HEADLINES: • Bank Pekao: strong 4Q25 delivery bodes well for 2026E outlook POSITIVE • Orlen: 4Q25 results – strong underlying EBITDA POSITIVE • Kruk: buys material portfolio in Italy – very strong start to 2026E in terms of investments scale POSITIVE • Orange Polska: key takeaways from the 4Q25 earnings call NEUTRAL • Mo-BRUK: signs PLN 7.5m contract NEUTRAL • CD Projekt: 4Q25E preview – EBITDA to decline by 48% qoq (due on 19 March) • GEK Terna: EUR 1.1bn planned Vrochonera HPS project secures ...
HEADLINES: • Orange Polska: 4Q25 results – EBITDAaL up 7% yoy, 2% above the consensus; strong 2026E guidance POSITIVE • CD Projekt: The Witcher 3: Wild Hunt – Complete Edition available on Xbox Game Pass on 19 February NEUTRAL • Richter: announces R&D collaboration for endometriosis drug candidate NEUTRAL • Romania macro: NBR extends the pause • OMV Petrom / Romgaz: Romania to postpone gas price liberalisation until 2027E NEGATIVE • Romgaz: 4Q25 preview (due on 27 February) NEUTRAL • HELLENiQ En...
HEADLINES: • NLB Group: 4Q25 net profit materially ahead of expectations • Polish banks: CJEU rules on WIBOR case, in line with the General Attorney's opinion, issued on 11 September 2025 NEUTRAL • DataWalk: issues shares worth PLN 116.3m POSITIVE • Allegro: changes in MOV are negative for lockers NEGATIVE • CD Projekt: 2026-29 incentive programme net profit condition set at PLN 5.0bn NEUTRAL • Asseco Poland: 4Q25E preview – 11% yoy organic net profit growth expected (due on 31 March) • OPAP: Al...
HEADLINES: • DO & CO: mixed 3Q FY26 P&L results; strong FCFF generation, double vs. last year NEUTRAL • Orlen: acquires stake in the Afrodite discovery in Norway NEUTRAL • PZU: 4Q25E results preview (due on 26 February) • Text: 3Q25-26E preview – 28% yoy EBITDA decline expected (due on 26 February) • MOL: to explore for oil and gas in Libya with TPAO and Repsol POSITIVE • Hidroelectrica: preliminary 4Q25 total volumes sold 18% above our estimate POSITIVE • Metlen Energy & Metals: secures access ...
HEADLINES: • AmRest/Sphera Group: no beauty and no beast (AmRest stays BUY, Sphera downgraded to HOLD) • InPost: EUR 15.6 offer from FedEx, Advent, A&R and PPF consortium POSITIVE • Bank Millennium: solid 4Q25 delivery, beat due to tax differences NEUTRAL • PGE: URE initiates proceedings over FWRC settlements NEUTRAL • Auto Partner: January sales growth drops to 3.4% yoy NEGATIVE • Develia: 4Q25E preview – 30% EBITDA drop, following margin normalisation (due on 3 April) • 4iG: 4Q25E preview – 4%...
HEADLINES: • LPP: 4Q prelims in line with expectations NEUTRAL • Poland macro: NBP on hold • Budimex: bids rank highest in two PSE tenders NEUTRAL • Romgaz: 4Q25 operational results NEUTRAL • Romania macro: positive news • OTE: Greek telecoms regulator launches public consultations on 900MHz and 1,800MHz spectrum POSITIVE • Metlen Energy & Metals: sells 283MW UK solar portfolio to Schroders Greencoat POSITIVE • Aselsan: strategic JV agreement with CSG POSITIVE • Erste Bank: 4Q25E preview (due on...
HEADLINES: • Santander BP: posts solid 4Q25 numbers; rebranding costs guidance in line; DPS of PLN 46 seems very feasible NEUTRAL • Polish media: CPS's audience share at 22.30%, while WP TV is at 0.57% in January 2026 NEUTRAL • Develia: management targets for 2026E close to our forecasts NEUTRAL • OMV Petrom: 4Q25 results and dividend proposal NEUTRAL • Jumbo: January sales +8% on easy comps; guiding for 5% sales growth and EUR 310-320m net earnings in 2026E NEUTRAL • Turkish automotive: strong ...
EME Equity Market – January 2026 All regions in the green in January, with the Turkish ISE the best performer. The MSCI EM Europe Index added 11.1% mom in EUR terms and 13.2% mom in USD terms in January. The Turkish ISE was the top performer (+20.8% mom), followed by the Hungarian BUX (+17.5% mom); the Romanian BET (+11.1% mom); the Greek ASE (+9.2% mom); the Polish WIG 20 (+5.9% mom); and the Czech PX (+2.4% mom; all in EUR terms).
HEADLINES: • Kazakhstan macro: untangling oil and policy tightening risks • Poland macro: retail sales rebound in December 2025 • Eurowag: 2025 trading update and FY26E guidance POSITIVE • Titan: to issue EUR 350m five-year senior unsecured notes NEUTRAL • Aselsan: new export wins in APAC and from NATO POSITIVE • Krka: preliminary 4Q25E results (due on 29 January)
HEADLINES: • Shopper Park Plus: shopping for yield (HOLD – initiation of coverage) • Asseco Poland: incentive scheme for CEO announced NEUTRAL • PL telecoms: UKE approves the deregulation of Orange on the BSA and LLU markets NEUTRAL • Premier Energy: completion of the Hungarian acquisition NEUTRAL • Metlen Energy & Metals: enters 40/60 JV with Tsakos for large hybrid RES project in Greece NEUTRAL • Türkiye macro: CBT delivers 100bp cut • Alior Bank: 4Q25E preview (due on 24 February)
HEADLINES: • Cyfrowy Polsat: structural headwinds ahead (downgraded to SELL) • EME Strategy: OFEs' 2025 annual assets structure • Grupa Pracuj: new job ads on Pracuj.pl reached 368k in 2H25, down 2% yoy NEUTRAL • Bank Millennium: 4Q25E preview (due on 9 February) • ING BSK: 4Q25E preview (due on 10 February) • mBank: 4Q25E preview (due on 10 February) • MOL: to buy NIS in Serbia POSITIVE • Motor Oil Hellas: concludes construction of 72MW of BESS projects NEUTRAL • GEK Terna: solid traffic growth...
We have downgraded our rating on Cyfrowy Polsat (CPS) to SELL (from Hold) and cut our price target (PT) to PLN 11.86/share (from PLN 15.42), implying 12% downside potential. We believe that the positive short-term triggers in CPS’ story have materialised already (succession completion, interest rates cuts supporting the FCF), while the weak 4Q25 results and 2026E outlook (we expect further declines in the telecoms segment) could fuel drops. Most importantly, in the long term, we see structural h...
HEADLINES: • Elbit Systems: bags new DIRCM contract from APAC POSITIVE • Zabka: 4Q25 trading update – sales +14.4% on lfl of 4.8%; FY adjusted EBITDA margin maintained at upper end of 12-13% range NEUTRAL • Develia: sells 3.3k units in 2025, at the top of the guided range NEUTRAL • Huuuge Games: preliminary 4Q25 revenue at USD 58.6m, down 5% yoy, but up 5% qoq POSITIVE • CEZ: informs customers about the cancelling of the RES surcharge NEUTRAL • Metlen Energy & Metals: expands local Defence Hub f...
HEADLINES: • Kety: still fuel in the tank (stays BUY) • Allegro: disposal of Mall’s Slovenian and Croatian business with a PLN 235m loss POSITIVE • Benefit Systems: net addition of 145.6k sports cards in 4Q25, acceleration in Türkiye POSITIVE • Mo-BRUK: SKO cancels increased fees for 2016 and 2020 NEUTRAL • Ten Square Games: 4Q25 bookings up 12.5% qoq, better than Sensor Tower's estimates POSITIVE • Polish telecoms: mobile number portability in 4Q25 NEUTRAL • GEK Terna / Motor Oil Hellas: EC cle...
HEADLINES: • CEZ: government reiterates intention to seek full control of generation assets NEUTRAL • Text: key takeaways from the 3Q25-26 preliminary earnings call NEUTRAL • DataWalk: key takeaways from an interview with the CEO NEUTRAL • Auto Partner: December sales growth accelerates to 17.9% yoy POSITIVE • Cyfrowy Polsat/Wirtualna Polska: CPS audience share at 23.20%, while WP TV at 0.57% in December 2025 NEUTRAL • Jeronimo Martins: 4Q25E trading update preview – 8% yoy sales growth expected...
EME Equity Market – December 2025 Czech PX the best performer in December; no market in the red. The MSCI EM Europe Index added 3.4% mom in EUR terms and 4.6% mom in USD terms in December. The Czech PX was the top performer, adding 7.6% mom; followed by the Romanian BET (+7.1% mom); the Polish WIG 20 (+6.4% mom); the Greek ASE (+1.8% mom), the Turkish ISE 30 (+0.4% mom) and the Hungarian BUX (+0.2% mom; all in EUR terms).
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