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: ...
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 • ...
We confirm our Underperform rating on CD Projekt. Post-pandemic industry deceleration and shifting player engagement habits are creating structural headwinds for CD Projekt. The release of the new Witcher trilogy is unlikely before 2027 and carries significant execution risks. Even though we have increased our short- and mid-term estimates due to stronger-than-expected back catalogue sales, driven by Cyberpunk 2077 and its expansion, Phantom Liberty, our slightly increased target price shows dow...
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...
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...
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...
Georgia Capital (GCAP) reported its 3Q25 financial results this morning (27 October). We view the results as strong, with the NAV for both the large and emerging companies above our expectations. GCAP reduced its share count by 3% qoq, buying back 1.2m shares, and became net cash positive. NAV per share was up 8% qoq in GEL terms and 11% qoq in GBP terms. The company’s NAV per share was affected negatively by a one-off event related to final litigation reserves on a long-standing legacy legal ca...
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...
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...
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