reports
- ING Helpdesk
Benelux Morning Notes
Colruyt: Guidance reiterated despite weaker-than-expected 1H25/26. Dutch Pension Buyouts: Regulator DNB's view, c.€7bn so far, insurers at 15% market share now. OCI: Dutch investor association VEB and other shareholders take legal action to block Orascom merger. Proximus: CFO Mark Reid to leave Proximus by end of January 2026. Staffing Sector: US temp volume YoY declined vs October; NFP jobs beat expectations. Var Energy: Boosting production bodes well for years to come. Events Calendar
- Guy Sips
- Michiel Declercq
- Research Team
WOOD Daily: CCC PW; JMT PL; ALE PW; INPST NA; MBR PW; KTY PW; PCO PW; ...
HEADLINES: • CCC: shareholders ask for 2m share buyback POSITIVE • Jeronimo Martins: court approves PLN 160m fine from Antimonopoly Office NEGATIVE • Allegro/InPost: EU to introduce EUR 3 payment for all packages coming from outside the community NEUTRAL • Mo-BRUK: PLN 19m 2017 waste-fee case closed NEUTRAL • Kety: 4Q25E preliminary results preview – flat yoy EBITDA in a tough environment (due on 17 December) • Pepco Group: 2H25E preview – EBITDA decline of 5% yoy expected (due on 17 December) N...
- ING Helpdesk
Benelux Morning Notes
Belgian Telecoms: DIGI Belgium CEO Interview: ‘We are running a marathon, not a sprint' IBA: IBA to install a Rhodotron in East China. Ontex: Another quarter, another profit warning. Theon International: Backlog visibility indeed. Xior: 2026 outlook positive but with no major surprise. Events Calendar
- Research Team
WOOD Morning (11 December 2025)
HEADLINES: • Eurocash: key takeaways from the strategy presentation NEGATIVE • Allegro/InPost: Allegro launches C2X locker service NEGATIVE • Budimex: PLN 2.6bn bid from BDX's consortium selected in PKP PLK tender NEUTRAL • Theon International: signs its largest ever contract, worth EUR 1bn, with OCCAR POSITIVE • Mavi: strong beat in 3Q25 results POSITIVE • Al Arabia Outdoor Advertising: wins 10-year contract to operate advertising at Prince Mohammad bin Abdulaziz Airport (PMIA) in Madinah POSIT...
- Research Team
WOOD Daily: PL Macro; WPL PW; ALE PW; ACP PW; BFT PW; BDX PW; CCC PW; ...
HEADLINES: • Poland macro: NBP cuts again, with inflation back at target • Wirtualna Polska: sells Invia Flights Germany at EUR 42.3m EV, 9.0x 2024 EV/EBITDA POSITIVE • WOOD's Winter Wonderland EME Conference 2025: Postcards from Prague • Allegro • Asseco Poland • Benefit Systems • Budimex • CCC • Kety • PGE • Tauron • Primoco UAV • Aquila Part Prod Com S.A. • MedLife • Mavi • Georgia Capital • GEVORKYAN • Krka • Medicover
KRKG KRKA D.D.
BDX BUDIMEX S.A.
KTY GRUPA KETY SA
CCC CCC SA
BFT BENEFIT SYSTEMS S.A. ALLOTMENT
PGE PGE POLSKA GRUPA ENERGETYCZNA S.A.
TPE TAURON POLSKA ENERGIA S.A.
WPL WIRTUALNA POLSKA HOLDING SA
MAVI MAVI GIYIM SANAYI VE TICARET A.S.
M MED LIFE
MCOV B MEDICOVER AB
CGEO GEORGIA CAPITAL
ALG ALLEGRO.EU SA
AQ AQUILA PART PROD COM
GEV GEVORKYAN A.S.
PRIUA PRIMOCO UAV SE
- Guy Sips
- Michiel Declercq
- Wim Hoste
Local Champions Mid Cap Conference Book 11.12.2025
This conference book is your guide to our annual Local Champions Mid Cap Conference set to take place on Thursday, 11 December 2025 at our historic building at Grand Place in Brussels. This event offers the possibility to have one-on-one meetings and/or attend small group sessions with the top management and/or IR of the following companies: BARCO | BEKAERT | DECEUNINCK | DEME | EVS | IBA | JENSEN GROUP | MATERIALISE | ONTEX | PROXIMUS | RECTICEL | XFAB
- 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
- ING Helpdesk
Benelux Morning Notes
Adecco: Introduces the agility advantage to grow, adapt and lead in the intelligent era. Belgian telcos: DAZN announces immediatele end for Belgian football broadcasting. CMB.TECH: Good 3Q thanks to its tankers. D'Ieteren: CFO buys more shares, State Farm seeks 6% California Auto Rate cut. Staffing: Belgium October Temp volume stable at -3.4% YoY despite tougher comps.
- 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
- ING Helpdesk
Benelux Morning Notes
Arcadis: US peer Aecom sets a new standard for EBITDA margin potential. Belgian telecoms: Orange Belgium price increases from January. CFE: Keeps outlook, materially lower QoQ net debt. Flow Traders: Market volumes improve in October. IMCD: Awaiting a recovery. Kinepolis: Launches retail bond issuance for €100-150m. NEPI Rockcastle: Sound operational performance continues. Universal Music Group: EU to warn on Downtown deal
- Bruno Cavalier
- Maissa Keskes
- Marc Lavaud
- Stephane Houri
- Thomas Zlowodzki
UHR SWATCH GROUP LTD. BEARER
RMS HERMES INTERNATIONAL SCA
ALV ALLIANZ SE
NOKIA NOKIA OYJ
EL ESSILORLUXOTTICA SA
BRBY BURBERRY GROUP PLC
KER KERING SA
WPP WPP PLC
01913 PRADA S.P.A.
MONC MONCLER SPA
ACS ACTIVIDADES DE CONSTRUCCION Y SERVICIOS SA
BC BRUNELLO CUCINELLI S.P.A.
CFR COMPAGNIE FINANCIERE RICHEMONT SA
MERLIN MERLIN PROPERTIES SOCIMI S.A.
SAP SAP SE
SIGN SIG COMBIBLOC GROUP LTD
ENR SIEMENS ENERGY AG
ANE CORPORACION ACCIONA ENERGIAS RENOVABLES SA
ZGN ERMENEGILDO ZEGNA NV
H2O HIDROELECTRICA S.A.
- Bruno Cavalier
- Maissa Keskes
- Marc Lavaud
- Stephane Houri
- Thomas Zlowodzki
UHR SWATCH GROUP LTD. BEARER
RMS HERMES INTERNATIONAL SCA
ALV ALLIANZ SE
NOKIA NOKIA OYJ
EL ESSILORLUXOTTICA SA
BRBY BURBERRY GROUP PLC
KER KERING SA
WPP WPP PLC
01913 PRADA S.P.A.
MONC MONCLER SPA
ACS ACTIVIDADES DE CONSTRUCCION Y SERVICIOS SA
BC BRUNELLO CUCINELLI S.P.A.
CFR COMPAGNIE FINANCIERE RICHEMONT SA
MERLIN MERLIN PROPERTIES SOCIMI S.A.
SAP SAP SE
SIGN SIG COMBIBLOC GROUP LTD
ENR SIEMENS ENERGY AG
ANE CORPORACION ACCIONA ENERGIAS RENOVABLES SA
ZGN ERMENEGILDO ZEGNA NV
H2O HIDROELECTRICA S.A.
- ING Helpdesk
- Jerôme Bodin
WPP: 2 directors
Two Directors at WPP bought/maiden bought 100,000 shares at between 285p and 289p. The significance rating of the trade was 78/100. 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 ...
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.