reports
- Research Team
WOOD Daily: EMEA Airlines; GEKTERNA GA; BFT PW; Allegro; JAHEZ AB; TIT...
HEADLINES: • EMEA Airlines: 2Q25 traffic - Easter good, conflict bad • GEK Terna: motorway traffic grows faster than expected in 1H25 POSITIVE • Benefit Systems: changes in the Supervisory Board NEUTRAL • Allegro: expands its delivery network via a partnership with Zabka, adding 11,600+ new pick-up points NEUTRAL • Jahez: takeaways from the conference call on the Snoonu deal POSITIVE • Titan Cement: 2Q25E financial results preview (due on 31 July)
- Jakub Caithaml
WOOD Flash - EMEA Airlines: 2Q25 traffic - Easter good, conflict bad
Calendar 2Q25 started off well for the sector, benefitting from the Easter effect and low fuel prices, but many airlines experienced disruptions to their networks later in the quarter, following Israel’s attack on Iran. Demand for flying seems broadly resilient so far, with fares helped by limited capacity growth in Europe, due to supply constraints. As we move into the peak season, Air Traffic Control (ATC) remains a bottleneck, especially as parts of the European network remain closed to traff...
- Research Team
WOOD Daily: EME Macro/Strategy Weekly; OPAP GA; SOLUTION AB; BOROUGE U...
HEADLINES: • EME Macro/Strategy: macro all-in-one (14-20 July) • OPAP: acquires remaining 15.5% stake in Stoiximan POSITIVE • Solutions by STC: 2Q25E financial results preview (due out tomorrow) • Borouge: 2Q25E results preview (due on 31 July) NEUTRAL • Grupa Pracuj: 2Q25E results preview – 3% yoy adjusted EBITDA growth expected (due on 28 August) • Erste Bank: 2Q25E preview (due on 1 August) • OTP Bank: 2Q25E preview (due on 5 August) • Bank Pekao: 2Q25E preview (due on 7 August) • PKO BP: 2Q2...
- Research Team
WOOD Daily: ARCLK TI; 11B PW; BHW PW; CDR PW
HEADLINES: • Arcelik: 2Q25E earnings preview (due on 25 July) • 11 bit studios: 2Q25E preview – results driven by launch of The Alters (due on 28 August) • Bank Handlowy: 2Q25E preview (due on 28 August) • CD Projekt: 2Q25E preview – EBITDA down 36% qoq (due on 28 August) • Short News (CEZ, MTELEKOM, CPS)
- Research Team
WOOD Daily: DAT PW; EU Macro; CBF PW; SHO PW; OPAP GA; AEGN GA; GTC PW...
HEADLINES: • DataWalk: returning like a phoenix from the ashes (HOLD) • EU macro: Commission presents the new budget • cyber_Folks/Shoper: resign from large acquisition in the e-commerce space and bets on the development of own solutions NEGATIVE • OPAP: Greek gaming market growth accelerates further in May POSITIVE • Aegean Airlines: adds two A321neo XLRs, plans to start flying to India in March 2026E • GTC: buys out German minorities • CD Projekt: free update 2.3 for Cyberpunk 2077 today NEUTR...
- Research Team
WOOD Daily: ASELS TI; RO Macro; WIZZ LN; PEO PW; GPP PW; LAMDA GA; MON...
HEADLINES: • Aselsan: to tap DIRCM market POSITIVE • Romania macro: Government survives vote of no confidence, as expected • Wizz Air: to exit Abu Dhabi by the end of the summer • Bank Pekao: to book PLN 417m of extra provisions related to various legal risks in 2Q25E NEUTRAL • Grupa Pracuj: new job ads on Pracuj.pl at 395,000 in 1H25, flat yoy NEUTRAL • Lamda Development: completes early repayment of EUR 230m retail bond NEUTRAL • MONETA Money Bank: 2Q25E preview (due on 24 July) • Bank Millenn...
Digital subscription results of AS Ekspress Grupp in the second quarte...
Digital subscription results of AS Ekspress Grupp in the second quarter of 2025 The number of digital subscriptions of AS Ekspress Grupp increased by 10% in the Baltic States year-over-year (2nd quarter: 4%, 1st six months: 3%) and totalled 244 884 at the end of June. The number of digital subscriptions of AS Delfi Meedia that publishes the news portal Delfi, newspapers Eesti Päevaleht, Maaleht, Eesti Ekspress and several popular magazines increased by 12% year-over-year (2nd quarter: 6%, 1st six months: 5%) and totalled 119 811.The number of digital subscriptions of AS Õhtuleht Kirjastus,...
ASi Ekspress Grupp 2025. aasta 2. kvartali digitellimuste tulemused
ASi Ekspress Grupp 2025. aasta 2. kvartali digitellimuste tulemused ASi Ekspress Grupp digitaalsete tellimuste hulk kasvas võrreldes eelmise aasta sama perioodiga Balti riikides kokku 10% (II kvartalis 4%, I poolaastas 3%) ja ulatus juuni lõpus 244 884-ni. Eestis uudisteportaali Delfi, Eesti Päevalehte, Maalehte, Eesti Ekspressi ja mitmeid populaarseid ajakirju kirjastava ASi Delfi Meedia digitellimuste hulk kasvas võrreldes eelmise aasta sama perioodiga 12% (II kvartalis 6%, I poolaastas 5%), ulatudes 119 811-ni.50%-liselt Ekspress Grupile kuuluva ASi Õhtuleht Kirjastus digitellimuste hul...
AS Ekspress Grupp to Acquire Full Ownership of AS Õhtuleht Kirjastus
AS Ekspress Grupp to Acquire Full Ownership of AS Õhtuleht Kirjastus According to the agreement signed between AS Ekspress Grupp and AS AVH Grupp on June 9, 2025, Ekspress Grupp will purchase the 50% stake in AS Õhtuleht Kirjastus previously owned by AVH Grupp. As a result of this transaction, Ekspress Grupp will become the sole owner of Õhtuleht Kirjastus. Õhtuleht Kirjastus is one of Estonia's largest media companies, publishing Õhtuleht, the daily newspaper with the largest circulation in Estonia, as well as several popular magazines. The company also manages online publications, inclu...
AS Ekspress Grupp soovib omandada AS Õhtuleht Kirjastuse täisosaluse
AS Ekspress Grupp soovib omandada AS Õhtuleht Kirjastuse täisosaluse ASi Ekspress Grupp ja ASi AVH Grupp vahel 9. juulil 2025 sõlmitud lepingu kohaselt ostab Ekspress Grupp seni AVH Grupile kuulunud 50% osaluse ASis Õhtuleht Kirjastus. Tehingu tulemusel saab Ekspress Grupist Õhtuleht Kirjastuse ainuomanik. Õhtuleht Kirjastus on üks Eesti suuremaid meediaettevõtteid, kes annab välja Eesti suurima tiraažiga päevalehte Õhtuleht ning mitmeid populaarseid ajakirju. Samuti haldab ettevõte veebiväljaandeid, sh ohtuleht.ee ja toidutare.ee portaale. Õhtuleht Kirjastuse omandamine annab Ekspress G...
Piletitasku has partnered with If Insurance
Piletitasku has partnered with If Insurance Customers of Piletitasku, the ticket sales platform operated by AS Delfi Meedia, a subsidiary of AS Ekspress Grupp, can now benefit from a new security solution: Piletitasku has teamed up with If Insurance to offer the option to insure tickets at the point of purchase. This means that in the event of sudden illness or an accident, ticket holders can receive a full refund. If desired, insurance can be conveniently added during the Piletitasku purchase process while selecting event tickets. Visitors do not need to search for separate insurance or c...
Piletitasku alustas koostööd If Kindlustusega
Piletitasku alustas koostööd If Kindlustusega ASi Ekspress Grupp tütarettevõtte AS Delfi Meedia piletimüügikeskkonna Piletitasku klientidele on saadaval uus turvalahendus: Piletitasku alustas koostööd If Kindlustusega ja pakub nüüd võimalust kindlustada pilet juba ostuhetkel. See tähendab, et ootamatu haigestumise või õnnetuse korral saab külastaja piletiraha tagasi. Kindlustuse saab soovi korral mugavalt lisada Piletitasku ostuprotsessis üritusele pileteid valides. Külastaja ei pea eraldi kindlustust otsima ega dokumente täitma – kõik toimub sujuvalt ühe ostuga. Teenuse eesmärk on pakkuda...
- Research Team
WOOD Daily: OMV AV; SNP RO; MIL PW; APR PW; TL Macro; TITC GA
HEADLINES: • OMV: 2Q25 trading statement NEUTRAL • OMV Petrom: 2Q25 trading statement NEUTRAL • Bank Millennium: 2Q25E FX mortgage saga provisions information NEUTRAL • Auto Partner: monthly sales disappoint again – limited 8% yoy growth in June NEGATIVE • Türkiye macro: June budget data shows stable, but wide, deficit • Titan: invests in fly-ash processing facility in the UK NEUTRAL
Bank Handlowy W Warszawie: 2 directors
A director at Bank Handlowy W Warszawie sold 2,612 shares at 121.880PLN and the significance rating of the trade was 56/100. 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 yea...
OTP Bank Plc: 5 directors
Five Directors at OTP Bank Plc sold after exercising options/sold 23,535 shares at between 27,498.000HUF and 27,639.000HUF. The significance rating of the trade was 65/100. 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 a...
AS Ekspress Grupp refinances bonds
AS Ekspress Grupp refinances bonds AS Ekspress Grupp and AS SEB Pank have signed a loan contract to refinance the outstanding EUR 5 million bonds from LHV pension funds on 10 July 2025. The loan will have a 2 July 2030 deadline compared to the earlier bonds’ redemption date of 7 October 2027. As a result of the refinancing, Ekspress Grupp’s annual interest expenses will decrease by ca EUR 150 thousand while the annual loan service will increase by ca EUR 340 thousand. As a result of the refinancing, Ekspress Grupp will decrease the average interest rate of its financial liabilities, using...
AS Ekspress Grupp refinantseerib võlakirjad
AS Ekspress Grupp refinantseerib võlakirjad AS Ekspress Grupp ja AS SEB Pank sõlmisid laenulepingu, millega Ekspress Grupp refinantseerib 10. juulil 2025. aastal LHV pensionifondide võlakirjad kokku 5 mln euro väärtuses. Laenu tähtaeg on 2. juuli 2030, varasema võlakirjade lunastustähtaja 7. oktoober 2027 asemel. Refinantseerimise tulemusel väheneb Ekspress Grupi aastane intressikulu ca 150 000 euro võrra, samas kui aastane laenuteenindus suureneb ca 340 000 euro võrra. Refinantseerimise tulemusena vähendab Ekspress Grupp kontserni võlakohustuste keskmist intressimäära, orienteerudes sama...
- Research Team
WOOD Daily: RO Macro; RO Banks; EME Macro/Strategy – PL; PL Macro; TXT...
HEADLINES: • Romania macro: discussing a new fiscal package with the EU • Romanian banks: government to increase tax on gross revenues to 4% NEGATIVE • EME Macro/Strategy – Poland: bigger, happier but also more divided • Poland macro: MPC reduces the policy rate by 25bps • Text: 1Q25-26 (calendar 2Q25) preliminary results – MRR of USD 7.17m (up 0.7% qoq, up 1.4% yoy); 928 net LiveChat customers outflow NEGATIVE • Mo-BRUK: guiding for PLN 33m outflow related to the 2018-19 increased fees; PLN 50-...
- Research Team
The Rear-View Mirror – EME markets: rebound in Türkiye
EME Equity Market – June 2025 All EME indices in the green in June, with a rebound in Türkiye. The MSCI EM Europe Index advanced by 3.2% mom in EUR terms and 6.9% in USD terms. The Turkish ISE 30 Index was the best performer in our region, recouping the losses from the previous month and adding +6.6% mom in EUR terms. The Hungarian BUX and the Polish WIG indices added 3.1% and 2.8% mom in EUR terms, respectively, followed closely by the Romanian BET and the Greek ASE, with both adding 2.0% mom i...
EUROB EUROBANK ERGASIAS SERVICES & HOLDINGS SA
PEO BANK POLSKA KASA OPIEKI SA
OPAP GREEK ORGANISATION OF FOOTBALL PROGNOSTICS SA
EXAE HELLENIC EXCHANGES SA
MOL MOL NYRT
CEZ CEZ AS
CDR CD PROJEKT S.A.
OMV OMV AG
TITK TITAN CEMENT CO. SA
WIZZ WIZZ AIR HOLDINGS PLC
PZU POWSZECHNY ZAKLAD UBEZPIECZEN SPOLKA AKCYJNA
SPL SANTANDER BANK POLSKA SA
GEKTERNA GEK TERNA
KTY GRUPA KETY SA
DOC DO & CO AKTIENGESELLSCHAFT
TPS ORANGE POLSKA S.A.
MYTIL MYTILINEOS S.A.
LPP LPP S.A.
BRISA BRISA-BRIDGESTONE SABANCI LASTIK SANAYI VE TICARET A.S.
CCC CCC SA
CCOLA COCA-COLA ICECEK A.S.
2310 SAHARA INTERNATIONAL PETROCHEMICAL COMPANY
DOM DOM DEVELOPMENT SA
AEGN AEGEAN AIRLINES SA
PGE PGE POLSKA GRUPA ENERGETYCZNA S.A.
PGSUS.E PEGASUS HAVA TASIMACILIGI AS
APR AUTO PARTNER SA
LVC LIVECHAT SOFTWARE SA
TPEIR PIRAEUS BANK SA
ALPHA ALPHA BANK AE
PPC PUBLIC POWER CORPORATION S.A.
CAR INTER CARS S.A.
ARCLK ARCELIK A.S.
THYAO TURK HAVA YOLLARI A.O.
MBR MO-BRUK S.A.
GPW WARSAW STOCK EXCHANGE
11B 11 BIT STUDIOS S.A.
BELA JUMBO S.A.
BRD BRD-GROUPE SOCIETE GENERALE
TLV BANCA TRANSILVANIA S.A.
SNP PETROM S.A.
PBK PATRIA BANK SA
DNP DINO POLSKA S.A.
NBGGY NATIONAL BANK OF GREECE S.A. ADS
RICHT RICHTER
MAVI MAVI GIYIM SANAYI VE TICARET A.S.
R22 R22
MCOV B MEDICOVER AB
CGEO GEORGIA CAPITAL
TEN TEN SQUARE GAMES
CZG CESKA ZBROJOVKA GROUP
DUNAHOUSE DUNA HOUSE
INPST INPOST S.A.
HUGE HUUUGE
4IG 4IG NYRT
VRC VERCOM SA
ADNOCDRILL ADNOC DRILLING CO
2381 ARABIAN DRILLING CO.
SHO SHOPER SA
ACAG AUSTRIACARD HOLDINGS AG
BOROUGE BOROUGE
MUR2 MURAPOL SA
THEON THEON INTERNATIONAL PLC
GEV GEVORKYAN A.S.
Aegean Airlines S.A.: 1 director
A director at Aegean Airlines S.A. bought 25,000 shares at 11.575EUR 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 ...
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