reports
- 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...
- Wedbush Research
XNCR XENCOR INC.
XENE XENON PHARMACEUTICALS INC
WDC WESTERN DIGITAL CORPORATION
VYGR VOYAGER THERAPEUTICS INC.
TTWO TAKE-TWO INTERACTIVE SOFTWARE INC.
TSLA TESLA INC
SIMON SILICON MOTION TECHNOLOGY CORPORATION SPONSORED ADR
RARE ULTRAGENYX PHARMACEUTICAL INC.
PEGA PEGASYSTEMS INC.
PANW PALO ALTO NETWORKS INC.
NVCR NOVOCURE LTD.
NBIX NEUROCRINE BIOSCIENCES INC.
KURA KURA ONCOLOGY INC.
IMAX IMAX CORPORATION
GERN GERON CORP.
FATE FATE THERAPEUTICS INC
CTMX CYTOMX THERAPEUTICS INC.
CHKP CHECK POINT SOFTWARE TECHNOLOGIES LTD.
BMRN BIOMARIN PHARMACEUTICAL INC.
BIIB BIOGEN INC.
ASND ASCENDIS PHARMA A/S SPONSORED ADR
ARDX ARDELYX INC
CDR CD PROJEKT S.A.
FRX_CN FENNEC PHARMACEUTICALS
7974 NINTENDO CO. LTD.
EA ELECTRONIC ARTS INC.
ANAB ANAPTYSBIO INC.
ARGX ARGENX ADS
MRSN MERSANA THERAPEUTICS
ISR ISORAY
AMZN AMAZON.COM INC.
AAPL APPLE INC.
MSFT MICROSOFT CORPORATION
IBM INTERNATIONAL BUSINESS MACHINES CORPORATION
APLS APELLIS PHARMACEUTICALS
ZG ZILLOW GROUP INC. CLASS A
DNLI DENALI THERAPEUTICS INC
RCUS ARCUS BIOSCIENCES
SRRK SCHOLAR ROCK HOLDING CORPORATION
KNSA KINIKSA PHARMACEUTICALS
REPL REPLIMUNE GROUP
ARVN ARVINAS HOLDING
STRO SUTRO BIOPHARMA
CRWD CROWDSTRIKE HOLDINGS INC. CLASS A
STOK STOKE THERAPEUTICS
IDYA IDEAYA BIOSCIENCES
PASG PASSAGE BIO
BDTX BLACK DIAMOND THERAPEUTICS
ACET ADICET BIO INC
KROS KEROS THERAPEUTICS
ZNTL ZENTALIS PHARMACEUTICALS
BEAM BEAM THERAPEUTICS
LRMR LARIMAR THERAPEUTICS INC
PRAX PRAXIS PRECISION MEDICINES
U UNITY SOFTWARE
TVTX TRAVERE THERAPEUTICS INC
VRDN VIRIDIAN THERAPEUTICS INC
PLTK PLAYTIKA HOLDING
RBLX ROBLOX
DAWN DAY ONE BIOPHARMACEUTICALS INC
APP APPLOVIN CORP
ATXS ASTRIA THERAPEUTICS INC
GMTX GEMINI THERAPEUTICS INC
TYRA TYRA BIOSCIENCES INC
EWTX EDGEWISE THERAPEUTICS INC
APGE APOGEE THERAPEUTICS INC
EMBRAC B EMBRACER GROUP AB
DNTH DIANTHUS THERAPEUTICS INC
LAC. LITHIUM AMERICAS CORP NEW
ORKA ORUKA THERAPEUTICS INC
ZBIO ZENAS BIOPHARMA INC.
TLX TELIX PHARMACEUTICALS LIMITED
MAZE MAZE THERAPEUTICS INC
- Alicia Reese
- Kade Barr
- Matthew McCartney
- Research Team
WOOD Daily: BOCHGR GA; KZ Macro; PGE PW; APR PW; ASELS TI; DSPW CP; MO...
HEADLINES: • Bank of Cyprus: value is (sometimes) relative (stays BUY) • Kazakhstan macro: State of the Nation Address sets grounds for new constitutional reform and ambitious digitalisation agenda • PGE: 2Q25 conference call highlights NEUTRAL • Auto Partner: August sales growth decelerates to a mere 2% yoy NEGATIVE • Aselsan: massive domestic contract win POSITIVE • Doosan Skoda Power: wins multi-billion CZK tender for new generators at Temelin POSITIVE • MOL: announces discovery of an oil fie...
- Research Team
WOOD Daily: MTLN GA; ENA PW; CCC PW; TOASO TI; SAR GA; GEKTERNA GA; VG...
HEADLINES: • Metlen Energy & Metals: 1H25 EBITDA -6% yoy, hit by one-offs NEUTRAL • Enea: full 2Q25 results in line with preliminaries NEUTRAL • CCC: CEO finds back-to-school sales strong, maintains FY25E guidance, considering buyback POSITIVE • Tofas: details of new LCV model (K9) announced POSITIVE • Sarantis: 1H25E preview – 14% yoy EBITDA growth expected (due out today, after the close) NEUTRAL • GEK Terna: 1H25E results preview (due out tomorrow) • VIGO Photonics: 2Q25E results preview – 76...
- Research Team
WOOD Daily: INPST NA; GTC PW; AROBS RO; RO Macro; TL Macro; Greek Bank...
HEADLINES: • InPost: 2Q25 in line with expectations; FY25E EBITDA guidance broadly maintained; domestic market recovery in 3Q POSITIVE • GTC: 2Q25 – bond refinancing critical • AROBS Transilvania Software: 2Q25 – trending up, despite continuing headwind from automotive vertical • Romania macro: fiscal consolidation effort moves forward, but politics remain jittery • Türkiye macro: 2Q GDP momentum points to a stronger 2025E outlook • Greek banks: commit an additional donation of EUR 75m each to s...
- 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: OTP HB; CZG CP; 11B PW; CDR PW; TXT PW; SFG RO; M RO; ACAG...
HEADLINES: • OTP Bank: all about capital returns (stays BUY) • Colt CZ Group SE: acquires SNC – a strategic move POSITIVE • 11 bit studios: 2Q25 EBITDA 14-24% above our and the market's expectations; guidance on new projects POSITIVE • CD Projekt: 2Q25 EBITDA 19-24% above our and the market's expectations POSITIVE • Text: 1Q25-26 (calendar 2Q25) results – EBITDA down 21% yoy, 5% below the consensus NEGATIVE • Sphera Group: 2Q25 soft, but better than we expected; FY25E budget cut NEGATIVE • MedLi...
- Wedbush Research
- Alicia Reese
- Kade Barr
- Matthew McCartney
- 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
- Research Team
WOOD Daily: GPW PW; KMGZ KZ; CPS PW; MBR PW; PKN PW; BGEO LN; GEV CP; ...
HEADLINES: • Warsaw Stock Exchange: bottom-line beat in 2Q25, due mostly to non-operating net revenues POSITIVE • KazMunayGas: 2Q25 results – EBITDA in line with our forecast NEUTRAL • Cyfrowy Polsat: 2Q25 results review – adjusted EBITDA down 2% yoy, in line with the consensus NEUTRAL • Mo-BRUK: 2Q25 EBITDA up 6% yoy, in line with our and the market's expectations NEUTRAL • Orlen: 2Q25 results – broadly in line NEUTRAL • Lion Finance Group: 2Q25 highlights – in line, but not strong enough to sh...
- Andreas Riemann
- Andreas Riemann
- Daniela Popov
- Ece Mandaci
- Erol Danis
Model Portfolio Update - Inclusion of Astor, Exclusion of Aselsan and ...
Astor is Turkey’s largest and most profitable transformer and switchgear producer, with 31% revenue CAGR in 2019–24 and best-in-class margins supported by vertical integration and long-standing ties to TEIAS, distribution companies, and industrial clients. Capacity expansions from 4Q25, including new transformer lines, conductor production, and a switchgear plant, are set to boost production, underpinning our forecast of 9.8% revenue CAGR and 30% average EBITDA margin in 2025–34. Global transfor...
- Research Team
WOOD Daily: CDR PW; PZU PW; MOL HB; ELPE GA; NLBR SV; CCC PW; AKCNS TI...
HEADLINES: • CD Projekt: opening the next chapter (upgraded to BUY) • PZU: CEO Klesyk dismissed NEGATIVE • MOL: 2Q25 results hit by one-off charge NEUTRAL • HELLENiQ Energy: 2Q25 results NEUTRAL • NLB Group: material bottom-line beat in 2Q25, due mainly to provisions and impairments released POSITIVE • CCC: preliminary 2Q25 EBITDA beats expectations by 1-5%, on the top line POSITIVE • Akcansa: 2Q25 conference call takeaways NEUTRAL • Brisa: takeaways from the 2Q25 earnings call POSITIVE • Cimsa:...
CDR CD PROJEKT S.A.
PZU POWSZECHNY ZAKLAD UBEZPIECZEN SPOLKA AKCYJNA
MTELEKOM MAGYAR TELEKOM TELECOMMUNICATIONS
AKCNS AKCANSA CIMENTO
BRISA BRISA-BRIDGESTONE SABANCI LASTIK SANAYI VE TICARET A.S.
CIMSA CIMENTO SANYAI VE TICARET A.S.
CCC CCC SA
APR AUTO PARTNER SA
NLBR NLB GROUP
ELPE HELLENIQ ENERGY
- Maria Mickiewicz
- Piotr Raciborski
- CFA
CD Projekt: opening the next chapter (upgraded to BUY)
We have upgraded CD Projekt (CDR) to BUY (from Sell), and increased our 12M price target (PT) to PLN 289 (from PLN 157), which offers 17% potential upside. So far, CDR has proven successful in filling the “gap” years with surprising content and attractive newsflow. With a sound performance from the back catalogue and some new, undisclosed projects, we believe that CDR could continue this way through to 2027E, when we assume The Witcher 4 release, opening a new chapter. The supportive newsflow ar...
- Research Team
WOOD Daily: ALR PW; RICHT HB; ASELS TI; THYAO TI; ISCTR TI; CIMSA TI; ...
HEADLINES: • Alior Bank: solid 2Q25, with a beat vs. the market's expectations on stronger other income and lower LLPs POSITIVE • Richter: 2Q25 results broadly in line NEUTRAL • Aselsan: 2Q25 results – strong beat, driven by operating performance POSITIVE • Turkish Airlines: 2Q25 – EBIT above the consensus on better costs POSITIVE • Isbank: 2Q25 highlights – a mixed bag, but management sounds confident in sharp margin recovery in 2H25E • Cimsa: 2Q25 financial results review – strong revenue grow...
ASELS ASELSAN ELEKTRONIK SANAYI VE TICARET A.S. CLASS B
CIMSA CIMENTO SANYAI VE TICARET A.S.
ENA ENEA S.A.
PGE PGE POLSKA GRUPA ENERGETYCZNA S.A.
THYAO TURK HAVA YOLLARI A.O.
GPW WARSAW STOCK EXCHANGE
TPE TAURON POLSKA ENERGIA S.A.
ALR ALIOR BANK SA
RICHT RICHTER
ADNOCDIST ADNOC DISTRIBUTION PJSC
ALG ALLEGRO.EU SA
IGN1L IGNITIS GRUPE
KLKIM KALEKIM KIMYEVI MADDELER SANAYI VE TICARET AS
ELPE HELLENIQ ENERGY
AIRA AIR ASTANA JSC
BOCHGR BANK OF CYPRUS
ZAB ZABKA GROUP
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