reports
- Jakub Caithaml
WOOD Flash – Lamda Development: 2Q25 – yield compression drives malls ...
The malls and marinas results are in line with our estimates. The Ellinikon capex accelerated to EUR 100m in 2Q25 – good, but an even faster rate of deployment is still needed. A material revaluation gain was booked in 2Q25, driven by yield compression at the existing malls. Bottom line: nothing in the 2Q25 results comes close in importance to the huge land sale that Lamda agreed recently.
- Research Team
WOOD Daily: ALE PW; CZG CP; MAVI TI; ECH PW; APR PW; LAMDA GA; GEV CP;...
HEADLINES: • Allegro: 1Q25 results spot on our expectations; lower bound of FY25E guidance increased POSITIVE • Colt CZ Group: 2Q25 results – slightly below the consensus; no changes in FY25E guidance • Mavi: 2Q25 results miss expectations; 2025E guidance lowered NEGATIVE • Echo Investment: 2Q25 – sales could unlock net cash equivalent to one-third of market cap • Auto Partner: 2Q25 EBITDA broadly in line with our and the market's expectations NEUTRAL • Lamda Development: 2Q25 – yield compressio...
- Peter Palovic
WOOD Flash – GEVORKYAN: 2Q25 broadly in line; updated 2025-29E guidanc...
GEVORKYAN’s 2Q25 results were broadly in line with our estimates, and the company has upgraded both its 2025E and long-term (2025-29E) guidance. For 2025E, at the midpoint, the new guidance implies a 5% increase in revenues and a 15% increase in the EBITDA vs. the previous (May) guidance. For the mid-term, our 2025-27E estimates remain in line with the bottom end of GEVORKYAN’s guidance; however, if executed successfully, it could provide additional upside for our forecasts. Importantly, the upg...
- Research Team
WOOD Morning (17 September 2025)
HEADLINES: • Noval Property: 1H25 – FFO en route to exceed our FY estimate POSITIVE • Aegean Airlines: 2Q25 in line; cash flow contracting; guidance encouraging NEUTRAL • Tauron: 2Q25 results fully in line with the preliminaries NEUTRAL • OMV Petrom: special dividend proposal POSITIVE • Shoper: acquires remaining 40% stake in Sempire for PLN 15m, as expected NEUTRAL • Solutions by STC: signs framework agreement with Saudi Aramco POSITIVE
- Research Team
- Research Team
WOOD Daily: EME Macro/Strategy Weekly; GR Macro; DIGI RO; CGEO LN; JAH...
HEADLINES: • EME Macro/Strategy: macro all-in-one (8-14 September) • Greece macro: debt remains on a steep downward path • DIGI Communications: planning IPO of its Spanish subsidiary, reportedly POSITIVE • Georgia Capital: healthcare business prices GEL 350m bond offering NEUTRAL • Jahez: buyback approved during EGM (3.6% of total shares) NEUTRAL • Mavi: 2Q25E earnings preview (due on 17 September) • Short News (CDR, CAR)
- Research Team
WOOD Daily: CAR PW; EU Macro; CZG CP; CEZ CP; PL Utilities; RO Macro; ...
HEADLINES: • Inter Cars: 2Q25 EBITDA misses our and the market's expectations by 4-5% NEGATIVE • Eurozone macro: so far, so good • Colt CZ Group SE: multiple military contracts POSITIVE • CEZ: Babis will not buy CEZ "at any price" NEUTRAL • Polish utilities: PGE, Enea and Tauron contract 5.9 GW of new capacity obligations for 2026 NEUTRAL • Romania macro: inflation soars in August • Türkiye macro: interest rates drop, but monetary stance remains tight • LPP: 2Q25E results preview – 13% yoy EBITD...
- Research Team
WOOD Daily: BOCHGR GA; KZ Macro; PGE PW; APR PW; ASELS TI; DSPW CP; MO...
HEADLINES: • Bank of Cyprus: value is (sometimes) relative (stays BUY) • Kazakhstan macro: State of the Nation Address sets grounds for new constitutional reform and ambitious digitalisation agenda • PGE: 2Q25 conference call highlights NEUTRAL • Auto Partner: August sales growth decelerates to a mere 2% yoy NEGATIVE • Aselsan: massive domestic contract win POSITIVE • Doosan Skoda Power: wins multi-billion CZK tender for new generators at Temelin POSITIVE • MOL: announces discovery of an oil fie...
- Research Team
The Rear-View Mirror – EME markets: Poland – worst performer in August
EME Equity Market – August 2025 Corrections in Poland and the broader MSCI EM Europe. The MSCI EM Europe Index declined by 2.3% mom in EUR terms and was flat (0.0%) in USD terms in August. The Hungarian BUX was the top performer, adding 2.2% mom in EUR terms, followed by the Romanian BET (+1.9% mom), the Czech PX (+1.7% mom) and the Greek ASE (+1.4% mom) (all in EUR terms); while there was a muted performance from the Turkish ISE 30 (+0.4% mom in EUR terms). The biggest loser was the Polish WIG ...
JMT JERONIMO MARTINS SGPS S.A.
KRU KRUK S.A.
MOL MOL NYRT
EBS ERSTE GROUP BANK AG
CEZ CEZ AS
ACP ASSECO POLAND SA
HTO HELLENIC TELECOMMUNICATIONS ORGANIZATION SA
CDR CD PROJEKT S.A.
PKO PKO BANK POLSKI S.A.
ISCTR TURKIYE IS BANKASI ANONIM SIRKETI CLASS C
BHW BANK HANDLOWY W WARSZAWIE S.A.
BIMAS BIM BIRLESIK MAGAZALAR A.S.
WIZZ WIZZ AIR HOLDINGS PLC
PZU POWSZECHNY ZAKLAD UBEZPIECZEN SPOLKA AKCYJNA
BDX BUDIMEX S.A.
LAMDA LAMDA DEVELOPMENT 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.
AKCNS AKCANSA CIMENTO
ASELS ASELSAN ELEKTRONIK SANAYI VE TICARET A.S. CLASS B
BRISA BRISA-BRIDGESTONE SABANCI LASTIK SANAYI VE TICARET A.S.
CIMSA CIMENTO SANYAI VE TICARET A.S.
LOGO LOGO YAZILIM SANAYI VE TICARET A.S.
CCC CCC SA
CCOLA COCA-COLA ICECEK A.S.
DOM DOM DEVELOPMENT SA
RBW RAINBOW TOURS S.A.
ENA ENEA S.A.
BFT BENEFIT SYSTEMS S.A. ALLOTMENT
MGROS MIGROS TICARET A.S
PGSUS.E PEGASUS HAVA TASIMACILIGI AS
LVC LIVECHAT SOFTWARE SA
TBCB TBC BANK JOINT STOCK CO
OTP OTP BANK NYRT
CAR INTER CARS S.A.
THYAO TURK HAVA YOLLARI A.O.
TUPRS TURKIYE PETROL RAFINERILERI A.S.
EUR EUROCASH S.A.
ECH ECHO INVESTMENT
GSPARK GRAPHISOFT PARK SE
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
ALR ALIOR BANK SA
OTOEL AUTOHELLAS S.A.
VGO VIGO SYSTEM SA
WPL WIRTUALNA POLSKA HOLDING SA
BELA JUMBO S.A.
TLV BANCA TRANSILVANIA S.A.
SNG SOCIETATEA NATIONALA DE GAZE NATURALE ROMGAZ SA
H4L1 HALYK SAVINGS BANK OF KAZAKHSTAN GDR
DIGI DIGI COMMUNICATIONS NV
DNP DINO POLSKA S.A.
BVB S.C. BURSA DE VALORI BUCURESTI S.A.
GEB BANK OF GEORGIA
RICHT RICHTER
19XX NEPI ROCKCASTLE PLC
M MED LIFE
SFG SPHERA FRANCHISE GROUP SA
CGEO GEORGIA CAPITAL
SOKM SOK MARKETLER TICARET AS
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
HUGE HUUUGE
4IG 4IG NYRT
IGN1L IGNITIS GRUPE
PCO PEPCO GROUP NV
CTPNV KAZMUNAYGAS NC JSC
GPP CTP NV
KLKIM GRUPA PRACUJ DA
GIG KALEKIM KIMYEVI MADDELER SANAYI VE TICARET AS
2381 GAMING INNOVATION GROUP
7202 ARABIAN DRILLING CO.
9526 ARABIAN INTERNET & COMMUNICATIONS SERVICES CO
ELPE JAHEZ INTERNATIONAL CO
4071 HELLENIQ ENERGY
ACAG ARABIAN CONTRACTING SERVICES CO
7203 AUSTRIACARD HOLDINGS AG
OPTIMAr ELM CO
AQ OPTIMA BANK S.A.
THEON AQUILA PART PROD COM
AIRA THEON INTERNATIONAL PLC
GEV AIR ASTANA JSC
BOCHGR GEVORKYAN A.S.
ZAB BANK OF CYPRUS
ALPHA ZABKA GROUP
PE RO ALPHA BANK S.A.
PREMIER ENERGY
- Krisztian Karikas
Another strong quarter, Q3 can be even better
Duna House posted record quarterly results in the second quarter as well. The Italian and Polish intermediary segment continued to post strong results while the Hungarian market somewhat slowed down in Q2. Given the improving performance in all three countries, the management reiterated its full year guidance of cleaned core net profit of HUF 2.9- 3.6bn.
- Research Team
WOOD Daily: ALE PW; HU Macro; PBK RO; PE RO; 4IG HB; CAI AV; M RO; SFG...
HEADLINES: • Allegro: August is harvest time (downgraded to HOLD) • Hungary macro: challenging conditions keeping fiscal pressure high • Patria Bank: solid delivery in 2Q25 POSITIVE • Premier Energy: 2Q25 normalised EBITDA in line with our expectations NEUTRAL • 4iG: 2Q25 results review – 11% yoy increase in reported EBITDA, 3% above our estimate NEUTRAL • CA Immo: 2Q25 – continued progress with disposals; cancels treasury shares, launches new buyback • MedLife: takeaways from the 2Q25 earnings ...
- Lukasz Wachelko
- CFA
- Maria Mickiewicz
Allegro: August is harvest time (downgraded to HOLD)
We have downgraded Allegro to HOLD (from Buy), with our price target (PT) up slightly, to PLN 42.4/share (from PLN 42.2). The overall e-commerce penetration in Poland has stalled at below the 10% threshold, due to intensive competition from offline (proximity grocery, the roll out of strip malls in Tier-2 locations), and economics erosion, due to the rising costs of online marketing. At the same time, we see Allegro’s quest for breakeven in the international markets being delayed constantly. Wit...
- Jakub Caithaml
WOOD Flash – Lamda Development: sells major land plot at the Ellinikon...
Yesterday (28 August), Lamda announced the sale of almost 10% of the total Ellinikon buildable area to ION Group, to create a large office campus, along with residential compounds for its employees. This is a major deal for Lamda, and material positive news for the company, in our view. The transaction frontloads cash inflows, and reduces the execution risk in the Ellinikon project significantly. To put the proceeds into perspective: altogether, Lamda needs to pay EUR 950m for the Ellinikon land...
- Research Team
WOOD Daily: OTP HB; CZG CP; 11B PW; CDR PW; TXT PW; SFG RO; M RO; ACAG...
HEADLINES: • OTP Bank: all about capital returns (stays BUY) • Colt CZ Group SE: acquires SNC – a strategic move POSITIVE • 11 bit studios: 2Q25 EBITDA 14-24% above our and the market's expectations; guidance on new projects POSITIVE • CD Projekt: 2Q25 EBITDA 19-24% above our and the market's expectations POSITIVE • Text: 1Q25-26 (calendar 2Q25) results – EBITDA down 21% yoy, 5% below the consensus NEGATIVE • Sphera Group: 2Q25 soft, but better than we expected; FY25E budget cut NEGATIVE • MedLi...
- Research Team
WOOD Daily: PZU PW; DOM PW; BHW PW; EUR PW; DAT PW; TPE PW; CAI AV; MO...
HEADLINES: • PZU: 2Q25 results – beat on the bottom line, but insurance operations show some weakness and delivered below expectations NEUTRAL • Dom Development: 2Q25 results – beat driven by stellar 37% gross profit margin POSITIVE • Bank Handlowy: neutral 2Q25 results – beat on underlying bottom line driven by bond sales gains; negative NII trend NEUTRAL • Eurocash: 2Q25 – slightly above low expectations; new strategy publication in November POSITIVE • DataWalk: 2Q25 actual numbers fully in li...
PZU POWSZECHNY ZAKLAD UBEZPIECZEN SPOLKA AKCYJNA
CAI CA IMMOBILIEN ANLAGEN AG
DOM DOM DEVELOPMENT SA
BFT BENEFIT SYSTEMS S.A. ALLOTMENT
EUR EUROCASH S.A.
TPE TAURON POLSKA ENERGIA S.A.
DAT DATAWALK SA
OTOEL AUTOHELLAS S.A.
WPL WIRTUALNA POLSKA HOLDING SA
RICHT RICHTER
IGN1L IGNITIS GRUPE
KLKIM KALEKIM KIMYEVI MADDELER SANAYI VE TICARET AS
- Jakub Caithaml
WOOD Flash – Duna House: strong 2Q25, guidance reiterated
Duna House's (DH) 2Q25 was the company's strongest quarter on record, with EBITDA of EUR 4.5m, up 37% yoy. Management has reiterated its guidance for EBITDA of EUR 15-18m and net profit from the core operations of EUR 7-9m. The company is benefiting from a rebound in mortgage and real estate transaction volumes across all its three key markets. In Italy and Poland, the rebound is being spurred mostly by the gradual decline in funding costs; while, in Hungary, volumes seem to be also getting a bo...
- Research Team
WOOD Daily: DUNAHOUS HB; BFT PW; PKN PW; BHW PW; EME Macro/Strategy We...
HEADLINES: • Duna House: strong 2Q25, guidance reiterated POSITIVE • Benefit Systems: 2Q25 adjusted EBIT up 17% yoy, marginally above our forecast NEUTRAL • Orlen: partner makes significant oil discovery in Norway POSITIVE • Bank Handlowy: may pay out PLN 449m of 2019 net profit as a dividend NEUTRAL • EME Macro/Strategy: macro all-in-one (18-24 August) • Gentoo Media: 2Q25E financial results preview (due out tomorrow)
MBank S.A.: 1 director
A director at MBank S.A. sold 75 shares at 998.000PLN and the significance rating of the trade was 51/100. 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 showing...
Unfortunately, this report is not available for the investor type or country you selected.
Report is subscription only.
Thank you, your report is ready.
Thank you, your report is ready.