reports
- Research Team
WOOD Daily: ING PW; JMT PL; BHW PW; BDX PW; MGROS TI; TBCG LN; CGEO LN...
HEADLINES: • ING BSK: 1Q25 results in line with expectations and our annual 2025E expectations NEUTRAL • Jeronimo Martins: beat in 1Q25; Biedronka margin stabilised, despite adverse calendar effect; FY25E guidance maintained POSITIVE • Bank Handlowy: dull 1Q25 results; dividend recommendation due later in May; uncertainty over impact of sale of retail operations persisting NEUTRAL • Budimex: 1Q25 EBITDA misses forecast slightly, backlog down marginally qoq, but rising amount of pending contracts...
MOL MOL NYRT
BHW BANK HANDLOWY W WARSZAWIE S.A.
BSK ING BANK SLASKI S.A.
BDX BUDIMEX S.A.
BFT BENEFIT SYSTEMS S.A. ALLOTMENT
MGROS MIGROS TICARET A.S
APR AUTO PARTNER SA
TBCB TBC BANK JOINT STOCK CO
CAR INTER CARS S.A.
BELA JUMBO S.A.
CGEO GEORGIA CAPITAL
ALG ALLEGRO.EU SA
CTPNV CTP NV
KLKIM KALEKIM KIMYEVI MADDELER SANAYI VE TICARET AS
ADNOCDRILL ADNOC DRILLING CO
DSPW DOOSAN SKODA POWER A.S.
DIAG DIAGNOSTYKA SA
- Research Team
WOOD Daily: Romania; EME Macro/Strategy; ALARABIA AB; HUG PW; TEN PW; ...
HEADLINES: • Romania: first round of presidential election signals tough times ahead • EME Macro/Strategy: macro all-in-one (28 April-4 May) • Al Arabia: signs Riyadh train and buses contract POSITIVE • Al Arabia: Faden Media signs a contract with the Jeddah Municipality POSITIVE • Huuuge Games: April bookings estimate down 10% mom, to USD 9m NEGATIVE • Ten Square Games: April bookings estimate down 3% mom, deeper declines in core titles NEGATIVE • Gentoo Media: delisting from the Oslo Børs to b...
MTELEKOM MAGYAR TELEKOM TELECOMMUNICATIONS
TPEIR PIRAEUS BANK SA
ALPHA ALPHA BANK AE
NBGGY NATIONAL BANK OF GREECE S.A. ADS
ADNOCDIST ADNOC DISTRIBUTION PJSC
TEN TEN SQUARE GAMES
HUGE HUUUGE
GIG GAMING INNOVATION GROUP
4071 ARABIAN CONTRACTING SERVICES CO
- Research Team
The Rear-View Mirror – EME markets: EME indices mostly in the red in A...
EME Equity Market – April 2025 EME indices mostly in the red in April, Hungarian BUX and Greek ASE the exceptions. The MSCI EM Europe Index declined by 2.0% mom in EUR terms, but was up 2.9% mom in USD terms in April. The Hungarian BUX was the best performer, followed by the Greek ASE index (+3.5% and 0.8% mom in EUR terms, respectively). There was a slight decline in the Polish WIG20, and more pronounced deteriorations in the Romanian BET and Czech PX indices (-0.6%, -2.0% and -4.2% mom in EUR ...
PEO BANK POLSKA KASA OPIEKI SA
JMT JERONIMO MARTINS SGPS S.A.
OPAP GREEK ORGANISATION OF FOOTBALL PROGNOSTICS SA
KRU KRUK S.A.
MOL MOL NYRT
EBS ERSTE GROUP BANK AG
CEZ CEZ AS
KRKG KRKA D.D.
YKBNK YAPI VE KREDI BANKASI A.S.
OMV OMV AG
ISCTR TURKIYE IS BANKASI ANONIM SIRKETI CLASS C
KOMB KOMERCNI BANKA A.S.
TITK TITAN CEMENT CO. SA
SPL SANTANDER BANK POLSKA SA
MIL BANK MILLENNIUM SA
BDX BUDIMEX S.A.
GEKTERNA GEK TERNA
MTELEKOM MAGYAR TELEKOM TELECOMMUNICATIONS
KTY GRUPA KETY SA
DOC DO & CO AKTIENGESELLSCHAFT
TPS ORANGE POLSKA S.A.
PKN POLSKI KONCERN NAFTOWY ORLEN S.A.
MYTIL MYTILINEOS S.A.
LPP LPP S.A.
AKBNK AKBANK TAS
AKCNS AKCANSA CIMENTO
ASELS ASELSAN ELEKTRONIK SANAYI VE TICARET A.S. CLASS B
CIMSA CIMENTO SANYAI VE TICARET A.S.
CCC CCC SA
AEGN AEGEAN AIRLINES SA
ENA ENEA S.A.
BFT BENEFIT SYSTEMS S.A. ALLOTMENT
PGE PGE POLSKA GRUPA ENERGETYCZNA S.A.
TKNSA TEKNOSA IC VE DIS TICARET AS
PGSUS.E PEGASUS HAVA TASIMACILIGI AS
APR AUTO PARTNER SA
LVC LIVECHAT SOFTWARE SA
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.
TUPRS TURKIYE PETROL RAFINERILERI A.S.
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.
ALR ALIOR BANK SA
OTOEL AUTOHELLAS S.A.
VGO VIGO SYSTEM SA
WPL WIRTUALNA POLSKA HOLDING SA
SAB1L SIAULIU BANKAS
BRD BRD-GROUPE SOCIETE GENERALE
TLV BANCA TRANSILVANIA S.A.
MONET MONETA MONEY BANK AS
H4L1 HALYK SAVINGS BANK OF KAZAKHSTAN GDR
SNP PETROM S.A.
TOFAS TOFAS TURK OTOMOBIL FABRIKASI A.S.
DNP DINO POLSKA S.A.
RICHT RICHTER
MAVI MAVI GIYIM SANAYI VE TICARET A.S.
MCOV B MEDICOVER AB
KAP NATIONAL ATOMIC COMPANY KAZATOMPROM
TEN TEN SQUARE GAMES
CZG CESKA ZBROJOVKA GROUP
INPST INPOST S.A.
PCF PCF GROUP SA
HUGE HUUUGE
7202 ARABIAN INTERNET & COMMUNICATIONS SERVICES CO
4071 ARABIAN CONTRACTING SERVICES CO
BOROUGE BOROUGE
7203 ELM CO
TRESTATES TRADE ESTATES REIC SA
THEON THEON INTERNATIONAL PLC
GEV GEVORKYAN A.S.
BOCHGR BANK OF CYPRUS
DSPW DOOSAN SKODA POWER A.S.
DIAG DIAGNOSTYKA SA
- Research Team
WOOD Daily: THEON NA; KRU PW; SAB1L LH; MCOVB SS; OTKAR TI; TOASO TI; ...
HEADLINES: • Theon International: 1Q25 trading update – strong execution, rich options POSITIVE • Kruk: 1Q25 results, beat driven by Wonga, debt purchased segment in line, but slowing growth dynamics NEUTRAL • Siauliu Bankas: rather weak 1Q25, but maintained outlook should provide some support NEGATIVE • Medicover: 1Q25 beat on admin costs and other financial income POSITIVE • Otokar: 1Q25 results – continuing losses on the operating and bottom lines • Tofas: weak set of results in 1Q25, as anti...
KRU KRUK S.A.
EBS ERSTE GROUP BANK AG
CDR CD PROJEKT S.A.
MYTIL MYTILINEOS S.A.
ASELS ASELSAN ELEKTRONIK SANAYI VE TICARET A.S. CLASS B
OTKAR OTOKAR OTOMOTIV VE SAVUNMA SANAYI A.S.
THYAO TURK HAVA YOLLARI A.O.
TUPRS TURKIYE PETROL RAFINERILERI A.S.
GPW WARSAW STOCK EXCHANGE
11B 11 BIT STUDIOS S.A.
BELA JUMBO S.A.
SAB1L SIAULIU BANKAS
SNP PETROM S.A.
TOFAS TOFAS TURK OTOMOBIL FABRIKASI A.S.
MAVI MAVI GIYIM SANAYI VE TICARET A.S.
MCOV B MEDICOVER AB
TEN TEN SQUARE GAMES
HUGE HUUUGE
THEON THEON INTERNATIONAL PLC
- Research Team
WOOD Daily: HUG PW; PCO PW; TOASO TI; ELM AB; EBS AV; BHW PW; ING PW; ...
HEADLINES: • Huuuge Games: post-4Q24 earnings call takeaways – supportive 2025E outlook, exploring new markets NEUTRAL • Pepco Group: Alteri PE ready to buy Poundland, according to Sky News POSITIVE • Tofas: Competition Authority approves acquisition of Stellantis Otomotiv Pazarlama POSITIVE • Elm: announces completion of procedures to acquire Thiqah POSITIVE • Erste Bank: 1Q25E preview (due on 30 April) • Bank Handlowy: 1Q25E preview (due on 8 May) • ING BSK: 1Q25E preview (due on 8 May) • CCC:...
- Ahmed Ben Salem
- Baptiste Lebacq
TKA THYSSENKRUPP AG
MT ARCELORMITTAL SA
BEKB BEKAERT SA
ALFOC FOCUS HOME INTERACTIVE SA
NK IMERYS SA
AAL ANGLO AMERICAN PLC
APAML APERAM SA
ATO ATOS SE
OUT1V OUTOKUMPU OYJ
BFIT BASIC-FIT NV
SSAB A SSAB AB CLASS A
EVT EVOTEC SE
FGA FIGEAC AERO SA
SZG SALZGITTER AG
WHA WERELDHAVE N.V.
GOE GROUPE GORGE SA
GLO GL EVENTS SA
VOE VOESTALPINE AG
ACX ACERINOX SA
ERA ERAMET SA
ICAD ICADE SA
SUN SULZER AG
NDA AURUBIS AG
SLIGR SLIGRO FOOD GROUP N.V.
AALB AALBERTS N.V.
AMG AMG ADVANCED METALLURGICAL GROUP N.V.
SAX STROEER SE & CO. KGAA
CON CONZZETA AG
11B 11 BIT STUDIOS S.A.
SIFG SIF HOLDING NV
RIO RIO TINTO PLC
MAU ETABLISSEMENTS MAUREL & PROM SA
FTG111 FLATEXDEGIRO AG
BHP BHP GROUP LTD
AMAG AMAG AUSTRIA METALL AG
NSI NSI N.V.
THEP THERMADOR HOLDING SA
DSC1 DUTCH STAR C SHAR
FAST FASTNED
WINE PURCARI WINERIES PCL
OVH OVH GROUPE
ALVGO VOGO SA
MFEA MEDIASET NV
PLX PLUXEE NV
ORP ORPEA
- Ahmed Ben Salem
- Baptiste Lebacq
TKA THYSSENKRUPP AG
MT ARCELORMITTAL SA
BEKB BEKAERT SA
ALFOC FOCUS HOME INTERACTIVE SA
NK IMERYS SA
AAL ANGLO AMERICAN PLC
APAML APERAM SA
ATO ATOS SE
OUT1V OUTOKUMPU OYJ
BFIT BASIC-FIT NV
SSAB A SSAB AB CLASS A
FGA FIGEAC AERO SA
SZG SALZGITTER AG
WHA WERELDHAVE N.V.
GOE GROUPE GORGE SA
GLO GL EVENTS SA
VOE VOESTALPINE AG
ACX ACERINOX SA
ERA ERAMET SA
ICAD ICADE SA
SUN SULZER AG
NDA AURUBIS AG
SLIGR SLIGRO FOOD GROUP N.V.
AALB AALBERTS N.V.
AMG AMG ADVANCED METALLURGICAL GROUP N.V.
SAX STROEER SE & CO. KGAA
CON CONZZETA AG
11B 11 BIT STUDIOS S.A.
SIFG SIF HOLDING NV
RIO RIO TINTO PLC
MAU ETABLISSEMENTS MAUREL & PROM SA
FTG111 FLATEXDEGIRO AG
BHP BHP GROUP LTD
AMAG AMAG AUSTRIA METALL AG
NSI NSI N.V.
THEP THERMADOR HOLDING SA
DSC1 DUTCH STAR C SHAR
FAST FASTNED
WINE PURCARI WINERIES PCL
OVH OVH GROUPE
ALVGO VOGO SA
MFEA MEDIASET NV
PLX PLUXEE NV
ORP ORPEA
- Research Team
WOOD Daily: THEON NA; HUG PW; PGE PW; TPE PW; APR PW; INPST NA; DIA PW...
HEADLINES: • Theon International: Noctis in Dies* (BUY - initiation of coverage) • Huuuge Games: 4Q24 adjusted EBITDA 5% above our forecast, share buybacks not a priority NEUTRAL • PGE: key takeaways from the 4Q24 results call NEUTRAL • Tauron: key takeaways from the 4Q24 results call NEUTRAL • Auto Partner: earnings call takeaways – challenging 1Q25E, but rather optimistic on FY25E outlook NEUTRAL • InPost: acquisition of Yodel for GBP 106m debt swap NEUTRAL • Diagnostyka: 4Q24E preview – 35% y...
- Daniela Popov
- Bruno Cavalier
- Konrad Zomer
REL RELX PLC
PEO BANK POLSKA KASA OPIEKI SA
MC LVMH MOET HENNESSY LOUIS VUITTON SE
TKA TELEKOM AUSTRIA AG
UHR SWATCH GROUP LTD. BEARER
RMS HERMES INTERNATIONAL SCA
EBS ERSTE GROUP BANK AG
CEZ CEZ AS
EVN EVN AG
MMK MAYR-MELNHOF KARTON AG
EL ESSILORLUXOTTICA SA
OMV OMV AG
PKO PKO BANK POLSKI S.A.
BRBY BURBERRY GROUP PLC
KER KERING SA
VOE VOESTALPINE AG
VER VERBUND AG CLASS A
01913 PRADA S.P.A.
POS PORR AG
MIL BANK MILLENNIUM SA
LNZ LENZING AG
CAI CA IMMOBILIEN ANLAGEN AG
PAL PALFINGER AG
WIE WIENERBERGER AG
ATS AT & S AUSTRIA TECHNOLOGIE & SYSTEMTECHNIK AKTIENGESELLSCHAFT
SEM SEMPERIT HOLDING AG
PKN POLSKI KONCERN NAFTOWY ORLEN S.A.
SBO SCHOELLER-BLECKMANN OILFIELD EQUIPMENT AG
UBS UBM DEVELOPMENT AG
CCC CCC SA
MONC MONCLER SPA
OTP OTP BANK NYRT
PYT POLYTEC HOLDING
ZAG ZUMTOBEL GROUP AG
POST OSTERREICHISCHE POST AG
ANDR ANDRITZ AG
STR STRABAG SE
BC BRUNELLO CUCINELLI S.P.A.
ALR ALIOR BANK SA
CFR COMPAGNIE FINANCIERE RICHEMONT SA
FLU FLUGHAFEN WIEN AG
FACC FACC AG
TLV BANCA TRANSILVANIA S.A.
TRP TERAPLAST
SNP PETROM S.A.
MOL MOL HUNGARIAN OIL & GAS PLC CLASS A
AMAG AMAG AUSTRIA METALL AG
AGR AGRANA BETEILIGUNGS-AG
ADYEN ADYEN NV
FQT FREQUENTIS AG WIENER
NLBR NOVA LJUBLJANSKA BANKA DD LJUBLJANA
WINE PURCARI WINERIES PCL
CTPNV CTP NV
TTS TRANSPORT TRADE SVCS
AQ AQUILA PART PROD COM
- Bruno Cavalier
- Konrad Zomer
REL RELX PLC
PEO BANK POLSKA KASA OPIEKI SA
MC LVMH MOET HENNESSY LOUIS VUITTON SE
TKA TELEKOM AUSTRIA AG
UHR SWATCH GROUP LTD. BEARER
RMS HERMES INTERNATIONAL SCA
EBS ERSTE GROUP BANK AG
CEZ CEZ AS
EVN EVN AG
MMK MAYR-MELNHOF KARTON AG
EL ESSILORLUXOTTICA SA
OMV OMV AG
PKO PKO BANK POLSKI S.A.
BRBY BURBERRY GROUP PLC
KER KERING SA
VOE VOESTALPINE AG
VER VERBUND AG CLASS A
01913 PRADA S.P.A.
POS PORR AG
MIL BANK MILLENNIUM SA
LNZ LENZING AG
CAI CA IMMOBILIEN ANLAGEN AG
PAL PALFINGER AG
WIE WIENERBERGER AG
ATS AT & S AUSTRIA TECHNOLOGIE & SYSTEMTECHNIK AKTIENGESELLSCHAFT
SEM SEMPERIT HOLDING AG
PKN POLSKI KONCERN NAFTOWY ORLEN S.A.
SBO SCHOELLER-BLECKMANN OILFIELD EQUIPMENT AG
UBS UBM DEVELOPMENT AG
CCC CCC SA
MONC MONCLER SPA
OTP OTP BANK NYRT
PYT POLYTEC HOLDING
ZAG ZUMTOBEL GROUP AG
POST OSTERREICHISCHE POST AG
ANDR ANDRITZ AG
STR STRABAG SE
BC BRUNELLO CUCINELLI S.P.A.
ALR ALIOR BANK SA
CFR COMPAGNIE FINANCIERE RICHEMONT SA
FLU FLUGHAFEN WIEN AG
FACC FACC AG
TLV BANCA TRANSILVANIA S.A.
TRP TERAPLAST
SNP PETROM S.A.
MOL MOL HUNGARIAN OIL & GAS PLC CLASS A
AMAG AMAG AUSTRIA METALL AG
AGR AGRANA BETEILIGUNGS-AG
ADYEN ADYEN NV
FQT FREQUENTIS AG WIENER
NLBR NOVA LJUBLJANSKA BANKA DD LJUBLJANA
WINE PURCARI WINERIES PCL
CTPNV CTP NV
TTS TRANSPORT TRADE SVCS
AQ AQUILA PART PROD COM
- Bruno Cavalier
- Luis de Toledo Heras
PEO BANK POLSKA KASA OPIEKI SA
MC LVMH MOET HENNESSY LOUIS VUITTON SE
TKA TELEKOM AUSTRIA AG
UHR SWATCH GROUP LTD. BEARER
RMS HERMES INTERNATIONAL SCA
EBS ERSTE GROUP BANK AG
CEZ CEZ AS
EVN EVN AG
MMK MAYR-MELNHOF KARTON AG
SZG SALZGITTER AG
EL ESSILORLUXOTTICA SA
OMV OMV AG
WHA WERELDHAVE N.V.
PKO PKO BANK POLSKI S.A.
BRBY BURBERRY GROUP PLC
KOF KAUFMAN & BROAD SA
KER KERING SA
VOE VOESTALPINE AG
VER VERBUND AG CLASS A
01913 PRADA S.P.A.
POS PORR AG
MIL BANK MILLENNIUM SA
LNZ LENZING AG
VID VIDRALA SA
NDA AURUBIS AG
CAI CA IMMOBILIEN ANLAGEN AG
PAL PALFINGER AG
WIE WIENERBERGER AG
ATS AT & S AUSTRIA TECHNOLOGIE & SYSTEMTECHNIK AKTIENGESELLSCHAFT
CWC CEWE STIFTUNG & CO KGAA
SEM SEMPERIT HOLDING AG
PKN POLSKI KONCERN NAFTOWY ORLEN S.A.
SBO SCHOELLER-BLECKMANN OILFIELD EQUIPMENT AG
UBS UBM DEVELOPMENT AG
CCC CCC SA
MONC MONCLER SPA
OTP OTP BANK NYRT
PYT POLYTEC HOLDING
ZAG ZUMTOBEL GROUP AG
POST OSTERREICHISCHE POST AG
ANDR ANDRITZ AG
STR STRABAG SE
BC BRUNELLO CUCINELLI S.P.A.
ALR ALIOR BANK SA
CFR COMPAGNIE FINANCIERE RICHEMONT SA
FLU FLUGHAFEN WIEN AG
FACC FACC AG
TLV BANCA TRANSILVANIA S.A.
TRP TERAPLAST
SNP PETROM S.A.
MOL MOL HUNGARIAN OIL & GAS PLC CLASS A
AMAG AMAG AUSTRIA METALL AG
AGR AGRANA BETEILIGUNGS-AG
FQT FREQUENTIS AG WIENER
NLBR NOVA LJUBLJANSKA BANKA DD LJUBLJANA
VRLA VERALLIA SAS
WINE PURCARI WINERIES PCL
CTPNV CTP NV
TTS TRANSPORT TRADE SVCS
AQ AQUILA PART PROD COM
- Bruno Cavalier
- Luis de Toledo Heras
PEO BANK POLSKA KASA OPIEKI SA
MC LVMH MOET HENNESSY LOUIS VUITTON SE
TKA TELEKOM AUSTRIA AG
UHR SWATCH GROUP LTD. BEARER
RMS HERMES INTERNATIONAL SCA
EBS ERSTE GROUP BANK AG
CEZ CEZ AS
EVN EVN AG
MMK MAYR-MELNHOF KARTON AG
SZG SALZGITTER AG
EL ESSILORLUXOTTICA SA
OMV OMV AG
WHA WERELDHAVE N.V.
PKO PKO BANK POLSKI S.A.
BRBY BURBERRY GROUP PLC
KOF KAUFMAN & BROAD SA
KER KERING SA
VOE VOESTALPINE AG
VER VERBUND AG CLASS A
01913 PRADA S.P.A.
POS PORR AG
MIL BANK MILLENNIUM SA
LNZ LENZING AG
VID VIDRALA SA
NDA AURUBIS AG
CAI CA IMMOBILIEN ANLAGEN AG
PAL PALFINGER AG
WIE WIENERBERGER AG
ATS AT & S AUSTRIA TECHNOLOGIE & SYSTEMTECHNIK AKTIENGESELLSCHAFT
CWC CEWE STIFTUNG & CO KGAA
SEM SEMPERIT HOLDING AG
PKN POLSKI KONCERN NAFTOWY ORLEN S.A.
SBO SCHOELLER-BLECKMANN OILFIELD EQUIPMENT AG
UBS UBM DEVELOPMENT AG
CCC CCC SA
MONC MONCLER SPA
OTP OTP BANK NYRT
PYT POLYTEC HOLDING
ZAG ZUMTOBEL GROUP AG
POST OSTERREICHISCHE POST AG
ANDR ANDRITZ AG
STR STRABAG SE
BC BRUNELLO CUCINELLI S.P.A.
ALR ALIOR BANK SA
CFR COMPAGNIE FINANCIERE RICHEMONT SA
FLU FLUGHAFEN WIEN AG
FACC FACC AG
TLV BANCA TRANSILVANIA S.A.
TRP TERAPLAST
SNP PETROM S.A.
MOL MOL HUNGARIAN OIL & GAS PLC CLASS A
AMAG AMAG AUSTRIA METALL AG
AGR AGRANA BETEILIGUNGS-AG
FQT FREQUENTIS AG WIENER
NLBR NOVA LJUBLJANSKA BANKA DD LJUBLJANA
VRLA VERALLIA SAS
WINE PURCARI WINERIES PCL
CTPNV CTP NV
TTS TRANSPORT TRADE SVCS
AQ AQUILA PART PROD COM
- Research Team
WOOD Daily: OTP HB; BFT PW; PEO PW; CAR PW; HUG PW
HEADLINES: • OTP Bank: agrees to limit retail fees NEUTRAL • Benefit Systems: EGM approves capital increase, via issuance of up to 280k new shares NEUTRAL • Santander Bank Polska: may face change of strategic investor NEUTRAL • Inter Cars: March sales growth accelerates to 13% yoy NEUTRAL • Huuuge Games: preliminary 1Q25 bookings at USD 62m, almost flat qoq NEUTRAL
- Research Team
WOOD Daily: MAVI TI; TL Banks; GPW PW; BFT PW; MOL HB; EU Macro; DNP P...
HEADLINES: • Mavi: a mispriced story with solid fundamentals (BUY - reinitiation of coverage) • Turkish banks: weather vs. climate (reinitiating on Akbank, Garanti, Isbank and Yapi Kredi with HOLDs) • Warsaw Stock Exchange: just move on up (stays BUY) • Benefit Systems: March sports cards addition surprises positively, mostly in Poland POSITIVE • MOL: announces dividend proposal of HUF 275/share NEUTRAL • EU macro: cohesion funds can be deployed for defence, housing and energy investments • Dino...
- Research Team
The Rear-View Mirror – EME markets: Türkiye in the red, again
EME Equity Market – March 2025 Türkiye hammered, once again. The MSCI EM Europe Index advanced 0.5% in EUR terms and 4.5% mom in USD terms in March. The Czech PX Index was the best performer (+7.0% mom in EUR terms), followed by the Greek ASE (+4.8% mom), Polish WIG (+3.7% mom) and Hungarian BUX(+1.3% mom) indices (all in EUR terms). There was a muted performance from the Romanian BET Index (-0.1% mom in EUR terms). The Turkish ISE30 finished in the red again, declining 9.5% mom in EUR terms.
PEO BANK POLSKA KASA OPIEKI SA
JMT JERONIMO MARTINS SGPS S.A.
OPAP GREEK ORGANISATION OF FOOTBALL PROGNOSTICS SA
EXAE HELLENIC EXCHANGES SA
MOL MOL NYRT
CEZ CEZ AS
ACP ASSECO POLAND SA
CDR CD PROJEKT S.A.
OMV OMV AG
PKO PKO BANK POLSKI S.A.
BHW BANK HANDLOWY W WARSZAWIE S.A.
BIMAS BIM BIRLESIK MAGAZALAR A.S.
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.
LAMDA LAMDA DEVELOPMENT S.A.
GEKTERNA GEK TERNA
MTELEKOM MAGYAR TELEKOM TELECOMMUNICATIONS
KTY GRUPA KETY SA
TPS ORANGE POLSKA S.A.
CAI CA IMMOBILIEN ANLAGEN AG
SAR GR. SARANTIS S.A.
LPP LPP S.A.
CIMSA CIMENTO SANYAI VE TICARET A.S.
CCOLA COCA-COLA ICECEK A.S.
GTC GLOBE TRADE CENTRE S.A.
2310 SAHARA INTERNATIONAL PETROCHEMICAL COMPANY
DOM DOM DEVELOPMENT SA
AEGN AEGEAN AIRLINES SA
ENA ENEA S.A.
BFT BENEFIT SYSTEMS S.A. ALLOTMENT
MGROS MIGROS TICARET A.S
PGE PGE POLSKA GRUPA ENERGETYCZNA S.A.
TKNSA TEKNOSA IC VE DIS TICARET AS
PGSUS.E PEGASUS HAVA TASIMACILIGI AS
APR AUTO PARTNER SA
TPEIR PIRAEUS BANK SA
ALPHA ALPHA BANK AE
PPC PUBLIC POWER CORPORATION S.A.
OTP OTP BANK NYRT
CAR INTER CARS S.A.
FROTO FORD OTOMOTIV SANAYI A.S.
THYAO TURK HAVA YOLLARI A.O.
ECH ECHO INVESTMENT
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.
ALR ALIOR BANK SA
VGO VIGO SYSTEM SA
WPL WIRTUALNA POLSKA HOLDING SA
TLV BANCA TRANSILVANIA S.A.
H4L1 HALYK SAVINGS BANK OF KAZAKHSTAN GDR
SNP PETROM S.A.
TOFAS TOFAS TURK OTOMOBIL FABRIKASI A.S.
NBGGY NATIONAL BANK OF GREECE S.A. ADS
BVB S.C. BURSA DE VALORI BUCURESTI S.A.
RICHT RICHTER
M MED LIFE
R22 R22
SOKM SOK MARKETLER TICARET AS
ESLT ELBIT SYSTEMS LTD
KAP NATIONAL ATOMIC COMPANY KAZATOMPROM
TEN TEN SQUARE GAMES
ALG ALLEGRO.EU SA
CZG CESKA ZBROJOVKA GROUP
KSPI KASPI KZ
INPST INPOST S.A.
PCF PCF GROUP SA
4IG 4IG NYRT
IGN1L IGNITIS GRUPE
WPS W.A.G PAYMENT SOLUTIONS PLC
PCO PEPCO GROUP NV
CTPNV KAZMUNAYGAS NC JSC
VRC CTP NV
GPP VERCOM SA
BCG GRUPA PRACUJ DA
KLKIM BALTIC CLASSIFIEDS GROUP PLC
GIG KALEKIM KIMYEVI MADDELER SANAYI VE TICARET AS
AROBS GAMING INNOVATION GROUP
9526 AROBS TRANSILVANIA SOFTWARE SA
SHO JAHEZ INTERNATIONAL CO
7203 SHOPER SA
AQ ELM CO
AIRA AQUILA PART PROD COM
GEV AIR ASTANA JSC
BOCHGR GEVORKYAN A.S.
DSPW BANK OF CYPRUS
DIAG DOOSAN SKODA POWER A.S.
DIAGNOSTYKA SA
- Research Team
WOOD Daily: PL Banks; ACP PW; INPST NA; KTY PW; HSBK LI; TITC GA; GPP ...
HEADLINES: • Polish banks: pricing and believing (PKO BP, Bank Pekao, Santander BP, mBank, ING BSK, Bank Millennium, Alior Bank, Bank Handlowy) • Asseco Poland: 4Q24 review – net profit up 9% yoy, 9% above the consensus POSITIVE • InPost: 4Q24 in line with expectations; FY25E EBITDA growth guidance in the mid-20%s, but a slow start to the year POSITIVE • Kety: solid full 4Q24 results, with EBITDA 12% above preliminaries POSITIVE • Halyk Bank: 4Q24 review and 2025E guidance highlights • Titan Cem...
PEO BANK POLSKA KASA OPIEKI SA
ACP ASSECO POLAND SA
PKO PKO BANK POLSKI S.A.
BHW BANK HANDLOWY W WARSZAWIE S.A.
SPL SANTANDER BANK POLSKA SA
MIL BANK MILLENNIUM SA
BSK ING BANK SLASKI S.A.
CIMSA CIMENTO SANYAI VE TICARET A.S.
BFT BENEFIT SYSTEMS S.A. ALLOTMENT
ALR ALIOR BANK SA
H4L1 HALYK SAVINGS BANK OF KAZAKHSTAN GDR
KSPI KASPI KZ
INPST INPOST S.A.
GPP GRUPA PRACUJ DA
- Marta Jezewska-Wasilewska
- Miguel Dias
Polish Banks: pricing and believing (PKO BP, Bank Pekao, Santander BP,...
The Polish banks have rallied 35% ytd, but the median total return for the LTM has arrived at 18%+ for the Polish banks under our coverage. We feel that the market is currently in a similar place to exactly a year ago. The banks have performed well since the end of last year, but valuations remain attractive, with our 2025-26E median P/Es of 9.0-8.2x, at discounts to the long-term valuation levels and with solid single-digit dividend yields in 1H25E. Our upgraded forecasts imply a 10% median EPS...
- Research Team
WOOD Daily: OPL PW; IGN1L LH; PZU PW; GPP PW; CZG CP; PPC GA; LAMDA GA...
HEADLINES: • Orange Polska: strategy focused on growth (stays BUY) • Ignitis Group: making headway (BUY - transfer of coverage) • PZU: 4Q24 well ahead of expectations, holding structure to be created within PZU group POSITIVE • Grupa Pracuj: 4Q24 results – EBITDA up 9% yoy, 9% above our forecast and 1% above the consensus POSITIVE • Colt CZ Group SE: FY24 results review NEUTRAL • Public Power Corporation: 4Q24 earnings, and preview of a potential mega data centre NEUTRAL • Lamda Development: 4Q2...
BHW BANK HANDLOWY W WARSZAWIE S.A.
PZU POWSZECHNY ZAKLAD UBEZPIECZEN SPOLKA AKCYJNA
LAMDA LAMDA DEVELOPMENT S.A.
TPS ORANGE POLSKA S.A.
CAI CA IMMOBILIEN ANLAGEN AG
ENA ENEA S.A.
PPC PUBLIC POWER CORPORATION S.A.
ECH ECHO INVESTMENT
MBR MO-BRUK S.A.
CZG CESKA ZBROJOVKA GROUP
IGN1L IGNITIS GRUPE
GPP GRUPA PRACUJ DA
- Research Team
WOOD Daily: PL Banks; DAT PW; TL Macro; EME Macro/Strategy Weekly; GTC...
HEADLINES: • Polish banks: Financial Stability Committee mentions sanction of free credit risk for consumer loans portfolio NEGATIVE • DataWalk: preliminary 4Q24 results – sales up 19% yoy, to PLN 9.09m POSITIVE • Türkiye macro: putting the CBRT’s emergency rate hike into context • EME Macro/Strategy: macro all-in-one (17-23 March) • GTC: solvency of controlling investor in question, after State Audit Office of Hungary's report • Banca Transilvania: dividend proposal from the 2024 profits NEUTRA...
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