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Research Team
  • Research Team
CEZ CEZ AS
KRKG KRKA D.D. ... (+11)

WOOD Daily: VGO PW; PGE PW; 11B PW; DNP PW; KRKG SV; GEV CP; ELPE GA; ...

HEADLINES: • VIGO Photonics: top Polish defence industry exposure (downgraded to HOLD) • PGE: strong 1Q25 recurring EBITDA, 26% above our expectations POSITIVE • 11 bit studios: weak 1Q25, misses our forecast, on higher opex NEGATIVE • Dino: 2-7% EBITDA beats in 1Q25 NEUTRAL • Krka: 1Q25 – record net profit, on high FX revaluation gains POSITIVE • GEVORKYAN: strong 1Q25 - EBITDA 15% above our expectations, but 2025E guidance implies an EBITDA margin contraction POSITIVE • HELLENiQ Energy: 1Q25 r...

Research Team
  • Research Team

WOOD Daily: PZU PW; CEZ CP; EUR PW; GPW PW; SFG RO; TLV RO; BVB RO; DI...

HEADLINES: • PZU: solid 1Q25 results, ahead of the market's expectations; some upside risk for2025E EPS forecasts POSITIVE • CEZ: 1Q25 beat on distribution and sales segments, disposal of Polish assets POSITIVE • Eurocash: 1Q25 – weak, as expected NEGATIVE • Warsaw Stock Exchange: strong 1Q25, with a significant net income beat POSITIVE • Sphera Group: 1Q25 softer than expected; FY25E budget below our forecasts NEGATIVE • Banca Transilvania: bottom-line miss, due mainly to asset quality deterior...

Russell Waller
  • Russell Waller

OTE (Buy, TP: €21.2, +22%) Q1 25: Solid results, H2 set-up very nice

OTE has reported a decent set of results, with Greek SR trends slightly better sequentially. The voucher scheme is beginning to support net adds, and this will increase in cadence as the year progresses; another VRS will add additional support to EBITDA.

Piotr Raciborski ... (+2)
  • Piotr Raciborski
  • CFA

WOOD Flash – OTE: 1Q25 results review – flat yoy adjusted EBITDA, in l...

OTE has reported an uninspiring set of 1Q25 results, with both the sales and adjusted EBITDA flat yoy, at EUR 879m (2% above our forecast) and EUR 350m (in line with our estimate), respectively, due to the Greek segment expansion offsetting the 51% yoy decline in the Romanian segment operating result. We see OTE’s 1Q25 results as neutral, as the adjusted EBITDA is in line with our expectations, while the 2025E outlook has been reiterated by the company.

Stamatios Draziotis CFA
  • Stamatios Draziotis CFA

OTE (Hellenic Telecoms) | First thoughts: numbers as expected, GR EBIT...

Q1 group EBITDAaL +1% yoy, as expected; little to get excited about – Q1 results broadly matched expectations, reflecting a stable but rather unexciting performance. Group revenues were rather muted (flat yoy) at €879m, with Greece +0.8% driven by resilient mobile (+1.2%), 2-digit growth in Pay TV, and robust ICT (>10%), offset by lower wholesale, a marginal drop in retail fixed and a drag from Romania (-8% yoy). At EBITDAaL level, Greece delivered +1.8% growth to €329m, aided by payroll efficie...

Stamatios Draziotis CFA
  • Stamatios Draziotis CFA

OTE (Hellenic Telecoms) | First thoughts: numbers as expected, GR EBIT...

Q1 group EBITDAaL +1% yoy, as expected; little to get excited about – Q1 results broadly matched expectations, reflecting a stable but rather unexciting performance. Group revenues were rather muted (flat yoy) at €879m, with Greece +0.8% driven by resilient mobile (+1.2%), 2-digit growth in Pay TV, and robust ICT (>10%), offset by lower wholesale, a marginal drop in retail fixed and a drag from Romania (-8% yoy). At EBITDAaL level, Greece delivered +1.8% growth to €329m, aided by payroll efficie...

 PRESS RELEASE

Sisecam’s net sales amounted to 45 billion TRY in the first three mont...

Sisecam’s net sales amounted to 45 billion TRY in the first three months of the year Sisecam a global player in its sector, achieved consolidated net sales of TRY 45 billion in the first three months of 2025. The Company’s international sales represented 63% of its total sales. During the same period, Sisecam reported total investments of TRY 7.7 billion and exports amounting to USD 230 million. ISTANBUL, May 13, 2025 (GLOBE NEWSWIRE) -- Sisecam announced financial results for the first three months of 2025. In the three-month period, Sisecam’s consolidated net sales totaled TRY 45 bil...

Moneta Money Bank: 1 director

A director at Moneta Money Bank bought 4,975 shares at 144.400CZK and the significance rating of the trade was 53/100. 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 cle...

Research Team
  • Research Team

WOOD Daily: BIMAS TI; MOL HB; OTP HB; EAT PW; NLBR SV; ETE GA; EUROB G...

HEADLINES: • BIM: weak results in 1Q25 NEGATIVE • MOL: 1Q25 results – strong EBITDA, big net income beat POSITIVE • OTP Bank: neutral 1Q25 results, but supported strongly by Russian operations NEUTRAL • AmRest: 1Q25 below expectations, due to EUR 5m negative one-off NEUTRAL • NLB Group: small bottom-line miss in 1Q25, but guidance maintained NEUTRAL • National Bank of Greece: 1Q25 highlights POSITIVE • Eurobank Ergasias Services: 1Q25 highlights NEUTRAL • Alpha Services and Holdings: 1Q25 highli...

Research Team
  • Research Team

WOOD Daily: RBI AV; ADNOCDIS UH; ENA PW; TITC GA; RO Macro; BRISA TI; ...

HEADLINES: • Raiffeisen Bank International: 1Q25 results largely in line NEUTRAL • ADNOC Distribution: 1Q25 results NEUTRAL • Enea: preliminary 1Q25 EBITDA 13% above our expectations, driven by strong Supply; only 8% of 2025E capex plan realisation POSITIVE • Titan America: soft 1Q25 results, guidance unchanged NEUTRAL • Romania macro: reflections on the resignation of PM Ciolacu • Brisa: takeaways from the 1Q25 earnings call NEUTRAL • Inter Cars: earnings call takeaways - targeting 2025E revenu...

Research Team
  • 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 ...

GARAN TURKIYE GARANTI BANKASI ANONIM SIRKETI
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
  • Research Team

WOOD Daily: PEO PW; KOMB CP; EBS AV; MBK PW; SPL PW; CCC PW; PCF PW; C...

HEADLINES: • Bank Pekao: very solid 1Q25, supporting our 2025E 20%+ ROE, trading at 1.3x BV and a 9%+ yield very attractive • Komercni Banka: beat on 1Q25 bottom line driven by LLPs releases, pre-provision profit falls short of expectations NEUTRAL • Erste Bank: 1Q25 results in line; 2025E ROTE guidance sustained, but market focus on potential big M&A effort • mBank: 1Q25 solid, but valuation reflects recovery already; 2025E revenue guidance a little disappointing • Santander Bank Polska: solid ...

Research Team
  • 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...

Research Team
  • Research Team

WOOD Daily: ARCLK TI; AKBNK TI; YKBNK TI; SOLUTION AB; PL Macro; PCF P...

HEADLINES: • Arcelik: weak set of results in 1Q25 NEGATIVE • Akbank: 1Q25 highlights – management cautious on margin, but positive on fees • Yapi Kredi: 1Q25 highlights, before the call – beat on NII and fees (evolved better than the guidance) • Solutions by STC: weak 1Q25 financial results, disappointing revenue growth NEGATIVE • Poland macro: April data paint an encouraging picture • PCF Group: PLN 173m write-offs to hit the 2024 results, related mostly to Bifrost NEGATIVE • Richter: positive ...

Research Team
  • Research Team

WOOD Daily: DOC AV; DIA PW; ALR PW; MONET CP; MYTIL GA; 11B PW; MBR PW...

HEADLINES: • DO & CO: the art of the meal (BUY - initiation of coverage) • Diagnostyka: strong 4Q24, in line with the prelims NEUTRAL • Alior Bank: 1Q25 a little below 1Q25E expectations, but valuation (1Q25 P/BV at 1.2x) still very low NEUTRAL • MONETA Money Bank: 1Q25 results almost in line with expectations, ROE of 18% fully priced in by 1Q25 P/BV of 2.2x NEUTRAL • Metlen Energy & Metals: 1Q25 sales +31% yoy, to EUR 1.5bn, in line NEUTRAL • 11 bit studios: strategy update, expands pipeline to...

Research Team
  • 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:...

Research Team
  • 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...

Research Team
  • Research Team

WOOD Daily: TITC GA; 11B PW; PGE PW; TPE PW; VGO PW; OPAP GA; KAP LI

HEADLINES: • Titan Cement: cementing its leadership (BUY - transfer of coverage) • 11 bit studios: 4Q24 adjusted EBITDA above our expectations, headlines hit by substantial write-offs POSITIVE • PGE: full 4Q24 results in line with the preliminaries NEUTRAL • Tauron: full 4Q24 results in line with the preliminaries NEUTRAL • VIGO Photonics: 1Q25 sales up 39% yoy, to PLN 22.1m POSITIVE • OPAP: Greek gaming market up by a strong 15% yoy in 2M25 POSITIVE • Kazatomprom: signs supply agreement with CE...

Research Team
  • Research Team

WOOD Daily: BOCHGR GA; PEO PW; APR PW; PGSUS TI; GR Macro; HU Macro; W...

HEADLINES: • Bank of Cyprus: income on tap, with rerating potential (stays BUY) • Bank Pekao: 2025-27E strategic targets • Auto Partner: final 4Q24 results slightly above the prelims NEUTRAL • Pegasus Airlines: 1Q25 traffic – a strong start to the year POSITIVE • Greece macro: improvements in 1Q • Hungary macro: duality in the economy continues • Wirtualna Polska: Warner Bros. Discovery keeps TVN POSITIVE • DataWalk: issues 750,000 shares at PLN 77.76/share POSITIVE • Alior Bank: 1Q25E preview (...

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