reports
- Research Team
WOOD Daily: LPP PW; EEMEA Macro; TRESTATE GA; MOH GA; EUR PW; TXT PW; ...
HEADLINES: • LPP: mediocre 4Q24 – EBIT 4-5% below expectations, but decent start to the year; FY25E guidance broadly maintained, and FY26-27E guidance of stable margins, despite major sales growth acceleration POSITIVE • EEMEA macro: US reciprocal tariff effects • Trade Estates: strong 2024 results POSITIVE • Motor Oil Hellas: 4Q24 results – CCS EBITDA in line with the consensus, but net income weak NEUTRAL • Eurocash: 4Q24 in line with the prelims NEUTRAL • Text: 4Q24-25 (calendar 1Q25) prelimi...
- 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 Morning (1 April 2025)
HEADLINES: • Athens Exchange Group: bottom-line miss in 4Q24, on higher costs, but proposed DPS in line with expectations NEUTRAL • AROBS Transilvania Software: publishes its 2025 budget POSITIVE • MedLife: publishes its 2025 budget NEGATIVE • CCC: new financing agreement, extending factoring line POSITIVE • DataWalk: sale to Coöperatieve Rabobank; total contract value reaches PLN 66.1m POSITIVE • Orlen: 2024 consolidated results to be affected by one-offs NEUTRAL • Poland macro: preliminary Mar...
- Research Team
WOOD Morning (26 March 2025)
HEADLINES: • Warsaw Stock Exchange: strong delivery in 4Q24, due mainly to the lower costs booked POSITIVE • CD Projekt: 4Q24 EBIT 7% above our forecast; The Witcher 4 to be released after 2026E NEUTRAL • KazMunayGas: 4Q24 results – below expectations NEGATIVE • Ten Square Games: earnings call takeaways – focus on flagship games’ monetisation improvement in 2Q25E NEUTRAL • Wirtualna Polska: key takeaways from the 4Q24 earnings call NEUTRAL • Eurowag: takeaways from the 2H24 earnings call NEUTRAL...
- Research Team
WOOD Daily: WPL PW; ALR PW; TEN PW; WPS LN; PL Retail; CEZ CP; PL Macr...
HEADLINES: • Wirtualna Polska: 4Q24 results review – adjusted EBITDA up 17% yoy, 8% above the consensus POSITIVE • Alior Bank: 2027E targets – PLN 2.6bn of net profit; ROE above 18%; payout ratio above 50% POSITIVE • Ten Square Games: mixed newsflow – solid 4Q24 adjusted EBITDA, strong dividend recommendation, but disappointing trading update POSITIVE • Eurowag: 2H24 operating results in line, special dividend announced NEUTRAL • Polish retail: Zabka's 4Q24 below the consensus NEGATIVE • CEZ: up...
- Research Team
WOOD Daily: DIA PW; EME Macro/Strategy Ukraine Primer; EME Macro/Strat...
HEADLINES: • Diagnostyka: take a test (BUY - initiation of coverage) • EME Macro/Strategy: Ukraine – a macro primer • EME Macro/Strategy: Ukraine’s peace deal – WOOD’s equity playbook • EMEA airlines: some notes on the potential Ukraine reopening • Aegean Airlines: 4Q24 – material beat vs. our estimates, on higher revenue and lower employee costs POSITIVE • Dom Development: 4Q24 – strongest year on record POSITIVE • Vercom: 4Q24 results review – 29% yoy EBITDA growth, in line with the consensus ...
- Jakub Caithaml
WOOD Flash – EMEA airlines: some notes on the potential Ukraine reopen...
In our airlines coverage, we see Wizz Air (BUY, PT GBP 20) as the key beneficiary of a potential re-opening of Ukraine. We expect Ryanair and Wizz Air to move in strongly to Ukraine after it reopens, and we expect that the two carriers may end up with a large share of the Ukrainian aviation market. Given that European aviation capacity growth in 2025E is forecast by both IATA and Eurocontrol only at a mid-single digit pace, constrained by supply-chain issues, the gradual return of traffic to Isr...
- Research Team
WOOD Daily: PCO PW; AIRA LI; CEZ CP; ALE PW; SHO PW; PL Banks; MBR PW;...
HEADLINES: • Pepco Group: structurally challenged (downgraded to HOLD) • Air Astana Group: 4Q24 – good, at first glance; dividend surprises positively • CEZ: takeaways from the 4Q24 earnings call NEGATIVE • Allegro: key takeaways from the 4Q24 call POSITIVE • Shoper: takeaways from the post-4Q24 prelims management call NEUTRAL • Polish banks: receive maximum dividend payout ratio letters from the PFSA – no surprises NEUTRAL • Mo-BRUK: unfavourable ruling results in closure of Wałbrzych branch (2...
Digi Communications NV: 1 director
A director at Digi Communications NV sold 38,700 shares at 65.538RON and the significance rating of the trade was 60/100. 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 ...
- Research Team
WOOD Morning (5 March 2025)
HEADLINES: • GEK Terna: it’s a new dawn, it’s a new day, it’s a new GEK (BUY – transfer of coverage) • Alior Bank: solid 4Q24; dividend guidance implies 10% yield; market awaiting strategic update, due on 25 March POSITIVE • Coca-Cola Icecek: significant miss in the 4Q24 results NEGATIVE • Pegasus Airlines: 4Q24 – better RASK, higher CASKX, decent guidance • OMV: agrees on Borealis, Borouge and Nova Chemicals deal with ADNOC POSITIVE • Alpha Services and Holdings: Paulson entity offers 57m share...
GEKTERNA GEK TERNA
CCOLA COCA-COLA ICECEK A.S.
PGSUS.E PEGASUS HAVA TASIMACILIGI AS
ALPHA ALPHA BANK AE
FROTO FORD OTOMOTIV SANAYI A.S.
CPS CYFROWY POLSAT SA
TPE TAURON POLSKA ENERGIA S.A.
ALR ALIOR BANK SA
WPL WIRTUALNA POLSKA HOLDING SA
TOFAS TOFAS TURK OTOMOBIL FABRIKASI A.S.
BOROUGE BOROUGE
- Research Team
WOOD Daily: M RO; ENA PW; ELM AB; 4IG HB; TL Macro; OMV; INPST NA; WIZ...
HEADLINES: • MedLife: and let the operational gearing begin (upgraded to BUY) • Enea: preliminary 4Q24 results broadly in line with expectations NEUTRAL • Elm: 4Q24 conference call takeaways • 4iG: 4Q24 earnings call takeaways NEUTRAL • Türkiye macro: February inflation performs better than the CBT’s projections • OMV: agrees on Borealis, Borouge and Nova chemicals deal with ADNOC POSITIVE • InPost: extension of available financing to PLN 4.2bn, from PLN 2.8bn POSITIVE • Wizz Air: February capac...
- Research Team
The Rear-View Mirror – EME markets: Poland outperforms; Türkiye declin...
EME Equity Market – February 2025 Poland outperforms, again; Türkiye declines. The MSCI EM Europe Index advanced by 3.1% in EUR terms and 2.9% mom in USD terms in February. The Polish WIG20 was, once again, the best performer, adding 7.3% mom in February; followed by the Czech PX Index (+6.1% mom); while Greece (+3.8% mom), Hungary (+3.5% mom) and Romania (+3.0% mom) all reported rather similar performances. The Turkish ISE30 was the worst performer, declining 4.5% mom.
EUROB EUROBANK ERGASIAS SERVICES & HOLDINGS SA
PEO BANK POLSKA KASA OPIEKI SA
OPAP GREEK ORGANISATION OF FOOTBALL PROGNOSTICS SA
KRU KRUK S.A.
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
OMV OMV AG
KOMB KOMERCNI BANKA A.S.
BHW BANK HANDLOWY W WARSZAWIE S.A.
BIMAS BIM BIRLESIK MAGAZALAR A.S.
WIZZ WIZZ AIR HOLDINGS PLC
SPL SANTANDER BANK POLSKA SA
BSK ING BANK SLASKI S.A.
BDX BUDIMEX S.A.
MTELEKOM MAGYAR TELEKOM TELECOMMUNICATIONS
TPS ORANGE POLSKA S.A.
PKN POLSKI KONCERN NAFTOWY ORLEN S.A.
MYTIL MYTILINEOS 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
2310 SAHARA INTERNATIONAL PETROCHEMICAL COMPANY
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
TBCB TBC BANK JOINT STOCK CO
TPEIR PIRAEUS BANK SA
ALPHA ALPHA BANK AE
CAR INTER CARS S.A.
FROTO FORD OTOMOTIV SANAYI A.S.
THYAO TURK HAVA YOLLARI A.O.
TUPRS TURKIYE PETROL RAFINERILERI A.S.
GSPARK GRAPHISOFT PARK SE
CPS CYFROWY POLSAT SA
11B 11 BIT STUDIOS S.A.
WPL WIRTUALNA POLSKA HOLDING SA
SAB1L SIAULIU BANKAS
BRD BRD-GROUPE SOCIETE GENERALE
TLV BANCA TRANSILVANIA S.A.
SNG SOCIETATEA NATIONALA DE GAZE NATURALE ROMGAZ SA
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
SFG SPHERA FRANCHISE GROUP SA
R22 R22
MCOV B MEDICOVER AB
ADNOCDIST ADNOC DISTRIBUTION PJSC
CGEO GEORGIA CAPITAL
EAT AMREST HOLDINGS SE
NLBR NLB GROUP
KAP NATIONAL ATOMIC COMPANY KAZATOMPROM
TEN TEN SQUARE GAMES
DUNAHOUSE DUNA HOUSE
KSPI KASPI KZ
HUGE HUUUGE
4IG 4IG NYRT
CTPNV CTP NV
GPP GRUPA PRACUJ DA
GIG GAMING INNOVATION GROUP
ADNOCDRILL ADNOC DRILLING CO
2381 ARABIAN DRILLING CO.
7202 ARABIAN INTERNET & COMMUNICATIONS SERVICES CO
ELPE HELLENIQ ENERGY
BOROUGE BOROUGE
7203 ELM CO
AQ AQUILA PART PROD COM
TRESTATES TRADE ESTATES REIC SA
AIRA AIR ASTANA JSC
NOVAL NOVAL PROPERTY
- Krisztian Karikas
Solid performance in Q4, new markets are on track
DIGI posted its key numbers today morning, however detailed report hasn’t been published yet. Revenues increased by 14% YoY and came in at EUR 1.925bn which was boosted by additional EUR 407mn from the sale of its Spanish FTTH network in Q3, hence total revenues were EUR 2.33bn, 37% higher YoY.
- Piotr Raciborski
- CFA
WOOD Flash – 4iG: 4Q24 results review – 22% yoy reported EBITDA increa...
On Friday (28 February), 4iG reported its 4Q24 results, with sales of HUF 192.6bn (up 11% yoy, -2% below our estimate), EBITDA of HUF 61.0bn (up 22% yoy, 2% above our estimate) and a net loss of HUF 12.1bn (vs. HUF 15.9bn net loss in 4Q23 and our PLN 8.0m net loss forecast). The miss vs. our estimate on the bottom line resulted from higher-than-expected D&A, which reached HUF 58.4bn, vs. our HUF 44.7bn forecast. The net result was also harmed by the strong net finance costs hike yoy, driven by F...
- Research Team
WOOD Daily: EME Macro/Strategy Weekly; ETE GA; PBK RO; 4IG HB; SFG RO;...
HEADLINES: • EME Macro/Strategy: macro all-in-one (24 February-2 March) • National Bank of Greece: 4Q24 results and 2025-27E guidance highlights NEUTRAL • Patria Bank: 4Q24 bottom-line miss due mostly to lower non-interest income NEGATIVE • 4iG: 4Q24 results review – 22% yoy reported EBITDA increase, in line with our estimate; bottom-line miss, on D&A hike NEUTRAL • Sphera Group: 4Q24 soft, as expected; webcast takeaways NEGATIVE • Duna House: 4Q24 – FY results in line, lower DPS, but possible u...
2310 SAHARA INTERNATIONAL PETROCHEMICAL COMPANY
FROTO FORD OTOMOTIV SANAYI A.S.
11B 11 BIT STUDIOS S.A.
PBK PATRIA BANK SA
TOFAS TOFAS TURK OTOMOBIL FABRIKASI A.S.
DIGI DIGI COMMUNICATIONS NV
NBGGY NATIONAL BANK OF GREECE S.A. ADS
RICHT RICHTER
SFG SPHERA FRANCHISE GROUP SA
DUNAHOUSE DUNA HOUSE
4IG 4IG NYRT
- Haidje Rustau
- Ian Wong
- Jayanth Kandalam
- Peter Low
- Si Yong Ng
- Tanvi Arora
Lucror Analytics - Morning Views Europe
In today's Morning Views publication we comment on developments of the following high yield issuers: Digi Communications, Sunrise, Telenet, Air France-KLM, Ineos Quattro, Atalian, Picard, Casino Guichard-Perrachon, Scan Global Logistics, Forvia (formerly Faurecia), Lottomatica (formerly Gamenet)
- Russell Waller
- Carole Braudeau
Credit Morning 02/28/2025
ELO (Auchan): our comments on the full-year earnings release and meeting|Forvia: 2024 results in line (or even higher) but 2025 guidance disappointing|Nexity: a mixed 2024 publication|FY 24 results: In line with expectations, increases the dividend and aims for 3-5% growth in FY 25|
- Luis de Toledo Heras
BEKB BEKAERT SA
SOP SOPRA STERIA GROUP SA
EO FAURECIA SA
ZIL2 ELRINGKLINGER AG
NXI NEXITY SA CLASS A
ACX ACERINOX SA
FR VALEO SE
TUB TUBACEX S.A.
SOC SUBSEA 7 S.A.
SIX2 SIXT SE
VID VIDRALA SA
AIXA AIXTRON SE
VIS VISCOFAN S.A.
CIE CIE AUTOMOTIVE S.A.
KENDR KENDRION NV
BPOST BPOST SA
CON CONZZETA AG
A3TV ATRESMEDIA CORPORACION DE MEDIOS DE COMUNICACION SA
ENC ENCE ENERGIA Y CELULOSA SA
COL INMOBILIARIA COLONIAL SOCIMI SA
CSM CORBION NV
MEL MELIA HOTELS INTERNATIONAL S.A.
SLR SOLARIA ENERGIA Y MEDIO AMBIENTE S.A.
SNG SOCIETATEA NATIONALA DE GAZE NATURALE ROMGAZ SA
CASH PROSEGUR CASH SA
BP. BP P.L.C.
DIGI DIGI COMMUNICATIONS NV
SMCP SMCP SA
SFG SPHERA FRANCHISE GROUP SA
GEST GESTAMP AUTOMOCION S.A.
EAT AMREST HOLDINGS SE
VK VALLOUREC SA
TCH TECHNICOLOR SA
TE TECHNIP ENERGIES NV
FUR FUGRO NV
SHUR SHURGARD SELF STORAGE LIMITED
ENER GRUPO ECOENER S.A.
PLNW PLANISWARE
VIRI VIRIDIEN
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