP
ESLT ELBIT SYSTEMS LTD
KAP NATIONAL ATOMIC COMPANY KAZATOMPROM
TEN TEN SQUARE GAMES
ALG ALLEGRO.EU SA
CZG CESKA ZBROJOVKA GROUP
DUNAHOUSE DUNA HOUSE
KSPI KASPI KZ
INPST INPOST S.A.
HUGE HUUUGE
4IG 4IG NYRT
IGN1L IGNITIS GRUPE
CTPNV KAZMUNAYGAS NC JSC
VRC CTP NV
GPP VERCOM SA
KLKIM GRUPA PRACUJ DA
ADNOCDRILL KALEKIM KIMYEVI MADDELER SANAYI VE TICARET AS
2381 ADNOC DRILLING CO
7202 ARABIAN DRILLING CO.
9526 ARABIAN INTERNET & COMMUNICATIONS SERVICES CO
ELPE JAHEZ INTERNATIONAL CO
SHO HELLENIQ ENERGY
4071 SHOPER SA
ACAG ARABIAN CONTRACTING SERVICES CO
H2O AUSTRIACARD HOLDINGS AG
7203 HIDROELECTRICA S.A.
OPTIMAr ELM CO
MUR2 OPTIMA BANK S.A.
AQ MURAPOL SA
TRESTATES AQUILA PART PROD COM
THEON TRADE ESTATES REIC SA
AIRA THEON INTERNATIONAL PLC
GEV AIR ASTANA JSC
PRIUA GEVORKYAN A.S.
BOCHGR PRIMOCO UAV SE
DSPW BANK OF CYPRUS
DIAG DOOSAN SKODA POWER A.S.
PE RO DIAGNOSTYKA SA
PREMIER ENERGY
- Research Team
WOOD Daily: EME Macro/Strategy – Years Ahead; RBW PW; ALR PW; BHW PW; ...
HEADLINES: • EME Macro/Strategy: the years ahead – 2026-27E • Rainbow Tours: consolidated October sales 20.7% higher yoy, driven by Paralela 45 acquisition; stand-alone sales 14% higher yoy POSITIVE • Alior Bank: c.PLN 105m positive DTA revaluation in 4Q25E NEUTRAL • Bank Handlowy: c.PLN 120m positive DTA revaluation in 4Q25E NEUTRAL • mBank: PLN 125m positive DTA revaluation and estimated 2026E CIT increase impact NEUTRAL • LPP: PLN 788m write-down of Russian assets NEGATIVE • Bank Millennium: ...
- Research Team
WOOD Daily: EME Macro/Strategy – Dividends; TXT PW; RBW PW; CDR PW; PG...
HEADLINES: • EME Macro/Strategy: dividends in EMEA – yield hunting after markets have repriced • Text: 2Q25-26 (calendar 3Q25) results – EBITDA down 29% yoy, 8% below the consensus NEGATIVE • Rainbow Tours: strong 3Q25 beat on EBITDA and net profit, following the strong gross margin and cost discipline POSITIVE • CD Projekt: 3Q25 results review – 3Q25 EBITDA up 92% yoy, 11-15% above our and the consensus estimates POSITIVE • PGE: stable to declining recurring EBITDA outlook for 2026E NEUTRAL • H...
- Jakub Caithaml
WOOD Flash – Duna House: 3Q25 – strong summer; FY guidance upgraded; e...
Duna House’s 3Q25 showed continuing strong results across the board, beating our estimates by c.15% on the EBITDA level. The strong results and positive outlook have led management to lift its earnings guidance for the year. Additionally, the company has announced that it is entering Spain, via the acquisition of a local real estate brokerage network. While the deal is small, Spain presents a vast opportunity for Duna House, which could either grow there organically, or boost its presence via fu...
- Research Team
WOOD Daily: CZG CP; EUR PW; MBR PW; EME Strategy - FTSE; DUNAHOUS HB; ...
HEADLINES: • Colt CZ Group: 3Q25 results and earnings call takeaways NEUTRAL • Eurocash: 3Q25 – slightly above our low expectations, but below the consensus; strategy publication postponed to 9 December NEGATIVE • Mo-BRUK: 3Q25 conference call highlights POSITIVE • EME Strategy: FTSE GEIS November 2025 review results • Duna House: 3Q25 – strong summer, FY guidance upgraded POSITIVE • GEK Terna: 9M25 results in line; EBITDA jumps 66%, thanks to Attiki Odos • Athens Exchange Group: FTSE to reduce ...
- Research Team
WOOD Daily: DOC AV; DIA PW; APR PW; CPS PW; GPP PW; TPE PW; 11B PW; 11...
HEADLINES: • DO & CO: value á la carte (upgraded to BUY) • Diagnostyka: 3Q25 results in line with expectations; strong demand continues POSITIVE • Auto Partner: 3Q25 EBITDA below our forecasts, following weaker gross margin and higher SG&As NEGATIVE • Cyfrowy Polsat: key takeaways from the 3Q25 results call NEGATIVE • Grupa Pracuj: key takeaways from the 3Q25 earnings call NEUTRAL • Tauron: 3Q25 conference call highlights NEUTRAL • 11 bit studios: key takeaways from the 3Q25 results call NEUTRAL...
- Farid Bitari
- Nicolas David
ENX EURONEXT NV
BNP BNP PARIBAS SA CLASS A
ZURN ZURICH INSURANCE GROUP LTD
LSEG LONDON STOCK EXCHANGE GROUP PLC
NOKIA NOKIA OYJ
ISP INTESA SANPAOLO S.P.A.
PKN POLSKI KONCERN NAFTOWY ORLEN S.A.
UCG UNICREDIT S.P.A.
ASSA B ASSA ABLOY AB CLASS B
ALG ALLEGRO.EU SA
ML COMPAGNIE GENERALE DES ETABLISSEMENTS MICHELIN
ZAB ZABKA GROUP
- Farid Bitari
- Nicolas David
ENX EURONEXT NV
BNP BNP PARIBAS SA CLASS A
ZURN ZURICH INSURANCE GROUP LTD
LSEG LONDON STOCK EXCHANGE GROUP PLC
NOKIA NOKIA OYJ
ISP INTESA SANPAOLO S.P.A.
PKN POLSKI KONCERN NAFTOWY ORLEN S.A.
UCG UNICREDIT S.P.A.
ASSA B ASSA ABLOY AB CLASS B
ALG ALLEGRO.EU SA
ML COMPAGNIE GENERALE DES ETABLISSEMENTS MICHELIN
ZAB ZABKA GROUP
- Research Team
WOOD Daily: HTO GA; PZU PW; ALE PW; CPS PW; GPP PW; PKN PW; DOM PW; TP...
HEADLINES: • OTE: multiple tailwinds supporting the equity story (stays BUY) • PZU: very strong 3Q25 bottom line, strong beat vs. expectations, but slower revenue growth raises questions for the future POSITIVE • Allegro: 3Q25 above expectations; FY25E guidance trimmed due to slower November NEUTRAL • Cyfrowy Polsat: 3Q25 results review – adjusted EBITDA down 12% yoy, in line with the consensus NEUTRAL • Grupa Pracuj: 3Q25 results – adjusted EBITDA up 3% yoy, 2% above our forecast and 11% above ...
HTO HELLENIC TELECOMMUNICATIONS ORGANIZATION SA
PZU POWSZECHNY ZAKLAD UBEZPIECZEN SPOLKA AKCYJNA
MTELEKOM MAGYAR TELEKOM TELECOMMUNICATIONS
PKN POLSKI KONCERN NAFTOWY ORLEN S.A.
DOM DOM DEVELOPMENT SA
PPC PUBLIC POWER CORPORATION S.A.
CPS CYFROWY POLSAT SA
11B 11 BIT STUDIOS S.A.
TPE TAURON POLSKA ENERGIA S.A.
WPL WIRTUALNA POLSKA HOLDING SA
ALG ALLEGRO.EU SA
GPP GRUPA PRACUJ DA
GEV GEVORKYAN A.S.
- Jakub Krawczyk
- Stefano Toffano
- Peter Palovic
WOOD Flash – GEVORKYAN: 3Q25 mixed, downside risk for our 2025-26E FCF...
GEVORKYAN’s 3Q25 results were mixed, with an EBITDA beat, driven by higher-than-anticipated D&A expenses, but a miss on the net profit line, due to higher tax and a lower net financial result. The company has kept both its 2025E and long-term (2025-29E) guidance unchanged. While there is some upside risk for our EBITDA estimates, on the FCFF, we see the downside risk increasing, due to the higher capex that the company has announced for 2026E. Therefore, the FCFF turnaround point might be delaye...
- Research Team
WOOD Daily: BIMAS TI; CEZ CP; KSPI US; AIRA LI; OPTIMA GA; ASELS TI; A...
HEADLINES: • BIM: 3Q25 results – strong beat POSITIVE • CEZ: 3Q25 operating results miss, bottom line beats by 9% NEUTRAL • Kaspi.kz: 3Q25 highlights – 2025 continues to be soft; USD 100m buyback NEUTRAL • Air Astana Group: 3Q25 – EBITDAR down 17% yoy, despite 15% ASK growth NEGATIVE • Optima Bank: small bottom-line miss in 3Q25, but FY25E guidance maintained NEUTRAL • Aselsan: second Steel Dome serial production contract, and signs MOU with ROMARM POSITIVE • Auto Partner: October sales growth d...
BIMAS BIM BIRLESIK MAGAZALAR A.S.
ASELS ASELSAN ELEKTRONIK SANAYI VE TICARET A.S. CLASS B
APR AUTO PARTNER SA
BELA JUMBO S.A.
SNG SOCIETATEA NATIONALA DE GAZE NATURALE ROMGAZ SA
RICHT RICHTER
SFG SPHERA FRANCHISE GROUP SA
KSPI KASPI KZ
H2O HIDROELECTRICA S.A.
OPTIMAr OPTIMA BANK S.A.
AIRA AIR ASTANA JSC
- Research Team
WOOD Daily: TLV RO; JAHEZ AB; PGSUS TI; CCC PW; ALPHA GA; DNP PW; INPS...
HEADLINES: • Banca Transilvania: bottom-line beat in 3Q25, on higher trading income and lower costs POSITIVE • Jahez: 3Q25 financial results review NEGATIVE • Pegasus Airlines: 3Q25 – RASK pressure exceeds our estimate NEGATIVE • CCC: preliminary 3Q25 EBITDA miss of 5%; FY25E EBITDA guidance cut to PLN 1.7-1.8bn, from PLN 2.4bn NEGATIVE • Alpha Bank: 3Q25 highlights – a mixed bag NEUTRAL • Dino: key takeaways from the 3Q25 call NEGATIVE • InPost: key takeaways from the 3Q25 call NEGATIVE • MOL: ...
MOL MOL NYRT
TITK TITAN CEMENT CO. SA
CCC CCC SA
ENA ENEA S.A.
PGE PGE POLSKA GRUPA ENERGETYCZNA S.A.
PGSUS.E PEGASUS HAVA TASIMACILIGI AS
CAR INTER CARS S.A.
TPE TAURON POLSKA ENERGIA S.A.
TLV BANCA TRANSILVANIA S.A.
DNP DINO POLSKA S.A.
ALPHA ALPHA BANK
INPST INPOST S.A.
9526 JAHEZ INTERNATIONAL CO
AIRA AIR ASTANA JSC
- Research Team
WOOD Daily: THEON NA; OTP HB; DNP PW; INPST NA; MOL HB; MGROS TI; THYA...
Please excuse the lateness of our Daily today, due to technical issues. HEADLINES: • Theon International: impressions from the CMD POSITIVE • OTP Bank: books solid 3Q25, in line with expectations; market waiting for management to reveal plans on surplus capital allocation decisions NEUTRAL • Dino: 2-3% EBITDA miss in 3Q25; lfl and EBITDA dynamics behind Zabka; FY25E guidance maintained NEGATIVE • InPost: 3Q25 slightly above expectations; FY25E EBITDA guidance trimmed, on slower Yodel NEUTRAL • ...
HTO HELLENIC TELECOMMUNICATIONS ORGANIZATION SA
TITK TITAN CEMENT CO. SA
WIZZ WIZZ AIR HOLDINGS PLC
MYTIL MYTILINEOS S.A.
AEGN AEGEAN AIRLINES SA
MGROS MIGROS TICARET A.S
PGSUS.E PEGASUS HAVA TASIMACILIGI AS
TBCB TBC BANK JOINT STOCK CO
THYAO TURK HAVA YOLLARI A.O.
TPE TAURON POLSKA ENERGIA S.A.
DNP DINO POLSKA S.A.
NBGGY NATIONAL BANK OF GREECE S.A. ADS
RICHT RICHTER
R22 R22
NLBR NLB GROUP
INPST INPOST S.A.
VRC VERCOM SA
ELPE HELLENIQ ENERGY
SHO SHOPER SA
MUR2 MURAPOL SA
THEON THEON INTERNATIONAL PLC
AIRA AIR ASTANA JSC
- 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
- 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.
- 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.
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