reports
- Research Team
WOOD Morning (20 October 2025)
HEADLINES: • Raiffeisen Bank International: material upside locked up in Russia (stays BUY) • Theon International: secures EUR 300m long-term supply agreement with a NATO country POSITIVE • Motor Oil Hellas: to receive an extra EUR 39m from its investment in Ellaktor POSITIVE • EME Macro/Strategy: macro all-in-one (13-19 October) • Magyar Telekom: 3Q25E preview – 13% yoy EBITDA growth expected (due on 12 November) • Wirtualna Polska: 3Q25E preview – soft quarter, with 1% yoy pro-forma adjusted E...
- Research Team
WOOD Daily: WIZZ LN; EXAE GA; SOLUTION AB; MOL HB; NOVAL GA; DNP PW
HEADLINES: • Wizz Air: bracing for winter, waiting for spring (stays BUY) • Athens Exchange Group: BoD expresses unanimous support for Euronext's voluntary tender offer NEUTRAL • Solutions by STC: extends the revenue-sharing agreement with Remat Riyadh Development Company POSITIVE • MOL: the company and its Partners increase gas capacity in Iraq POSITIVE • Noval Property: appoints Mr. Koutsopodiotis as CEO NEUTRAL • Dino Polska: 3Q25E preview – 14% yoy EBITDA growth expected (due on 6 November)...
- 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
- 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
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
Photon Energy N.V.: 1 director
A director at Photon Energy N.V. sold 1,097,859 shares at 2.910PLN and the significance rating of the trade was 68/100. 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 cl...
- Jovan Sikimic
- Maxime Kogge
PEO BANK POLSKA KASA OPIEKI SA
SDG SYNERGIE SA
INF INFOTEL SA
BEN BENETEAU SA
PKO PKO BANK POLSKI S.A.
FAGR FAGRON SA
VRAP VRANKEN-POMMERY MONOPOLE SA
GBT GUERBET SA
TRI TRIGANO SA
A1XA4J CARBIOS SA
ERA ERAMET SA
QDT QUADIENT SA
SPL SANTANDER BANK POLSKA SA
MIL BANK MILLENNIUM SA
TWEKA TKH GROUP N.V. CERT
ALR ALIOR BANK SA
RIO RIO TINTO PLC
BHP BHP GROUP LTD
VK VALLOUREC SA
ALVGO VOGO SA
ARVEN ARVERNE GROUP SA
MFEA MEDIASET NV
FERGR FERRARI GROUP PUBLIC LIMITED COMPANY
AAL ANGLO AMERICAN PLC
- Research Team
WOOD Morning (17 September 2025)
HEADLINES: • Noval Property: 1H25 – FFO en route to exceed our FY estimate POSITIVE • Aegean Airlines: 2Q25 in line; cash flow contracting; guidance encouraging NEUTRAL • Tauron: 2Q25 results fully in line with the preliminaries NEUTRAL • OMV Petrom: special dividend proposal POSITIVE • Shoper: acquires remaining 40% stake in Sempire for PLN 15m, as expected NEUTRAL • Solutions by STC: signs framework agreement with Saudi Aramco POSITIVE
- Research Team
WOOD Daily: EME Macro/Strategy Weekly; GR Macro; DIGI RO; CGEO LN; JAH...
HEADLINES: • EME Macro/Strategy: macro all-in-one (8-14 September) • Greece macro: debt remains on a steep downward path • DIGI Communications: planning IPO of its Spanish subsidiary, reportedly POSITIVE • Georgia Capital: healthcare business prices GEL 350m bond offering NEUTRAL • Jahez: buyback approved during EGM (3.6% of total shares) NEUTRAL • Mavi: 2Q25E earnings preview (due on 17 September) • Short News (CDR, CAR)
- 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...
- George Grigoriou
- Jonathan Lamb
Greek Refiners: elevated margins, extended run (HELLENiQ Energy (HOLD)...
Following a change in analyst responsibilities, we transfer coverage, and update our forecasts and outlook, of the Greek refiners, to reflect the recent upturn in the refining backdrop. We rate Motor Oil Hellas (MOH) a BUY, with an updated price target (PT) of EUR 31.5 (from EUR 25.8), and keep HELLENiQ Energy (ELPE) a HOLD, with an updated PT of EUR 8.8 (from EUR 7.6). The two Greek refiners offer a broadly similar compelling investment case and remain attractively valued on absolute terms, in ...
- Research Team
The Rear-View Mirror – EME markets: Poland – worst performer in August
EME Equity Market – August 2025 Corrections in Poland and the broader MSCI EM Europe. The MSCI EM Europe Index declined by 2.3% mom in EUR terms and was flat (0.0%) in USD terms in August. The Hungarian BUX was the top performer, adding 2.2% mom in EUR terms, followed by the Romanian BET (+1.9% mom), the Czech PX (+1.7% mom) and the Greek ASE (+1.4% mom) (all in EUR terms); while there was a muted performance from the Turkish ISE 30 (+0.4% mom in EUR terms). The biggest loser was the Polish WIG ...
JMT JERONIMO MARTINS SGPS S.A.
KRU KRUK S.A.
MOL MOL NYRT
EBS ERSTE GROUP BANK AG
CEZ CEZ AS
ACP ASSECO POLAND SA
HTO HELLENIC TELECOMMUNICATIONS ORGANIZATION SA
CDR CD PROJEKT S.A.
PKO PKO BANK POLSKI S.A.
ISCTR TURKIYE IS BANKASI ANONIM SIRKETI CLASS C
BHW BANK HANDLOWY W WARSZAWIE S.A.
BIMAS BIM BIRLESIK MAGAZALAR A.S.
WIZZ WIZZ AIR HOLDINGS PLC
PZU POWSZECHNY ZAKLAD UBEZPIECZEN SPOLKA AKCYJNA
BDX BUDIMEX S.A.
LAMDA LAMDA DEVELOPMENT S.A.
GEKTERNA GEK TERNA
MTELEKOM MAGYAR TELEKOM TELECOMMUNICATIONS
DOC DO & CO AKTIENGESELLSCHAFT
TPS ORANGE POLSKA S.A.
CAI CA IMMOBILIEN ANLAGEN AG
PKN POLSKI KONCERN NAFTOWY ORLEN 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
CCOLA COCA-COLA ICECEK A.S.
DOM DOM DEVELOPMENT SA
RBW RAINBOW TOURS S.A.
ENA ENEA S.A.
BFT BENEFIT SYSTEMS S.A. ALLOTMENT
MGROS MIGROS TICARET A.S
PGSUS.E PEGASUS HAVA TASIMACILIGI AS
LVC LIVECHAT SOFTWARE SA
TBCB TBC BANK JOINT STOCK CO
OTP OTP BANK NYRT
CAR INTER CARS S.A.
THYAO TURK HAVA YOLLARI A.O.
TUPRS TURKIYE PETROL RAFINERILERI A.S.
EUR EUROCASH S.A.
ECH ECHO INVESTMENT
GSPARK GRAPHISOFT PARK SE
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.
DAT DATAWALK SA
ALR ALIOR BANK SA
OTOEL AUTOHELLAS S.A.
VGO VIGO SYSTEM SA
WPL WIRTUALNA POLSKA HOLDING SA
BELA JUMBO S.A.
TLV BANCA TRANSILVANIA S.A.
SNG SOCIETATEA NATIONALA DE GAZE NATURALE ROMGAZ SA
H4L1 HALYK SAVINGS BANK OF KAZAKHSTAN GDR
DIGI DIGI COMMUNICATIONS NV
DNP DINO POLSKA S.A.
BVB S.C. BURSA DE VALORI BUCURESTI S.A.
GEB BANK OF GEORGIA
RICHT RICHTER
19XX NEPI ROCKCASTLE PLC
M MED LIFE
SFG SPHERA FRANCHISE GROUP SA
CGEO GEORGIA CAPITAL
SOKM SOK MARKETLER TICARET AS
NLBR NLB GROUP
ESLT ELBIT SYSTEMS LTD
KAP NATIONAL ATOMIC COMPANY KAZATOMPROM
TEN TEN SQUARE GAMES
ALG ALLEGRO.EU SA
CZG CESKA ZBROJOVKA GROUP
DUNAHOUSE DUNA HOUSE
KSPI KASPI KZ
HUGE HUUUGE
4IG 4IG NYRT
IGN1L IGNITIS GRUPE
PCO PEPCO GROUP NV
CTPNV KAZMUNAYGAS NC JSC
GPP CTP NV
KLKIM GRUPA PRACUJ DA
GIG KALEKIM KIMYEVI MADDELER SANAYI VE TICARET AS
2381 GAMING INNOVATION GROUP
7202 ARABIAN DRILLING CO.
9526 ARABIAN INTERNET & COMMUNICATIONS SERVICES CO
ELPE JAHEZ INTERNATIONAL CO
4071 HELLENIQ ENERGY
ACAG ARABIAN CONTRACTING SERVICES CO
7203 AUSTRIACARD HOLDINGS AG
OPTIMAr ELM CO
AQ OPTIMA BANK S.A.
THEON AQUILA PART PROD COM
AIRA THEON INTERNATIONAL PLC
GEV AIR ASTANA JSC
BOCHGR GEVORKYAN A.S.
ZAB BANK OF CYPRUS
ALPHA ZABKA GROUP
PE RO ALPHA BANK S.A.
PREMIER ENERGY
- Research Team
WOOD Daily: ALE PW; HU Macro; PBK RO; PE RO; 4IG HB; CAI AV; M RO; SFG...
HEADLINES: • Allegro: August is harvest time (downgraded to HOLD) • Hungary macro: challenging conditions keeping fiscal pressure high • Patria Bank: solid delivery in 2Q25 POSITIVE • Premier Energy: 2Q25 normalised EBITDA in line with our expectations NEUTRAL • 4iG: 2Q25 results review – 11% yoy increase in reported EBITDA, 3% above our estimate NEUTRAL • CA Immo: 2Q25 – continued progress with disposals; cancels treasury shares, launches new buyback • MedLife: takeaways from the 2Q25 earnings ...
- Piotr Raciborski
- CFA
WOOD Flash – 4iG: 2Q25 results review – 11% yoy increase in reported E...
This morning (29 August), 4iG reported its 2Q25 results, with sales of HUF 179.4bn (up 5% yoy, in line with our estimate), EBITDA of HUF 62.4bn (up 11% yoy, 3% above our estimate) and a net loss of HUF 10.3bn (vs. the HUF 11.5bn net loss in 2Q24 and our PLN 5.8m net loss forecast). The miss vs. our estimate on the bottom line resulted from higher-than-expected D&A, which came in at HUF 49.0bn (6% above our estimate) and higher minorities than we assumed. The lower yoy net loss was driven primari...
- Research Team
WOOD Daily: PZU PW; DOM PW; BHW PW; EUR PW; DAT PW; TPE PW; CAI AV; MO...
HEADLINES: • PZU: 2Q25 results – beat on the bottom line, but insurance operations show some weakness and delivered below expectations NEUTRAL • Dom Development: 2Q25 results – beat driven by stellar 37% gross profit margin POSITIVE • Bank Handlowy: neutral 2Q25 results – beat on underlying bottom line driven by bond sales gains; negative NII trend NEUTRAL • Eurocash: 2Q25 – slightly above low expectations; new strategy publication in November POSITIVE • DataWalk: 2Q25 actual numbers fully in li...
PZU POWSZECHNY ZAKLAD UBEZPIECZEN SPOLKA AKCYJNA
CAI CA IMMOBILIEN ANLAGEN AG
DOM DOM DEVELOPMENT SA
BFT BENEFIT SYSTEMS S.A. ALLOTMENT
EUR EUROCASH S.A.
TPE TAURON POLSKA ENERGIA S.A.
DAT DATAWALK SA
OTOEL AUTOHELLAS S.A.
WPL WIRTUALNA POLSKA HOLDING SA
RICHT RICHTER
IGN1L IGNITIS GRUPE
KLKIM KALEKIM KIMYEVI MADDELER SANAYI VE TICARET AS
- Research Team
WOOD Daily: PE RO; PL Banks; DNP PW; BDX PW; KAP LI; MBR PW; CPS PW; T...
HEADLINES: • Premier Energy: focus on RES (HOLD - initiation of coverage) • Polish banks: FinMin may raise CIT rate for the banks, some offset may come from slight cut in the bank tax NEGATIVE • Dino: 1-5% EBITDA miss in 2Q25; FY25E lfl guidance cut to mid-single digits NEGATIVE • Budimex: final 2Q25 results fully confirm prelims NEUTRAL • Kazatomprom: 2Q25 results NEUTRAL • Mo-BRUK: earnings call takeaways – optimistic outlook for 2H25E POSITIVE • Cyfrowy Polsat: key takeaways from the 2Q25 ear...
PEO BANK POLSKA KASA OPIEKI 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.
BDX BUDIMEX S.A.
TBCB TBC BANK JOINT STOCK CO
CPS CYFROWY POLSAT SA
MBR MO-BRUK S.A.
ALR ALIOR BANK SA
OTOEL AUTOHELLAS S.A.
DNP DINO POLSKA S.A.
SFG SPHERA FRANCHISE GROUP SA
KAP NATIONAL ATOMIC COMPANY KAZATOMPROM
PE RO PREMIER ENERGY
- Marta Jezewska-Wasilewska
WOOD Flash – Polish banks: FinMin may raise CIT rate for the banks, so...
We see this news as outright negative, which could halt the robust share price performance of the Polish banks, for some time at least. One aspect is the direct financial impact of the proposed tax regime change for the sector, and another is that such a change could reduce trust in the stability of the operating backdrop of banking (and other sectors, potentially) in Poland. This could result in international investors applying a higher market risk premium to the Polish market, going forward, i...
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