reports
- Research Team
The Rear-View Mirror – EME markets: Hungarian BUX in the lead in Octob...
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...
EUROB EUROBANK ERGASIAS SERVICES & HOLDINGS SA
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.
EXAE HELLENIC EXCHANGES SA
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
YKBNK YAPI VE KREDI BANKASI A.S.
OMV OMV AG
KOMB KOMERCNI BANKA A.S.
TITK TITAN CEMENT CO. SA
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.
KTY GRUPA KETY SA
TPS ORANGE POLSKA S.A.
PKN POLSKI KONCERN NAFTOWY ORLEN S.A.
MYTIL MYTILINEOS S.A.
SAR GR. SARANTIS S.A.
AKBNK AKBANK TAS
AKCNS AKCANSA CIMENTO
BRISA BRISA-BRIDGESTONE SABANCI LASTIK SANAYI VE TICARET A.S.
CIMSA CIMENTO SANYAI VE TICARET A.S.
CCC CCC SA
GTC GLOBE TRADE CENTRE S.A.
DOM DOM DEVELOPMENT SA
RBW RAINBOW TOURS S.A.
ENA ENEA S.A.
PGE PGE POLSKA GRUPA ENERGETYCZNA S.A.
TKNSA TEKNOSA IC VE DIS TICARET AS
PGSUS.E PEGASUS HAVA TASIMACILIGI AS
LVC LIVECHAT SOFTWARE SA
TPEIR PIRAEUS BANK SA
CAR INTER CARS S.A.
ARCLK ARCELIK A.S.
THYAO TURK HAVA YOLLARI A.O.
TUPRS TURKIYE PETROL RAFINERILERI A.S.
CPS CYFROWY POLSAT SA
MBR MO-BRUK S.A.
11B 11 BIT STUDIOS S.A.
TPE TAURON POLSKA ENERGIA S.A.
DAT DATAWALK SA
ALR ALIOR BANK SA
OTOEL AUTOHELLAS S.A.
VGO VIGO SYSTEM SA
SAB1L SIAULIU BANKAS
BRD BRD-GROUPE SOCIETE GENERALE
TLV BANCA TRANSILVANIA S.A.
MONET MONETA MONEY BANK AS
SNP PETROM S.A.
TOFAS TOFAS TURK OTOMOBIL FABRIKASI A.S.
DIGI DIGI COMMUNICATIONS NV
SFG SPHERA FRANCHISE GROUP SA
ADNOCDIST ADNOC DISTRIBUTION PJSC
CGEO GEORGIA CAPITAL
ESLT ELBIT SYSTEMS LTD
KAP NATIONAL ATOMIC COMPANY KAZATOMPROM
TEN TEN SQUARE GAMES
DUNAHOUSE DUNA HOUSE
HUGE HUUUGE
4IG 4IG NYRT
WPS W.A.G PAYMENT SOLUTIONS PLC
CTPNV KAZMUNAYGAS NC JSC
ADNOCDRILL CTP NV
2381 ADNOC DRILLING CO
7202 ARABIAN DRILLING CO.
9526 ARABIAN INTERNET & COMMUNICATIONS SERVICES CO
ELPE JAHEZ INTERNATIONAL CO
BOROUGE HELLENIQ ENERGY
H2O BOROUGE
AQ HIDROELECTRICA S.A.
THEON AQUILA PART PROD COM
AIRA THEON INTERNATIONAL PLC
GEV AIR ASTANA JSC
NOVAL GEVORKYAN A.S.
ZAB NOVAL PROPERTY
DSPW ZABKA GROUP
DIAG DOOSAN SKODA POWER A.S.
DIAGNOSTYKA SA
- Research Team
WOOD Daily: ARCLK TI; EME Macro/Strategy Weekly; DIGI RO; TITC GA; ELP...
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...
CDR CD PROJEKT S.A.
TITK TITAN CEMENT CO. SA
ARCLK ARCELIK A.S.
MBR MO-BRUK S.A.
11B 11 BIT STUDIOS S.A.
VGO VIGO SYSTEM SA
DIGI DIGI COMMUNICATIONS NV
EAT AMREST HOLDINGS SE
TEN TEN SQUARE GAMES
HUGE HUUUGE
ADNOCDRILL ADNOC DRILLING CO
7202 ARABIAN INTERNET & COMMUNICATIONS SERVICES CO
9526 JAHEZ INTERNATIONAL CO
ELPE HELLENIQ ENERGY
SHO SHOPER SA
DIAG DIAGNOSTYKA SA
- Research Team
WOOD Daily: EWG LN; HU Macro; AKCNS TI; ARCLK TI; CIMSA TI; CCOLA TI; ...
HEADLINES: • WAG Payment Solutions (Eurowag): progressing towards unification (stays BUY) • Hungary macro: MNB on hold; no surprises • Akcansa: 3Q25E financial results preview (date TBC) • Arcelik: 3Q25E earnings preview (due on 24 October) • Cimsa: 3Q25E financial results preview (due on 31 October) • Coca-Cola Icecek: 3Q25E earnings preview (due on 4 November) • InPost: 3Q25E preview – 18% yoy adjusted EBITDA growth expected (due on 7 November) NEUTRAL • Short News (PCF)
- Research Team
WOOD Morning (21 October 2025)
HEADLINES: • Duna House: good momentum in all three key markets (stays BUY) • Tofas: amendments to two agreements with Stellantis NEUTRAL • Cyfrowy Polsat: UKE launches consultations on 900MHz band extension NEUTRAL • Erste Bank: 3Q25E preview (due on 31 October) • CCC: 3Q25E prelims preview – 11% yoy EBITDA drop expected (due on 6 November, TBC) NEUTRAL • PKO BP: 3Q25E preview (due on 6 November) • LPP: 3Q25E results preview – 31% yoy EBITDA growth expected (due on 11 December) NEUTRAL
- Jakub Caithaml
- Peter Palovic
Duna House: good momentum in all three key markets (stays BUY)
Supportive real estate and mortgage lending dynamics across all three main markets where Duna House (DH) operates should drive earnings growth this year. Italy, the company’s most important market, stands out, with new mortgage intermediation up by 50% and 30% yoy in 1Q25 and 2Q25, respectively. Poland and Hungary could see their highest-ever volumes of new mortgage origination this year. In addition, DH’s cash flow continues to benefit from real estate sales. Management decided against paying o...
- Research Team
WOOD Daily: OPAP GA; EUROB GA; CTPNV NA; PGSUS TI; CIMSA TI; 11B PW; E...
HEADLINES: • OPAP: announces all-share merger with parent Allwyn International NEUTRAL • Eurobank: acquires Fairfax's 80% stake in Eurolife's life insurance business NEUTRAL • CTP: issues EUR 600m 6.5Y green bonds at a 3.625% coupon POSITIVE • Pegasus Airlines: ASK up 17% in 3Q25 NEUTRAL • Cimsa: grey cement grinding plant in Houston has been commissioned POSITIVE • 11 bit: management board member sold shares worth PLN 0.3m NEUTRAL • EME Macro/Strategy: macro all-in-one (6-12 October) • Titan: ...
- Research Team
WOOD Daily: TOASO TI; HUG PW; WIZZ LN; 4IG HB; AIRA LI; EME Strategy –...
HEADLINES: • Tofas: shifting gear to growth (stays BUY) • Huuuge Games: preliminary 3Q25 revenue at USD 55.8m, down 5% yoy and 5% qoq NEUTRAL • Wizz Air: restarts flights to Abu Dhabi, tempers expectations on groundings NEGATIVE • 4iG: signs sale and purchase agreement regarding acquisition of N7 Holding subsidiaries NEUTRAL • Air Astana: CEO Peter Foster to retire at end-March 2026 • EME Strategy: FTSE reclassifies Greece as a Developed Market POSITIVE
- Research Team
WOOD Daily: DSPW CP; DIA PW; DOM PW; GTC PW; TXT PW; EU Oil and Gas Mo...
HEADLINES: • Doosan Škoda Power: high steam pressure needs to cool off (downgraded to SELL) • Diagnostyka: testing positive (downgraded to HOLD) • Dom Development: 3Q25 – record sales, strong handovers, optimistic outlook POSITIVE • GTC: prices EUR 455m bond on 3 October POSITIVE • Text: key takeaways from the 2Q25-26 preliminary earnings call NEUTRAL • European Oil and Gas Monthly: September 2025 – droning on about margins • 4iG: signs letter of intent with Axiom Space NEUTRAL • Athens Exchange...
- Research Team
WOOD Daily: CZ Macro; TXT PW; GTC PW; ACP PW; TL Automotive; Rear-View...
HEADLINES: • Czech macro: parliamentary elections – 3-4 October • Text: preliminary 2Q25-26 (calendar 3Q25) results – MRR of USD 7.06m (down 1.5% qoq, up 0.3% yoy) NEGATIVE • GTC: launches a landmark bond refinancing with a 6.5% EUR 455m 2030 tranche POSITIVE • Asseco Poland: TSS sends open letter to ACP's shareholders and proposes new incentive scheme NEUTRAL • Turkish automotive: strong momentum in light vehicle sales continued in September • The Rear-View Mirror – EME markets: Romanian BET in...
- Research Team
The Rear-View Mirror – EME markets: Romanian BET in the lead in Septem...
EME Equity Market – September 2025 Romanian BET led in September, while Türkiye and Hungary lagged. The MSCI EM Europe Index added 0.7% mom in EUR terms and 1.1% in USD terms. The Romanian BET was the top performer, adding 3.6% in EUR terms; followed by the Czech PX (+3.2% mom) and the Polish WIG20 (+1.1% mom) (all in EUR terms); while there was a muted performance from the Greek ASE (+0.6% mom in EUR terms). The Turkish ISE30 and the Hungarian BUX were the worst performing indices in September(...
OPAP GREEK ORGANISATION OF FOOTBALL PROGNOSTICS SA
MOL MOL NYRT
CEZ CEZ AS
ACP ASSECO POLAND SA
HTO HELLENIC TELECOMMUNICATIONS ORGANIZATION SA
OMV OMV AG
TITK TITAN CEMENT CO. SA
BHW BANK HANDLOWY W WARSZAWIE S.A.
PZU POWSZECHNY ZAKLAD UBEZPIECZEN SPOLKA AKCYJNA
LAMDA LAMDA DEVELOPMENT S.A.
GEKTERNA GEK TERNA
KTY GRUPA KETY SA
MYTIL MYTILINEOS S.A.
SAR GR. SARANTIS S.A.
LPP LPP S.A.
ASELS ASELSAN ELEKTRONIK SANAYI VE TICARET A.S. CLASS B
CCC CCC SA
GTC GLOBE TRADE CENTRE S.A.
AEGN AEGEAN AIRLINES SA
RBW RAINBOW TOURS S.A.
ENA ENEA S.A.
PGE PGE POLSKA GRUPA ENERGETYCZNA S.A.
APR AUTO PARTNER SA
CAR INTER CARS S.A.
THYAO TURK HAVA YOLLARI A.O.
ECH ECHO INVESTMENT
MBR MO-BRUK S.A.
11B 11 BIT STUDIOS S.A.
TPE TAURON POLSKA ENERGIA S.A.
OTOEL AUTOHELLAS S.A.
VGO VIGO SYSTEM SA
BELA JUMBO S.A.
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
TGN SOCIETATEA NATIONALA DE TRANSPORT GAZE NATURALE TRANSGAZ S.A.
MAVI MAVI GIYIM SANAYI VE TICARET A.S.
R22 R22
ADNOCDIST ADNOC DISTRIBUTION PJSC
CGEO GEORGIA CAPITAL
EAT AMREST HOLDINGS SE
CZG CESKA ZBROJOVKA GROUP
DUNAHOUSE DUNA HOUSE
INPST INPOST S.A.
HUGE HUUUGE
WPS W.A.G PAYMENT SOLUTIONS PLC
PCO PEPCO GROUP NV
CTPNV CTP NV
VRC VERCOM SA
BCG BALTIC CLASSIFIEDS GROUP PLC
7202 ARABIAN INTERNET & COMMUNICATIONS SERVICES CO
9526 JAHEZ INTERNATIONAL CO
ELPE HELLENIQ ENERGY
SHO SHOPER SA
MUR2 MURAPOL SA
TRESTATES TRADE ESTATES REIC SA
THEON THEON INTERNATIONAL PLC
AIRA AIR ASTANA JSC
GEV GEVORKYAN A.S.
NOVAL NOVAL PROPERTY
BOCHGR BANK OF CYPRUS
ZAB ZABKA GROUP
DSPW DOOSAN SKODA POWER A.S.
DIAG DIAGNOSTYKA SA
PE RO PREMIER ENERGY
- Research Team
WOOD Daily: GTC PW; ZAB PW; PCF PW; CCC PW; BFT PW; WIZZ LN; OTE/DIGI ...
HEADLINES: • GTC: launches a landmark bond refinancing with a 6.5% EUR 455m 2030 tranche POSITIVE • Zabka: key takeaways from the Investor Day POSITIVE • PCF Group: 2Q25 earnings call takeaways • CCC: final 2Q25 EBITDA 3% below the prelims, on an earlier recognition of costs NEUTRAL • Benefit Systems: end-3Q25 card base at 2.38m, Türkiye accelerated in September NEUTRAL • Wizz Air: September capacity growth slower than the summer, but better load factor NEUTRAL • OTE/DIGI Communications: sale o...
- Research Team
WOOD Daily: ALE PW; CZG CP; MAVI TI; ECH PW; APR PW; LAMDA GA; GEV CP;...
HEADLINES: • Allegro: 1Q25 results spot on our expectations; lower bound of FY25E guidance increased POSITIVE • Colt CZ Group: 2Q25 results – slightly below the consensus; no changes in FY25E guidance • Mavi: 2Q25 results miss expectations; 2025E guidance lowered NEGATIVE • Echo Investment: 2Q25 – sales could unlock net cash equivalent to one-third of market cap • Auto Partner: 2Q25 EBITDA broadly in line with our and the market's expectations NEUTRAL • Lamda Development: 2Q25 – yield compressio...
- Anthony Dick
- Michael Foundoukidis
- Anthony Dick
- Michael Foundoukidis
- Stefano Toffano
- Wim Gille
- Research Team
WOOD Daily: EAT PW; DIA PW; WPS LN; CEZ CP; GTC PW; BELA GA; ACP PW; E...
HEADLINES: • AmRest: 2Q25 below expectations, due to weak France NEGATIVE • Diagnostyka: 2Q25 results slightly above expectations, but down qoq NEUTRAL • Eurowag: 2Q25 results – beat on the top line, EBITDA a small miss NEUTRAL • CEZ: ANO’s campaign platform calling for 100% nationalisation NEUTRAL • GTC: 2Q25 – bond refinancing critical • Jumbo: sales growth momentum intact in August, +8% in 8M25; tightens grip on opex POSITIVE • Asseco Poland: key takeaways from the 2Q25 earnings call NEUTRAL ...
- Research Team
WOOD Daily: GR Refiners; ACP PW; OPAP GA; TRESTATE GA; VRC PW; CBF PW;...
HEADLINES: • Greek Refiners: elevated margins, extended run (HELLENiQ Energy (HOLD) and Motor Oil Hellas (BUY) - transfer of coverage) • Asseco Poland: 2Q25 review – net profit up 33% yoy, 11% above the consensus; 2025 backlog up 9% yoy POSITIVE • OPAP: 2Q25 results – in line NEUTRAL • Trade Estates: 1H25 – FFO at EUR 10m, up 37% yoy POSITIVE • Vercom: key takeaways from the 2Q25 earnings call POSITIVE • cyber_Folks/Shoper: key takeaways from the 2Q25 earnings call NEUTRAL • Shoper: 2Q25 earning...
- Research Team
WOOD Daily: CBF PW; VRC PW; SHO PW; INPST NA; ALE PW; TL Automotive; W...
HEADLINES: • cyber_Folks: 2Q25 results review – 66% yoy EBITDA growth, 3% above the consensus POSITIVE • Vercom: 2Q25 results review – 21% yoy EBITDA growth, 2% above the consensus POSITIVE • Shoper: 2Q25 broadly in line with expectations NEUTRAL • InPost: suing Allegro for breach of agreement • Turkish automotive: strong light vehicle sales in August NEUTRAL • Eurowag: 1H25E results preview (due out tomorrow)
- Markus Remis
- Markus Remis
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