reports
- 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: DIA PW; PZU PW; PEO PW; TEN PW; PL Telecoms; GTC PW; TPEIR...
HEADLINES: • Diagnostyka: risk of the gradual loss of key customer, Luxmed NEGATIVE • PZU / Bank Pekao: potential merger continuing • Ten Square Games: 3Q25 bookings up 4.5% qoq, better than Sensor Tower's estimates POSITIVE • Polish telecoms: mobile number portability in 3Q25 NEUTRAL • GTC: prices EUR 455m bond with an 8% yield POSITIVE • Piraeus Financial Holdings: prices EUR 600m AT1 bond POSITIVE • Czech Republic macro: elections – forced cooperation should keep the economy strong • EME Macr...
- 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...
Eurobank Ergasias Services And Holdings: 4 directors
Four Directors at Eurobank Ergasias Services And Holdings sold after exercising options/sold 371,328 shares at between 3.295EUR and 3.352EUR. The significance rating of the trade was 81/100. 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 discret...
- 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...
- Research Team
WOOD Daily: BGEO LN; CCOLA TI; PEO PW; TXT PW; EME Macro/Strategy Week...
HEADLINES: • Lion Finance Group: lion takes a breather (downgraded to HOLD) • Coca-Cola Icecek: 2Q25 results – as expected NEUTRAL • Bank Pekao: changing remuneration conditions for c.2,700 employees NEUTRAL • Text: launches Text App service NEUTRAL • EME Macro/Strategy: macro all-in-one (4-10 August) • Murapol: 2Q25E preview – EBIT halved yoy, due to a low number of handovers (due on 24 September) • Rainbow Tours: 2Q25E preview – 19% net income drop expected, following margin normalisation (due...
- Research Team
The Rear-View Mirror – EME markets: all indices in the green in July
EME Equity Market – July 2025 EME indices all in the green in July. The MSCI EM Europe Index advanced by 6.0% mom in EUR terms and 3.0% in USD terms. The Turkish ISE30 was, once again, the top performer, adding 7.9% mom in EUR terms, followed very closely by the Romanian BET, advancing 7.8% mom in EUR terms. The Greek ASE added 6.8% mom in EUR terms, while the Czech PX added 4.5% mom in EUR terms. The Hungarian BUX and Polish WIG20 added 3.6% and 3.0% mom, respectively, in EUR terms.
EUROB EUROBANK ERGASIAS SERVICES & HOLDINGS SA
GARAN TURKIYE GARANTI BANKASI ANONIM SIRKETI
PEO BANK POLSKA KASA OPIEKI SA
OPAP GREEK ORGANISATION OF FOOTBALL PROGNOSTICS SA
KRU KRUK S.A.
EXAE HELLENIC EXCHANGES SA
CEZ CEZ AS
KRKG KRKA D.D.
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
SPL SANTANDER BANK POLSKA SA
MIL BANK MILLENNIUM SA
BSK ING BANK SLASKI S.A.
BDX BUDIMEX S.A.
LAMDA LAMDA DEVELOPMENT S.A.
GEKTERNA GEK TERNA
KTY GRUPA KETY SA
DOC DO & CO AKTIENGESELLSCHAFT
TPS ORANGE POLSKA S.A.
MYTIL MYTILINEOS S.A.
LPP LPP S.A.
AKBNK AKBANK TAS
ASELS ASELSAN ELEKTRONIK SANAYI VE TICARET A.S. CLASS B
CIMSA CIMENTO SANYAI VE TICARET A.S.
GTC GLOBE TRADE CENTRE S.A.
AEGN AEGEAN AIRLINES SA
BFT BENEFIT SYSTEMS S.A. ALLOTMENT
APR AUTO PARTNER SA
LVC LIVECHAT SOFTWARE SA
TBCB TBC BANK JOINT STOCK CO
TPEIR PIRAEUS BANK SA
CAR INTER CARS S.A.
ARCLK ARCELIK A.S.
FROTO FORD OTOMOTIV SANAYI A.S.
TUPRS TURKIYE PETROL RAFINERILERI A.S.
CPS CYFROWY POLSAT SA
MBR MO-BRUK S.A.
11B 11 BIT STUDIOS S.A.
DAT DATAWALK SA
VGO VIGO SYSTEM SA
BELA JUMBO S.A.
SAB1L SIAULIU BANKAS
BRD BRD-GROUPE SOCIETE GENERALE
TLV BANCA TRANSILVANIA S.A.
MONET MONETA MONEY BANK AS
H4L1 HALYK SAVINGS BANK OF KAZAKHSTAN GDR
SNP PETROM S.A.
TOFAS TOFAS TURK OTOMOBIL FABRIKASI A.S.
NBGGY NATIONAL BANK OF GREECE S.A. ADS
GEB BANK OF GEORGIA
RICHT RICHTER
R22 R22
MCOV B MEDICOVER AB
CGEO GEORGIA CAPITAL
TEN TEN SQUARE GAMES
ALG ALLEGRO.EU SA
INPST INPOST S.A.
HUGE HUUUGE
PCO PEPCO GROUP NV
CTPNV CTP NV
GPP GRUPA PRACUJ DA
BCG BALTIC CLASSIFIEDS GROUP PLC
ADNOCDRILL ADNOC DRILLING CO
2381 ARABIAN DRILLING CO.
9526 JAHEZ INTERNATIONAL CO
BOROUGE BOROUGE
7203 ELM CO
OPTIMAr OPTIMA BANK S.A.
MUR2 MURAPOL SA
THEON THEON INTERNATIONAL PLC
- Research Team
WOOD Daily: RBW PW; EBS AV; JMT PL; EUROB GA; ETE GA; OPTIMA GA; TITC ...
HEADLINES: • Rainbow Tours: on the road to riches (BUY - initiation of coverage) • Erste Bank: 2Q25 results beat on positive one-off; solid performance in core result leads to 2025E guidance uplift POSITIVE • Jeronimo Martins: minor beat in 2Q25; FY25E guidance maintained POSITIVE • Eurobank Ergasias Services: 2Q25 highlights – a clean 14% beat vs. our estimate POSITIVE • National Bank of Greece: 2Q25 highlights – in line, with guidance upgrade POSITIVE • Optima Bank SA: bottom-line beat in 2Q25...
JMT JERONIMO MARTINS SGPS S.A.
EBS ERSTE GROUP BANK AG
YKBNK YAPI VE KREDI BANKASI A.S.
TITK TITAN CEMENT CO. SA
PZU POWSZECHNY ZAKLAD UBEZPIECZEN SPOLKA AKCYJNA
LAMDA LAMDA DEVELOPMENT S.A.
KTY GRUPA KETY SA
PKN POLSKI KONCERN NAFTOWY ORLEN S.A.
RBW RAINBOW TOURS S.A.
PPC PUBLIC POWER CORPORATION S.A.
DNP DINO POLSKA S.A.
NBGGY NATIONAL BANK OF GREECE S.A. ADS
TEN TEN SQUARE GAMES
HUGE HUUUGE
2381 ARABIAN DRILLING CO.
7203 ELM CO
OPTIMAr OPTIMA BANK S.A.
DIAG DIAGNOSTYKA SA
- Research Team
WOOD Daily: MBK PW; KOMB CP; ING PW; KTY PW; FROTO TI; GARAN TI; BRD R...
HEADLINES: • mBank: 2Q25 results – strong quality beat • Komercni Banka: beat on bottom line in 2Q25, driven solely by LLPs releases NEUTRAL • ING BSK: 2Q25 results – strong other income and lower provisions charges NEUTRAL • Kety: full 2Q25 results fully in line with the preliminaries NEUTRAL • Ford Otosan: 2Q25 results – as expected NEUTRAL • Garanti Bank: 2Q25 highlights – still ahead of peers and soft 2026E guidance POSITIVE • BRD-GSG: solid 2Q25 results beat expectations POSITIVE • OMV Petr...
GARAN TURKIYE GARANTI BANKASI ANONIM SIRKETI
EXAE HELLENIC EXCHANGES SA
OMV OMV AG
KOMB KOMERCNI BANKA A.S.
BSK ING BANK SLASKI S.A.
KTY GRUPA KETY SA
LVC LIVECHAT SOFTWARE SA
TPEIR PIRAEUS BANK SA
FROTO FORD OTOMOTIV SANAYI A.S.
SAB1L SIAULIU BANKAS
BRD BRD-GROUPE SOCIETE GENERALE
SNP PETROM S.A.
DNP DINO POLSKA S.A.
GEB BANK OF GEORGIA
7202 ARABIAN INTERNET & COMMUNICATIONS SERVICES CO
BOROUGE BOROUGE
- Research Team
WOOD Daily: MIL PW; OPL PW; TOASO TI; EXAE GA; BDX PW; EZ Macro; EME M...
HEADLINES: • Bank Millennium: 2Q25 results beat, on lower FX mortgage saga costs; core operating in line, but very solid levels NEUTRAL • Orange Polska: 2Q25 results – EBITDAaL up 4% yoy, 3% above the consensus; 2025E guidance reiterated POSITIVE • Tofas: 2Q25 results – in line operationally; 2025E guidance indicates higher profitability outlook POSITIVE • Athens Exchange Group: strong bottom-line delivery in 2Q25, ahead of expectations POSITIVE • Budimex: preliminary 2Q25 broadly in line with o...
GARAN TURKIYE GARANTI BANKASI ANONIM SIRKETI
EXAE HELLENIC EXCHANGES SA
YKBNK YAPI VE KREDI BANKASI A.S.
ISCTR TURKIYE IS BANKASI ANONIM SIRKETI CLASS C
BIMAS BIM BIRLESIK MAGAZALAR A.S.
MIL BANK MILLENNIUM SA
BDX BUDIMEX S.A.
TPS ORANGE POLSKA 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
MGROS MIGROS TICARET A.S
TPEIR PIRAEUS BANK SA
CPS CYFROWY POLSAT SA
TOFAS TOFAS TURK OTOMOBIL FABRIKASI A.S.
NBGGY NATIONAL BANK OF GREECE S.A. ADS
RICHT RICHTER
SOKM SOK MARKETLER TICARET AS
OPTIMAr OPTIMA BANK S.A.
AQ AQUILA PART PROD COM
ALPHA ALPHA BANK S.A.
- Research Team
WOOD Daily: ASELS TI; EU Oil and Gas Monthly; BCG LN; TXT PW; SNP RO; ...
HEADLINES: • Aselsan: growth prism – new angles, brighter future (stays BUY) • European oil and gas monthly: June 2025 – bullish cues from Hormuz • Baltic Classifieds Group: solid FY 2H25 results, affected by one-offs NEUTRAL • Text: key takeaways from the preliminary 1Q25-26 earnings call NEUTRAL • OMV Petrom: makes new natural gas discovery POSITIVE • Arabian Drilling: secures contract extensions for four rigs POSITIVE
- 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
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.
ALPHA ALPHA BANK
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.
- Research Team
WOOD Daily: MUR PW; DOM PW; TXT PW; ARCLK TI
HEADLINES: • Murapol Group: running to stand still (HOLD – initiation of coverage) • Dom Development: fairly valued, after a rally (downgraded to HOLD) • Text 4Q24-25 (calendar 1Q25) results: EBITDA up 3% yoy, 4% below consensus NEGATIVE • Arçelik: disposal of buyback shares NEUTRAL
- Research Team
WOOD Daily: ALPHA GA; EUROB GA; ETE GA; TPEIR GA; PGE PW; PEO PW; PZU ...
HEADLINES: • Greek banks: take a bow (Alpha downgraded to HOLD, Eurobank stays HOLD, NBG stays BUY and Piraeus upgraded to BUY) • PGE: new strategy assumes PLN 30bn of EBITDA in 2035E and PLN 235bn in capex in 2025-35E NEUTRAL • Bank Pekao/PZU: call for analysts and investors to discuss potential merger • CCC: final 1Q25 results spot on the prelims NEUTRAL • Romania macro: inflation jumps in May • GEK Terna: clinches EUR 1bn of Romanian railway projects POSITIVE • Athens Exchange Group: AGM appr...
PEO BANK POLSKA KASA OPIEKI SA
EXAE HELLENIC EXCHANGES SA
CDR CD PROJEKT S.A.
PZU POWSZECHNY ZAKLAD UBEZPIECZEN SPOLKA AKCYJNA
GEKTERNA GEK TERNA
CCC CCC SA
PGE PGE POLSKA GRUPA ENERGETYCZNA S.A.
TPEIR PIRAEUS BANK SA
ALPHA ALPHA BANK AE
11B 11 BIT STUDIOS S.A.
NBGGY NATIONAL BANK OF GREECE S.A. ADS
BOROUGE BOROUGE
- Can Demir
- Miguel Dias
Greek Banks: take a bow (Alpha downgraded to HOLD, Eurobank stays HOLD...
The Greek banking index has risen by 53% (62% with dividends), driven by higher P/E multiples and EPS upgrades since our April 2024 reinitiation. In this report, we raise our average normalised EPS forecasts for the big four Greek banks under our coverage by 10% for 2025E and 11% for 2026E, due mainly to stronger fees and lower COR. Our NII estimates for 2025-26E remain broadly unchanged, despite the lower-than-expected interest rates. The banks have also maintained their 2025-27E targets in the...
- Research Team
WOOD Daily: CAR PW; 11B PW; OPL PW; CBF PW; DOC AV; TXT PW
HEADLINES: • Inter Cars: May sales growth accelerates to 13% yoy POSITIVE • 11 bit studios: Steam demo of Moonlighter 2 attracted limited interest and disappointing reviews NEGATIVE • Orange Polska: increases prices for its Nju mobile post-paid tariffs POSITIVE • cyber_Folks: acquires Romanian hosting company Hosterion for EUR 6.7m NEUTRAL • DO & CO: 4Q FY25E preview - 7% EBITDA growth yoy (due on 12 June) • Text: 4Q24-25E preview – 10% yoy EBITDA increase expected (due on 27 June)
- Research Team
The Rear-View Mirror – EME markets: EME indices mostly in the green in...
EME Equity Market – May 2025 EME indices mostly in the green in May, apart from Türkiye. The MSCI EM Europe Index added 3.6% mom in EUR and USD terms. The Greek ASE index (+7.8% mom) was the best performer, followed by the Czech PX (+6.6% mom) and Romanian BET indices (+5.0% mom), the Hungarian BUX (+4.0% mom) and the Polish WIG20 (+2.0% mom; all in EUR terms). The Turkish ISE30 Index was, again, the worst performer, with a more modest decline (-1.4% mom in EUR terms) this time.
JMT JERONIMO MARTINS SGPS S.A.
OPAP GREEK ORGANISATION OF FOOTBALL PROGNOSTICS SA
EXAE HELLENIC EXCHANGES SA
MOL MOL NYRT
EBS ERSTE GROUP BANK AG
CEZ CEZ AS
ACP ASSECO POLAND SA
KRKG KRKA D.D.
HTO HELLENIC TELECOMMUNICATIONS ORGANIZATION SA
CDR CD PROJEKT S.A.
RBI RAIFFEISEN BANK INTERNATIONAL AG
OMV OMV AG
PKO PKO BANK POLSKI S.A.
ISCTR TURKIYE IS BANKASI ANONIM SIRKETI CLASS C
TITK TITAN CEMENT CO. SA
BHW BANK HANDLOWY W WARSZAWIE S.A.
BIMAS BIM BIRLESIK MAGAZALAR A.S.
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.
LAMDA LAMDA DEVELOPMENT S.A.
GEKTERNA GEK TERNA
MTELEKOM MAGYAR TELEKOM TELECOMMUNICATIONS
KTY GRUPA KETY SA
CAI CA IMMOBILIEN ANLAGEN AG
PKN POLSKI KONCERN NAFTOWY ORLEN S.A.
ASELS ASELSAN ELEKTRONIK SANAYI VE TICARET A.S. CLASS B
CCOLA COCA-COLA ICECEK A.S.
ENA ENEA S.A.
BFT BENEFIT SYSTEMS S.A. ALLOTMENT
MGROS MIGROS TICARET A.S
PGE PGE POLSKA GRUPA ENERGETYCZNA S.A.
PGSUS.E PEGASUS HAVA TASIMACILIGI AS
APR AUTO PARTNER SA
TBCB TBC BANK JOINT STOCK CO
TPEIR PIRAEUS BANK SA
ALPHA ALPHA BANK AE
PPC PUBLIC POWER CORPORATION S.A.
OTP OTP BANK NYRT
CAR INTER CARS S.A.
FROTO FORD OTOMOTIV SANAYI 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.
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.
NBGGY NATIONAL BANK OF GREECE S.A. ADS
GEB BANK OF GEORGIA
RICHT RICHTER
M MED LIFE
SFG SPHERA FRANCHISE GROUP SA
R22 R22
ADNOCDIST ADNOC DISTRIBUTION PJSC
CGEO GEORGIA CAPITAL
SOKM SOK MARKETLER TICARET AS
EAT AMREST HOLDINGS SE
NLBR NLB GROUP
ESLT ELBIT SYSTEMS LTD
KAP NATIONAL ATOMIC COMPANY KAZATOMPROM
TEN TEN SQUARE GAMES
ALG ALLEGRO.EU SA
CZG CESKA ZBROJOVKA GROUP
KSPI KASPI KZ
INPST INPOST S.A.
HUGE HUUUGE
4IG 4IG NYRT
IGN1L IGNITIS GRUPE
PCO PEPCO GROUP NV
CTPNV CTP NV
VRC VERCOM SA
GPP GRUPA PRACUJ DA
KLKIM KALEKIM KIMYEVI MADDELER SANAYI VE TICARET AS
GIG GAMING INNOVATION GROUP
ADNOCDRILL ADNOC DRILLING CO
2381 ARABIAN DRILLING CO.
7202 ARABIAN INTERNET & COMMUNICATIONS SERVICES CO
9526 JAHEZ INTERNATIONAL CO
ELPE HELLENIQ ENERGY
SHO SHOPER SA
4071 ARABIAN CONTRACTING SERVICES CO
7203 ELM CO
OPTIMAr OPTIMA BANK S.A.
AQ AQUILA PART PROD COM
TRESTATES TRADE ESTATES REIC SA
AIRA AIR ASTANA JSC
GEV GEVORKYAN A.S.
BOCHGR BANK OF CYPRUS
ZAB ZABKA GROUP
DSPW DOOSAN SKODA POWER A.S.
DIAG DIAGNOSTYKA SA
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